CHENNAI: Real estate developer Sameera Group has earmarked Rs 500 crore as investments over the next five years to set up 1,000 senior living homes across South India, the company said.

For developing the senior living homes, city-based Sameera Group has signed a memorandum of understanding with Vedaanta Senior Living that aims to create high-quality senior living communities, a release said on Sunday.

‘’This strategic partnership brings together Sameera Group’s extensive experience in land development and Vedaanta’s deep understanding of the senior care industry,’’ the release said.

Sameera Group has completed more than 45 real estate projects in Tamil Nadu and has served over 1 lakh customers.

The MoU signed between the two entities envisages real estate projects in Chennai, Bengaluru and Vellore while the first project is expected to come up in Kancheepuram on a 100-acre land.

The demand for senior living solutions is expected to grow exponentially in the coming years and the joint venture between Sameera and Vedaanta is well-positioned to address this growing demand by providing high quality, affordable senior living solutions across the southern parts of the country, the release added.