This student housing facility with around 1 lakh sq ft built-up structure has a total 766 beds. The deal marks Curated Living Solution’s first brownfield venture in the student housing vertical and has started operating from November 1.
International property consultant JLL facilitated this transaction between Curated Living Solutions and NSHM Academy.
Curated Living Solutions is looking to partner with colleges and universities across India to provide customised housing facilities to students. This enables colleges and universities to monetize their non-core assets and focus on education.
The company has collaborated with large educational institutions like Manipal Global Education Services, Vignana Jyothi Institute of Technology – Hyderabad, AISSMS and DY Patil – Pune and MEDPG – Chennai, to manage their student accommodation.
“Parents strive to give the best education to their children and at NSHM, apart from education, we are committed to provide the best of the associated facilities. Partnering with Curated Living Solutions to take care of the hostel accommodation requirements was an obvious choice considering their expertise and focus on this activity,” said Dileep Singh Mehta, Chairman Trustee, NSHM Academy.Mehta is of the view this partnership will allow NSHM to focus on core academics ensuring an overall holistic student experience.“This is undoubtedly a major milestone in our journey…This acquisition will add 766 beds to our around 10,000 beds portfolio and will complete our foray into all major quarters of India (North, South, West and now East),” said Jai Kishan Challa, Founder & CEO, Curated Living Solutions.
Challa believes that student housing and co-living are real estate and service businesses, rather than technology-driven stories. Therefore, the company’s growth strategy for this alternative housing platform involves both greenfield developments and brownfield acquisitions, on and off campus.
“With approximately 12 million students in need of hostel facilities and a supply-demand gap of over 6 million beds, we anticipate a continuous increase in demand. This presents a significant opportunity for all of us to offer high-quality residential accommodations that cater to the evolving needs of students,” said Surekha Bihani, Sr. MD – East & Emerging Markets – India, JLL.
The demand for student accommodations, especially after the pause witnessed during the Covid-19 pandemic, has been witnessing a steady revival. This has led to over 10-12% growth in rentals over the last two years, said property consultants.
Given the rise in student enrolments witnessed every year across universities for higher education, the segment offers opportunity for growth for investors and developers. The steady rise in investment appetite among global investors for this asset class is an indication of growth prospects.
The higher education landscape in India has evolved significantly in the last few years with the establishment of several new high-quality private universities.
