by THO
Curated Living Solutions Pvt Ltd (CLSPL) has partnered with Shree Banbai Nenshi Trust (BNMV) for a 10-year lease on a student living project in Mumbai’s Juhu area.
The purpose-built girls’ hostel by BNMV Trust has a total of 325 beds spread across a built-up area of 1 lakh sq ft. The facility is located in the Juhu – Ville Parle area, said a statement by JLL.
Real estate consultant, JLL facilitated the collaboration between CLSPL and BNMV Trust.
Located on Gulmohar Road, Juhu, the student housing facility is expected to meet the demand for student housing around educational institutions such as NMIMS and Mithibai College, the statement said.
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CLSPL has expertise in designing, developing, and operating student housing accommodations and will operate this girls’ hostel. The market is predominantly surrounded by unorganised PG assets.
The newly built girls-only hostel will have 325 beds and addresses the challenges faced by female students in finding affordable, safe, and comfortable accommodations near their educational institutions, it said.
Jaikishan Challa, founder and CEO of CLSPL said, “The Ivy League House, Juhu-Vile Parle, is a testament to our commitment to providing exceptional student housing. This landmark deal signifies a new era of off-campus student living, not only in JVPD, Vile Parle but across the country.”
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Ramesh Chheda, Managing Trustee of BNMV Trust, said “We understand the challenges that girls’ students face when it comes to finding affordable, safe, and comfortable accommodation near their colleges or universities. Our hostel will offer an exemplary living experience for girl students in a safe and empowering environment who are pursuing their educational dreams in the city.”
“This deal is the tipping point for off-campus student housing projects. Student living solutions such as the Ivy League House are the need of the hour in today’s rapidly changing education ecosystem. The increasing number of students who migrate for higher education to cities such as Mumbai are constantly on the lookout for sustainable living solutions,” said Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head – Alternatives, India, JLL.
Student housing market
The market for student housing is poised to grow despite there being a deficit of over 7 million beds. With student enrolments slated to rise to over 70 million in higher education and migrant students’ share to be over 40%, the need for formal student housing options beyond installed hostel capacity in institutions will require substantial investments, JLL said in a statement.
Student housing rentals have also seen a steady increase in the post-pandemic period, with an annual growth rate of 10-15%, it said.
