DivyaSree Developers eyes student housing market

BENGALURU: DivyaSree Developers is eyeing the growing student housing segment market in the country and plans to roll out 1,00,000 rooms in the next three years to expand its footprint. “We are looking at an asset light model with 50% of the properties built by us. We already have 4,000 beds operational,” said Bhaskar Raju, MD of the Bengaluru-based DivyaSree Developers.The firm also has three properties coming up in Bengaluru and one in Hyderabad totalling 2,000 beds. “We are already in the education field and wanted to create a product for long-term income. We are looking at tying up with global funds and existing operators to expand our portfolio,” said Raju.Student living is an evolved concept in western markets and fast catching up in India. As per ANAROCK data, Sequoia Capital invested $10 million in Delhi-based student accommodation platform Stanza Living, in 2018. Goldman Sachs acquired majority stake in Yoho — the student living business of Manipal Education and Medical group for Rs 350 crore in 2017. Warburg Pincus, a global PE fund and mid-market chain Lemon Tree Hotels set up a JV in 2018 to create the first coliving platform focused on the development of affordable and conveniently-located spaces for students and working professionals.“Cities such as Pune, Bengaluru, Gurgaon and Mumbai first saw this new concept emerge in force, and it is now also taking root in smaller cities such as Lucknow and Jaipur — basically, in cities with a large student and millennial workforce population,” said Anuj Puri, chairman, ANAROCK Property Consultants.

from Economic Times http://bit.ly/2VYq8fI
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