NEW DELHI: Co-living operator Curated Living Solutions, which is part of realty firm DivyaSree group, plans to set up a USD 200-million fund to develop rented homes for students, industrial workers and working professionals across major cities as part of its expansion plan.
The company currently has 7,500 beds operational at its co-living centres in Bengaluru and Pune, of which 4,000 beds are for students, 2,000 for industrial workers and 1,500 for working professionals.
The number of beds will reach 10,000 by the end of this month.
In an interview with PTI, the company’s CEO Jai Kishan Challa said there is a huge demand for safe and better-quality homes for rental purposes.
“We are planning to set up a USD 200-million alternate housing platform. We are in advance stage of discussions with investors,” he said.
Challa said the company will raise both equity and debt for this platform to develop student housing, industrial housing and housing for working professionals.
“We will also put in about USD 50 million in this platform,” he said, and hoped to launch this fund shortly.
The platform will own and operate the co-living facilities.
The fund will be used for land acquisition, construction and operational costs.
“Over the period of next three years, we are targeting to achieve 30,000 beds,” Challa said.
The demand for student housing was impacted during the past two years because of the COVID-19 pandemic, but it is now improving.
According to a report by PropTiger.com, the co-living segment has a potential to become a USD 93-billion market annually on rising demand from students and working professionals.
DivyaSree Group has a presence across Bengaluru, Hyderabad and Chennai. It has developed many projects comprising 30 million square feet area
Source: Press Trust of India