Revolutionizing Student Living: Curated Living Solutions and Shree Banbai Nenshi Trust Unveil Lease Deal in Juhu
Setting a new standard for non-campus student living in Juhu, Mumbai, this collaboration marks a significant milestone for the Juhu micro market.
Student HousingReal EstateMumbaiJuhuCurated Living SolutionsShree Banbai Nenshi TrustReal Estate NewsAug 28, 2024
Located amid a bustling student hub, the IVY league house is a first-of-its-kind student housing hostel in terms of size and quality. The purpose-built hostel by BNMV trust has a total of 325 beds in its built-up area of 1 lakh sq ft. Strategically located in within Juhu - Ville Parle, the asset signifies the commitment of both BNMV and CLSPL to provide a superior and safe student housing solution.
Real estate consultant, JLL played a vital role in facilitating the collaboration between CLSPL and BNMV Trust. Located on Gulmohar Road, Juhu, this lease deal demonstrates the resilience of the market despite being one of the most expensive real estate areas in Mumbai. The willingness of student housing providers to pay higher rents in this location showcases their dedication to meet the demand for student housing around esteemed educational institutions such as NMIMS and Mithibai College.
CLSPL, renowned for their expertise in designing, developing, and operating superior student housing accommodations, has been selected as the operator for the state-of-the-art girls' hostel. While the market predominantly holds multiple unorganized PG assets, The Ivy League House challenges the norm by providing a holistic experience through its high-quality hostel. This asset also compliments the vibrant student atmosphere that Juhu is famous for.
The newly built girls-only hostel boasts 325 beds and directly addresses the challenges faced by female students in finding affordable, safe, and comfortable accommodations near their educational institutions. BNMV Trust takes immense pride in inaugurating this hostel, which offers an exemplary living experience in a secure and empowering environment for female students pursuing their educational dreams.
Jaikishan Challa, Founder & 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.”
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. We also thank JLL who were instrumental in helping us tie up with Curated Solutions Pvt. Ltd. who have immense expertise and experience in the daily running of the hostel,”
Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head - Alternatives, India, JLL said, “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.”
The market for student housing is poised to grow, with even currently there being a deficit of over 7 million beds. With student enrollments 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 anticipates that a gap of nearly 20 million beds will exist by this time to meet the student housing demand, indicating the long runway in the sector. Student housing rentals have also seen a steady increase in the post-pandemic period, with an annual growth rate of 10-15%. These positive market trends, along with growing interest from international players to enter the market, only indicate that this sector is set to grow from strength to strength.
Frequently Asked Questions
What is the significance of the lease deal between Curated Living Solutions and Shree Banbai Nenshi Trust?
The lease deal sets a new standard for non-campus student living in Juhu, Mumbai, and marks a significant milestone for the Juhu micro market.
How many beds does the IVY league house have?
The IVY league house has a total of 325 beds in its built-up area of 1 lakh sq ft.
What is the role of JLL in the collaboration between CLSPL and BNMV Trust?
JLL played a vital role in facilitating the collaboration between CLSPL and BNMV Trust.
What is the market trend for student housing in India?
The market for student housing is poised to grow, with a deficit of over 7 million beds and a long runway in the sector.
What is the annual growth rate of student housing rentals in the post-pandemic period?
Student housing rentals have seen a steady increase in the post-pandemic period, with an annual growth rate of 10-15%.
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