Industry

NestAway eyes July for roll-out of co-living, student housing

Novelty factor: Accessible living, with imagination and empathy, is a goal, says Amerendra Sahu.

Novelty factor: Accessible living, with imagination and empathy, is a goal, says Amerendra Sahu.   | Photo Credit: MarioGuti

Home rental network NestAway Technologies Pvt. Ltd. is planning to roll out its Community Living and Student Housing services from July.

The company had recently raised ₹330 crore from existing investors, including Goldman Sachs, Ratan Tata’s RNT Associates, IDG India and Tiger Global to help enter these emerging segments. NestAway is now in discussions with real estate developers and property owners to close deals before unveiling the services.

Community living, or co-living, is fast catching up in the developed world. People from the same profession and sharing the same set of hobbies are the target groups for service providers. Here, an entire building is taken up and, apart from providing rental accommodation, the premises will have shared facilities such as gyms, libraries, common area and game rooms.

“We want to ensure that common interest group tenants stay together so that they can support each other to nurture talent and promote hobbies,” said Amarendra Sahu, Co-founder & CEO, NestAway Technologies. “Our vision is to create accessible living using imagination and empathy.”

‘Single bill’

“The community living place will have provision for one bill for [all services] combined,” Mr. Sahu said.

In student housing, the company sees opportunity in poor standards currently on offer. NestAway’s aim was to provide quality accommodation to students close to their educational institutions, he said. The company will introduce its offering first in Kota, Rajasthan, where thousands of students congregate to prepare for entrance examinations. This will be followed by offers for service near Delhi University and in Bengaluru.

“We are looking to expand pan India and are talking to progressive builders for exclusive properties earmarked for student housing. We may also take over some existing student housing facilities and upgrade them to international standards,” Mr. Sahu said.

The tariff will depend on the facilities being made available. A premium student paying guest facility can be as high as ₹25,000 per bed per month in double sharing plus electricity. The tariff includes food, Wi-Fi, unlimited laundry, pool table, gym and medicare.

In the lower end an un-bundled facility in Pune could cost ₹4,000 to ₹8,000 per bed to students.

Currently, India has approximately 34 million students in the higher education space, which is more than two times of the advanced student housing markets in the West.

Out of this 10.4 million students are migrant, meaning they are studying outside their home town. Current official supply is at 6.1 million beds, suggesting an unmet demand of 4.3 million beds. This official supply does not include paying guest formats.

The number of International students studying in India is estimated at 42,300 and since 2010, there has been a 67% increase in student population. All these opens up vast scope of opportunities for players like NestAway, Mr. Sahu added.

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Sep 22, 2020 2:35:16 PM | https://www.thehindu.com/business/Industry/nestaway-eyes-july-for-roll-out-of-co-living-student-housing/article23343179.ece

Next Story