PNN
Bangalore (Karnataka) [India], December 21: Curated Living Solutions Private Limited, A Divyasree Group Alternative Housing Company has inaugurated its first Green Field project in Andhra Pradesh Medtech Zone in Visakhapatnam. The Project comprising 500 beds in 2 Phases has delivered 250 beds built in 50000 SF in a sprawling one- acre campus in Phase 1. The same is inaugurated on the 22nd of December 2023.
The said accommodation is intended for use by both, the employees of the Companies operating out of AMTZ precincts as well as students who enrols in the courses offered by AMTZ. The facility is first of its kind collaboration where the land is allotted by AMTZ on a lease cum sale basis while CLSPL has invested and built the facility to operate it. This is the only housing facility on the AMTZ campus as of today and is part of the ancillary infrastructure that would help in furthering its cause.
Industrial Housing, which is a fairly nascent concept in the Indian context is fast picking up pace considering the support Industrialisation is witnessing from Governments, both State and Centre. Manufacturing Companies would want some or all of their employees living within their campuses for Cost Savings, Efficiency, and Business Continuity reasons. The company intends to seize this opportunity by actively collaborating with Public Sector Undertakings, Industrial Development Corporations, and similar establishments across India.
The Alternative Housing Division of Divyasree Group represented by its Flagship Company Curated Living Solutions Private Limited operates around 10000 beds in India covering Delhi, Pune, Bengaluru, Chennai, Hyderabad, Dehradun, Durgapur in Co-living, Student Housing, and Industrial Housing Sub Verticals. Their clients include REVA University, Manipal Group, VNRVJIT, DY Patil, and Bajaj to name a few.
The Company has recently acquired a 766-bed Student Housing Accommodation in the Campus of NSHM Academy in Durgapur, West Bengal. The vertical has a healthy 1:1 ratio of Leased beds vs Owned Beds where in the first case, properties are taken on lease and operated while in the latter, buildings are acquired/built to be operated. The MD & CEO of AMTZ Dr. Jitendra Sharma says, "As the newest addition to the AMTZ campus, Ivy League strives to contribute to the campus culture by offering a unique blend of comfort, convenience, and community, fostering an atmosphere that promotes growth, collaboration, and well-being."
Speaking on the Occasion, Chief Executive Officer Jai Kishan Challa has said, "The idea is to grow to a 50000 Beds operational size while owning at least 25000 Beds across India in the next 5 years. To enable this, we are in the process of creating a platform by raising USD 200 mn to acquire/build Alternative Housing assets in all three sub-verticals, namely Co-living, Student, and Industrial Housing."
Bhaskar Raju N, Managing Director of Divyasree Group remarked "Considering how Alternative Housing has progressed across developed Economies in the last 30 years, this is one Vertical of Real Estate Business to watch out for in India. This domain is likely to attract significant investments in the near future simply because in Purpose Built Accommodations, Rental yields coupled with services are comparable to Commercial Real Estate"
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