Mumbai: Pune-based real estate developer Kohinoor Group which has forayed into student housing segment through its start up entity Youthville Serviced Hostel, is planning a major expansion to cater to the growing need for quality hostel facility for students in education hubs across the country.
The company’s maiden property in Pune is a girl’s hostel with a capacity of 150 beds. A second property with a capacity to house 600 students will be opened in Pune next year.
“By 2019- 2020 we will be acquiring additional 600 beds and another 600 beds will be added the following year. By 2023- 24 we are aiming to have 25,000 beds pan-India,” said Vineet Goyal,Founder, Youthville Serviced Hostel.
He said student housing was highly under-supplied across the country and students lack basic hygiene, food and other necessities.
“At present student housing is functioning in an unorganised manner. Students are deprived of basic facilities, making their lives difficult. At Youthville we have addressed these inadequacies and created space where students can live comfortably,” Mr. Goyal said.
“Student housing is in huge demand worldwide,” he added.
Given the fact that student housing demand will stay strong in the future, the segment will be propitious for investors and real estate developers,” Mr. Goyal added.
Currently the venture is funded by Kohinoor Group and the company is looking for investors to meet the expansion plans.
Pune with steady rise in the student population has huge demand for student accommodation. Hostels charge between ₹97,000 to ₹2 lakh per student per year. Youthville charges ₹1,35,000 per bed in triple sharing basis per year and ₹1,83,000 in twin sharing accommodation.
Along with accommodation the company provides high speed Wi-Fi, laundromat, fitness centre,cafeteria, music room, library, mini theatre, common kitchenette, doctor on call and housekeeping facility.
Students need to pay for their food and transport. The company has also made provision for bike on hire.
As per HRD ministry data there are about 35 million students currently studying in colleges and universities across the country. About 11 million of them come from other states to pursue higher education. These are the students who are under the radar of companies providing hostel facilities.