Delhi-NCR, Mumbai, and Pune are the three biggest markets for student housing in the country, and these cities require an additional 4.75 lakh beds from organized co-living operators to meet the current demand, according to a report.
Cushman & Wakefield (C&W), in association with the Student Accommodation Providers Forum of India (SAPFI), recently released a report “Exploring the Student Housing Universe in India City Insights”.
The report has identified education clusters in the cities of Bengaluru, Delhi-NCR and Pune, the three biggest markets for professionally managed student accommodation (PMSA) operators. The report estimated 9.08 million migrant students in India, amounting to over 24 percent of 37 million total student enrolments in the country's higher educational institutions (HEIs) for the year 2018-19.
"Delhi-NCR with 7.45 lakh students enrolled in HEIs as of 2018-19 has 50 percent, outstation students. There is a demand for additional 2.5 lakh beds from PMSA operators," it said.
Bengaluru has the highest number of HEIs in India with student enrolments estimated at 5.38 lakh. With 60 percent outstation students, additional demand currently stands at around 92,000 beds, the report said.
In Pune, the report said student enrolment stood at nearly 4 lakh. With 60 percent outstation students, additional capacity requirements in the PMSA segment are 1.33 lakh beds.
Anshul Jain, Country Head and Managing Director-India, Cushman and Wakefield, said: “The significant mass of migrant students in the higher education sector today demand and expect quality student accommodation facilities providing food, security and a range of amenities. While globally, PMSA has found its footing as part of the mainstream real estate sector, in India it is still in a nascent stage."
With policy support and private investments, Jain said the student housing segment could be the next growth driver in the overall realty sector.
Kaushal Mahan, Convenor, SAPFI, said, “The sector is expected to witness a huge amount of foreign direct investment inflows resulting in job creation and economic development." Mahan said this segment requires encouragement from the government for building a favourable policy ecosystem.
News Source: Economic Times, Url: https://bit.ly/2t5Mfsa