by Saloni Bisht
Migration among students is promptly increasing in India and it is common to see them shifting to several cities, to pursue higher educations. A student, when migrates within the country is not generally prepared for the challenges other than living away from the family and adjusting in the new environment. It is almost like a new chapter in the student’s life and where they are expected to entirely invest their brains in academic growth. But, in reality, there’s a lot more than just studying, making projects and meeting deadlines in a student’s life who lives away from home. To start with, finding appropriate accommodation which is affordable is a never-ending struggle in the urban cities. All a student look for is a decent place to live including the factors like — proximity to the college, commuting options, safety, eating joints, Wi-Fi etc.
Due to the dearth of affordable and decent hostels and lack of amenities, urban cities are unable to provide proper accommodation to the floating population of students. Similarly, the PG (Paying Guest) market is still unorganised in India. Since students search for a space that they can share with 2-3 other students and certainly do not want to get into the stress of renting a studio apartment or a room, hostels and PGs are the most suitable option for them. And this is the main reason that is providing impetus to the co-living spaces and student housing.
While in Europe and the US co-living student housing is already a huge section of the real estate markets, the real estate market in India is also slowly making its mark into this space as well. India is gradually becoming the destination for the investors as student housing is the next big trend in the country.
Amit Wadhwani, the co-founder of Sai Estate Consultants Chembur Pvt Ltd, points out:
“While Mumbai, Pune and Delhi have world-class education options for students, these cities are also among the most expensive, in terms of cost of living and real estate, the end-users in the student housing segment change in a span of three to five years, with most of them, either moving back to their home towns or another city altogether.”
Co-living organizations like Stanza living and many more have recognized the potential in this segment of the real estate and are trying to establish an ideal environment for students keeping their needs in priority.
“All our business strategies are based on developing a strong, deep and solid understanding of the student consumer and her/his needs, wants and aspirations,” says Anindya Dutta, Co-Founder, Stanza living.
With around 20 million plus students moving within the nation for higher education into metro cities like Delhi/NCR, Hyderabad, Mumbai and Pune India stand a chance to become the largest market for affordable co-living student housing. However at present, there’s a lot needs to be done, as in India students still face the underlying problems from inconsistent infrastructure, low maintenance, and hygiene. Therefore there is a massive opportunity for the housing space to hit the demand for student housing.