Mumbai, August 28, 2024 — In a move set to redefine non-campus student living, Curated Living Solutions Pvt Ltd (CLSPL) and Shree Banbai Nenshi Trust (BNMV Trust) have announced a landmark lease agreement for a state-of-the-art student hostel in Juhu, Mumbai. The deal, facilitated by real estate consultant JLL, signifies a major advancement in student accommodation standards.
The new development, named The Ivy League House, is a purpose-built hostel located on Gulmohar Road, Juhu-Vile Parle. The facility features 325 beds within a 100,000 square feet built-up area, marking it as one of the largest and most upscale student housing projects in the area. The project aims to address the growing demand for high-quality, safe, and affordable living spaces for female students near prominent educational institutions such as NMIMS and Mithibai College.
Jaikishan Challa, Founder & CEO of CLSPL, highlighted the significance of the deal, stating, “The Ivy League House, Juhu-Vile Parle, epitomizes our dedication to providing exceptional student housing. This landmark deal represents a new era of off-campus living, setting a benchmark not only in JVPD, Vile Parle but across the nation.”
The facility is designed to overcome common challenges faced by female students in securing comfortable and secure accommodation. Ramesh Chheda, Managing Trustee of BNMV Trust, expressed pride in the project, noting, “Our hostel will provide an outstanding living experience in a safe and empowering environment for female students pursuing their academic goals. We are grateful to JLL for their role in connecting us with Curated Living Solutions Pvt Ltd, whose expertise will ensure the successful operation of the hostel.”
Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head – Alternatives, India at JLL, remarked, “This deal represents a turning point for off-campus student housing. The increasing migration of students to cities like Mumbai for higher education highlights the urgent need for sustainable living solutions. Projects like The Ivy League House are crucial in meeting this demand.”
The student housing market is experiencing significant growth, with a current deficit of over 7 million beds and student enrolments expected to surpass 70 million. As the share of migrant students is projected to exceed 40%, the sector faces a potential shortfall of nearly 20 million beds. Post-pandemic rental rates have been rising steadily at an annual growth rate of 10-15%, reflecting a growing interest from both domestic and international investors.
This deal underscores a positive outlook for the sector, indicating robust potential and a strong growth trajectory for student housing in India.
