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Private role in student housing likely to be vital
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SME Times News Bureau | 25 Jan, 2020
Professionally-managed student accommodation (PMSA) providers will play a
major role in the student housing segment due to rising demand for
space with better facilities, according to joint report by Cushman &
Wakefield and the Student Accommodation Providers Forum of India
(SAPFI).
The PMSA, a new and unconventional asset class that targets students in the higher education institutions, has flourished.
With
the share of migrant students increasing, there is a greater demand for
the student accommodation, according to the report. While colleges and
universities had a ready stock of hostel seats, it was proving
inadequate, it added.
"With the core function of institutes
being providing quality education, student accommodations are largely
basic in nature. At a time, when demand for the student accommodation is
rising along with focus on providing better liveability, the role of
private operators assumes great significance," it said.
The
advent of private players is also crucial as this is relatively new
asset class with superior revenue potential and client retention. "These
private players are bringing in better amenities, fulfilling the
shortage, using technology to create a seamless community-driven living
experience and also helping create a community-feel," it said.
According
to the report, there are around 90.8 lakh migrant students, accounting
for over 24 per cent of 3.7 crore student enrolments in the higher
education institutions in India for 2018-19. The current on-campus
hostel capacity stands at around 67 lakh. Of this, 60 per cent is being
used indicating large demand-supply gap.
Anindya Dutta, MD and
Co-founder, Stanza Living, said, "The advent of PMSA is addressing a
silent migration crisis, created by lack of access to quality living
facilities. Consumers today are increasingly valuing high-quality,
tech-enabled propositions, like ours, specifically designed to address
the unique lifestyle needs of a new-age migrant population.
"Over
the next five years, we expect these factors to contribute to
multi-fold growth and evolution of the asset class, across Delhi,
Bangalore, Pune and several other cities that attract students and
working professionals," Dutta said.
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