Curated Living Solutions, under the Divyasree Group, launches its first Green Field project in Visakhapatnam, providing 500 beds catering to Andhra Pradesh Medtech Zone (AMTZ) employees and students. This venture, the sole housing on AMTZ grounds, marks a novel collaboration boosting industrial housing. With plans to expand to 50,000 beds in five years and a robust portfolio, the company eyes significant growth in alternative housing. Their pioneering initiatives signal a promising trajectory, drawing parallels to commercial real estate for investment potential and service standards.
Curated Living Solutions Private Limited, a division of the Divyasree Group, has inaugurated its maiden Green Field project within the Andhra Pradesh Medtech Zone in Visakhapatnam. This project, executed in two phases, boasts 500 beds, with the first phase already delivering 250 beds within a 50,000-square-foot area in a spacious one-acre campus.
The purpose of this accommodation is to cater to employees working within the AMTZ precincts and students enrolled in AMTZ courses. This collaboration marks a pioneering initiative where AMTZ has provided land on a lease cum sale basis, while CLSPL has invested in and constructed the facility for operational purposes. Currently, it stands as the sole housing facility within the AMTZ campus, contributing significantly to its auxiliary infrastructure.
The concept of Industrial Housing, still emerging in India, is rapidly gaining traction due to rising government support for industrialization. Companies engaged in manufacturing seek advantages such as cost savings, operational efficiency, and enhanced business continuity by having their employees reside within the company's premises.
Capitalising on this opportunity, Curated Living Solutions Private Limited, a key player in the Alternative Housing Division, is actively collaborating with Public Sector Undertakings, Industrial Development Corporations, and similar establishments across India. Their portfolio spans around 10,000 beds nationwide, encompassing Co-living, Student Housing, and Industrial Housing sub-verticals, with notable clients including REVA University, Manipal Group, VNRVJIET, DY Patil, and Bajaj.
Maintaining a healthy ratio of leased beds to owned beds (1:1), the company operates properties on lease agreements while owning and operating other purpose-built structures. Recently, the company acquired a 766-bed Student Housing Accommodation within the NSHM Academy campus in Durgapur, West Bengal.
Dr. Jitendra Sharma, the MD & CEO of AMTZ, expressed enthusiasm about Ivy League, the newest addition to the AMTZ campus, emphasising its contribution to fostering a culture of comfort, convenience, and community to support growth, collaboration, and well-being.
Chief Executive Officer Jai Kishan Challa outlined their ambitious growth plan, aiming to scale operations to 50,000 beds, with ownership of at least 25,000 beds across India within the next five years. To facilitate this expansion, plans are underway to establish a platform by raising USD 200 million to acquire or construct Alternative Housing assets across all three sub-verticals.
Bhaskar Raju N, Managing Director of Divyasree Group, highlighted the promising trajectory of Alternative Housing in India, comparing its potential to attract significant investments akin to commercial real estate due to the comparable rental yields and service offerings in purpose-built accommodations.
In conclusion, the Alternative Housing segment, steered by companies like CLSPL, stands poised for substantial growth in India's real estate landscape, with potential to yield substantial returns akin to commercial real estate.
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