Co-living operator Curated Living Solutions, which is part of realty firm Divyashree Group, has committed USD 200 million to develop rental homes for students, industrial workers and working professionals in major cities as part of its expansion plan. Fund is planned to be established.
The company currently has 7,500 beds in its co-living centers in Bengaluru and Pune, of which 4,000 beds are for students, 2,000 for industrial workers and 1,500 for working professionals.
The number of beds will reach 10,000 by the end of this month.
In an interview with PTI, the company’s CEO Jay Kishan Challa said that there is a huge demand for safer and better quality homes for rental purposes.
“We are planning to set up an alternative housing platform worth $200 million. We are in an advanced stage of talks with investors,” he said.
Challa said the company will raise both equity and debt for the platform to develop student housing, industrial housing and housing for working professionals.
“We will also be putting about $50 million into this platform,” he said, and expects to launch this fund soon.
The platform will own and operate the co-living facilities.
This fund will be used for land acquisition, construction and operating costs.