Curated Living Solutions plans to set up USD 200-mn fund to build co-living centres

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.

“Over a period of next three years, we are targeting to achieve 30,000 beds,” Challa said.

The demand for student housing was hit during the last two years due to the COVID-19 pandemic, but it is improving now.

According to a report by PropTiger.com, the co-living segment has the potential to become a $93 billion market annually on the increasing demand from students and working professionals.

Divyashree Group has presence in Bangalore, Hyderabad and Chennai. It has developed several projects in an area of ​​30 million square feet.

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