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New Delhi, Jan 25 (IANS) 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.
--IANS
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