Why student housing is growing in India?
Student housing is an emerging trend for students all over India. An unprecedented increase in the number of students migrating to big cities such as Pune, Bangalore etc. to avail better education facilities has been witnessed over the years. This migration is not just an additional burden to the infrastructure sector of the Indian economy, but it also highlights the ever-widening gap between students’ housing needs and lack of facilities in the campus hostels.
Why this gap?
This gap can be viewed from a number of perspectives such as affordability, proximity, and modern facilities, which come across as challenges in the existing accommodations. Housing companies have taken up this challenge and are investing in student housing facilities.
Study in India
Let us dig a little deeper to understand why are we witnessing an upsurge in student housing in India and what is in store for the students who are exploring their lodging options in metropolitan cities like Pune. Recently, the Government of India announced its initiative ‘Study in India’ to call foreign students to explore Indian universities. Such a sudden inflow of students will put pressure on the housing sector and has enforced the need for world-class student housing facilities in India.
To prevent this influx from overwhelming the present college hostel infrastructure across India, student housing companies such as Hive hostels have stepped forward. These hostels provide security, food, laundry, 24x7 power supply, WiFi facilities and so much more in their different and affordable plans, thus relieving students from stressing about these basic needs at the privately rented rooms.
Market for student housing
An estimate stated that only 20% of the currently enrolled students get campus accommodation. Thus, more than half of the population depends on brokers and private rental facilities, which lack in optimally fulfilling daily needs of the students.
Student Housing is also one sector that holds the potential to revive the slumping real estate amidst the NBFC crises in these uncertain times of COVID-19. It saves a lot of investment of time, energy and money on the students’ part to make their rented living space conducive to their modern lifestyle. In fact, this is a step forward in raising the standard of living of the younger population of India where they do not have to compromise and run from pillar to post for seamless internet facilities or LPG connections.