JLL facilitates landmark student housing deal in Juhu, Mumbai

Mumbai, AUGUST 28, 2024: Curated Living Solutions Pvt Ltd (CLSPL) and Shree Banbai Nenshi Trust (BNMV Trust have announced a lease deal that sets a new standard for non-campus student living in Juhu, Mumbai. This collaboration marks a significant milestone for the Juhu micro market and exemplifies the commitment to providing top tier living spaces for students. Located amid a bustling student hub the IVY league house is a first of its kind student housing hostel in terms of size and quality. The purpose-built hostel by BNMV trust has a total of 325 beds in its built-up area 1 lakh sf ft. Strategically located in within Juhu - Ville Parle the asset signifies the commitment of both BNMV and CLSPL to provide a superior and safe student housing solution.

Real estate consultant, JLL played a vital role in facilitating the collaboration between CLSPL and BNMV Trust

Located on Gulmohar Road, Juhu, this lease deal demonstrates the resilience of the market despite being one of the most expensive real estate areas in Mumbai. The willingness of student housing providers to pay higher rents in this location showcases their dedication to meet the demand for student housing around esteemed educational institutions such as NMIMS and Mithibai College. CLSPL, renowned for their expertise in designing, developing, and operating superior student housing accommodations, has been selected as the operator for the state-of-the-art girls' hostel. While the market predominantly holds multiple unorganised PG assets, The Ivy League House challenges the norm by providing a holistic experience through its high-quality hostel This asset also compliments the vibrant student atmosphere that Juhu is famous for.

The newly built girls only hostel boasts 325 beds and directly addresses the challenges faced by female students in finding affordable, safe, and comfortable accommodations near their educational institutions. BNMV Trust takes immense pride in inaugurating this hostel, which offers an exemplary living experience in a secure and empowering environment for female students pursuing their educational dreams.

Jaikishan Challa, Founder & CEO of CLSPL said, “The Ivy League House, Juhu-Vile Parle, is a testament to our commitment to providing exceptional student housing. This landmark deal signifies a new era of off-campus student living, not only in JVPD, Vile Parle but across the country."

Ramesh Chheda, Managing Trustee of BNMV Trust, said “We understand the challenges that girls’ students face when it comes to finding affordable, safe, and comfortable accommodation near their colleges or universities. Our hostel will offer an exemplary living experience for girl students in a safe and empowering environment who are pursuing their educational dreams in the city. We also thank JLL who were instrumental in helping us tying up with Curated Solutions Pvt. Ltd. who have immense expertise and experience in the daily running of the hostel,”

Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head - Alternatives, India, JLL said, “This deal is the tipping point for off-campus student housing projects. Student living solutions such as the Ivy League House are the need of the hour in today's rapidly changing education ecosystem. The increasing number of students who migrate for higher education to cities such as Mumbai are constantly on the lookout for sustainable living solutions."

The market for student housing is poised to grow, with even currently there being a deficit of over 7 million beds. With student enrolments slated to rise to over 70 million in higher education and migrant students’ share to be over 40%, the need for formal student housing options beyond installed hostel capacity in institutions will require substantial investments. JLL anticipates that a gap of nearly 20 million beds will exist by this time to meet the student housing demand, indicating the long runway in the sector. Student housing rentals have also seen a steady increase in the post-pandemic period, with an annual growth rate of 10-15%. These positive market trends, along with growing interest from international players to enter the market, only indicate that this sector is set to grow from strength to strength.

JLL is India’s premier and largest professional services firm specializing in real estate. The Firm has grown from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier-II and III markets with a cumulative strength of over 15,000 professionals. The Firm provides investors, developers, local corporates, and multinational companies with a comprehensive range of services. These include leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics, data centres, residential, retail, hospitality, healthcare, senior living, and education. For further information, please visit jll.co.in