Student Accommodation Providers Association of India (SAPFI) and CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm released the findings of its survey on Shared Accommodation in a virtual seminar organized on July 22, 2020. The virtual seminar brought together sectoral stakeholders to discuss challenges, evolve business continuity strategies for shared accommodation facilities (student housing and co-living), and elucidate on the required support from and the role of the Centre and State governments. Shri Amrit Abhijat, Joint Secretary, Ministry of Housing and Urban Affairs (MoHUA), Government of India graced the session as Guest of Honour.
According to the survey titled “RE-STARTING THE ENGINE – WAYFORWARD FOR THE SHARED ACCOMMODATION SEGMENT” one of the growing segments of the real estate sector in the country. As per the findings 63% of the surveyed operators are expecting a major shift towards professionally managed facilities. The Survey was jointly conducted by SAPFI and CBRE during the month of June and July 2020 and included operators from the Professionally Managed Student Accommodation (PMSA) and Co-living segments.
- Professionally managed student accommodation and co-living facilities to emerge as the preferred choice for tenants as higher value will be attached to cleanliness and hygiene going forward.
- 72% operators expect business to return to its normalcy within a period of less than of 6 months.
- Over 50% of the operators will be looking at expanding bed capacity.
- Operators will witness a shift towards single and double occupancy rooms.
- Revenue share with the developer/landowner will be the most preferred operating model.
- 89 percent of survey participants feel the need for classifying professionally managed student accommodation & co-living segments as separate.