SAPFI is an organization of student accommodation providers, managers and related service providers whereas CBRE is a global consultancy
The student housing or co-living space is expected to witness an investment of around 700 million dollars and an addition of 0.6 million beds by 2023 across the country, says a new report.
The report is titled The herald of the new chapter: student accommodation in India.
Despite student enrollment in India rising from 32.3 million in 2013-14 to 36.64 million in 2017-18, there are only a little over 6.5 million hostel beds.
The expansion plan announced by the top 15 student housing players is expected to result in addition of around 6 lakh beds in the next three to four years, the new report has said.
The Student Accommodation Providers Forum of India (SAPFI)-Commercial Real Estate (CBRE) report has also proposed that the scope of the draft model Tenancy Act should be extended to recognize and include ‘student accommodation’ as a residential sector as defined by the following definition ‘Quality residential accommodation that creates affordable, safe, healthy and comfortable environment for the exclusive use of students’.
No provisions have been specified for subletting of the property which could prove detrimental for emerging models in the student accommodation industry, says the report.