The BDI group of the real estate firm enters the business of living together; to invest Rs 50 cr in the creation of 10k beds
New Delhi, November 3 () The BDI group of the real estate company has ventured into the coexistence segment and plans to invest around Rs 50 million in the next year to reach 10,000 beds.
The Gurugram-based BDI, which has completed more than 15 real estate projects and is currently developing four projects in cities near the region of the national capital, has formed a new company, Vhive, to enter the coexistence segment that has gained momentum in the last. year.
We have entered into a coexistence business under a new Vhive company. To start, we have started two centers in Alwar and Bhiwadi, which comprise 200 beds, said the BDI MD Ssumit Berry group.
The company is charging Rs 6,000 to Rs 10,000 per bed, excluding the electricity bill, in these two living centers in Bhiwadi and Alwar.
Vhive would soon open living facilities in Gurugram, Jaipur, Kota and Indore, he added.
The company plans to expand its presence in Delhi-NCR and in Tier II cities in Punjab, Haryana, Uttar Pradesh, Uttarakhand, Rajasthan and Madhya Pradesh.
Our goal is to reach 10,000 beds in the next year, he said.
Berry also said that the company has allocated an investment of Rs 50 crore for the business of living together.
We are focusing on industrial cities and educational centers to provide coexistence because there is a large supply and demand gap. While most of the coexistence operators focus on metropolitan cities, we want to target cities of level II and III, Berry said.
The company's focus is to provide trouble-free accommodation to students and professionals who work at a competitive price, he added.
Recently, many real estate developers, including Embassy, Puravankara and Tribeca, have decided to enter the coexistence business.
According to a PropTiger report, the coexistence business has the potential to become a market of USD 93 billion annually due to the growing demand for rental housing by students and professionals.
PropTiger called the living space as a real estate gold mine that remains largely unexploited. The coexistence sector has a total untapped demand of approximately 46.3 million beds, of which 8.9 million come from student housing, he added. MJH ABM ABM