By Tricitynews Reporter
Chandigarh
12th December:- After making a mark in commercial and
residential projects, Mona Townships Pvt Ltd (MTPL), one of the leading real
estate developers of the northern region, has now forayed into student housing
by signing a Memorandum of Understanding (MoU) with the Punjab government which
will entail an investment of Rs 100 crore and provide direct and indirect
employment to more than 500 people.
MTPL
Chairman Tejinder Pal Setia signed the MoU with D.P.S Kharbanda, IASCommissioner-cum-Director
Industries & Commerce, Punjab, in Amritsar on
Thursday at the Punjab International Trade Expo (PITEX) being
organised by the PHD Chamber of Commerce and Industry.
Introduced for the first time in the
state, the student housing initiative will cater to the substantially unmet
demand in a highly unorganised market which continues to rely on
cramped campus housing, private hostels and paying guest accommodations.
Envisaged as a thriving asset class on the lines of established markets like
USA and UK, student housing in India is a highly attractive investment
proposition in view of the rapid increase in the number of students and
universities, which will be accompanied by a corresponding rise
in migration of students.
Speaking
about the scope for student housing, Tejinder Pal Setia said
that it can potentially offer returns much higher than those for commercial and
residential assets. We are expecting this asset class to generate returns in
the range of 15-18% as compared to 8-10% for commercial projects. We plan to
scale up our capacity by 100% every year over the next five years.
He said that the MTPL Chairman said
the company would provide a homelike atmosphere to students to cater to all
their needs ranging from food, laundry and housekeeping to Wi-Fi, security and
transport. “Being developed on professional lines, our student housing will
have exclusive spaces where students can study, interact and unwind.
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