Realty firm signs MoU with Punjab government, for student housing

[] Punjab-based realty firm Mona Townships today said it has forayed into student housing segment by signing a Memorandum of Understanding (MoU) with the state government

Mona Townships Private Limited (MTPL) has signed a Memorandum of Understanding (MoU) with the Punjab government, to develop student housing in the state. The project will entail an investment of Rs 100 crores, and will provide direct and indirect employment to more than 500 people.

You are reading: Realty firm signs MoU with Punjab government, for student housing

MTPL’s chairman Tejinder Pal Setia, signed the MoU with DPS Kharbanda, the commissioner-cum-director of industries and commerce, Punjab, in Amritsar on December 8, 2017.

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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, a company statement said.

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Envisaged as a thriving asset class on the lines of established markets like the USA and the 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, it said.

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“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 per cent, as compared to 8-10 per cent for commercial projects. We plan to scale up our capacity by 100 per cent every year, over the next five years,” Setia said.

The MTPL chairman said the company would provide a home-like 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,” he said. MTPL has three projects in Zirakpur and Mohali.

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