NCR based Investment Advisory & Management Firm, Shearwater Ventures, in order to diversify its legs into other real estate categories, has recently announced its entry into the Shared Living Space Segment across cities under the brand name MiNest.
As per the company sources, the group is likely to invest nearly Rs 700 crore over the next three years so as to offer 10,000 beds. Currently, the group wants to focus on Young professionals and students.
It further said that the development will take place in various phases. In the first phase, the group will develop co-living space and student housing across NCR. In the later phases, the group will be expanding these projects to Pune, Bengaluru, and Hyderabad.
Elaborating on the above information, Rajeev Bairathi, MD, Shearwater Ventures said, “Over the next three years, MiNest will create 5,000 beds for aspirational young professionals in key metro cities of India and another 5,000 beds for student living in the key higher educational hubs of the country,”
He further informed the group is planning to raise funds through private equity once they will develop over 1000 beds across the country.
The company has decided to work on a hybrid model under which some units will be wholly-owned while a few others will be on the leased-out basis.
Besides this, Shearwater Ventures is also offering services in various areas like corporate finance advisory, land and asset advisory, asset management, distribution, and investment management.
In the past few years, shared living space or popularly known as co-living space is becoming quite favourable among the young professionals and students across the country. According to a latest data, the student housing segment is all set to witness a steep jump in the next 10 years. On the other hand, the co-living segment is likely to jump $15 billion by 2020.