India is one of the leading educational centres of the world, and Chennai is a major city that attracts students from all parts of India and the globe. Universities and colleges are increasing in number over the years, and the seats in each college are also on the rise. However, the student accommodation facilities are either not sufficient to house them all or are poorly maintained that students don’t want to stay there.
Thus the student population is forced to look for alternate housing, and luxury flats in Chennai are surprisingly coming to the rescue, contending with PG accommodations and another private boarding.
About 35 million students are currently studying in India and a fair percentage of them are in Chennai. Less than 20% of them have access to housing associated with their education provider. Even if there is a hostel, the rent, food, security, and other facilities are not justified by the amount paid towards the same. This has opened a whole new marketplace for developers to cater to students as an affordable, yet luxurious housing option.
Most luxury flats in Chennai are already located near these educational institutions. The Students are looking for a hassle-free home with minimal interference from landlords, and other restrictions while availing themselves of as many amenities as possible. They want to live independently and with dignity that is not offered to them in a university attached hostel.
Being students they are bound to look for furnished flats that can meet their basic needs. Some of the models that developers have offered for students are:
- Furnished flats with a centralised kitchen.
- Furnished flats with a fully equipped kitchen.
- Semi-furnished flats with centralised kitchen.
- Semi-furnished flats with fully equipped kitchen.
These give the students to choose from having home cooked meals delivered to them, or cooking their meals themselves. The rooms of each apartment are rented to different students who would share the common living area. To further increase affordability, the rooms are rented out on a shared basis, with the number of people in a room depending on the size and availability of storage space.
There are several firms that buy or lease several flats from the developers and furnish and rent them out to students. This frees the real estate developers from nitpicking on the details while earning a handsome profit from this niche market. Alternatively, developers have also branched into this field by building separate blocks for student housing and making it liveable for them with appropriate facilities. This group accommodation model would also ensure a healthy social life mingling with their peers from mostly the same college or university. They also have the security of living within a well managed and secure residential community.
The emergence of block student housing models could also be a saviour for the real estate industry in case house sales ever go down since education is evergreen. Even individuals who have bought luxury flats in Chennai as an asset can tap into this market.
Lifestyle Housing is a reputed developer with projects located in premium residential areas. Our 4BHK apartments in Chennai are a great option to be converted to student housing. Equipped with premium amenities, the students can lead a comfortable and luxurious life for just a little extra than they would pay for hostel accommodation.
