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In India, industry of providing students with comfortable housing facility as consideration didn’t existed. People preferred making their children stay in the hostels within the colleges as they consider it to be a better and safe option but due to large number of students, the number of rooms went short which led to first come first serve basis approach. It was seen that usually the facilities offered by the colleges in the hostels didn’t made students feel comfortable and they missed their homes.
When students did not find hostel rooms available for them, they started looking for rooms outside the college but near to it. But this did not solve the problem as the rooms available in residential buildings were not cheap and were short of facilities required by students.
Now, India comprises of 34 million people who are students pursuing their education at higher level, which is actually a very large number. Due to shortage of hostel rooms, the student housing demand rose very high rapidly. The rapidly increasing demand for housing for students was seen as a time in which people can make an entry in the market where real estate was on declining stage.
The players that are businesses already now in this industry are very happy watching the way this industry is growing and they even can expand their present business closely to 100% year by year in coming 4-5 years. This industry is turning up benefit for India whereas in other countries it is already stabled very well. USA was the first one where this industry became an asset, then UK which sets standard for this industry.
Nowadays students look for an atmosphere where they can get home feeling at an affordable price. They look for a place to stay where there is a common area where they can sit with their friends, do discussions, study in their exam time and even entertainment activities can take place to relax. Student housing should be made in a form which is different from hostels. It should actually comprise of a lot of facilities along with homely surroundings provided at a cheaper rate. At initial stage, the companies aimed at states such as Pune & Bengaluru as it had large number of students. The property prices in Mumbai & Delhi were very high because of which companies didn’t prefer to go for them at initial stage. This market requires a huge investment.
The National Education Policy recommends amount spend on education rose only 6% of total GDP in comparison to 3.5% of GDP in few years. This tells us that increase in amount spent helps in improving the education quality along with facilities & housing. India can become hub of education in South East Asia, if it starts focusing on betterment of students who aspire for a better career. This industry has a huge potential in India. This policy tells us about how private companies help in raising resources & shaping of this sector. Universities which are operating on their own are encouraged for starting their work in India so that they can contribute in improving education quality & providing various choices for students. There are changes made in this policy with time which help to encourage, whereas still recently many students are there who don’t have confirmation when they go to different cities living their homes on their admission to college which lacks facility of housing for every student. The problem is that hostel rooms available are less and students wanting them are more. This caused increase in demand for housing of students.
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