Bahrain-based MNC Al Namal Group is entering the co-living homes sector in India through an ‘operating agreement’ with Square Plums, an upcoming brand of co-living homes based in Bengaluru. Co-living homes are fully furnished, ready-to-move-in homes based in gated communities available on rent for youngsters relocating to cities for job placement.
As part of the agreement, founder Varghese Kurien plans to build co-living homes spanning 2 million sq. ft. in metro cities across India. The group has earmarked an investment of Rs 300 crore for this foray.
“We are bullish on the India story and have already invested hundreds of crores in commercial and real estate projects in many cities of Karnataka and Kerala. Co-living homes are a new class in the sector and we have been watching this space for a while,” Kurien said in a statement.
Read more: The Economic Times Wealth
