As admission season starts, demand for budget accommodation surges
Now that you have secured admission in the college of your choice, it’s time to look out for a suitable accommodation for the next three years of your graduation. Though moving to a new city can be very exciting, finding a good place to stay could be a daunting task. With limited hostel facilities in university colleges, there’s a high demand for budget accommodation in the vicinity of university colleges.
Property owners are doing a burgeoning business of PGs and flats around colleges. These property owners convert their available spaces as affordable PGs, shared flats, or entire apartments and provide amenities such as food, wi-fi, gated security, indoor recreation, laundry services and electricity backup.
Riding on this trend, the listings for rental accommodation across PGs, apartments and dorms has seen an increase on OLX. On any given day, there are 350,000 live listings on the property section, of which 120,000 are rental accommodation across PGs, apartments and dorms. Overall, the real estate category on OLX witnesses over 1.2 billion page views every month, and is visited by over 40 million Indians. One in every five users on the platform visits the Real Estate section, highlighting the increasing interest of consumers in buying, selling and renting properties online.
“With private and professional colleges opening around NCR, we see many undergraduate and post-graduate students coming from far off North East and neighboring cities like Chandigarh, Jaipur, Lucknow, Kanpur, and Bhopal. Around half of our rooms are occupied by outstation students; remaining half are occupied by professionals working in the NCR region.” Said Pravin Kumar of Cloud Nine Rooms, who runs PG accommodation in Delhi NCR.
“Online apps such as OLX, work well for them to reach out to property consultants. Most of our enquiries come through online channels. We see better responses through online mediums as the student gets a better idea about the place by looking at the property images, location and amenities, listed on the portal.” he further added.
Given the extensive listings on the platform, OLX’s data throws up unique insights and trends for the major housing rental market, which is primarily in Delhi, Mumbai and Bengaluru.
In Delhi NCR, North Campus rules the roost
The number of DU College applicants is on the rise every passing year. This year around 3 lakh applications were received for the 56,000-odd undergraduate seats at 63 colleges in and around Delhi. Nearly 17,000 students enrolled to these colleges come from outside Delhi and are eyeing a meagre 4,300 hostel seats available. The remaining lot are left with no other option but to take resort to PGs & flats. This number would be much higher for private institutes in Delhi/NCR.
A closer look at the data throws up the following insights:
Most prominent localities in Delhi: In Delhi region, PGs/flat accommodations are flourishing around the North campus such as Kamla Nagar, Vijay Nagar and Hudson Lane. In south campus, students have the option to stay at Satya Niketan, Anand Niketan and Amar Colony. In West Delhi, places like Janakpuri and Rajouri Garden are the main hubs. While in East Delhi, Mayur Vihar has the highest number of student accommodation.
Most prominent localities in NCR: In NCR, pockets in Noida and Gurgaon are ideal for students studying in non-DU colleges, as most of the private institutions have their campus in these regions. Sector 121, 63 and 73 are popular for builder flats surrounding the Greater Noida expressway. In Gurgaon, Sohna road is the prime spot for rented flats.
Budget stays start at Rs. 7,000: One can find plenty of options from low budget single bed to high budget flats, on online platforms like OLX. The starting range for a single occupancy begins at Rs 7,000 and can go up to Rs. 20,000 depending on the locality one is looking for.
Fully-furnished accommodation outnumber unfurnished ones: Of all the rental listings in PG/ flats and houses on OLX, 40 percent are mid-size 2BHK accommodation. Nearly, 75 percent of rental listings are fully furnished, offering amenities like electricity back up, food and Wi-Fi connectivity.
Bengaluru has highest number of fully furnished spaces, making it convenient for students to shift.
Apart from the buzzing startup and IT sector, education is another sector that drives Bengaluru’s real estate market. The city is home to over 650 affiliated colleges of Bangalore University. Every year the city attracts lakhs of local, outstation and even expatriates from other countries.
A closer look at the data throws up the following insights:
Most prominent localities: Places like Hebbal, Kormangla, Nagarbhavi and Electronic City have highest number of listings from North, South, West and East Bengaluru respectively.
Single occupancy starts at Rs. 10,000 and can go up to Rs. 35,000: One can find plenty of options from low-budget single bed to high budget flats on online platforms like OLX. The starting range for a single occupancy begins at Rs 10,000 and can go up to Rs. 35,000 depending on the locality one is looking for.
Fully furnished accommodation out number unfurnished : Of all the rental listings in PG/flats and houses on OLX, 50 percent are mid-size 2BHK accommodation. Around 85 percent of rental listings are fully furnished. One will mostly find flats in these regions, offering amenities like gated society, security, electricity back up and Wi-Fi connectivity.
Mumbai despite being an expensive market, students can find single occupancy starting at Rs.10,000.
Over 6 laKH fresh graduates are all set to join Mumbai University (MU) this year. Unlike Universities in other states, University of Mumbai is not restricted to one location, rather it is spread across the city of Mumbai and the four coastal districts of Thane, Raigad, Ratnagiri and Sindhudurg. Over 700 affiliated colleges make Mumbai University one of the largest in India (source: Wikipedia)
Most prominent localities: Places like Goregaon, Parel, Andheri West and Andheri East have highest number of listings from North, South, West and East Mumbai respectively.
Single occupancy starts at Rs.10,000 and can go up to 30,000: One can find plenty of options from low budget single bed to high budget flats, on online platforms like OLX. The starting range for a single occupancy begins at Rs 10,000 and can go up to Rs. 30,000 depending on the locality one is looking for.
Fully-furnished accommodation outnumber unfurnished ones: Of all the rental listings in PG/flats and houses on OLX, 70 percent are mid-size 2BHK accommodation. Around 65% of rental listings are fully furnished. One will mostly find flats in these regions, offering amenities like gated society, club, gym, and electricity back up and Wi-Fi connectivity.
Irwin Preet Singh Anand, Chief Operating Officer, OLX India said, “India has around 20 million students migrating internally in metros markets such as Bengaluru, Delhi NCR, Mumbai, Pune and Hyderabad for higher education. Colleges are able to accommodate only a fraction of students, hence there is a huge opportunity for the residential space to tap the demand for student housing. In the last one quarter, we have seen high interest in PGs/mid-size 2 & 3 Bhk flats among students. Listings grew at 50 percent, and buyers grew at 70 percent in the last quarter. Metro markets like Delhi, Bengaluru and Mumbai are fast-growing markets catering to such needs. Residential sector has opened up student housing facilities in these cities, offering best of the amenities that a campus might not be able to provide.”