Alta Capital-backed Elevate, IIT Madras in pact for 1,800-bed student housing project

Elevate Campuses, backed by Alta Capital, the India investment affiliate associated with global investment firm Hillhouse’s real estate strategy, has entered into an agreement with the Indian Institute of Technology (IIT) Madras to develop and operate a student housing project on a 3.5-acre land parcel on the institute’s campus.

The Rs 400-crore project to be developed under a public-private partnership (PPP) model is one of the largest purpose-built accommodation developments undertaken by an IIT.

The project, which will house more than 1,800 PhD scholars and project staff, is expected to be completed by 2028. The facility will be operated by Elevate Campuses for 30 years, after which the asset will be transferred to IIT Madras free of cost.


“Student accommodations are not a core activity for academic institutions. While financing may be available, institutes generally prefer to deploy capital towards R&D, laboratories and faculty rather than constructing and operating residential facilities. The PPP model enables institutions to expand student accommodation capacity and ancillary services without any capital outlay,” Narasimha Jayakumar, CEO, Elevate Campuses, told ET.

Under the agreement, IIT Madras will provide the land while IPO-bound Elevate Campuses will finance, develop, maintain and operate the project. During the concession period, the company will be entitled to charge economically competitive hostel fees and ancillary charges from students.

“We strongly believe that the Public-Private Partnership model would lead to world-class facilities on campus, and that this particular project could be an example at the national level,” said V. Kamakoti, director, IIT Madras.

The project adds another key institutional asset to Elevate Campuses’ portfolio as the company prepares for its proposed Rs 2,550-crore initial public offering, which has received regulatory approval.

Elevate Campuses owns, develops and operates education-focused infrastructure assets spanning student accommodation and K-12 school platforms. The company currently serves more than 100,000 students across India and has a portfolio of over 70,000 hostel beds.

The company plans to utilise proceeds from its IPO towards acquisitions in the K-12 education sector, debt reduction and future expansion opportunities.

The proposed development will comprise fully furnished residential blocks, study areas, recreation spaces, sports facilities and student support infrastructure, including security, medical assistance and counselling services.

The project is expected to become one of the largest student accommodation facilities within the IIT Madras campus and is aimed at addressing the growing residential requirements of research scholars and project personnel.

The transaction underscores the increasing adoption of PPP structures for higher education infrastructure, particularly student housing, as academic institutions seek to prioritise spending on core activities such as research, laboratories and faculty development.

The agreement comes amid growing institutional interest in purpose-built student accommodation, a segment that has attracted increasing attention from investors and developers as India's higher education ecosystem expands.

With rising enrolments, growing mobility of students and limited on-campus housing supply across leading universities, education-linked real estate has emerged as a specialised asset class.

Institutional investors are increasingly viewing student housing as a long-term, income-generating asset supported by stable demand and low vacancy levels.