Bahrain group and Square Plums to enter co-living space

MUMBAI: 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.

Square Plums was founded in early 2016 by Rajesh Kotta and Hemant Attray, both alumni of BITS Pilani. It creates co-living homes occupied primarily by youngsters working at MNCs and IT companies. Square Yards raised an undisclosed amount of funding from Indian Angel Network in August last year (2016).

"After doing our diligence, we have found that Square Plums, with its focus on high-end, branded homes specifically designed keeping in mind the needs of co-living youngsters, is an ideal operator partner for us. The technology and marketing platform they have built is key for us to succeed in this venture," said Mohammad Mansoor, VP at Al Namal Group.

For house owners, Square Plums offers the benefit of letting out a fully furnished house, with up to 50% higher rentals, without having to spend on furnishing the house. "Home owners who partner with us have found that on an average, rental yields from Square Plums branded homes can be up to 80% higher. In this partnership with Al Namal Group, we look forward to bringing the Square Plums co-living home experience to over 7,000 youngsters across 3 cities in India," said Attray of Square Plums.