Hyderabad: Boston Living to develop co-living & serviced residences
Signs agreements with GMR Hyderabad Aero City
Kondapur: Boston Living, an incubation venture of INCOR Group, operator of one of the country's largest single location co-living facility, signed definitive agreements with GMR Hyderabad Aero City (of GMR Group) to develop co-living and serviced residences. First of its kind, the co-living and service residences will roll out 1,500 beds over multiple phases. The total investment for the development of the project will be Rs 250 crore.
The new project will be named "The Landing by Boston Living". As part of the agreement, GMR Hyderabad Aero City will lease land to Boston Living to develop 0.5 million sq. ft. space. The agreements were signed by Aditya Surneni, Director/COO, Boston Living, and Aman Kapoor, CEO, Airport Land Development, GMR Group.
Surneni said, "It is a great opportunity and we are delighted to associate with GMR Hyderabad Aero City.
This project is going to be a one-of-its-kind property, at par with international standards. We are expecting to complete the first phase of the project during the third quarter of FY 2022-23.
We are also happy to associate with Asset Monk, the fin tech platform, as our asset managers for this highly coveted property."
Prudhvi Reddy, COO / Co-founder, Asset Monk said, "We are pleased to come on-board as asset managers for India's first airport co-living venture in GMR Hyderabad Aero City, conceptualised and operated by Boston Living, an emerging leader in its sector. As a tech-enabled asset platform, we bring in our rich expertise in handling varied asset portfolios and diverse investor base, through an evolved technology backend."
Boston Living at GMR Aero City Hyderabad will be a unique offering as a purpose built co-living development with serviced residences. It will provide a vibrant community living in a safe and secure environment to its residents. It will address the short, medium and long-term rental accommodation needs of GMR Hyderabad Aero City and the southern Hyderabad micro-market.
An incubation venture of INCOR Group, it runs one of the country's largest single location co-living facility of 500 beds, here. Founded with the aim to provide professional real-estate management, INCOR delivered its first project - PBEL City, first of its kind's residential apartment complexes in Hyderabad.