Al Namal Group ventures into co-living foray in India

Bengaluru : VKL and Al Namal Group, a multinational conglomerate founded by Bahrain based Indian businessman Varghese Kurien 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. VKL and Al Namal Group and Square Plums have been in discussions for the last few weeks and cemented the deal during Mr. Kurien’s visit to Bengaluru for Pravasi Bharatiya Divas last month.

As part of the agreement, VKL and Al Namal Group plans to build 2 million sqft of co-living homes in Indian metro cities. The group has earmarked investment of INR 3 billion for this foray.

Square Plums was founded in early 2016 by Rajesh Kotta and Hemant Attray, alumni of BITS Pilani. It has managed to create an aspirational brand of co-living homes that is popular with young executives working at leading MNCs and IT companies. In August last year, it had announced raising an undisclosed amount of funding from Indian Angel Network.

“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," said Mr Kurien. "Co-living homes are a new class in the sector and we have been watching this space for a while.”

“Finding a quality rental home is still a challenge in Indian cities, especially for singles," Square Plums founder and CEO Rajesh Kotta said. "Over the last one year, we have created a product that ideally suits youngsters looking for a home in the city. Homeowners who partner with us have found that on an average, rental yields from Square Plums branded homes can be up to 80 percent higher.” 

Mr. Mohammad Mansoor, Managing Director Exelon Solutions a strategic marketing partner for Square Plums, added, “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.” 

“In this partnership with VKL and Al Namal Group we look forward to bringing the Square Plums co-living home experience to over 7000 youngsters across 3 cities in India," said Square Plums co-founder Hemant Attray.