Boston Living's co-living spaces, at Aerocity
BOSTON Living, an incubation venture of Incor Group, signed an agreement with GMR Hyderabad AeroCity to develop co-living and serviced residences in a bid to provide high quality and safe rental solutions for young professionals in southern part of the city
image for illustrative purpose
Hyderabad: BOSTON Living, an incubation venture of Incor Group, signed an agreement with GMR Hyderabad AeroCity to develop co-living and serviced residences in a bid to provide high quality and safe rental solutions for young professionals in southern part of the city.
As part of the agreement, GMR AeroCity will lease 0.5 million sq. ft land to Boston Living to develop the project named "The Landing by Boston Living".
A 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 250 crore.
The agreements were signed by Aditya Surneni, Director, COO, Boston Living and Aman Kapoor, CEO, Airport Land Development, GMR Group. Aditya Surneni, Director/COO, Boston Living said "It is a great opportunity and we are delighted to associate with GMR Hyderabad AeroCity. 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 this project during the third quarter of FY2022-23, and we are also happy to associate with AssetMonk, the fintech platform, as our asset managers for this highly coveted property."
Prudhvi Reddy, COO / Co-founder, AssetMonk 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. 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 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. Boston Living will address the short, medium and long term rental accommodation needs of AeroCity and the southern part of the city.
Boston Living, an incubation venture of Incor Group runs one of India's largest single location co-living facility of 500 beds at Kondapur. Established in 2007, 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.
AeroCity is planned to be India's largest metropolis housing multiple asset classes such as offices, retail, schools, hospitals, co-living and serviced apartments, multi-product SEZ, and logistics among others.
GMR Business Park, the office district is spread across four towers being developed in phases, with Tower 1 fully occupied and Tower 2 ready for occupancy. AeroCity has been seamlessly designed as the future business corridor.
