Chandigarh, December 12, 2017:  After making a mark in commercial and residential projects, Mona Townships Pvt Ltd (MTPL), one of the leading real estate developers of the northern region, has now forayed into student housing by signing a Memorandum of Understanding (MoU) with the Punjab government which will entail an investment of Rs 100 crore and provide direct and indirect employment to more than 500 people.

MTPL Chairman Mr Tejinder Pal Setia signed the MoU with Mr D.P.S Kharbanda, IASCommissioner-cum-Director Industries & Commerce, Punjab, in Amritsar on Thursday at the Punjab International Trade Expo (PITEX) being organised by the PHD Chamber of Commerce and Industry.

Introduced for the first time in the state, the student housing initiative will cater to the substantially unmet demand in a highly unorganised market which continues to rely on cramped campus housing, private hostels and paying guest accommodations. Envisaged as a thriving asset class on the lines of established markets like USA and UK, student housing in India is a highly attractive investment proposition in view of the rapid increase in the number of students and universities, which will be accompanied by a corresponding rise in migration of students.

Speaking about the scope for student housing, Setia said, “It can potentially offer returns much higher than those for commercial and residential assets. We are expecting this asset class to generate returns in the range of 15-18% as compared to 8-10% for commercial projects. We plan to scale up our capacity by 100% every year over the next five years.”

The MTPL Chairman said the company would provide a homelike atmosphere to students to cater to all their needs ranging from food, laundry and housekeeping to Wi-Fi, security and transport. “Being developed on professional lines, our student housing will have exclusive spaces where students can study, interact and unwind,” he said.

About Mona Townships Pvt Ltd (MTPL)

While MTPL has three successful projects under its belt in Zirakpur and Mohali—Mona Greens, VIP Road, Zirakpur; Mona Aeroviews, Swastik Vihar, Zirakpur, and Mona Paradise Apartments, Sector 127, Mohali—it has 15 more in the pipeline across North India. Be it Max Height and Metro View on the Kundli border near Delhi or Varun Cooperative Society in Gurgaon, MTPL has set new benchmarks in quality and timely execution of projects every time.

Another prestigious MTPL housing project on offer is Mona Greens-II on Gazipur road, Zirakpur, which sets MTPL apart from its competitors in terms of landscaping and thoughtful layout of buildings in spacious environs.

 The company, which has a turnover of Rs 125 crore, has already sold 1,500 flats amounting to 1.5 million sq ft since it entered the real estate business in 2004. Most of its projects are being funded from internal accruals.

An ISO-certified member of the Confederation of Real Estate Developers' Associations of India (CREDAI), MTPL was founded by Mr Tejinder Pal Setia and Mr Warangan Kumar Ralhan with a vision of providing superior luxury-class housing and commercial facilities that exceed customer expectations. MTPL aspires to become a name to reckon with in the real estate sector by using state-of-the-art engineering techniques that allow more sunlight and ventilation, protect high-rise structures against earthquakes and reduce maintenance charges. MTPL has offered a wide range of residential facilities with a variety of lifestyle choices. These include villas, duplexes, low-rise and mid-rise apartments as well as plots of different sizes. All MTPL projects have certain features in common, like vast open spaces, three-tier security, power back-up and organised parking, thus creating an international living experience.