Bahrain-based Al Namal Group Partners with Square Plums for Co-living Apartments

Al Namal Group , a multinational conglomerate founded by Bahrain-based NRI 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.

Al Namal Group and Square Plums have been in discussions for the last few weeks and cemented the deal during Kurien's visit to Bengaluru for Pravasi Bharatiya Divas in January.

As part of the agreement, Billionaire Kurien led Al Namal Group plans to build 2 million sq ft of co-living homes in Indian metro cities. The group has earmarked investment of Rs. 300 crores for this foray.

Square Plums was founded in early 2016 by Rajesh Kotta and Hemant Attray, both alumni of BITS Pilani. It has managed to create an aspirational brand of co-living homes that is popular among the 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.

Kurien remarked, "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."

Mohammad Mansoor, MD of Exelon Solutions who advised Al Namal on the deal 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 the key for us to succeed in this venture." 

Rajesh Kotta, founder & CEO of Square Plums, commented, "Finding a quality rental home is still a challenge in Indian cities, especially for singles. Over the last one year, especially following the investment from Indian Angel Network in August, we have built a branded product that ideally suits youngsters looking for a home in the city."

Hemant Attray, co-founder of Square Plums, signed off, "Homeowners 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 7000 youngsters across 3 cities in India."