Hyderabad: Boston Living, an incubation venture of the INCOR Group and a co-living facility, and GMR Hyderabad on Friday signed an agreement to develop a luxury co-living and residential services in Aero City.
The total investment for the development of the project is touted to be around Rs. 250 crore and is said to roll out 1500 beds over multiple phases. The project is aided by Asset Monk, which will be handling varied asset portfolios and diverse investor base.
“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 the financial year 2022-23,” said Aditya Surneni, Director and Chief Operating Officer of Boston Living.
Boston Living hopes to address the short, medium, and long-term rental accommodation needs of GMR Hyderabad Aero City and the southern Hyderabad micro-market which is in keeping with GMR Aerocity Hyderabad’s hopes of making the city, a future business corridor.
GMR Aerocity has been designed to house various facilities supported by the gateway airport as well as multiple other assets such as retail, hospitality, schools, hospitals, multi-product special economic zones etc.