Announcement
AURUS Luxury Managed Residences, the premium co‑living brand founded by Bharat Agarwal, has entered into a Memorandum of Understanding with United Group and Siban Developers to create one of India’s largest managed‑living projects in GIFT City, Gandhinagar. The agreement outlines the development of a residential ecosystem covering more than 5,00,000 square feet and comprising 480 units, which will be operated by AURUS under a 15‑year lease.
Financial Terms
Based on the current commercial schedule, the projected rental payable over the full lease term is approximately ₹550 crore. The lease is structured for fifteen years, with the partnership targeting operational commencement in 2030.
Project Scope and Target Audience
The development is designed to serve students, young professionals and working executives, aligning with GIFT City’s growing educational, corporate and professional landscape. AURUS will be responsible for resident experience, hospitality, community programming and day‑to‑day property operations.
GIFT City Context
GIFT City, India’s first International Financial Services Centre, currently hosts over 1,000 operational entities, has generated more than 30,000 jobs and has over 29 million square feet of space allotted for development. The city is also emerging as an international education hub, with campuses of Deakin University, University of Wollongong, Coventry University and Queen’s University Belfast already operational or approved, alongside financial institutions such as Bank of America, Barclays and Deutsche Bank.
Strategic Growth Plans for AURUS
AURUS aims to build the next 100 managed‑residential assets across India within the next five years and to expand its bed capacity to 25,000 beds in the same period. The brand presently operates over 2,000 beds across Mumbai, Pune, Noida and Ahmedabad, with more than 5,000 beds in the pipeline.
Executive Comments
Founder Bharat Agarwal said the partnership leverages GIFT City’s scale and early‑stage ecosystem to establish a strong foundation for AURUS’s expansion beyond Mumbai. Sanket Patel, Partner at United Yogi LLP, highlighted that the project addresses a critical infrastructure need for the people living, studying and working in GIFT City, contributing to the city’s broader urban development.
Outlook
The MoU positions AURUS within a high‑visibility urban development project and marks the first step in its broader ambition to transition student and professional accommodation from fragmented hostel and PG formats to a globally benchmarked managed‑living category.