Pune Inc: A 22-year-old realtor from Pune whose success story surprised Kapil Dev

The Ministry of Housing and Urban Affairs’ 16th National Convention of the National Real Estate Development Council in Delhi was packed on February 8 with veterans of the property market and one 22-year-old woman.

She was there to receive the Young Achiever of the Year award from legendary cricketer Kapil Dev. As she stood on stage, Dev asked her, “Kaha se aata hai yeh talent? Haha se ho aap? (Where does so much talent come from? Where are you from?)”

Manaswi Abhay Kele, managing director of Kyozon Hostels, answered, “Pune.”

As soon as Manaswi finished her postgraduate studies in investment and finance, she started a students’ accommodation startup, MyHostelRoom, in June 2023 under Kyozon Hostels. In 2024, MyHostelRoom is set to expand from the existing 400 beds to 2,000 beds in Pune and venture into bastions of conventional student accommodations in the Peth areas.

In 2019, a study by real estate consultant Knight Frank India showed that the student population in Pune was 2,64,350, among which 1,91,937 came from outside the city and required accommodation. Only 11 per cent of the demand was fulfilled by on-campus and allied accommodation.

“Moreover, as Prime Minister Narendra Modi encourages Indians to choose India for weddings instead of destination ceremonies abroad, I foresee a parallel initiative urging students to pursue their studies within the country. The Indian government is planning to attract international institutes, fostering growth in domestic education. This surge is expected to elevate the demand for hostels,” says Manaswi.

MyHostelRoom’s primary client base is students who migrate from various states and cities, including MPSC and UPSC aspirants, short-term interns, and working professionals.

“Currently, this demographic constitutes approx 7-8 lakhs and encompasses the core Pune, including areas like PCMC and Loni-Kalbhor, and the outskirts,” says Manaswi.

Manaswi set about creating student hostels that plug in the gaps that most competitors overlook, such as ventilation in the living spaces, quality furnishings, Wi-Fi and a holistic lifestyle experience. What they don’t provide — and which could discourage some parents — is food, though they have tied up with tiffin services, among other food businesses. What really has turned into a challenge is a mindset in which students are prepared to rough it out at sub-par hostels if they can save Rs 1,000-2,000.

As a business founder, Manaswi has a growth mindset connected to being the child of a real estate entrepreneur, Abhay Kele. “My dad instilled in me a sense of maturity and confidence, always encouraging me to pursue entrepreneurship,” she says.

Her father takes a meeting with her team at least once a month. “About the money he loaned me, every morning, I get up, he says, ‘You have to pay back this much’. Now, he will also start having interest in it,” says Manaswi.

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