New York City-based private equity firm Warburg Pincus LLC., is setting up a joint venture with New Delhi-headquartered Lemon Tree Hotels Limited that plans to invest over $400 million to develop full-service accommodation for students and young working professionals.
Warburg Pincus will hold a 68% stake in the joint venture while Lemon Tree will own 30%, and 2% will be held by Lemon Tree chairman Patanjali Keswani.
The joint venture company, Hamstede Living Private Limited, will construct, acquire, develop, operate, and lease short- and long-stay real estate projects. Its primary focus is on student housing and co-living for working professionals.
Anish Saraf, a managing director at Warburg Pincus, said that India has a large addressable rental population across students and young professionals which is likely to grow significantly as a result of rapid urbanization, increasingly unaffordable housing prices or rentals, and a shortage of on-campus housing infrastructure.
Last updated: December 26th, 2025
