Co-living business potential rising on students, young working professionals
Co-living facilities provide a sense of belonging, helping tenants to escape the feeling of isolation and connect with other like-minded individuals.
Co-living industry is gaining traction in the Indian real estate sector these days. The industry insiders say students and young working professionals, who often face difficulties to find an ideal place to stay in a new city are the major reason for such rise in co-living industry's demand. Pratul Gupta, Co-Founder at Grexter told Zee Business online, “Co-living industry has come up as a savior for students and young working professionals, who often face difficulties to find an ideal place to stay in a new city. Given the ridiculously high deposits and a negative outlook towards renting to bachelors, apartments are not a viable option for many."
Pratul added that traditional PGs don’t even offer basic facilities like well-ventilated rooms or high-speed internet. Co-living spaces are not only affordable but also offer a wide array of amenities ranging from fully-furnished rooms to beautifully done common areas. "Most importantly, co-living facilities provide a sense of belonging, helping tenants to escape the feeling of isolation and connect with other like-minded individuals,” Pratul said.
Commenting upon the business potential in co-living industry Suresh Rangarajan, Founder & CEO at Colive said, "The co-living sector has total untapped demand of about 46 million beds. Packed with modern amenities, these spaces are designed that meets the taste and needs of the targeted segment (Which was generally targeted towards students earlier but now slowly targeting working professionals as well) and offer residents to rent a lifestyle against renting a home which doesn’t cover basis facilities such as housekeeping, laundry services, security and meals."
Suresh Rangarajan of Colive further added that co-living provides all the mentioned amenities with additional facilities such as cinema and games room, libraries, gyms, pools and high-speed Wi-Fi thereby paving way for the gated community. The traditional mindset of young Indians is evolving. "With disposable incomes in hand young Indians’ housing needs no longer is constrained to renting a house or a paying guest. They now seek a place where they find convenience and enjoy the sense of living in a community,” concluded Suresh Rangarajan of Colive.