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While the market and demand for co-living residencies are growing in cities such as Noida, Gurgaon, etc. The business is a pretty well-known and established idea in big cities like Bangalore, Mumbai Chennai, etc. This model of living is ideal for young professionals or students who regularly move from one place to another in search of different opportunities.
Co-living gives people ease of living with its ready-to-move-in setups that save both time and money.
Co-working spaces have started disrupting traditional approaches to commercial and residential leasing sectors. More or less the demand and supply have been balanced with the boom in start-ups and real estate. and we expect co-living to break down the traditional stereotypes revolving around living spaces as well.
What is a co-living space?
Co-living spaces are community living models where three or more people come together to share a living space, they also share the rent and resources that come with the living space. Co-living is a relatively newer idea and it also seeks to change people’s thinking towards youngsters that they will be irresponsible, loud, and problem makers.
Trend and market for co-living space in India
The co-living offerings in India are currently divided into, single occupancy, multiple occupancy apartments, and houses, the current focus is on students and working individuals mostly. Co-living spaces are operationally demanding, and so scaling, at times can be challenging for the investors and companies. This may be so because the hybrid tech used to give the best customer experience unlike pure tech are different.
To provide an impeccable experience to their customers, companies have to create a balance between usage of operation and technology. Balanced use of operations and tech can help businesses scale to newer locations. Moreover, companies can also try B2B communications to grow their markets. They can tie up with some companies and offer their properties on short-term rentals. This isn’t the only untapped market. Tourist places such as Dharamshala, Goa, Kerala also have great potential to attract locals as well as foreigners, digital freelancers, and remote workers to enjoy the perks of co-living.
Co-living spaces can be customized for a place depending on the demands of the area, some tourist spots still don’t have good enough internet speed or access even, so co-living spaces here could be customized to work as both co-living and co-working spaces to attract young working individuals. Similarly, companies can work to expand their business regarding tourists by maintaining proper living and hygiene standards, providing comfortable housing accommodations at inexpensive rates.
The idea of designing a co-living space for youngsters might not go well with the one size fits all mentality. A company that wishes to offer co-living spaces will have to think from the point of view of their prospective customers as well, say a young professional, first time out of their houses might be attracted to a good location, proximity to public transports shops malls, good kitchens laundry services and separated work and common area
While co-living is an innovative idea that saves one’s time and resources, it also requires a sharp approach and commitment.
Why should you opt for co-living?
Co-living may be a new idea for most Indians, but it makes moving out and away from homes much easier for students and young professionals. Co-living is an emerging business in India,
- Reduced cost of living
One of the best reasons to opt for co-living is that it offers a reduced cost of living for individuals giving them comfort and convenience at an affordable cost. People share most amenities so their expenses are divided. Mostly the resources that are shared are kitchen supplies, items in the living room, etc.
This helps the individual in living a comfortable life at a reduced rate.
- Sharing Amenities
In co-living spaces, affording high-quality amenities becomes easier as the cost is shared, hence the quality of life doesn’t have to suffer when the expenses are split. And so they don’t have to sacrifice their comfort to be able to afford shelter.
- Personal Growth and Developing Social skills
Man is a social animal, we need human interactions to feel better, and moving can leave you isolated at times. Even if we want to socialize, we may not know anyone in the new city. Co-living spaces provide residents with a chance to socialize with their fellow residents and develop good and meaningful relationships.
Also interacting closely with other residents can help them learn from each other, understand different people and learn from their lives, and being there for each other.
Bottom Line
Coliving spaces could solve India’s affordable housing crisis, by simplifying the process of relocating. They provide fully furnished houses with all basic amenities required with the use of the latest technology. Co-living could make a very profitable industry in the future of affordable housing.
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Co-living spaces in India FAQs:
In which cities can I co-live?
You can easily find co-living residencies in Bangalore, Hyderabad, Mumbai, New Delhi, Noida, Gurgaon and other major cities.
While co-living refers to a group of individuals coming together to live in a set-up made specifically for co-living. A shared house is made up of a group of people sharing a traditional house that wasn’t built with co-living or sharing in mind.
Are co-living homes and residencies gender neutral?
Yes, unlike hostels and PGs, co-living spaces are gender-neutral and made of individuals who intentionally come together to share a living space.
What amenities are provided with the co-living space?
Co-living spaces are ready-to-move-in, fully furnished residences. They offer all basic amenities such as refrigerators, television, running water, internet services etc.
