Is the concept of co-living changing the face of real estate?

To combat urban loneliness and corporate dormitories, India`s real estate sector is getting a makeover in the form of co-living. Here`s what you need to know.

Co-living spaces in India are worth $12 billion

According to a survey by Knight Frank in 2018, over 50% of individuals from 18-35 years are willing to rent co-living spaces in top Indian cities like Mumbai , Delhi NCR, and Bengaluru. Obvious factors like job opportunities, lifestyle choices, and stratospheric housing prices are key contributors to this trend. However, there are several hidden concerns that co-living resolves with remarkable ease.

Discrimination can be rampant for bachelors, single women, and even people from different communities. At times, people`s eating habits, lifestyles, and more are evaluated—creating an air of discomfort. At such times, co-living comes as a refreshing alternative.

Further, as rent rates of homes shoot up, millennials find co-living as the best option, which gives them all the benefits without burning a hole in their pockets. With millions migrating to urban settings in pursuit of better job opportunities and fulfilling their ambitions, co-living becomes their best bet when it comes to cost-efficient spaces:

• Fully managed spaces: With customisation possible, this concept has become a hit amongst millennials and has led to the creation of the Shared Housing and Accommodation segment. Co-living gives tenants the chance to choose their bedrooms, utilities, etc.
• Affordable and convenient: Co-living spaces are fully-furnished, with maintenance and cleaning taken care of. Residents share the cost of WiFi and other amenities, making this arrangement cost-efficient
• Engaging lifestyle: With co-living, you get the best of both worlds. Unlike restrictive environments of PGs or hostels, you can collaborate, connect, and build a community with people from all walks of life.

Millennials seek to invest in experiences, and co-living aligns with their line of thinking. In cities that never sleep, the concept of co-living has found several takers, acting as their home away from home.

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