BENGALURU: Property builders are increasingly focusing on shared living spaces to boost rental income.
While Salarpuria Sattva group has picked up 50% stake in shared living operator CoLive, American company WeLive is expected to debut in the country this year with Embassy Group, and CP Developers has tied up with StayAbode Ventures to set up Asia’s largest coliving property in Bengaluru.
“We believe coliving is going to be the next big wave in India which will alter the real estate landscape in tier-1 cities, especially IT hubs. Coliving will generate stable rental income over a period of time,” said Bijay Agarwal, managing director, Salarpuria Sattva group.
Coliving market in India is at a nascent stage, with only a few organised players. However, the trend is catching on in major cities as the housing market moves from the proprietorship model towards a service one.
“We have taken some interesting steps in the business after signing on our first greenfield development in Whitefield,” said Viral Chhajer, CEO, StayAbode Ventures.
“With the currency top-up on our pre-series A fundraise we are going to grow our operating base and make key hires for the next phase of growth of the company.”
StayAbode Ventures recently tied up with CP Developers and is working on Asia’s largest A-grade coliving project in India, with 1,400 people living in a community environment, in the heart of Bengaluru’s Whitefield – a professional hub neighbouring International Tech Park and large multinationals with a working population of more than 50,000 millennials.
WeLive, a coliving concept owned and operated by the New York City-headquartered WeWork, is set to debut in India in 2019. The SoftBank-backed company is currently piloting the project in the US and is in talks with its Indian partner, Embassy Group, to launch it in the country to tap into the growing market.
“There is a huge scope in the coliving space in the country and WeLive is very excited about it. The firm is looking to enter India this year,” said a person aware of the company’s plans. According to industry experts, the co-living market is pegged at around $10 billion globally and is expected to grow to $15 billion by 2020.
Rents for a shared living accommodation range from Rs 6,000 to Rs 20,000 a month on sharing basis, while for individual living the range is Rs 18,000-25,000 a month.
Written By: Sanjeev Sinha | Published: March 6, 2019 12:36:50 PM
Back To: Blog