Co-living has been accepted as a viable and rewarding solution to the increasing prices of real estate and the modern lifestyle in India. Co-living is already in practice as we seen in new housing societies and residential real estate projects on and around airport road Mohali and Zirakpur. A recent report by Colliers India says—
A typical co-living product usually focuses on providing a set of amenities relevant to a specific occupier set. Therefore, with increasing understanding of the local dynamics and requirements, some of the differentiators that are expected to be witnessed in the co-living space in coming years can be subscription model, ready to move in, and community-driven living experience.”Source: Colliers India
For residential real estate owners and investors, this is a relatively new territory and so they are in the experimentation mode. The business model and project strategy are flexible for the pricing models, the architecture and design, for the facilities for their specific lifestyle, technology-enablement, and so on.
Many upcoming projects in 3BHK 4BHK 5BHK and villa homes projects on the airport road Mohali and Zirakpur should give the organized and structured co-living experience to the home buyers.
The growing millennial population in India who have relatively higher disposable incomes, and who prefer a community-driven high-end living based lifestyle are the key drivers for co-living real estate demand. The Colliers report shows how organized co-living sector is a massive business opportunity for Indian real estate.