Demand for co-living spaces on the rise

Individual professionals, the primary occupants of co-living spaces, seek residences with superior living facilities, modern amenities, and well-managed properties. This trend is rapidly evolving, with expectations for significant growth in the coming years - Abhishek Tripathi, Co-founder, Settl

Mumbai: The real estate, especially the residential segment is experiencing a continuous surge in demand from homebuyers. Home buyers are particularly looking for quality residential projects offering enhanced amenities. Additionally, alternative asset classes such as co-living are also experiencing robust growth, attracting both increased demand and investor interest.

Talking to Bizz Buzz, Abhishek Tripathi, Co-founder, Settl. says, “Individual professionals, the primary occupants of co-living spaces, seek residences with superior living facilities, modern amenities, and well-managed properties. This trend is rapidly evolving, with expectations for significant growth in the coming years.”

Overall, the landscape of real estate is adapting to meet evolving consumer preferences, emphasizing quality, convenience, and community-driven living and working spaces.

Rishabh Soni, Co-Founder, Union Living, says, “Co-living has undoubtedly emerged as a premier alternative investment avenue for investors, with the sector experiencing a notable surge in demand and presenting promising future prospects.”

To cater to investors seeking alternative investment opportunities, Union Living is dedicated to constructing Built-to-Suit co-living properties and studio apartments. These tailored options not only offer enhanced yields for investors (increasing from 2 per cent in the residential segment to 6 per cent in BTS co-living), but also improve the living experience for occupants. By focusing on customizable living spaces, we aim to provide a win-win situation, offering lucrative returns for investors while ensuring optimal comfort and convenience for residents.

The real estate sector is gradually embracing technology, presenting ample opportunities for PropTech companies to thrive in various aspects of the industry. From construction and design to marketing and property management, there is considerable potential for PropTech firms to capitalize on.

Sunny Garg, Co-founder of CRIB says, “At CRIB, we provide a property management app tailored for co-living spaces, hostels, service apartments, and similar accommodations.” Our app aids these property owners and operators in efficiently managing their properties and services. Currently, the app is benefiting over 2,500 such stakeholders across India, streamlining their property management processes and enhancing overall operational efficiency, he said.