Product details

Co-living spaces offered individuals modern lifestyle coupled with several facilities and conveniences. These spaces were suitable for young professionals, bachelors, singles, students, and those who wanted certain degree of sophistication and could afford the same. The business models followed by the co-living space operators in India included complete ownership operated by property owner and leasing and running (co-living space taken on lease by operator from property owner). The co-living segment was growing rapidly before the COVID-19 pandemic. However, the overall housing demand in India's urban markets was hit during the pandemic due to the risks of living in densely populated places, and the increasing work-from-home model. Post the pandemic, with the opening of offices and educational institutions, India's co-living spaces witnessed rising demand and the market was projected to double by 2024. As of November 2022, Bengaluru was the biggest destination for co-living spaces in India. However, one of the major challenges of co-living was the lack of privacy, since the space was usually shared with another person. Another difficulty was using common resources like washing machine, etc., during specific hours owing to high demand. Given this scenario, would co-living replace hostels and paying guest accommodations in the days ahead?