Co-Living Units Back On Track In Hyderabad

6 Jan, 2022 15:54 IST|Sakshi Post

In India, co-living is considered an enticing and practical answer to high real estate prices and an increasingly isolated lifestyle.

Hyderabad: Until recently, Gowlidoddi, which is located near the Financial District, was considered a suburb. Hostels, paid guest accommodation, and co-living spaces are all flourishing in the area. For a long time, hostels and PG apartments have been popular. Co-living units had a fast surge until 2019, then a drop owing to work-from-home in 2020 and 2021, before steadily regaining ground.

What is co-living?

Renting out a furnished apartment is the same as co-living. The rents, on the other hand, are calculated depending on the number of beds rented out. So a residential unit might have one, two, or three bedrooms, each with its bathroom. Each family member has their room. Kitchens, utilities, lounges, work zones, wifi, communal areas, facilities, and amenities are all shared expenses. Triple lodging costs Rs 7,750 per person, double occupancy costs Rs 8,500, and single occupancy costs Rs 16,000 per person. Working professionals from different cities are welcome to apply. It is also more beneficial for pupils. Renting out a complete apartment is expensive in both circumstances, and they may not need or utilise the entire place.

Co-living focuses on delivering a set of facilities tailored to a certain set of occupants while simultaneously maintaining security and privacy. One may just move into a furnished place without having to worry about bringing their belongings with them.

Acceptance

In India, co-living in its modern forms is considered an appealing, acceptable, and practical response to rising real estate prices and an increasingly isolated lifestyle. According to Colliers India Chief Executive Officer Ramesh Nair, in recent research titled "The Future of Co-Living in India," the youthful population that migrates to cities forms a significant niche in the co-living industry.

Covid Effect

Between 2015 and 2019, the number of operators and investments in student housing and co-living grew at an exponential rate, resulting in a significant rise in the number of operators and investments. In 2020, the pandemic hampered the co-living sector's development narrative, but the industry recovered in 2021. The sector is going through a re-consolidation phase, which is resulting in growth not just in metro and tier-I cities, but also in tier-II urban centres. While some players have quit the market owing to financial difficulties caused by the COVID in the previous year, others have reinforced their position through acquisitions and growth, according to the report.

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Demand Drivers

The desire for upmarket community living and the expanding millennial population with increased disposable incomes are the main demand factors. While several businesses in Hyderabad intended to bring their staff back to work in January, the new COVID variation, Omicron, thwarted their plans. If everything falls into place again and IT personnel begin working from home, the demand for co-living will continue to climb.

Flexibility

Adolescents are drawn to the co-living arrangement because of its flexibility. In Delhi, Noida, Hyderabad, Pune, Bengaluru, Chennai, Indore, Kota, and Dehradun, developers who can own and operate co-living units or lease them are developing pleasant and secure possibilities. There are nascent IT, ITES, and education divisions in these. The benefits of co-living apartments include flexible rental and deposit terms, online payment choices, and amenities such as a gym, lounge rooms, internet access, and others.

More facilities

In India, co-living is still in its infancy, and operators are constantly upgrading their offers and pricing. When compared to a normally rented residence, the rental yield is larger. From the perspective of the property owner, instead of following up with several renters, they only have to deal with one rental agency. Co-living components are anticipated to be included in future housing projects, resulting in a broader selection of facilities, community activities, and co-working opportunities for greater retention.

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