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The era of co-living
The Hindu  |  April 1, 2019

Nidhi Adlakha

Suresh Rangarajan, Founder and CEO at Colive tells Nidhi Adlakha how the segment is faring in India

 

With co-living spaces the latest trend in Indian realty, Suresh Rangarajan tells me why his ready homes at Colive — a shared accommodation provider in Bengaluru — are the rage. And also why he chose Velachery to launch his latest project in Chennai.

 

Why the co-living industry?

 

When we were designing and planning to launch one of our new properties in 2015, we were looking at integrating co-working and co-living spaces within the project. Incidentally, the concept was gradually gaining popularity in India.

 

With the way MNCs are expanding in the country, it is natural that the demand for housing will increase. Rising costs and long travel hours make shared living the easier and cheaper choice, as these projects are located closer to IT corridors and commercial zones.

 

How does our market compare to the industry abroad?

 

Since the concept is relatively new — just a decade old — it is yet to gain a strong foothold in India. In countries like USA, UK and China, the concept is a popular choice of living. Especially in China, due to space congestion and sky rocketing prices of real estate in and around business hubs, co-living is the way to go.

 

The era of co-living

 

Backpacking groups in Europe, young working professionals in Singapore and Hong Kong, students in Australia, Unites States and UK, prefer to live in a community setting too.

 

These are spaces where you meet new people, exchange ideas, and feel comfortable and safe in unfamiliar surroundings.

 

Top cities in India where the trend is picking up?

 

Bengaluru, Chennai, Hyderabad, Pune and Gurugram. The price range for a shared space starts at Rs 8,000 per head, per month, for a double sharing space, and goes up to Rs 18,000 for single occupancy. Our primary clients are working professionals from industries such as IT, ITES industry, financial services, among others.

 

Key features.

 

  • Luxurious amenities and fully furnished bedrooms

 

  • Centralised security and CCTV surveillance

 

  • An active social life with referral and loyalty programs

 

  • Professional cleaning, maintenance support, integrated utility bills

 

  • Low deposits, guaranteed refund, tenancy rights and flexible transfers

 

  • Cafeterias, fitness centres, lounges, reception

 

  • Is the co-living market in Chennai growing?

 

The segment is very new in the city and will take time to pick up. Presently, Velachery, OMR and Porur are the top localities where such spaces are springing up, as they are in the vicinity of major IT hubs.