[ecis2016.org] Behind the success story of the co-living spaces in India are the young working population here, who prefer enjoying amenities at affordable rates rather than giving utmost value to the concept of ownership. Mentioned are reasons why co-living is ideal for working professionals.
In the past half a decade, working professionals have bid adieu to traditional rental homes and paying guest (PG) accommodations and switched to co-living spaces. And because of this shift, it was projected that the co-living segment could become a Rs 1-trillion market by 2023.
You are reading: Co-living: The best option for working professionals
Behind the success story of the co-living spaces in India are the young working population here, who prefer enjoying amenities at affordable rates rather than giving utmost value to the concept of ownership. Mentioned are reasons why co-living is ideal for working professionals.
You stay close to your workplace
Co-living players strategically set up establishments closer to business districts in cities. As daily commute to and from the workplace kills a great deal of one’s productive time, moving to an accommodation closer to workplace makes sense. This saves time, energy and money apart from increasing productivity.
You pay less
Co-living spaces are relatively cheaper as compared to renting an apartment in the same locality. In fact, the difference between them could be as high as 60-70% in some areas.
Since these are shared accommodations, an individual doesn’t have to pay exorbitantly to avail the facilities required from his living place. On the contrary, if you were to set up an entire rented house based on your work requirements, significant money is required apart from the effort to execute the task. In a co-living accommodation, one has to just move in and everything is sorted. Value experiencing without ownership is the key factor behind the success of the co-living model in India and elsewhere.
You have so many options
Read also : Are tenants entitled to parking space in a CHS?
Betting on its potential in India, several players have entered this market. Currently, there are 15 co-living operators in India. According to a JLL report, the pan-India capacity of major co-living players by 2021 end would be 6, 00,000 beds. Thus, one can explore and finally select the one that’s bespoke- money and amenities wise.
You deal with organised players
Unlike the co-living segment, rented homes and PG spaces are dominated by unorganised players. This is precisely why the quality of safety, security and services promised by landlords are often compromised, once you move in. In case of co-living, you get what you are promised and you have the option to move out if you are unhappy with the services.
You have tailor-made amenities
A working professional these days would require a robust Wi-Fi network, some furniture s suitable for working from home and an efficient housekeeping staff who would ensure hassle-free living. Security and privacy are the other two aspects that are greatly value. All these facilities can only be afforded in co-living spaces and not in rented homes or PGs.
You build better network
The chances of you meeting and mingling with like-minded professionals are much higher in a co-living option. Mindful of the professionals’ need to mingle and expand their network, co-living players such as Zolo Stays and Coho etc. organise regular online and offline events to engage customers.
You enjoy higher freedom
Read also : Student housing demand fuels Vile Parle west property market
Who wants to engage in long chats with their landlords over cleanliness or the premises or entry or exit during “ungodly” hours? Such conversations waste time and is a regular hassle for a working professional. In a co-living accommodation, you could say goodbye to all those silly interruptions and move in and out freely as and when required.
You enjoy better flexibility
In a co-living space, you don’t need to pay a fixed deposit, maintenance charges, enter into a lease agreement and renew it a fixed tenure. With their short leases (these act on monthly basis), co-living players offer occupiers much greater flexibility than a rented accommodation or a PG, aside from saving them time and energy.
Selecting a co-living space? Take note
Cost analysis: Cost of some of the services offered by co-living providers is included in the rental while other services are chargeable. Factor in both to calculate the effective cost.
Brand check: Since it’s a budding segment, there might be smaller or relatively unknown players. Choose only players with a good record.
Check out the amenities: Your monthly rent would depend on the amenities offered in the co-living space. Ensure you are paying only for what you get.
FAQs
How many co-living operators are active in India?
There are 15 co-living operators active in India.
Is co-living cheaper than renting?
Co-living is relatively cheaper as compared to renting an apartment in the same locality. In some cases, the difference of cost between them can be 60-70%.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Property Trends
