Covie has announced a partnership with Ashray Developers for the elite ‘Jaswanti Bliss, Off BKC’ project.
This partnership, facilitated by JLL solidifies Covie’s presence in the thriving Mumbai market. The distinctive nature of this partnership lies in the leasing of the entire inventory, spanning 94 state-of-the-art 2 BHK units across two wings.
Accommodating approximately 400 beds, these residences boast premium finishes coupled with modern amenities.
Mumbai’s BKC region, celebrated for its robust infrastructural framework, has witnessed a surge in co-living and student housing demands.
Abhishek Kumar, co-founder at Covie, said, “We are committed to cultivating communities, emphasizing quality, safety, and modernity. Partnering with Ashray Developers for the ‘Jaswanti Bliss, Off BKC’ project signifies a stride in our journey of redefining co-living standards in Mumbai. The product which we are putting up will set benchmark in the co-living & serviced residences space in the country.”
“What makes this transaction even more unique is that it will be sold as a preleased asset to investors at a 6% plus rental yield, a very attractive rate as far as the residential asset class is concerned,” added Kumar.
Covie is in advanced discussions about adding 600 additional beds in Mumbai in the coming months. Mumbai, being one of the most expensive residential markets in the country, witnesses a great demand for rental housing.
Raj Rughani, director, Ashray Group, said, “In the backdrop of India’s demographic landscape and economic trajectory, co-living and student housing have emerged as promising domains.”
“In the dynamic landscape of the BKC region, we are witnessing a remarkable surge in demand for co-living and student housing. This surge is attributed to the strategic convergence of educational institutes and corporate houses in the area, making it a hotspot for growth,” said Karan Singh Sodi, head of alternatives, India and senior MD – MMR and Gujarat, JLL.