More than 3 crore people annually migrate to India’s cities, seeking higher education and to build their livelihoods. With more and more people moving in search of a better life, cities are not equipped to accommodate this continuous influx of people. Most existing housing stocks are designed for families, whereas a single migrant requires limited space. The needs of tenants evolve as their lives progress; however, the physical space requirement remains constant until they decide to start a family. Present infrastructure has crammed spaces that hardly meet the basic necessities of urban dwellers in the fast-growing cities of the twenty-first century.
With the rising cost of property in metro cities, co-living is the most affordable way of dwelling in urban areas without having to compromise on modern amenities. The concept of co-living is widely accepted by millennials because of its smart living infrastructure, feasible rental model and community buildings. It’s not just the lack of available spaces driving the market in favour of co-living, but also the aspirations of the current generation, the digital economy, and flexibility and breakthrough technological innovation in the realty sector.
There is a tremendous shift in not just the way we work, but in the way we live. The lines between work and personal space are increasingly blurring – there is a growing desire for boundary-free living. Current infrastructure is undergoing constant transformation to stay relevant by offering effective solutions in the post pandemic world to cater to the ever changing demands of the tenant community. Co-living offers a variety of layout options from shared rooms to private rooms, suites, studios and 1 BHKs to meet these growing needs and increasing incomes.
Fosters a spirit of community
Community living is the strongest driving force behind co-living; fostering a culture of inclusivity and creating a rich, communal living environment for people, regardless of their age. As an option to combat loneliness amongst the migrant millennial workforce in cities, co-living aims to invite people to create meaningful connections, shaping a vibrant ecosystem. Community management is thereby regarded as key to the success of co-living. A specifically curated holistic community fosters an all-encompassing culture among the occupants, enabling people to move outside of their usual circles, meet a variety of new individuals and in turn, expand their networks.
Affordable and comfort living spaces at prime locations
Providing the invaluable comfort of living in city-centre locations, which would usually be too expensive in a traditional private rental, co-living aims to provide affordable yet aspirational living spaces in prime localities. Co-living can significantly reduce this commute time – people who spend 1 hour on their commute each day can lose around 1.5 years to traffic within a decade. Co-living creates an opportunity to live in the heart of the city and close to main commercial areas, and allows for ease of access to social and physical infrastructure.
Enhanced safety protocols
Health and wellbeing will continue to remain as two of the primary factors for people looking for a safe living space, especially in these unprecedented times. Considering the expansive offerings that shared accommodations and co-living spaces offer, enhanced safety protocols will gradually become a necessity for modern migrants as they adjust and familiarize themselves with the new normal.
Technologically empowered
Co-living players are adopting mobile apps to engage with and make the lives of their residents more convenient. The apps ensure uninterrupted and seamless communication, offering instant help when required. In-built apps facilitate residents to order food, laundry services, raise issues, smart door locks and even cab booking. Furthermore, the in-built apps help the community flourish by enabling residents to connect with other co-house members within the campus, elevating their shared experience.
The scope of co-living in the future
With the growing demand for affordable accommodation in cities, co-living will continue to be a lucrative business for brands providing opportunities to create conversational bonds and diverse communities. It is set to become a key determinant of a new community lifestyle –serving as a stepping stone and a bridge between their familial lives and careers. With shifting priorities ensuing from a need for proximity to the workplace and a demand for holistic curated community living, the future of co-living looks promising.
