Zolostays, a co-living brand, has partnered with Labdhi Lifestyle, a residential group, to provide a high in demand concept of co-living accommodations at an affordable cost in Wadala that are conducive to the needs of today’s technologically-savvy professionals and students. With a valuation of Rs 120 crore for the project Sea Breeze, Zolostays aims to focus at investors and end consumers with an apartment style that has been rapidly gaining demand.
Through ZEASSETZ, a subsidiary of Zolostays, will spearhead the sales for Sea Breeze. With regards to ownership, the property is registered under the buyer’s name. This makes it a 100% asset-backed investment.
Nikhil Sikri, CEO, and co-founder, Zolostays, said, “In India, the co-living concept is gaining widespread acceptance from investors and has brought some new models in the private rental sector. Though the concept is novel, it’s here to stay, as India’s millennial population currently accounts for 440 million. We are pleased to have partnered with like-minded partners Labdhi.”
With a promise to assured rentals to every investor associating for the project, the project has been receiving an overwhelming response currently.
Sikri added, “Through Zeassetz we will provide accessibility for the masses helping them own affordable homes and diversify savings. With Zolo’s backing, the entire property management, maintenance, tenant hunting and collection of rentals will be taken care of. This will include initial investment support and exit.”
ZEASSETZ, has nearly 10 acres in and around Pune and Mumbai, including 90 acres of developable land in collaboration with the country’s most reputed developers. As a part of the brand’s 2022 strategy, it intends to have Rs 450 cr/10L sq feet of real estate sales.
Vikas, CEO, Labdhi Lifestyle, said, “With people trying to return to their normal life, post lockdown working professionals and students are looking forward to accommodation according to their preferences and needs. We have witnessed a steady increase in migrant professionals housing needs, as well as spending appetite for achieving better standards of living. With a like-minded partner like ZoloStays, we are confident to successfully deliver the project in the promised timeline to our patrons.”
Sea Breeze, with 400 units is a single tower with two wings. The 35 story building with 12 apartments on each floor, the flat value starts from Rs 80 lakh. Zolostays plans to set up INR 500 cr investment in partnership with global and national developers to expand its presence across the country. Zeassetz is working on active projects in Pune, Chennai, Bangalore, Noida and Mumbai.
