By Uday Lakkar, founder and CEO of Coho.in, India’s coliving space.
Shared living is a concept that isn’t new to the world. Condominiums, cohousing, dormitories, hostels, etc. have been there since a very long time. But given the growing concerns about sustainability challenges and changing needs of today’s millennials with respect to a rental accommodation, shared living is now at the forefront. The increasing popularity of coliving spaces is nowhere seen as evidently as in the Indian real estate market.
India, the world’s fastest growing economy is also home to the world’s largest youth population. Millennials from across the country are migrating to big cities like Delhi NCR, Mumbai, Bangalore, etc. to get admissions in prestigious universities or/and to give a healthy start to their careers. Their latent needs for a rental stay are fast becoming a major concern due to ever increasing rents and poor maintenance. Moreover the social lifestyle that they desire in order to network with a like-minded community is nowhere served by the restricted environment of guest houses or paying accommodation (PG) rooms.
Imagine an engineer, an HR manager, a teacher, an artist, a student living together in a fully furnished home with amazing facilities and a hassle-free living experience. Sounds interesting? Well, that’s what coliving is all about. The cost saved from building just one kitchen in a coliving space instead of ten kitchens, solving the same purpose in every room, is rather spend judiciously on building a common recreational area endowed with pool table, foosball, video games, etc. In the end still, money is saved and in there lies the scope for reduction in rents. This is just one of the many advantages of sustainable living offered by a coliving space.
Tech startup CoHo has captured this very opportunity in the Indian market to provide a better living experience to students and young professionals at affordable price points. By leveraging technology to provide end-to-end services like housekeeping, entertainment spaces, high-speed internet and other utilities, CoHo (Comfortable Homes) has become a haven for today’s youth.
Moreover, schemes like Make In India, Startup India, etc. have given a boost to entrepreneurship scene in India which in turn has created even more demand for coliving spaces. The pragmatic shift from the 9-5 work culture to digital nomadism has lead budding entrepreneurs and small/medium scale startups to choose the liberal work environment offered by coliving spaces in order to boost productivity and minimise costs.
Rental homes are no longer just a space to sleep, rather they have transformed into a quintessential commodity whose qualities effects experiential living. Millennials demand a better living at affordable price points and that is only met by innovative coliving startups like CoHo.in (India), WeLive (USA), The Collective (UK), Roam (Indonesia) that are striving to provide the best product.
In the Indian market, where businesses are increasingly able to offer its consumers what they want, where they want and when they want, it’s only natural that coliving becomes the next big thing! Engage and empower yourself with a community that shares in your visions and dreams of a better living. Coliving is here to stay and become the future of real estate in India and across the world.
So don’t just exist but start living! #BetterLiving