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Millennials fuel co-living trend

Co-living spaces are fast becoming a popular realty segment in the metros with customers willing to pay between Rs1,20,000 to Rs1,80,000 per annum towards rental housing.

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Co-living spaces are fast becoming a popular realty segment in the metros  with customers willing to pay between Rs 1,20,000 to Rs 1,80,000 per annum towards rental housing. And fuelling this trend are the millennials in the 18-23 year age group. According to a recent survey by Knight Frank India titled “Co-Living — rent a lifestyle” around 72 per cent of millennials have given co-living spaces a thumbs-up and over 55 per cent respondents in the age group of 18-35 years are willing to rent co-living spaces. The survey was undertaken across including Mumbai, Bengaluru, Pune, Hyderabad and NCR. 

While for property owners the rental yield is in the range of 12 per cent annually, the sweet spot for rentals remains at a monthly outflow of Rs 10,000 – 15,000.  Commenting on the new trend Shishir Baijal, Chairman and MD, Knight Frank India says, “Co-living aims to create a community-centered living environment. As an asset class, the biggest driving force behind the rising popularity of co-living spaces are young renters moving to new cities who are looking for easy access and reasonably priced rental accommodation. Though the concept is novel, it’s here to stay, as Indian millennials currently account for 34 per centof the total population which is expected to increase to 42 per cent by 2025. We feel that with the recent acceleration of growth in migrant population to  key cities, organised players rental housing will be able to bridge the housing gap.”

Plots launched

Plots ranging from 200 to 615 sq yds have been launched by realty group Omaxeat its New Chandigarh township in Mohali district recently.  yards. The plots have been priced at Rs 31,500 per sq yd (IDC and EDC exclusive). Spread over 1,000 acres, the Omaxe New Chandigarh is an integrated township that has independent floors, high rise towers and commercial spaces. The buyers of new plots will have access to the township’s clubhouses, swimming pools  and an upcoming adventure park.  — TNS 

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