{"id":3697,"date":"2019-07-22T08:11:55","date_gmt":"2019-07-22T08:11:55","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3697"},"modified":"2021-06-04T14:33:25","modified_gmt":"2021-06-04T07:33:25","slug":"india-co-living-market-to-hit-trillion-mark-in-2023","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/india-co-living-market-to-hit-trillion-mark-in-2023\/","title":{"rendered":"India co-living market to hit trillion mark in 2023"},"content":{"rendered":"<p>A future supply of shared rental spaces more akin to hotels<\/p>\n<figure id=\"attachment_3698\" aria-describedby=\"caption-attachment-3698\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3698\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1339545143.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1339545143.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1339545143-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1339545143-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3698\" class=\"wp-caption-text\">Bangalore, Karnataka. Ravsky\/Shutterstock<\/figcaption><\/figure>\n<p>The shared rental market in India is projected to hit a demand of 5.7 million beds, representing a market opportunity of INR1 trillion (USD71.6 million), by 2023, according to <a href=\"https:\/\/theindiasaga.com\/social-sector\/co-living-student-housing-to-be-growth-drivers-for-realty-sector-assocham-jll-study\" target=\"_blank\" rel=\"noopener noreferrer\">a joint study<\/a> by JLL and the Associated Chambers of Commerce and Industry of India (ASSOCHAM).<\/p>\n<p>The Delhi-NCR area as well as Bengaluru will comprise more than 50 percent of the cumulative capacity for shared rental spaces, the study predicted. Demand for shared rental beds had hit 3.6 million units last year, in comparison.<\/p>\n<p>While India is no stranger to co-living, it is welcoming a more formalised form of the sector\u2014distinct from the unorganised, self-rented accommodations that characterised spaces in years prior. Companies such as Oxfordcaps, CoHo, Zolo Stays, Stanza Living, Placio, OYO Life, Housr, Ziffy Homes and Nestaway have forayed into the segment in the last two years, either solely or through ventures with local private equity firms.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/move-over-china-japan-india-to-develop-colombo-port\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More:\u00a0Move over, China? Japan, India to develop Colombo port<\/strong><\/a><\/p>\n<p>\u201cThe co-living concept brings a drastic transition in the manner in which physical space is managed. It transforms the real estate product into a service akin to the hospitality sector,\u201d the report stated.<\/p>\n<p>\u201cIn co-living there is greater emphasis on spaces such as dining and living area. The emphasis is also on supporting facilities such as gym, mobile apps, and house-keeping. These features are not available in self-rented accommodations.\u2019\u2019<\/p>\n<p>The paper recommended co-living as \u201ca good opportunity to realise rental yield.\u201d Unsold residential properties can be converted into co-living spaces or student housing if they are in proximity to universities or office corridors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A future supply of shared rental spaces more akin to hotels<\/p>\n","protected":false},"author":8,"featured_media":20187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[339,216,355],"class_list":["post-3697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bangalore","tag-india","tag-new-delhi","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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