How are co-living spaces revolutionizing the residential property market?

The Indian property market has witnessed a fascinating transformation as far as residential structures are concerned. With rise in social and civic infrastructure, residents are able to avail seamless connectivity benefits to the rest of the city. The increase in urban population has increased the need for affordable housing across emerging metropolitan cities. Prominent property developers are capitalizing on key aspects in order to cater to these rising residential demands. Recent property trends showcase that millennial and IT professionals consider residing as tenants rather than transitioning to first-time property aspirants. With busy work schedules, it becomes convenient to save up on a monthly basis as tenants for a secured future. Private organizations are now coming up with co-living spaces that are the need of the hour. In order to get away from a monotonous lifestyle, the working-class crowd are choosing to live in co-working spaces for community enrichment benefits. Concorde Auriga is one of the upcoming properties where one can invest into it.

Metropolitan cities like Bangalore, Mumbai and Hyderabad are witnessing an evident rise in such spaces that are gaining popularity. With the rental housing segment creating more profits, millennials are concentrating on key co-living spaces in order to maximize commute benefits and lead a sustainable lifestyle. Residents who are not yet married or have a family in the same city are now spoilt for choice as there are many co-living spaces that are providing fully furnished homes along with diverse utility variants. With an extensive millennial or workforce population around metropolitan cities, property owners can expect customers from different walks of life. This enables homeowners to create strategic spaces and make the most of the current and future market trends for rental returns. 

Engage in community enhancement activities

Along with occupying pre-owned residential spaces, it becomes important to engage ourselves into community upliftment programs. Staying in co-living spaces would help customers communicate, interact with like-minded residents and employ an approach in order to participate and feel engaged in community enhancement activities. For instance, Bangalore as the IT capital of India provides high profiled employment prospects in the IT sector. Abundance in co-living spaces provides sustainable alternatives to choose from. In fact, such co-living spaces conduct workshops and contribute to socially interactive possibilities. On the contrary, staying in PG’s and hostels involve a lot of restrictions with fewer or no amenities for a comfortable living experience. 

Concorde Auriga

Capitalize on high returns on investment with co-living spaces

Though there are many benefits for prospective tenants living in co-living spaces, as investors, one can grab on to land appreciation trends and double up on an alternate source of income. Prominent start-ups like Oyo homes, Nestaway and CoHo Living are effectively contributing to creating more spaces and catering to rise in residential demands. As per real estate firms like Anarock, the co-living property market sector is backed up with heavy potential investors like Goldman Sachs and Sequoia Capital. Individual investors also can benefit from this as they can design their home as per customer requirement and convert their space into a co-living environment for maximum rental gains. 

Challenges faced in constructing co-living spaces

Apart from the numerous benefits that can be enjoyed by living in co-living spaces, there are challenges that potential property owners and developers need to overcome. Creating such places need surplus funds, from operational costs to optimum space utilization, residents should be aware of maintenance and servicing costs before they invest in unique residential spaces. Location and connectivity are yet another hassle. Co-living spaces thrive only when they are located at emerging areas that provide seamless connectivity. Homeowners who plan on converting their space into a co-living property should consider individual aspects and customer convenience & comfort at the same time. Co-living spaces are usually priced high when compared to traditional spaces like hostels and paying guest homes. Residents, who are new to the city mostly aren’t able to afford living and paying high rents on a monthly basis. 

In conclusion, co-living spaces are at a nascent stage in India. With focus on premier residential infrastructure development, residents can expect a gradual rise and change in perspective of people who are looking for affordable and comfortable living spaces.