Co-living industry has been growing at a rapid pace in India. According to a report by JLL India, the country’s co-living sector is poised to reach a market size of Rs 1 trillion within the next five years, driven by an impressive compound annual growth rate (CAGR) of 17%. While co-living has gained significant attention from the working class and students, corporate executives are also gradually turning towards it.
Experts share that hotel stays typically lack community environment and gatherings. Also, co-livings are becoming a destination for like-minded people with freedom of collaboration and free movement options with no check-in, no check-out regulations.
Ranodeep Saha, Co-founder, Rare Planet, shared that he prefers a co-living property for his outstation accommodation over a hotel. “Co-living properties nowadays not only offer luxurious services but also a great community, and a space that feels like home,” said Saha, adding that Co-living spaces provide a vibrant environment compared to mundane Hotel rooms.
When it comes to pricing, a luxurious co-living costs around Rs 60,000-Rs 80,000 while that in a 4 or 5-star hotel costs around Rs 1.5 lakhs to Rs 3 lakhs per month.
Reacting to the trend where executives are opting for co-living over hotels, Deepak Anand, co-founder & CEO, Housr, said, “In co-living, one has to walk in with just a bag of clothes. They get fully furnished accommodation with security, daily housekeeping, Wi-Fi, unlimited laundry, buffet breakfast, and buffet dinner. And some events over the weekend, at least 3-4 events in a month. So, that is something that you don’t get in any hotel property.”
Shantosh Menon, CVP, Axis Max Life Insurance, shared that he used to think of co-living as a fancier version of a PG until he himself opted for one. “Everything here is built to make life easier, from its chic spaces to top-notch services that handle the little things so you don’t have to. And if you have to ask me about the community, that’s the real game-changer. You move in expecting a simple rental and end up with an experience you don’t want to put down,” he shared.
With executive class officers preferring collaboration over seclusion and businesses partnering to innovate and ideate, co-living spaces are bound to serve as simple alternatives to hotels, feel experts.
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