With the majority of employees returning to offices after the pandemic, the demand for co-living spaces is soaring in the city’s IT corridor (Hitec City, Gachibowli, and Madhapur) as thousands of techies are looking for accommodation in the area.
Since these spaces are affordable and offer state-of-the-art facilities, besides proximity to commercial hubs like malls and restaurants, young techies prefer co-living spaces over PGs, hostels, or rented rooms.
Co-living is a residential community living model that provides shared housing for people with similar interests and values. While there are many benefits, these spaces are cost-efficient and comfortable. In a bid to cash on the high demand for co-living spaces, many agencies have come up with new ventures that provide semi or fully-furnished options priced at Rs 8,000 to Rs 15,000 per month per person.
According to Magicbricks, an online real-estate firm, co-living is a recent trend and is more popular among millennials. “Co-living spaces in Hyderabad are viable, affordable, and have a lot of flexibility. Most of these spaces are situated in areas with good transportation connectivity,” it said. Nearly 90 per cent of these spaces’ occupants are working professionals between 25 and 35 years.
Recently, co-living space operator Settl said it would add 1,000 beds to expand its business in Hitec City to meet the rising demand for quality accommodations for working professionals. The Bengaluru-based firm operates five co-living centres in Hyderabad, comprising 300 beds at Madhapur, Gachibowli, and Jubilee Hills. The company charges anywhere between Rs 9000 to Rs 12,000 per bed per month.
“We are witnessing a surge in demand for managed rented homes from working professionals. Most of these employees are working in hybrid mode and need quality space for living and work purposes,” Settl co-founder Abhishek Tripathi said.
Real estate consultant Colliers India said in its report’ Future of co-living in India’ that the number of beds in co-living would reach 4.5 lakh by 2024 compared to 2.1 lakh by 2021-end.