Co-Living To Touch Rs 99,700 Crore Mark By 2023: NAREDCO-KPMG Report

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    As rest of the residential real estate segment baffle under liquidity crunch, low sales and high inventory, there is one segment that is set to flourish in the coming times. The newbie on the block, co-living segment, has arrived and is set to make its mark in a big way in next four years.

    The market size of co-living segment in India is expected to more than double in next four years. As per the reports by NAREDCO and KPMG, co-living market size is expected to touch Rs. 99, 700 crores by 2023 from Rs. 45, 800 crores in 2018.

    The idea of co-living is still new but has been catching up real fast especially in metro cities that see a flush of students and young professionals every year. The demand for beds under this model was 36 lakh in 2018 while it is expected to touch 57 lakh by 2023. On the contrary, the current supply from the existing co-living players is about 1,08, 000 beds.

    Clearly, the present players are able to meet only a fraction of the demand.

    Co-living is not an alien concept. Unorganized PGs and private hostels are still present providing accommodation to students and young professionals though the segment was total unorganized until a few years ago.

    With the advent of Co-living companies like Zoyo, Stanza Living, Nestaway, YourSpace, Placio and Housr, the face of the segment is changing face and for good.

    According to a survey by Knight Frank in 2018, over 50 per cent people in the age group of 18-35 years are willing to rent co-living spaces and pay up to Rs 15,000 a month in top Indian cities including Delhi NCR, Mumbai and Bengaluru. What they most need are proximity to work and social infrastructure.

    The ever expanding urban population in India is fueling demand for co-living segment. By 2030, 40 percent of the total population is expected to be living in cities. Another factor is the growing number of youths in the population. About 18 percent of population is aged between 18 and 24 and about 40 percent of the millennial workforce is urban migrants.

    Read more on the rise of co-living segment.

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