The theory of co-living is not new, and it has been practised in India for several decades. It was traditionally found in an unorganized/informal setting, such as paying guest (PG) lodging and private/academic institution-run hostels. In India, the demand for Co-living market in India has been majorly driven by the Migrant working population, and students have been in great demand for these.
In 2020, India co-living market size witnessed a manyfold decline but the gradual reopening of offices and institutions showed signs of development from mid of 2021. The youth population has started exploring nature while working from home, which was one of the main reasons that helped the co-living spaces having set up close to the nature/tourist places to survive even during the inverse conditions. In the coming years, the Co-living segment in India is predicted to have a recovery in occupancy due to the expected growth in the workforce, migration to urban centres for jobs, the unstructured shared living sector, and the growing student population increasingly yearning for the organized modern co-dwelling model.
Further Key Findings
•Economic Boost: Co-living communities have gained immense popularity in recent years, mainly owing to the convenience it provides to the users in the form of shared spaces with integrated public services, transportation services, etc.
•Increasing Millennial Population in India: With a total population of around 440 million people, India is home to the largest millennial population globally. Nearly 35% of the country’s population is in the age group of 18-37 years, out of which about 36 million are students.
•Converting unsold Inventories into Ready-to-move-in Homes: The share of the young population (under 25 years) in India is nearly half (approximately 600 million people) of the country’s total population. A considerable percentage of this population is migrating to tier-I and tier-II cities in quest of jobs and other economic opportunities. This has led to a surge in demand and consequent shortages of quality affordable housing in urban centers.
Key Questions Answered
• How is the Co-living market in India shaping up after the virus outbreak?
• How India co-living market size is expanding?
• What is the gap between the demand and supply of rental housing in India?
• What all factors are driving India’s Co-living market, and what challenges the industry is witnessing?
• What was the impact of COVID-19 on the India Co-living market?
• How is the Indian economy performing after the virus outburst?
Reach out to us for detailed reports on other industries.
Makreo Research and Consulting Firm
Office No 30, 2nd Floor, Crystal Plaza, Hiranandani Complex,
Sec 7, Kharghar, Navi Mumbai – 410210, India
Email ID: [email protected]