Know why Co-living might be the next big thing in real estate.
You know that old saying – no man is an island. Well, that’s because human beings are hardwired to live and thrive in close-knit communities. We see it in our familial patterns, our social circles and also the way we’ve chosen to live since time immemorial. And from cave civilizations to communes, as the human race has changed, the concept of community living has evolved too. What started as basic hutments slowly turned into far more sophisticated setups like co-housing settlements. And today, that’s where the idea of managed co-living comes in – the best balance between privacy and community to suit the dynamic needs of young millennials.
And if it’s attracting so many youngsters towards it, let’s ask ourselves this – can the co-living sphere also double as a viable investment option? Is this millennial hot pick an emerging new asset class that will serve both the digital nomads and the real estate stakeholders? Well, of course, it’s bound to impact potential homebuyers – having ready-made homes at their disposal without burning a hole in their pockets is definitely a game-changer. But this could be the revival the sector needs. So, let’s zoom into this concept of co-living and see what it could mean for Indian real estate, looking past the fads and straight into the facts.
The first question that always follows co-living is: what exactly is it? At first glance, it might seem like rehashing the age-old concept of living together to skimp on expenses by sharing the living costs, with a bonus of friendly neighbours. That’s true, partially. But co-living is more than just slumming it out together. It’s an idea that fulfils a young person’s need to have a home that gels with their vibe, without costing an arm and a leg. Gone are the days when young professionals, students, or fresh graduates were forced to live in cramped houses or PGs due to lack of funds and space. Co-living lets them live their full lives, within their financial budget.
And how does it work? Well, co-living spaces in the country today are homes managed by a company or real estate players, eliminating all contact between the tenant and the landlord. Residents typically have their own furnished private living quarters and bathrooms but share common spaces like living, cooking and recreational areas. The rent a resident pays becomes more economical, without having to compromise on the quality of living or space. Up and coming operators like Stanza Living are tapping into this opportunity by providing accommodation options to a generation that refuses to compromise on style, and comfort, whatever the situation. From the ergonomically designed rooms to delicious meals to high-speed Wi-Fi to vibrant community events, they’ll make co-living feel like home. Or better.
So say hello to the new-age avatar of a typical PG in Mukherjee Nagar, Delhi. Or goodbye to old-fashioned hostels in Bangalore. Because simply making do is no longer an option when it comes to your housing choices. And we’re here to tell you why co-living is the ideal choice for you to amplify your living experience.
The concept of fully furnished is a given. These are rooms with more than just the basic amenities. While most PGs are known to provide scant furnishings, and rental apartments often don’t come with anything at all, here you can live light, without feeling the lack of any amenity.
In most co-living spaces, residents don’t have to shell out extra cash for utility bills like electricity, or cable, on top of their rent. The expense is already built into the monthly sum you’ll be paying. That means you can save way more on things you actually like.
Many PGs don’t offer food or packed food services, leaving residents to fend for themselves. But co-living spaces know that the way to a person’s heart is through their stomach. That’s why some leading ones offer food, either in a mess type set-up or as a pre-packed service. No more do you need to survive on Maggi for dinner.
In a co-living space, residents are free from the constant supervision of their landlord or warden. As long as you’re responsible for the property and your fellow residents, you’ll get all the freedom you want and need.
And if you’re worried that you’re entering another guard at the gate situation only, don’t be. One of the most salient features of co-living spaces is their lack of compromise on safety and security. Starting from biometric entry systems, to 24*7 security on the ground, co-living spaces are very particular about your safety. So you can sleep in peace.
Don’t forget the extras! In a PG or a rental apartment, a lot of amenities – both basic, and luxurious – might not be available, unless you’re shelling out the big bucks. But in a co-living space, you’ll have access to uninterrupted WIFI, television, a range of electronic gadgets and recreational options, amongst other things. Here, you can be whoever you want, but never bored.
Most importantly, co-living spaces strike the right balance between community living and privacy, affording the residents a choice between spending time alone in total silence or with their squad in the common area. Most PGs or hostels can’t boast of the same, what with the number of people crowded together or the lack of space. So, whether you’re an introvert or an extrovert, co-living can be the right choice for you.