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20 October, 2021
In Chennai, young professionals are finding an affordable option in co-living. This particular segment within the commercial real estate sector has picked up pace in recent years. With the expenses diminishing on rented homes, young professionals can enjoy a better quality of lifestyle at affordable rates.
In the past, professionals had to shell out around INR 15,000 for a rented home, along with maintenance. Presently, the amount has come down to just half for a twin-sharing furnished 2BHK room. The amount also covers expenses for water and electricity. Evidently, real estate developers are focusing more on such properties.
Although the concept of co-living entered late in India, young professionals have caught up fast with the trend. Real estate developers are designing homes to cater to the requirements of these professionals as well as students. The monthly rents range between INR 10K to INR 20K, depending on the amenities available in these properties. The facilities also include Wi-Fi, drinking water, electricity, and some common amenities and spaces. Most importantly, they face no restrictions that are applicable in a PG unit. Co-living setups are also free from issues related to maintaining the apartments. During the pandemic, the real estate sector underwent slow growth. However, the demand for co-living spaces has been increasing as professionals returned to their workplaces following the second wave.
People are willing to move away from the accommodations that they traditionally had in PG. This is primarily due to the restrictions, and often these spaces do not fulfill their hygiene norms. Moreover, they do not find any space to engage in socialization.
The growing popularity of co-living spaces is a positive development for the real estate sector. It is expected that this particular segment will propel the growth of the industry in the coming months.