Co-living spaces by definition are shared housing spaces with home-like amenities and adaptable choices which meet individual needs, encompassing both personal and professional likings, whilst wiping out the issues of long rent periods and holding time. Co-living in its essense is a network lodging course of action, where similar individuals live together and share the facilities. It is a collaborative concept which is getting broadly accepted and spread over India rapidly.
Co-living spaces eliminate the problems of managing bothersome landowners and intermediaries. Advantages of co-living include networking opportunities, after-work activities, a great variety of different types of housing and adaptability to move out whenever one likes. It’s a new interpretation of an old thought, envisioned by a millennial mindset which prefers things like transparency, peer to peer communication, and utilisation of the sharing economy in everyday life.
In a more general sense, co-living is a social distinction, as it can envelop numerous living structures, including top tier, premium quality offerings of living spaces. All things considered, in its present exemplification, co-living is the real estate product to meet new urban standards of living. What’s more, the socioeconomics tends towards 20 and 35 something expats, professionals and students who have a flexible and work stimulated mindset, different from families and boomers. Inhabitants of co-living spaces can originate from varying backgrounds including hardworking professionals, entrepreneurs, creatives, and artists who seek an environment where they can be empowered and inspired.
Co-living encourages sustainable lifestyles by making it easy to share resources. It’s a great strategy for changing the routine if consumers are tired of the usual 9 to 5 work schedule, and there is a bigger craving for more face-to-face interaction, or if one simply wants more out of daily life.
The unique selling point of co-living spaces is the community it offers to single occupants who often either move to study or work in a corporate environment. Coliving in India can bridge the gap of ‘Unmet Social Needs’, a crucial variable that affects mental health and overall well-being. Interaction, top tier living spaces, and flexibility are the main pillars that will drive the prosperous growth of co-living, and further attract the millennial mindset consumers to it.
Co-living is all about community, convenience, and cohabitation. With millennials and young professionals continuing to flock to highly populated, metropolitan areas, the demand for convenient living options keeps increasing. If there ever was the ease of living ranking among real estate offerings, co-living would, undoubtedly, top the list. Especially for urban millennials, who move jobs (and homes) every few months or so. The whole process of relocating to a new place becomes easier than opening a bank account, when furnishings, kitchen utilities, and maintenance services are taken care of, with great interior designs and functionalities in mind.
Imagine a scenario where there is a service designer in one room and there’s a chef in another room, a fashion designer in the third with a roommate who is a videographer. The possibilities of what one could create at the comfort of their workspace within one’s living space are endless. The ironic part is people are oblivious to the existence of this new way of living. This niche realty segment is a lot more organized and transparent than PG accommodations and renting options, making it a safer choice for millennials in a new city.
The concept of community living is not new. What’s new is that, unlike in the past, the millennial mindset consumers are drawn together by lifestyle choices and not so much by religious affiliations or other considerations. Home is where intellectual stimulation is fun! Co-living opens up opportunities when it comes to meeting new people. Diversity is what makes co-living an exciting experience and the residents would not want to leave once they experience the perks of living away from snooty landlords.
Privacy when needed! – Even the most outgoing people sometimes need a little time alone, and with co-living spaces, one can certainly have the best of both. So, even though co-living fosters a sense of community and of being around others and collaborating with them, one can still enjoy some much-needed quiet time.
India already has approximately more than over 600 million people under the age of 25, more than any other country in the world. This will lead to a massive migration towards cities like New Delhi, Mumbai and Pune. A 2016 UN Report finds that almost 9.6 million people will move to New Delhi alone by 2030. With such numbers, the market for the sharing economy is expected to boom and co-living is vested to become a major winner.
Packed with modern amenities, these spaces are designed keeping in mind the needs of the targeted segment. Suite Homes focuses on providing interiors, spacial designs, which cater to elevated minds. The unique and distinctive appeal of Suite Homes is derived from providing customised living options, which resonates with one’s personality. Each apartment, room, house, villa etc.. will be accustomed to a community building ethos. The aim is to provide a place which can offer both mental and visual satisfaction. Suite Homes aims to bring the European mindset of minimalistic, independent living standards into the Indian market where the target segments crave for a newer mind and living situation.
Co-living is a new trend that is hitting the Indian metropolitan cities. As the working professional moves halfway across the country, to places with no solid support system — friends or family — he or she no longer has to worry about buying themselves a refrigerator or setting up an internet connection or even being lonely. Suite Homes will be there to take care of all the wants and needs that cater to the fulfillment of a joy filled, satisfied life.