New Delhi, 5th December 2018: As per the real estate news India, the Knight Frank India has recently conducted a survey to figure out the accommodation preferences of the millennials. Some interesting data has been revealed as the result of this survey. The data says, around 72% millennial belong to the age frame of 18 yrs. to 23 yrs. are more excited about co-living spaces over any single accommodation options.
More than 55% millennials who have responded to the survey have considered paying INR 10,000 to 15,000 monthly for a co-living space where a single space is shared by the residents.
According to the latest real estate news New Delhi, the millennials of some of the top cities of India including National Capital Region, Hyderabad, Pune, Bangalore, Mumbai were the parts of the survey.
The Managing Director and Chairman of Knight Frank India, Mr. Shishir Baijal said that the office going youngsters are the main driving force behind the increasing popularity of the co-living spaces. Office goers who have to move to a new city for working purpose are always in search of accommodations that are both affordable and easily accessible. This need has increased the demand of co-living spaces rapidly.
Only 5% of the survey respondents have marked rental cost as an important factor. The rest of the respondents chose workplace proximity and social infrastructure as their top priorities. The survey report further adds that the single 1 BHK accommodations generate 1.5% to 3% net rental yields while the co-living spaces generate 12% net rental yields.
Several organized players are entering this co-living field and eventually attracting institutional funding for better yields, Shishir Baijal also said.
More and more startups like Zolostays, Stanza Living, CoLive, CoHo etcetera are operating in this segment. Another startup named as StayAbode has recently partnered with CP Developers to build up a co-living stay in the Whitefield area of Bangalore.
Author: Somdeepa Bhattacharjee
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