New Delhi, 20thJanuary
2020: With an aim to digitize the otherwise-unorganized market of
paying guest (PG) accommodation and to boost the reach of organized co-living
players, real estate portal Housing.com has launched an exclusive co-living
section on its platform, with half a million beds listed across 12 major
markets. It plans to scale this up to a million beds by the end of 2020. The
Elara Technologies owned portal has tied up with Oyo Life and Zolo to promote
their co-living spaces on its platform, as it enters the co-living market.
The 12 cities
contributing to the listings include Mumbai, Delhi, Gurugram, Bengalauru,
Kolkata, Pune, Noida, Chennai, Ghaziabad, Hyderabad, Chandigarh and
Ahmedabad.
“The way in which the concept of
co-working is changing how traditional commercial work spaces operate in India,
co-living is transforming traditional renting. The change is driven by a highly
mobile millennial workforce and a growing student population with a new
mindset. The country’s young population wants flexibility in housing options
that allows them to move quickly in a highly dynamic work environment.
Co-living provides ultra-modern living spaces with a plethora of amenities and
a like-minded community, all at pocket-friendly rates and with the flexibility
of moving in and out quickly with minimum hassle,” says Dhruv Agarwala,
Group CEO, Housing.com, Makaan.com and Proptiger.com.
A report by group
company PropTiger.com estimates that co-living is set to
become a Rs. 2-trillion market by 2023 in top 9 cities of India as the demand
for such spaces continues to grow among the country’s student and single
working population.
Currently, nearly
40% of India’s millennial workforce comprise migrants, looking for affordable
yet modern living spaces that provide them with an optimal mix of privacy with
an opportunity to engage in social exchange. As the number of millennials in
the workforce is expected to hit 75% of the total workforce by 2025, multiple
organized players are jumping into this space to grab this vast opportunity.
Similarly, of the 37.4 million students pursuing higher education courses in
2018-19 approximately 15 million were migrants.
“Even as student
enrolment in Indian universities increased from 34.6 million in 2015-16 to 37.4
million in 2018-19, only one in six students is able to find university hostel
accommodation currently. This demand-supply mismatch is largely being met by
the unorganized sector at present. Since the government is targeting a gross
enrolment ratio of 32% by 2022 from the 26.3% number last year, there is likely
to be a substantial increase in the number of migrant students, which will lead
to a further increase in demand for hostel accommodation. There is a huge
opportunity for organized players to jump in and meet this expected spurt in
demand as well as to close the current demand-supply gap,” adds
Agarwala.
Co-living
listings on Housing.com, are all verified with genuine photos. The platform offers
consumers a variety of choices, with various amenities, accommodation types,
food choices, security features etc. to help them pick the most suitable
accommodation based on their personal requirements. It also showcases pricing
in a supremely transparent manner, leaving aside any scope for surprises in the
future. While the portal has a pan-India presence, the map-based search
here helps a consumer find PG/co-living options in areas close to their place
of work, enabling a very focused search right from the start. The technology
will soon enable the user to take a virtual tour of their shortlisted options.
Founded in 2012, Housing.com is a real estate advertising
platform for home owners, landlords, developers and real estate brokers. The
company offers the largest selection of verified listings for new homes, resale
homes, rentals and co-living spaces in India through a trained team of data
collectors, analysts and auditors. The one-of-a-kind Data Sciences Lab at Housing.com analyses a significant body of data
to allow buyers and sellers to make intelligent decisions.
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