Co-living firms join hands with build-to-suit property developers to push revenue
Co-living property operators are looking to bolster their revenue streams by collaborating with developers for build-to-suit (BTS) properties, providing short-term stays and signing hospitality partnerships in the aftermath of the Covid-19 pandemic.
“The BTS properties we offer are designed in-house by a team of architects in collaboration with a panel of students to ensure that their specific needs and preferences are integrated into the design,” said Parth Soni, co-Founder of Union Living.
Union Living is offering 500 beds in Mumbai and Pune. By June, its operational co-living beds are set to increase to 1,500 across nine properties in the two cities.
The demand for co-living spaces and BTS properties has been steadily increasing, driven by factors such as urbanisation, increasing student and working professional populations, and changing lifestyle preferences.
Yogesh Mehra, CEO of Tribe co-living and student accommodation, said that with the hybrid hospitality model, there is a need to design purpose-built products to maximise space utilisation and provide the best living experience for short and long stays.
“Since built-to-suit products are purpose-built, we see almost 25-30% higher revenue due to better space utilisation and higher occupancy because of purpose-designed amenities,” he said.
Sunny Garg, CEO of Crib, said the integration of technology has become essential for the efficient and effective management of these properties. “In recent quarters, there has been a noticeable trend among various
