COVIE partners with Ashray Developers for co-living lease in Mumbai's BKC region
Co-living space COVIE, on Tuesday, announced a partnership with Ashray Developers for the 'Jaswanti Bliss, Off BKC' project. In this project, COVIE will lease Ashray's 94 2BHK units across two wings accommodating approximately 400 beds.
Mumbai’s BKC region, celebrated for its robust infrastructural framework, has witnessed a surge in co-living and student housing demands. The collaboration aims to fulfil this escalating need, leveraging the regions strategic positioning amidst educational institutes and growing corporate entities.
Abhishek Kumar, Co-founder at COVIE, said in a statement, «The evolving aspirations of young professionals lean towards shared living spaces.
These environments foster a collaborative culture and play a pivotal role in community-building. At COVIE, we envision offering more than just living spaces. We are ardently committed to cultivating vibrant communities, emphasising quality, safety, and modernity.
The product which we are putting up will set benchmark in the co-living & serviced residences space in the country. We anticipate a strong demand from corporates as well considering BKC is the hub for financial firms in the country.”
He added that it will be sold as a preleased asset to investors at a 6% plus rental yield, a very attractive rate as far as the residential asset class is concerned.
COVIE is in advanced discussions about adding 600 additional beds in Mumbai in the coming months.
