StayAbode, a Co-living operator went into a joint venture with CP Developers to develop the world’s largest co-living project in Bengaluru. This is an A-grade project in the Whitefield suburb area of this southern city and will offer a community environment for living to nearly 1,400 people.
Viral Chhajer, cofounder of Bengaluru-based StayAbode said that the company is planning to mark its presence with this project by September 2020 and expect a large community of more than 35,000 millennials across all our facilities, living with here by December 2021.
He also said that we are planning some more partnerships like this while continuing to innovate in order to become the most superior assets operator in the Indian real estate sector.
A Co-living space is a new concept of housing where the residential or the living space living space is shared by residents who also share similar interests and values.
Currently, the StayAbode has 1,350 beds in Bengaluru and is operational at 97% occupancy. Also, the company is planning to venture into other cities like Hyderabad, Chennai and Pune.
On the other hand, Maninder Singh, director of city-based CP Developers said that we are hoping this to be a long-term partnership to develop more similar kind of projects across the Bengaluru city.
Another top official said that the co-living operator is having talks to raise the second round of funding to expand its presence in other cities. We are in talks with the investors to raise around $3-5 million which totals to Rs. 22-36 crores and hope to close the deal soon.
In the past one and a half year, the company raised $1 million and its investors are Incubate Fund, Vineet Sekhsaria, head of real estate investing at Morgan Stanley and Mridul Upreti, former joint managing director of JLL India.