With Co-Living concept gaining momentum in India, many companies are entering in the real estate market of the country. Among such companies, WeLive a part of the renowned global co-working space provider WeWork is all set to stretch its arm in the Indian continent this year.
Known for providing Co-Living spaces, this NYC based company is currently in talks with the leading developer Embassy group to launch their project for the millennials of the country. The group has till now developed two co-living projects- WeLive Wall Street (New York City) and WeLive Crystal City (Virginia) in April and May 2016 respectively. Hundreds of young professionals are currently living across 400 fully-furnished apartments of the above two projects.
According to sources, “Just as WeWork transformed the Indian commercial real estate market by providing flexible office space and, services; WeLive is all set to offer a disruptive substitute to the way people live. There is a massive opportunity in the colive space in India,”
WeLive will offer fully-furnished service apartments to young professionals with facilities like community kitchens provided with dishes and cooking utensils, televisions, furnished bed, Wi-Fi, laundry etc.
In India, the trend of Co-Living space is increasing at a faster rate. However, there are only a few companies who are working in this direction. According to experts, the global co-living market is around $10 billion and is expected to reach $15 billion by 2020.
Talking about the Indian market, a latest report on the Co-Living space has revealed that more than 70 percent millennials between 18 to 23 years co-living accommodation. The report revealed that young professionals are the main reason for increased demand and popularity of Co-living spaces in major cities like Mumbai, NCR, Bengaluru, Pune, and Hyderabad. Also, proximity to office spaces and other infrastructure makes co-living accommodation favourable among youngsters.