Mumbai, Maharashtra Sep 29, 2024 (Issuewire.com) - Co-living has emerged as a new business model providing a fresh lease of life to India’s shared rental market. The size of the rental market in India is estimated to be USD 13.9 billion by 2025. Around 50% of this is attributed to the Gen-Z population and 30% to the millennial population.
Yello Co-living comes with a wide range of amenities, such as 24/7 backup, regular cleaning, and maintenance, biometric security, and kitchen amenities - including refrigerator and microwave, smart TV, internet, and convenient common laundry services. The wonderful housekeeping staff is always willing to assist us. Yello Co-living knows how to keep the excitement going! Our regular events have created a fantastic community of like-minded individuals. It has been a fantastic opportunity to make new friends and make connections that will last a lifetime. Yello Co-living fosters a vibrant community to connect with like-minded professionals from various industries, and the networking opportunities were truly invaluable. The regular community events and social activities organized by the management team helped us bond and build lasting relationships.
Co-living start-up Yello has entered Bengaluru's vibrant tech hub, Whitefield, unveiling its premier co-living property. Spanning across an expansive 2-acre property, the company offers capacious and exquisitely designed accommodations for both long-term and short-term rentals. The company focuses on the needs of young professionals. In contrast to typical conversions of existing properties into co-living spaces, Yello's three-story edifice is purposefully crafted as a ground-up co-living facility that ensures a tailored environment conducive to the tenant’s current lifestyle. The project boasts 608 fully furnished rooms distributed across five blocks. The rooms are classified as standard private rooms, standard twin-sharing, and premium rooms, the statement further added.
Maninder Singh, founder and CEO of Yello Co-living, remarked that co-living has emerged as a top choice among young professionals, freelancers, and digital nomads. With evolving modern workforce and living preferences, Co-living offers perfect solutions for those seeking flexibility, community, and hassle-free living.“Our spaces are crafted for the adventurous, the expressive, and those eager to script their narratives. With Yello, we aspire to cultivate not just living spaces, but vibrant communities where individuals can forge lasting connections, pursue their passions, and thrive in an environment that celebrates diversity and collaboration. Co-living is a fast-growing concept and trend in India, driven by the evolving lifestyle of millennials and young professionals. With time, this concept has had an undeniable impact on the overall demand in the urban markets. As urbanization continues to accelerate, co-living spaces are emerging as a viable solution to the challenges of traditional rental housing, offering a unique blend of privacy and social interaction that appeals to a new generation of renters”.
Co-living ecosystem is one of the fastest-growing segments in the real estate sector. The sector has seen a surge in demand due to the rising population of professionals and the growing urban population. Due to the opening of offices after the pandemic, the co-living market has seen greater demand from professionals returning to their centers. The co-living market is expected to grow to Rs 1 trillion by 2023 over the next few years, according to various reports.
More than just roommates, a community awaits:
Forget the impersonal PGs of the past. Co-living spaces offer private rooms or shared apartments, but the real magic lies in the vibrant community. Imagine a space filled with young, ambitious individuals from diverse backgrounds. You can connect over chai in the common area, unwind after work with game nights, or find collaborators for your side hustle. Co-living fosters a sense of belonging, replacing the loneliness that often plagues newcomers to big cities.
Saving those precious rupees:
Let's be honest, rent can eat a big chunk of your starting salary in metros. Co-living spaces offer a budget-friendly solution. Rental costs are typically all-inclusive, covering utilities, housekeeping, and sometimes even meals. This not only saves you money but also frees you from the hassles of managing bills and chores.
Flexibility is key:
Gone are the days of rigid year-long leases. Co-living spaces cater to the dynamic lives of young professionals. Many offer flexible lease terms, perfect for those starting a new job or unsure of their long-term plans. This allows you to adapt to changing circumstances without being tied down.
Professional Power Up:
The co-living community can be a goldmine for professional growth. You will be surrounded by fellow young professionals from various industries. Share ideas, learn from each other's experiences, and build a valuable network of contacts. Who knows, your next co-living buddy might just be your future business partner
Yello! has made a grand entry in the bustling Indian IT capital of Bengaluru, with a mega co-living project called Yello! Living. Situated near ITPL, the IT hub of Bengaluru, Yello! Living is an expansive community that encompasses 608 rooms spread across five modern blocks, offering a total of 85,000 square feet of shared living space designed for comfort, connection, and growth. With private and twin-share rooms, all thoughtfully designed for everyday needs and a host of amenities, the space is inspired to connect and grow with like-minded individuals through engaging events and activities, fostering a sense of belonging and personal development.
Technology is the foundation of all of our daily operations. From the first customer touch point, when a lead is generated, to the last, we use automation to contact customers and AI for interaction to understand their needs before calling them. This enables us to identify client expectations and resident experiences. Our user-friendly property management software allows tenants to pay bills, make repair requests, and check in themselves.
To make things even better, we have property management software that helps customers easily check-in and raise service requests, bill payments, etc. We also have a robust backend system in place that our property manager makes use of. There, we are creating a dashboard for the landowner to see and for them to understand how their property is performing.
The co-living market in India is rapidly expanding, driven by the rising demand for urban housing. According to a report by Cushman and Wakefield India, the co-living market in India is anticipated to grow at a compound annual growth rate of 17% from 2020 to 2025, reaching a value of USD 40 billion by 2025. Co-living spaces are mostly observed in cities such as Bengaluru, Delhi-NCR, Mumbai, Pune, Hyderabad, and Chennai. due to the flexible nature of lease agreements, unlike traditional rental agreements, co-living leases can be as short as a few months. This particularly attracts millennials and young professionals who value flexibility. Further, co-living spaces often come with various amenities that make life easier and more enjoyable. From housekeeping services to recreational areas, these amenities are designed to enhance the lives of residents.
From a niche housing option to a mainstream lifestyle choice, co-living spaces have drastically evolved over the years. This growth has welcomed key emerging trends that could shape the co-living concept in the near future. Primarily, as technology advances, co-living spaces are poised to undergo a profound transformation towards automation and intelligence. With technology, a steadfast commitment to a greener future is paramount. Co-living spaces are slated to embrace more eco-friendly solutions aligning seamlessly with global sustainability objectives. Hence, the next decade holds promising opportunities for the evolution of co-living spaces.
Media Contact
Yellow Co-living A venture of C P Properties salim.shaikh@yelloliving.life 9606906185 No 164, no 3368, Extension Road,Pattandur Agrahara,Whitefield, Bengaluru https://www.yelloliving.in/
