As real estate faces a slump, co-living fills in the gap and is becoming the ray of hope. Many of India’s young population moves to urban cities in search of jobs and financial independence, they prefer co-living. It is highly advantageous to both the tenants and the owners as many unsold properties are converted into co-living spaces.
Technology:
Using technology in the right way, like virtual tours of the properties, to paperless tenancy agreements attract tenants. Wi Fi, security aspects like video enabled or passcode entry, CCTV are all added advantages!
Maintenance:
Round the clock maintenance, location, easy to approach team, complaints through mails and resolving within 24 hours all make it easy for the tenants. Internal references help fetch more tenants for unsold/unoccupied properties. If the property is furnished, more is the chance of occupancy!
There is always a high demand for quality apartments like GP Homes, with amenities like Gym, children’s play area, Indoor games, CCTV, power backup, sewage treatment plant and spacious car parking, all maintained at a reasonable cost.
Easy tenancy:
Tenancy is easier as the occupants are not tied up to the lease of minimum one year in contrast to the traditional method. Without the need of dependency on the landlord/owner and the tenants, there is no chance of exploitation for both the parties and any other delays in payment, complaints, resolution in co-living. It’s a win-win for both the parties! Co-living is better for owners as the rent can be 10-15% higher than usual!
Sharing:
When the property is shared by friends or co-workers, or among families, they find it encouraging for work commute, travel and if the interests are alike, its even better! Sharing the rent and other expenses is another aspect to be considered. The tenants feel they are part of the community and helps them bond together. The transparency in the rental process attract more tenants!
Brand name:
As a reputed organization, builders like GP Homes provide many types of ready to occupy apartments which the tenants can choose from according to their needs! Be it a trendy single bedroom for young professionals or a spacious family home or a compact apartment, customers will be in awe! Tenants do not mind spending a little more when construction quality, location and maintenance are great!
Clientele:
The concept of co-living is popular among college goers, families and is also encouraged in elders living alone, while their children staying abroad. Two or three couples together find it homely and enjoy each other’s company! Children settled abroad, also do not worry about the parents as they don’t feel alone anymore, thanks to co-living!
Conclusion:
Co-living is healthy and is a great solution in a sluggish real estate situation now, where people think so much to invest but do not mind paying rent as far as they get quality accommodation with all amenities! This is a solution that’s trending now and as the demand goes up, this becomes the emerging business with more and more real- estate developers and owners get inclined to it!
