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The once-forested and sparsely inhabited Koramangala – where old residents often narrated stories of hearing wolves howling in the night – is the fountainhead of Bengaluru’s startup revolution. It has since then seen a meteoric rise in varied accommodation trends including co-living or what was once known as ‘shared accommodation’.
The shoots of co-living
Shared rental homes have been mentioned as a trend that was just picking up from where paying guest accommodation was on the wane. https://timesofindia.indiatimes.com/city/bengaluru/Sharing-a-home-and-bonds-of-friendship/articleshow/7045560.cms
The backdrop of this story was Koramangala which is today a favoured destination for students and working professionals who prefer the safety of co-habiting with their college-mates, colleagues and friends.
Co-living is where complete strangers share a house and split the rent and maintenance equally. Several owners of large independent houses in the neighbourhood have been letting out that extra floor or rooms to tenants. In fact, tenants from cramped co-living accommodation in BTM Layout and HSR Layout are now moving to spacious and airy homes in Koramangala, at a nominal rent which is just right for a strained budget.
Contented in Koramangala
Gifted with wide roads, well-maintained parks – thanks to the responsible resident welfare associations – shopping arcades and malls, eat-streets choc a bloc with restaurants dishing up global cuisine, software parks and offices, schools and colleges, recreation spots, and enviable high living standards that have made business tycoons and celebrities choose Koramangala to make their home in, this tony suburb is one of the top localities for co-living or shared accommodation.
With a number of international schools and colleges having their campuses in the vicinity, parents prefer to invest in co-living spaces for their wards. For those working in swank IT offices established in the area, and having experienced working out of an international office, Koramangala offers them all the basic necessities and perks of a global posting.
Large 3 BHK homes are now available on rent for around Rs 40,000 per month. So, if six tenants share the rooms with 2 persons in each room, it works out to a sweet deal of only Rs 6,000 per person! And believe it or not, Koramangala has such homes available if you have a way around getting one.
The rise of co-living
The concept of co-living has caught the fancy of those looking at affordability over personal space.
According to the CII-ANAROCK report ‘Emerging Asset Classes: The Future Looks Promising’ https://www.anarock.com/research-insights/emerging-asset-classes-the-future-looks-promising, changing demographics, proliferating entrepreneurship, digitisation and millennial demand are boosting the demand for various alternate real estate categories.
Anuj Puri, Chairman – ANAROCK Group states, “Coliving, student housing and co-working have rental yields of anywhere between 7-11% – a significant step-up from the 3% national average rental yield of traditional housing formats. Coliving, student housing and senior living are the next evolutionary step in the residential real estate domain, while coworking has evolved from traditional office real estate.”
In the backdrop of the pandemic, a Meraqi report ‘Coliving 2.0 – Today, Tomorrow and Beyond’ https://www.meraqiadvisors.com/Meraqi_CoLiving2.pdf mentions the 3Cs of Co-Living which include Community-driven, Convenience and Cost Savings. During the pandemic, people have realised the need of a deeper community connect, higher convenience (in the form of flexibility, ease of use), and heightened affordability of living solutions in this phase of crisis.
The wellness factor
Guesture, a co-living space provider, mentions the trends of wellness co-living which is not just of the wellness of its residents, but also of the environment, resources and the sector:
· Co-living spaces help these people to come together and live as a community, which helps them to reduce mental stress
· Apart from lifestyle amenities, this model offers better security than traditional models
· The idea also fits into the millennials way of life — spend more on experiences, like travel, than huge rents.
As India celebrates Bengaluru’s status as the world’s fastest-growing tech hub, let’s give credit to where it all started – Koramangala. With more techies expected to throng this start-up spot and look for affordable accommodation here, Koramangala has the potential to turn into a global co-living hub too.
Unique scheme
Each home from HM Constructions http://www.hmconstructions.com is built in a way to offer maximum space and comfortably accommodate a family of four.
Our unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.
So, stop worrying about your monthly rental and book an HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo apartment today. Call us on 8880 22 5555 and we will help you find a home that suits your lifestyle, falls within your budget and is close to all that you would need throughout the year!