The economic disaster brought on by the pandemic had a silver lining in that it ushered in the establishment of real estate classes, which are still relatively new ideas in India but are undoubtedly highly popular in the West. For instance, co-living spaces have become a popular residential dwelling format in many areas of the NCR, especially among the millennial and Gen-Z populations, who view co-living spaces as a cost-effective, dependable, and cutting-edge type of real estate investment.
The National Capital Region (NCR) is a centre for employment, offering appealing prospects for professional advancement and a variety of work marketplaces. It is a natural draw for thousands of young people who arrive with aspirations of a long-lasting colony. Nonetheless, the tremendous increase in housing values, particularly in the NCR, is also a post-Covid reality and is unlikely to reverse any time soon, particularly in light of the high inflation rate and increasing mortgage interest rates.
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The need for co-living spaces in housing areas has significantly expanded as a result, particularly close to employment hubs and business districts. Because co-living spaces are affordable, like-minded people can live together. They are guaranteed a number of benefits, including reduced maintenance costs and shared rental values. An otherwise expensive big-city lifestyle becomes more manageable when subsistence is included. These are frequently the top choices of college students, recent graduates, and job searchers who do not have the financial resources to invest in full-fledged or expensive residences but may use their monthly income to pay for rental remittances instead. They are frequently referred to as “rental lodgings that are affordable.”
The Gen Z and millennial populations have demonstrated a preference for co-living places over studio apartments. With a functional kitchen, living room, balcony, and other amenities, co-living spaces are big and expansive and may be rented for less money than studio flats, which are small and only suitable for one person.
Depending on the end-users’ preferences, co-living spaces might be Single Occupancy, Double Occupancy, or Triple Occupancy. The majority of co-living units are luxuriously outfitted, which lowers the additional costs. The high-end co-living facilities also provide a variety of amenities like a gym, lounge, restaurant, movie theatre, concierge services, housekeeping services, and a co-working area for fans of working from home.
The younger demographic, between the ages of 21 and 32, is very enthusiastic about co-living spaces. The development of co-living spaces is also being aided by the current societal context. In the modern world, networking and socialising are becoming necessary prerequisites for finding a job. Equilibrium in the co-living environment fosters fruitful contacts and debates, which supports the growth of the whole person—both professionally and personally.
Work-From-Office models gradually returned as the pandemic’s aftereffects subsided, but remote working was put on hold. With service classes going back to their offices and workstations, co-living spaces were absorbed at a faster rate.
Co-living spaces, however, have become increasingly popular and are now a bankable real estate structure, particularly in Gurugram. It is one of the hottest fads, and as sales statistics rise, it has significantly increased need for rental property in NCR.
source from: msn.com
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