Buying a property is, of course, a big deal and thus every investor thinks twice before sealing a deal. Today, the Indian property market offers properties in various other categories apart from the residential and commercial segments. So, if you are also planning to invest in the Indian real estate market then check out the co-living spaces to yield rental income in India.
Introduction : A co-living space or a building is the one that is shared by two or more people depending upon the unit size. The people accommodating this space share the total monthly rental and experience a hassle-free lifestyle at the same time. The co-living spaces are the best option for students and young professionals who are in the initial stages of career buildings and have a very limited income. But, standard accommodation is a necessity for living and fortunately, there are many co-living options available across the country.
Concept of Co-living Space : Co-living housing space is a fully-furnished residential apartment where the tenants live together and use the utilities and amenities available in the unit. This concept offers people a chance to socialize while maintaining their privacy. Some co-living spaces also give the option to choose a private bedroom, however, the areas like lobby, kitchen, balcony and garden are the common areas to be shared by all tenants.
Expert Speak : The real estate industry experts feel that the young professionals and the students living away from the home prefer co-living spaces as the rental value comes down when the same is shared between two or more people. According to a study, people hardly spare three to four hours in the kitchen and living room. Hence, co-living is a better option for the tenants as the bedroom is only 40 percent of the total rental value. Thus, the chance to yield better rental income from co-living spaces has increased.
The co-living spaces are a cheaper accommodation option as the maintenance cost, utility bills and more can be shared equally between the tenants and a person needs not to bother about these expenses.
Features of Co-living Spaces : A Co-living Space is a fine blend of the compact and capacious living units. These spaces are designed to offer privacy to all people. A Co-living space has an energy-sustainable layout as floor-to-ceiling windows, wooden partitions and more. Round the clock security with Wifi access in the premises.
Advantages of Investing in Co-Living Spaces : Firstly, investors can yield rental income even during the fluctuation in the real estate market. Secondly, it is easy to find a tenant for a co-living space as compared to the regular residential property. Thirdly, property maintenance is better in the co-living residential space.
Conclusion : The trend of co-living space has emerged in cities like Mumbai, Pune, Bengaluru, and Gurugram. This trend is gradually covering tier-II cities like Jaipur, Lucknow and more.