After decent growth of co-working segment in last few years, it's now co-living space which is creating buzz in India and has potential to become USD 93 billion market annually on rising demand from students and professionals, according to a study.
News Corp and Softbank-backed realty portal PropTiger has termed the co-living space as "real estate goldmine" that remains largely untapped.
"This is evident from the fact that the supply by organised players in co-living is currently limited to over one lakh beds. Assuming they earn Rs 1.44 lakh per annum per bed, organised players in this segment are currently USD 206 million).
"If the existing demand-supply mismatch is fixed, this segment has the potentially to grow into a USD 93-billion market," PropTiger said in a report.
The report further found out that the co-living sector has total untapped demand of about 46.3 million beds, out of which 8.9 million is from student housing.
As per its survey, total occupancy recorded in hostels within college campuses across India was only 3.4 million students, leading to a demand-supply mismatch of 8.9 million students. This deficit for co-living spaces is currently being met by the unorganised sector, which includes PG accommodation and rental houses, etc.
On the current status, PropTiger said that entrepreneurs are launching co-living portals and tying-up with real estate developers to build project specifically meant for the co-living segment, especially for students and working professional.
Packed with modern amenities, these spaces are designed keeping in mind the needs of the targeted segment.