06 April 2024 – In the wake of the COVID-19 outbreak, co-living property owners are aiming to strengthen their income streams by working with developers for build-to-suit (BTS) buildings, offering short-term stays, and forming connections with the hotel industry.
Parth Soni, co-founder of Union Living, said, “The BTS properties we offer are designed in-house by a team of architects in collaboration with a panel of students to ensure that their specific needs and preferences are integrated into the design.” Union Living currently has 500 beds available in Pune and Mumbai. By June, it plans to expand its operational co-living beds to 1,500 beds spread over nine locations in the two cities.
A growing number of working professionals and students, urbanization, and changing lifestyle tastes have all contributed to the rising demand for co-living spaces and BTS properties. According to Yogesh Mehra, CEO of Tribe Coliving and Student Housing, purpose-built items must be designed for the hybrid hospitality model to maximize space utilization and provide the greatest living experience for both short and extended stays.
Conclusion
“We see about 25–30% greater income owing to improved space utilization and higher occupancy because of purpose-designed facilities, as built-to-suit items are purpose-built,” the speaker said. According to Crib CEO Sunny Garg, technology integration is now necessary for the successful and efficient administration of these assets.
