Young people all over India have endorsed Makreo Research and Consulting’s report, “India Co-living Space Market Performance and Future Outlook to 2025-An Impact Assessment of COVID-19,” which provides an in-depth look at India’s Co-living market trends.
This is an innovative way to continue professional and personal growth beyond the office. The report provides a comprehensive overview of the industry’s current state and forecast for the future.
The paper examines the size of the Indian co-living market and forecasts future growth in light of micro and macroeconomic parameters.
An Estimated Date of April 7, 2022 in India It Has Been Reported that The Co-Living Market in India Is Thriving
In 2020, the size of India’s co-living market was reduced by a factor of ten, but by the middle of 2021, signs of resurgence were beginning to emerge.
As a result of the increasing number of young people working from home and venturing out into nature, co-living spaces located near natural areas and tourism attractions have been able to thrive even in the most adverse of circumstances.
As India’s workforce expands, more people move to metropolitan areas in search of work, and the unorganised shared living sector grows, experts believe that India’s Co-living segment will see an increase in occupancy in the coming years.
The idea of co-living has been around for a long time in India, where it has been practised for many years.
In the past, it was typically found in a less formal setting, such as a paying guest (PG) hotel or a privately managed hostel run by an academic institution.
A large portion of the Co-living business in India has been driven by the country’s migrant workforce and college students.
Prior to the spread of the virus, the organised market experienced tremendous growth as India is the world’s third-largest start-up hub, with a big number of young individuals ready to work for new enterprises.
As a result, they are willing to relocate for work assignments in other cities, as well. Individuals who aren’t quite ready to settle down but are content to work and travel from various locations across the world are referred to as digital nomads.
Disruption of Operations and Huge Losses Occurred Due to Covid-19
Due to the viral outbreak, India’s Co-living sector will see negative growth in 2020. Since there was no certainty in the economy, many migrants were obliged to return to their home nations and hometowns, which resulted in employment losses.
As a result, the growing Co-Living industry came to a grinding halt. Migration of students and young millennials to metropolitan areas is the primary factor driving demand for Co-Living spaces.
There was a steady demand for high-quality office space in India throughout the years of 2018 and 2019. In 2020, this decreased by 10-15 percent and has remained low for the bulk of 2021 as a result of the epidemic.
Findings that Were Not Previously Aware Of
Boosting the Economy:
As a result of the ease provided by shared spaces with integrated public amenities, transportation services, etc., co-living communities have been increasingly popular in recent years.
Because of the savings in rental and transportation costs, residents of co-living spaces are better able to sustain their companies.
The market’s service providers also benefit from increased foot traffic. In addition, when the value of real estate rises, so do the returns for industry investors.
India’s Millennials: A Growing Number
India has the world’s largest millennial population, with a total population of roughly 440 million people. More than a third of the country’s citizens are between the ages of 18 and 37, including about 36 million college students.
Millennials, or those born between 1981 and 1994, have been the driving force behind the demand for co-living spaces in India in recent years.
In recent years, India’s general economic growth has been boosted by the massive millennial generation, which is also a major contributor to the country’s Co-living sector.
Nearly half of India’s population (roughly 600 million people) is made up of persons under the age of 25. Unsurprisingly, a significant portion of this populace is moving to lower-tier cities in search of work and other resources.
As a result, metropolitan centres are experiencing a lack of decent, reasonably priced housing due to an increase in demand. At the same time, there are millions of vacant homes and properties around the country.
The country’s co-living businesses are playing a vital role in tackling this specific situation by transforming these idle houses into fully-managed shared accommodations with a variety of facilities.
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