Co-living spaces a fast-growth segment in Kolkata

The demand for shared housing facilities or co-living spaces has been steadily on the rise in Kolkata, like in the rest of the country. Fueled by a soaring influx of working professionals from adjoining states as well as smaller towns in Bengal, and offering multiple benefits of privacy, flexibility and social interaction, co-living spaces are fast emerging as a viable and affordable alternative to conventional housing options.



Riding on the swelling clamour for shared residences, Kolkata’s property market is fast pivoting to cater to this relatively new segment. Given the space scarcity in the city, co-living spaces present a win-win situation for operators, occupants as well as landlords. Since it’s a sustainable solution to housing problems in a congested city and the choice of many urban millennials today, the concept is poised to reorient property valuation in the Kolkata realty market, going forward.

As opposed to PG accommodations, co-living spaces are specifically designed to suit the purpose, often properly furnished with all amenities thrown in, with professional facility management systems to look after the residents’ varied needs. To top it all, a single-point payment takes care of everything.

Small wonder then that this plug-and-play housing model is rewriting real estate dynamics across all demographics and Kolkata is fast catching on. A recent demand survey by a research agency has revealed that the inventory of co-living beds created by the organized sector across India’s top seven metros could be close to 600,000 by 2024-end.

Advantages of co-living spaces:

# Affordable pricing: This format is much more economical compared to other conventional modes of housing, since you can share the burden of rent/price, amenities and utilities with the co-resident/s and at the same time, enjoy your precious privacy.



# Flexible lease: Unlike in regular rentals or PG accommodation, co-living places don’t entail inelastic lease agreements. The deals can be worked out according to your convenience, which means you can move in or out at your ease. This model suits migrant working professionals, students, young executives and digital nomads alike and is gaining currency because of this flexibility of term arrangement.

# Privacy: In a co-living unit, you are guaranteed privacy since you can always retire to your own cozy nook, often your private bedroom, and finish that pending report or watch your favourite flick, listen to your fave band or just relax with a taut thriller. The format is designed to ensure freedom and privacy.

# Social interaction: A shared living space gives you the chance to make friends, socialize, share ideas and even collaborate. Thanks to the community structure that comes with the co-living format, with shared kitchens, dining areas, terraces, etc., a sense of bonding and camaraderie develops, riding on the social interaction which can often throw up unexpected opportunities.

# Services & amenities: With amenities like completely furnished residences to gyms/clubs to laundry services, broadband connectivity, preventive maintenance and much more, most of your day-to-day requirements are taken care of so that you can enjoy an improved quality of life.



# Sustainability: Besides regular amenities and basic utilities, modern co-living spaces are also making sustainability a key concern while creating the basic design. Hence, developers are adding features like rainwater harvesting, energy-efficient appliances, solar panels, intelligent lights, etc. What is encouraging is that most patrons nowadays are very aware of the need for sustainable development and are demanding it.

Clearly, co-living spaces constitute a win-win solution for all the parties – the occupant, landlord and operator. The built-in flexibility and affordability of the model make it a fast-growing segment in Kolkata’s real estate market and more and more developers and operators are joining the bandwagon to create more capacity.