Mumbai Most Suited In India For Co-living Model: Knight Frank
New Delhi: Mumbai has emerged as the most likely destination in India where co-living as a concept can succeed, according to a report by real estate consultancy Knight Frank.
Mumbai has taken the nemuro uno position because of higher property prices and fast-paced and continuous gentrification. It is also India’s top economic centre, drawing large number of professionals and workers from other cities.
The report has ranked 20 cities in the Asia-pacific region in terms of how likely they are to success as co-living destination and Mumbai ranks 5th in the list.
New Delhi ranks 11th in the list. Although it has better housing affordability than Mumbai, human development index in the Capital is much higher than that of Mumbai. It makes a very good choice for co-living players to expand in.
Bengaluru has ranked 19th in the list. It is prime technological hub and has good access to talent. It also has a robust and self-sustaining business environment, coupled with vibrant start-up ecosystem. Thus co-living concept can thrive in the city.
“The growing interest for co-living spaces in cities has been instrumental in many investors sitting up and taking notice of this emerging sector to diversify their portfolio and risk. Further, the proposed Model Tenancy Act will provide the right legal framework for the growth of Co-Living in Indian cities, which already has a strong demand base.” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
The cities have been ranked based on six attributes that are likely to prove conducive to the growth of co-living business. These attributes are: Venture Capital Deals & Growth, Tech & Financial Hub, Affordability of Residential Property, General Population and Human Development Index, University Population and the Quality of Life.