Realty Heavyweight Brigade Group Plans Foray Into Co-living Biz
New Delhi: Bengaluru-based Brigade Enterprises plans to foray in the lucrative co-living business and has zeroed in on its flagship mixed used project ‘Brigade Utopia’ to start operations for the same.
“Currently we are evaluating the business model, key operators in the space and which projects could accommodate co-living, based on their location, concept and stage of design approvals,” the company said in its annual report for 2018-19.
The co-living industry in India is expected to more than double in revenues to touch Rs 99,700 crore by 2023 from Rs 45,000 crore in 2018, according to recent report by National Real Estate Development Council and consulting firm KPMG.
The company also has big plans for its co-working and senior living businesses and already launched offerings for the two segments.
For the senior living business, the company has launched ‘Parkside’ brand last fiscal which will have projects with specifications like round the clock medical attendants, medical clinic, senior-friendly gym and many such features. Under the Parkside brand, three projects have been launched in various parts of Bengaluru which have wheel chair friendly doors and other such features.
For the co-working business, the realty player has launched ‘Buzzworks’ brand and has 200 seats in its facility at the end of 2018-19 fiscal. Brigade Enterprises plans to have 2,500 seats operations soon under the co-working business initiative. It expects the demand for co-working seats to come from some its existing tenants of commercial properties and from some of the small enterprises also.