Plans to operate 30000 beds over the next 3 years
12th February, Bengaluru: US based shared space provider Kovorks forays into Co-living segment and setup subsidiary ‘KOLIVES’ to provide shared living spaces to working professionals and students.
Mallikharjuna Upputuri, Director of Kovorks India said, “We are focussed on Coliving segment in India and aimed to reach 3000 beds in 2021 and 30000 beds by end of 2023.”With target audience comprising working professionals, students and couples, KOLIVES will address demand by offering quality of living experience and luxury amenities including Club House, Gym, Swimming pool, indoor/outdoor sports apart from regular maintenance.
He further added “In the first phase KOLIVES will be rolled out in Bengaluru and Hyderabad, with majority of proposed inventory coming to Bengaluru – The hub of India’s information technology and will be expanded to other cities like Chennai and Visakhapatnam”.
We already partnered with reputed developers and individuals in Bangalore and Hyderabad for developing large scale built-to-suit Co-living spaces. We are open to new collaborations with prominent players under different business models including subleasing or Co-operating models that offer win-win solutions in both Co-living and Co-working spaces.
KOVORKS and KOLIVES will work together to build successful subscription models and achieve increased efficiency and occupancy by offering Co-working, Co-living, Retail and other value added services under single roof.
Co-living is a modern concept popular in metropolitan cities where like-minded people live in the same house with common kitchen, lounge, work area, etc. with shared and private rooms. Also, increased emphasis on Security, Hygiene and Quality of Living will drive demand of Co-living spaces in future. The co-living market in the country is expected to grow at a compound annual rate of 17% in the next five years to touch nearly 1 trillion, according to a JLL FICCI report.