India’s coliving industry is expected to add 150 million urban residents over the next 15 years, making the country an industry trailblazer in the Asia-Pacific, according to a JLL report.
Out of 35 million tertiary students, over 10 million are expected to move to other cities due to a lack of purpose-built student accommodations (PBSA), which will likely lead coliving operators to target the student demographic.
Cheaper costs, convenience and a sense of community offers a more attractive option for such students than a normal residential area would.
India’s coliving industry is fixed at about $120 million and is anticipated to hit $2 billion by 2022 according to RedSeer Consulting.
“We’re seeing a lot of scale coming in this particular sector,” said Ujjwal Chaudhry, associate director at RedSeer Consulting. “At the same time, I don’t think it’s going to be a one-player-take-all market. There will be multiple players who will satisfy different needs.”
So far, hospitality company OYO Living has entered the Indian market, as well as Zolo who aims to offer 50,000 beds by the end of the year. WeWork’s WeLive is also expected to bring its coliving model to India this year.