Demand for co-living spaces up in Kolkata

KOLKATA: The real estate sector in the city can play a significant role in addressing the high demand for paying guest accommodation or co-living spaces among IT workforce and ancillary industries in Salt Lake and New Town which will not only help in developing an ecosystem for this segment but will also help organise the fragmented industry, chairman and managing director of Hidco Debashis Sen said in a real estate conclave in the city.
It will also help the real estate industry in the state to tide over the lean phase it is going through due to lack of demand and existence of high number of unsold inventory, felt real estate builders participating in a discussion on the challenges the real estate industry is facing currently organised by ACAE Chartered Accountant’s Circle in association with Credai Bengal.
“Almost half the country’s population is below 25 years old of age and they are always migrating from one place to another either to study or to work. This huge segment needs a decent place to stay with basic amenities which is on the lines of paying guest accommodation or co-living rental place. In New Town and Salt Lake we have witnessed a huge demand in this segment. But it is fragmented and unorganised. The real estate industry can play a big role by bringing it under the organised fold and developing an ecosystem,” said Sen, who is also an additional chief secretary of government of West Bengal.
A December 2018 survey by property advisory firm in India observed that 72% of millennials gave co-living spaces a thumbs-up and over 55% respondents in the 18-35 years age bracket were willing to rent co-living spaces. The survey, which spanned India’s top cities including Kolkata, noted that main criteria was proximity to work and social infrastructure remained top priority for millennials.