Pune is one of the most fastly growing cities and hence, the urbanization of this city is also at its peak and so is the influx of working professionals from all over India. It is no surprise then, that about 30% of Pune’s urban population lives in rented accommodations. It is a number that is highest in Maharashtra and it is increasing every day along with the upsurge of IT companies in the city. Due to the steep rise in the real-estate prices in the city, especially in prime locations, most people shy away from buying an apartment. Hence, the most financially viable option is to rent a property.
This said, renting a flat in a city like Pune is not an easy task. Potential tenants are often at the mercy of flat owners and agents, who have a huge list of arbitrary rules and regulations. These are often overbearing, stifling, and impractical for people, more so for young adults. Moreover, the cost of brokerage, unkempt apartments, and the lack of security makes finding a decent apartment a very tedious and often insurmountable task.
Here comes the concept of co-living into play. It provides an affordable, clean, and comfortable dwelling for people who do not wish to buy a property and also find solo renting to be not such an inviting option.
If co-living needs to be defined, then it can be termed as a contemporary and modern form of housing, where each tenant has his/her own bedroom and bathroom but shares the common spaces such as the living room, the kitchen, and the balconies with fellow residents. Co-living can be considered to be a modern take on communal living, which is a very familiar concept as it has been around for many years. Co-living is based on the requirements of a certain demographic, especially unmarried working professionals. This type of living is based on openness, collaboration, network, and a shared economy.
The real-estate developers understood the necessity and demand for this type of modern living at affordable prices. They fathomed the potential in this and realized that there would be a sure surge in the demand for co-living and hence they extended their portfolio to meet this expanding need for apartments, which could meet the requirements of such a type of co-existing.
The benefits and perks of co-living are multi-faceted. It not only provides the residents with the luxury of having their own personal space, but it also provides them with a like-minded community with whom they can interact, work and learn from. The rules and policies of co-living are clear-cut, the rates are reasonable and the services provided are up to the mark. There is a casual and fun air to this whole concept, where roommates can play a game, enjoy a movie or take part in the events organized by their rental agency or their company. Completely furnished rooms, free Wi-fi, housekeeping services, meals on-demand, cooks and/or emergency services, and access to amenities like the swimming pool, gym, and the society’s club are some of the wonderful facilities offered to the tenants, who opt for co-living in Pune.
Seen as the residential counterpart of co-working space; co-living, especially in the bustling city of Pune, is fast catching up speed and becoming trendy, especially amongst the new generation. Its main benefit is that it prioritizes individual space over communal interactions. It encourages residents to break out of their comfort zone, get out of the sanctuary of their rooms and interact with their fellow flatmates, hence eliminating loneliness. The residents learn to appreciate the sense of community, as there are frequent
weekly and monthly activities planned for the residents.
Another plus point of co-living is that the residents can live in close proximity to their workspaces and save valuable hours, which would otherwise be lost in long hours of commute. There is also the facility of 24 hours security at most of these residential complexes which offer co-living spaces. A seamless booking experience without any brokers, landlords, or documentation is also provided by many real-estate builders of the co-living ventures.
Thus, co-living as a concept has become quite a rage amongst the millennial crowd. It is safe to say that this concept is here to stay.