Telangana: After Covid lull in rentals, co-living spaces now a hit
HYDERABAD: As more offices prepare to open their physical premises, there’s a growing demand for a new form of housing in town –
Though limited to a handful in Hyderabad at present, these spaces have already become a hit with mid-level executives eyeing a furnished one-bedroom home. The cost: Anywhere between Rs 11,000 & Rs 20,000 per month.
Post a lull during Covid-19, owners of these facilities say they are now swamped with calls from outstation professionals — IT professionals, doctors, pilots, banking sector employees — asked to report to office in the next few months.
“Many large companies have told their workforce to come back by the first quarter of 2022. Worried that they might not get a seat later, a lot of people have started paying a booking fee to block their rooms,” said Moonis Ali, founder of Living Quarters, that has a presence in five locations across Financial District and Gachibowli. The concept of co-living, Ali explains, entails providing housing to the working class along with a community of like-minded people who they can socialise and network with.
Driven by this increased interest in Hyderabad, Bengaluru-based Settl, too has turned its focus to the Telangana capital. After its Madhapur property, it’s adding a second co-living space in Gachibowli now and is certain to expand its footprint further in the future.
Realising the potential of the market, founder of Sensation Group, Bhavishya Gupta, has planned a 4,000 bed co-living project in Hyderabad – expected to come up in the next three to four years. “We will have three facilities in and around Financial District,” said Gupta who believes this is the way ahead for the housing sector. “This new-age form of hostels is sure to find many takers because of three reasons – sense of community it offers, availability of services (including food) at a subsidised rate and security especially for women,” he added.