With the majority of employees returning to offices after the pandemic and IT companies ending the work-from-home model, demand for co-living spaces is skyrocketing in the city’s IT corridor (Hitec City, Gachibowli, and Madhapur), where thousands of techies are looking for accommodation.
Young techies prefer co-living spaces over PGs, hostels, or rented rooms because they are more affordable and provide modern amenities, as well as proximity to commercial hubs such as malls and restaurants.
Co-living is a residential community living model in which people with similar interests and values share housing. While there are numerous advantages, these spaces are both cost-effective and comfortable.
Many agencies have launched new ventures to capitalize on the high demand for co-living spaces, offering semi- or fully-furnished options priced between Rs 8,000 and Rs 15,000 per month per person.
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Co-living is a recent trend that is more popular among millennials, according to Magicbricks, an online real-estate firm. “Co-living spaces in Hyderabad are viable, affordable, and flexible. The majority of these spaces are located in areas with good transportation connectivity,” it stated. Nearly 90% of these spaces’ occupants are working professionals aged 25 to 35.
Settl, a co-living space operator, recently announced plans to expand its business in Hitec City by adding 1,000 beds to meet the rising demand for quality accommodations for working professionals. The Bengaluru-based company operates five co-living centers in Hyderabad, with a total of 300 beds located in Madhapur, Gachibowli, and Jubilee Hills. The company charges between Rs 9000 and Rs 12,000 per month per bed.
“We are seeing an increase in demand from working professionals for managed rented homes. The majority of these employees are working in hybrid mode and require quality living and working space,” Settl co-founder Abhishek Tripathi explained.
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