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Business Standard
an hour ago
- Business
- Business Standard
GenZ, millennials shift towards co-living spaces; players plan expansions
As the market moves away from traditional paying guest (PG) accommodations, co-living operators in Bengaluru are witnessing a surge in demand from Gen Z and millennials, particularly in the age group of 21 to 27 years, seeking cheap flexible stays, enhanced safety and premium amenities. In the city, the trend has been further accelerated by closure of 200 to 300 PGs due to stricter Bruhat Bengaluru Mahanagara Palike (BBMP) regulations, coupled with layoffs in the IT sector, prompting entry-level professionals to opt for co-living. 'Co-living facilities offer a more structured, all-inclusive living experience with fully furnished ready-to-move-in spaces at affordable rentals. This offsets the relatively lower rentals offered by traditional PGs and has contributed to the growing preference for co-living facilities in Bengaluru,' Vimal Nadar, national director and head of research, Colliers India said. 'The closure of 200 to 300 PGs across Bengaluru due to legal and regulatory non-compliance has significantly boosted demand for our co-living offerings, and that momentum is only growing,' said Jitendra Jagadev, chief executive officer, Nestaway and HelloWorld, which offer co-living and student housing accommodations with value-added services, like housekeeping, maintenance, and fully furnished rooms. Nestaway and HelloWorld together have 1,000 beds, which they plan to double over the next two years. Co-living accommodations offer WiFi, housekeeping, dedicated coworking spaces, kitchen areas, laundry rooms, recreational areas, gaming zones, fitness areas, 24/7 security, and curated community events. The rents typically include access to shared amenities, utilities, housekeeping, and basic furnishings. In contrast, apartment rentals usually exclude utility and maintenance charges. As a result, the overall cost of accommodation in a given locality is generally lower for co-living facilities compared to similar apartment rentals. Additionally, flexible stay durations and minimal upfront costs make co-living an attractive option for many tenants. Most co-living operators are maintaining an average rate of 85–90 per cent. Rental prices at Colive, Trulive, Nestaway, and HelloWorld range from ₹10,000 to ₹35,000 per month, depending on the type of accommodation—whether private or shared. Rami Kaushal, managing director, Consulting & Valuation Services, India, Middle East & Africa, CBRE said, 'Co-living is also helping people avoid making a long-term financial commitment to a particular city, such as paying hefty security deposits for rent or EMIs for buying homes.' CBRE noted that some of the micro-markets in Bengaluru, such as Thanisandra, RT Nagar, Mahadevapura, Hoodi, and Banaswadi, have witnessed growing traction for co-living spaces. The average monthly rent for a double-occupancy room in co-living setups ranges from ₹12,000 to ₹14,500, whereas traditional PG accommodations in these areas typically range between ₹8,000 and ₹10,000. Bengaluru is home to several leading co-living operators in India, including Stanza Living, Zolo Stays, Colive, Hello World, Settl, Coho, Covie, Yello Living, and Olive Living. Markets like Mumbai, Pune and Hyderabad are also seeing a rise in co-living spaces, said experts. Suresh Rangarajan, founder and CEO of Sattva-backed Colive, however, noted that availability of quality co-living spaces remains a challenge in many other cities. Colive operates around 15,000 beds in Bengaluru and plans to add another 7,000 by the end of 2025. Rohit Reddy, co-founder and CEO of Chennai-based Truliv said that PG accommodation was not seeing enough traction, while co-living options were rising in numbers, more so in the post-pandemic period, giving customers the confidence to explore the organised and experience-driven stays. The company is looking to tap into Bengaluru's IT hub with 1,500 beds. Commenting on the demographic mix in Bengaluru's co-living spaces, Jagadev said, 'Around 40 per cent of our residents are entry-level professionals, 35 per cent are students, and the remaining 25 per cent comprise mid-level executives and digital nomads. We're seeing a growing share of remote workers, reflecting Bengaluru's rise as a hub for flexible work culture.' According to a May report by Colliers, the co-living segment is gaining strong traction across India, with inventory expected to reach one million beds by 2030. Market penetration is projected to rise from 5 per cent in 2025 to over 10 per cent by 2030. The sector could grow multifold, potentially reaching a market size of ₹20,000 crore by the end of the decade. Commenting on the market beyond Bengaluru, Nestaways and Helloworld's Jagadev further noted that he sees a similar trend in other parts of the country, like Mumbai, Pune and Hyderabad. However, Colive's Rangarajan said, 'We are observing a similar trend in Pune, but the availability of quality co-living spaces remains a challenge in many other cities.' CBRE further highlighted that India is witnessing a shift from traditional PGs to professionally-managed co-living spaces across major cities, driven by the young population and digital workforce, who seek more than just basic accommodation. Moreover, these spaces build a sense of community and networking opportunities.
Business Standard
4 hours ago
- Business
- Business Standard
Gen Z, millennials shift towards co-living spaces; players plan expansions
As the market moves away from traditional paying guest (PG) accommodations, co-living operators in Bengaluru are witnessing a surge in demand from Gen Z and millennials, particularly in the age group of 21 to 27 years, seeking cheap flexible stays, enhanced safety and premium amenities. In the city, the trend has been further accelerated by closure of 200 to 300 PGs due to stricter Bruhat Bengaluru Mahanagara Palike (BBMP) regulations, coupled with layoffs in the IT sector, prompting entry-level professionals to opt for co-living. 'Co-living facilities offer a more structured, all-inclusive living experience with fully furnished ready-to-move-in spaces at affordable rentals. This offsets the relatively lower rentals offered by traditional PGs and has contributed to the growing preference for co-living facilities in Bengaluru,' Vimal Nadar, national director and head of research, Colliers India said. 'The closure of 200 to 300 PGs across Bengaluru due to legal and regulatory non-compliance has significantly boosted demand for our co-living offerings, and that momentum is only growing,' said Jitendra Jagadev, chief executive officer, Nestaway and HelloWorld, which offer co-living and student housing accommodations with value-added services, like housekeeping, maintenance, and fully furnished rooms. Nestaway and HelloWorld together have 1,000 beds, which they plan to double over the next two years. Co-living accommodations offer WiFi, housekeeping, dedicated coworking spaces, kitchen areas, laundry rooms, recreational areas, gaming zones, fitness areas, 24/7 security, and curated community events. The rents typically include access to shared amenities, utilities, housekeeping, and basic furnishings. In contrast, apartment rentals usually exclude utility and maintenance charges. As a result, the overall cost of accommodation in a given locality is generally lower for co-living facilities compared to similar apartment rentals. Additionally, flexible stay durations and minimal upfront costs make co-living an attractive option for many tenants. Most co-living operators are maintaining an average rate of 85–90 per cent. Rental prices at Colive, Trulive, Nestaway, and HelloWorld range from ₹10,000 to ₹35,000 per month, depending on the type of accommodation—whether private or shared. Rami Kaushal, managing director, Consulting & Valuation Services, India, Middle East & Africa, CBRE said, 'Co-living is also helping people avoid making a long-term financial commitment to a particular city, such as paying hefty security deposits for rent or EMIs for buying homes.' CBRE noted that some of the micro-markets in Bengaluru, such as Thanisandra, RT Nagar, Mahadevapura, Hoodi, and Banaswadi, have witnessed growing traction for co-living spaces. The average monthly rent for a double-occupancy room in co-living setups ranges from ₹12,000 to ₹14,500, whereas traditional PG accommodations in these areas typically range between ₹8,000 and ₹10,000. Bengaluru is home to several leading co-living operators in India, including Stanza Living, Zolo Stays, Colive, Hello World, Settl, Coho, Covie, Yello Living, and Olive Living. Markets like Mumbai, Pune and Hyderabad are also seeing a rise in co-living spaces, said experts. Suresh Rangarajan, founder and CEO of Sattva-backed Colive, however, noted that availability of quality co-living spaces remains a challenge in many other cities. Colive operates around 15,000 beds in Bengaluru and plans to add another 7,000 by the end of 2025. Rohit Reddy, co-founder and CEO of Chennai-based Truliv said that PG accommodation was not seeing enough traction, while co-living options were rising in numbers, more so in the post-pandemic period, giving customers the confidence to explore the organised and experience-driven stays. The company is looking to tap into Bengaluru's IT hub with 1,500 beds. Commenting on the demographic mix in Bengaluru's co-living spaces, Jagadev said, 'Around 40 per cent of our residents are entry-level professionals, 35 per cent are students, and the remaining 25 per cent comprise mid-level executives and digital nomads. We're seeing a growing share of remote workers, reflecting Bengaluru's rise as a hub for flexible work culture.' According to a May report by Colliers, the co-living segment is gaining strong traction across India, with inventory expected to reach one million beds by 2030. Market penetration is projected to rise from 5 per cent in 2025 to over 10 per cent by 2030. The sector could grow multifold, potentially reaching a market size of ₹20,000 crore by the end of the decade. Commenting on the market beyond Bengaluru, Nestaways and Helloworld's Jagadev further noted that he sees a similar trend in other parts of the country, like Mumbai, Pune and Hyderabad. However, Colive's Rangarajan said, 'We are observing a similar trend in Pune, but the availability of quality co-living spaces remains a challenge in many other cities.' CBRE further highlighted that India is witnessing a shift from traditional PGs to professionally-managed co-living spaces across major cities, driven by the young population and digital workforce, who seek more than just basic accommodation. Moreover, these spaces build a sense of community and networking opportunities.
The Hindu
4 hours ago
- Business
- The Hindu
For now, Karnataka High Court allows levying fee for building plan sanction based on guidance value
A Division Bench of the High Court of Karnataka on Wednesday allowed the Bruhat Bengaluru Mahanagara Palike (BBMP) to levy fees for building licence/plan sanction, issuance of completion and occupancy certificates, and ground rent, etc., based on 'guidance value' of the properties for the time being, by staying the June 5 verdic of a single judge. A Bench comprising Chief Justice Vibhu Bakhru and Justice C.M. Joshi passed the interim order on an appeal filed by the BBMP challenging the single judge's verdict, which had set aside amendments to the BBMP Act to levy these fees based on the 'guidance value.' To refund However, the Bench made it clear that the BBMP will have to refund the fees that it collects during the pendency of the proceedings if the final judgement on the appeal goes against the BBMP. The single judge had said that services related to the sanction of plan for building construction rendered by the BBMP had nothing to do with the market value of the property. He had said there was no logic in linking rates with the guidance value of the properties in different areas, notified by the government under the Karnataka Stamp Act for the collection of stamp duty, while emphasising that at best, a uniform rate can be levied depending upon the size of the plot and the extent of constructions.
Hans India
19 hours ago
- Politics
- Hans India
HC issues notice to govt over Greater Bengaluru Authority Act
Bengaluru: The Karnataka High Court has issued a notice to the state government and the Bruhat Bengaluru Mahanagara Palike (BBMP) in response to a Public Interest Litigation (PIL) challenging the constitutionality of the newly implemented Greater Bengaluru Governance Act, 2024, which proposes the formation of the Greater Bengaluru Authority (GBA). The PIL was filed by noted filmmaker T.S. Nagabharana and others. The matter was heard on Monday by a division bench comprising Chief Justice Vibhu Bakhru and Justice C.M. Joshi. After hearing preliminary arguments, the court directed the state and the BBMP to file their objections within four weeks. Senior advocate M.B. Nargund, appearing for the petitioners, argued that the Act violates the 74th Constitutional Amendment, which was enacted to strengthen local self-governance through urban local bodies. He contended that the state government is undermining the constitutional mandate by attempting to centralize control over municipal administration, effectively bypassing elected representatives. The petitioners have also requested the court to direct the government to conduct BBMP elections within three months. The petition expresses concern that under the new GBA structure, elected municipal representatives will be sidelined, with legislative and executive powers being extended to Members of Parliament and Members of the Legislative Assembly. It claims that municipal plans and decisions will now require GBA approval, thereby reducing the autonomy of the BBMP and weakening the role of locally elected leaders. Additionally, the PIL criticizes the lack of criteria ensuring that GBA members are local residents or elected representatives. It argues that this could lead to a disconnect between decision-makers and local communities, undermining accountability and citizen representation in urban governance. The petition also warns against dividing Bengaluru into multiple administrative zones under the GBA without conducting a scientific urban study. It points out that similar attempts in other cities have led to administrative failures and that issues such as population imbalance and social disparity could emerge. The move to appoint a Chief Commissioner over the entire GBA, while placing elected mayors and councillors under their authority, is seen as a blow to the democratic structure of urban governance. The High Court will take up the matter further once the state and BBMP submit their responses.
Hans India
19 hours ago
- General
- Hans India
BBMP revs up with health camps, training for frontline workers
Bengaluru: BBMP has committed to conducting regular health camps, providing safety gear, and offering training and upskilling opportunities for its frontline workers to advance its inclusive, city-led climate action, following a pilot involving 75 of them. Snehal Rayamane, Zonal Commissioner (West), Bruhat Bengaluru Mahanagara Palike, said the pilot social dialogue—in which those most exposed to climate risks shared their lived realities—identified a few key issues, including the need for regular health check-ups. 'Recently, we had a dialogue with the chief commissioner of BBMP, where we discussed the issues identified by frontline workers and came up with solutions,' Rayamane told PTI on Tuesday. Social Dialogues held so far have brought to the surface ground-level challenges and helped co-create solutions to improve working conditions, service delivery, and resilience, she added. 'For instance, marshals and link workers demanded dedicated operational spaces in zonal and ward offices. So, we have decided to provide them with that,' she said. Other measures being guaranteed by BBMP include monthly meetings between frontline workers and zonal managers to promote open dialogue, and support for informal workers through entrepreneurship initiatives and capacity building, she added. 'Through this pilot, we have understood what their issues are and how to facilitate them so that we can improve their working conditions,' said Rayamane. BBMP is partnering with Bengaluru Solid Waste Management Limited (BSWML) and C40 cities—a global network of nearly 100 mayors of the world's leading cities united in action to confront the climate crisis—for its Inclusive Climate Action (ICA), she added. Rayamane said ICA is part of the Bengaluru Climate Action and Resilience Plan (BCAP). 'We have forest ecology and climate change cells, and they have come up with certain parameters under the C40 guidelines. Now, we are addressing these parameters one by one,' added Rayamane. According to the C40 cities website, in 2023, phase I of BBMP's ICA focused on Bulk Waste Generators, who produce nearly 40 per cent of the city's waste. 'These insights shaped Phase II in early 2024, which provided targeted training for 85 frontline workers, contractors, and officials. Phase III expanded across five zones, with over 530 personnel (289 men and 245 women) trained, reaching 8.5 million residents,' said the website. According to Rayamane, since 2024, over 530 frontline waste workers and senior officials across five zones have been trained. This is just the beginning, she added. 'If we do not involve the various stakeholders, there is no real change. We will slowly be holding these social dialogues with the public, NGOs, and resident welfare associations as well. All their suggestions and their action points will be taken into account,' said Rayamane.
