Mumbai’s BKC region, celebrated for its robust infrastructural framework, has witnessed a surge in co-living and student housing demands. The collaboration aims to fulfil this escalating need, leveraging the regions strategic positioning amidst educational institutes and growing corporate entities.
Abhishek Kumar, Co-founder at COVIE, said in a statement, “The evolving aspirations of young professionals lean towards shared living spaces. These environments foster a collaborative culture and play a pivotal role in community-building. At COVIE, we envision offering more than just living spaces. We are ardently committed to cultivating vibrant communities, emphasising quality, safety, and modernity. The product which we are putting up will set benchmark in the co-living & serviced residences space in the country. We anticipate a strong demand from corporates as well considering BKC is the hub for financial firms in the country.”
He added that it will be sold as a preleased asset to investors at a 6% plus rental yield, a very attractive rate as far as the residential asset class is concerned.
COVIE is in advanced discussions about adding 600 additional beds in Mumbai in the coming months. Mumbai, being one of the most expensive residential markets in the country, witnesses a great demand for rental housing. Raj Rughani, Director, Ashray Group, said in a statement, “In the backdrop of India’s dynamic demographic landscape and progressive economic trajectory, co-living and student housing have emerged as promising domains. Ashray’s alliance with COVIE underscores our commitment to be at the forefront of this evolution.”Karan Singh Sodi, Head of Alternatives, India and Senior MD – MMR and Gujarat, JLL, said in a statement,
“In the dynamic landscape of the BKC region, we are witnessing a remarkable surge in demand for co-living and student housing. This surge is attributed to the strategic convergence of educational institutes and corporate houses in the area, making it a hotspot for growth. The region’s existing and upcoming infrastructure, world-class amenities, proximity to educational institutions and corporate offices, and networking opportunities, position it for substantial growth.”
