Although Covid-19 damaged the company’s co-living prospects in 2020, they had recovered sharply by 2021.

The co-living segment is expected to have 450,000 beds in 2024, especially in the organized sector, more than double the 210,000 beds at the end of 2021, said Colliers investment management in a report.

Occupancy in most co-living facilities lasts 45-50 percent between December 2020 and 2021 March and 60-70 percent in Q4 of 2021. However, the second wave proved to be a sharp damper and diploma from Q2, said Colliers at Whitepaper titled ‘ Concurrent future in India ‘.

Occupancy Co-Living is expected to recover in 2022 because the workforce develops and populations of students grow and they are looking for organized modern accommodation, notes.

Joint accommodation, which is part of a shared economy and is known as co-living in this country, is expected to recover in 2022, driven by office reopening, vaccination record, and reopening of universities.

“With a rapidly increasing situation, this sector has recovered substantially and looks more optimistic,” said Ramesh Nair, CEO, India, and implementing director, market development, Asia, in Colliers.

“The main contributor to the recovery is a growing level of vaccination. The unemployment rate fell to 7 percent in November 2021, it was gradual from 11.84 percent in May 2021. Also, in the middle of a pandemic, recruitment by IT companies had collected steps, followed by performance Strong in this sector, which will only add to the demand to live together in the coming quarter, “Nair added.

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The concept of the shared economy was tested during the peak of a pandemic. Factors such as economic conditions that do not certainly result in loss of work, working from homes and migrant populations that return to their hometown after the Covid-19 outbreak carrying a co-living sector that developed into a termination.

“Candidate life has strong long-term potential in metro cities. However, the current scenario has presented the opportunity to consolidate and reconfigure the market. While many players have come out of business because they cannot maintain financial stress in the previous year, others Having used the opportunity to strengthen their position with a strategic acquisition and expansion in the main location in Metro cities, “said Director of the Subhank, Advisory Service, in Colliers India.

The shift in perception among millennial to ‘share’ instead of ‘has’ has made popular co-living. For all groups – company invaders, startup, entrepreneurs, and millennium – hire offer flexibility and savings. Joint work offers a saving of 20-25 percent compared to traditional office space, he said.

Many investors have actively pursued options to make flexible co-living facilities. Lucratival higher results compared to houses hired traditionally have resulted in the entry of new players every year and this trend is expected to continue for the next few years. Co-living offers interesting returns – two to four times higher than the results of traditional housing 2-3 percent, he said.

However, life crooning in India is still in a new stage and operator continues to update their metrics. Pandemic Covid-19 pushes the operator back to the drawing board to rediscover their strategy to provide interesting and safe housing solutions.