By 2022, India’s shared-living market, offering private bedrooms sharing common areas such as kitchens and living rooms, will be 20 times bigger than the $120 million it stands at today, growing to more than $2.2 billion in market value. Typical residents are a mix of professionals moving cities to follow jobs and students moving away from home, enjoying the lower rentals co-living offers.
Having increased by over 100% over the 12 months, 60% of the market still operates informally; but professional players such as NestAway doubled supply to almost 50,000 beds.
Late last year, hospitality startup OYO launched its co-living vertical OYO Living, and WeWork plans to bring its WeLive serviced-apartment offerings in co-living format, to India in 2019. StayAbode Ventures is developing a huge co-living project in India with 1,400 people living in a community environment, looking to attract workers from local multinational firms including Facebook, Amazon, Apple, Microsoft, and Google. Future plans include making daily life more convenient, such as Delhi-based startup CoHo offering weekday meal plans and others offering weekday accommodation options.