The Indian real estate market has remained stagnant for years for various economic and political reasons, with millions of housing units remaining unsold or vacant, mainly over trust between landlords and tenants and high deposits and monthly maintenance charges in urban areas.
Government is working to overcome these issues, and this article discusses various solutions including technology enabling landlords to check the background of tenants using tech-enabled tenant verification systems such as e-signing of rental documents, automated security features and app-based customer onboarding process rather than completing paperwork at a police station.
The rental sector is growing fast, and New Delhi is also likely to become the most populous city in the world by 2028, along with other fast-growing centres. This explains why the co-living space has been touted as the key to solve urban India’s affordable housing crisis, rising from the dozen or so co-living startups operating in the Indian market, to witnessing the rise of multiple stakeholders, realty developers, buyers, operators and end-users.
The shared nature of co-living will also help reduce the country’s carbon footprint, making it the most sustainable way of living in the future.