Changing the way young Indians live
Realty+ in conversation with Pratul Gupta, Co-Founder of Grexter. He ultimately envisions to make Grexter the biggest provider of living spaces for youngsters across the top 8 tier 1 cities of India, thereby changing the way they live in India.
How co-living is moving to PropCo/OpCo model (property company/operating company)?
As the co-living industry in India continues its impressive growth, the market seems to be shifting towards the PropCo/OpCo model (property company/operating company). Today, realty firms are creating built-to-suit properties for co-living purposes, whereas co-living companies are just operating and managing these properties. The PropCo-OpCo model has been successfully implemented in other countries and needs to take-off in India as well for the sector to grow further. There is an imminent need for quality developers to participate in the prop-co/opco model and develop co-living facilities that are designed specifically for young adults.
What is next for the student housing sector?
Nearly 37 million students are pursuing higher education in India, of this an estimated 11 million migrant students seek quality accommodation. The current student population in professional courses is estimated at 6,60,000, out of which 3,06,377 require accommodation. Since traditional hostels and PGs can’t bridge this massive supply-demand gap, co-living spaces are touted as the key to solve the housing woes of Indian students. Co-living start-ups like Grexter cater primarily to college students, providing ready-to-move-in private and shared rooms at affordable prices. While it is still a niche segment, the purpose-built student accommodation (PBSA) market presents a billion-dollar opportunity to real estate investors and large asset buyers alike.
How Co-living startups are creating a home away from home for new-age millennials?
Moving to a new city is exciting and intimidating at the same time, especially if you are alone. But, co-living space providers are leaving no stones unturned to ensure tenants have an enjoyable stay. From karaoke nights to movie screenings, a wide array of recreational activities arranged to facilitate spontaneous interactions and meaningful relationships among the residents. Co-living spaces provide a sense of belonging to many youngsters who have just moved out of their home. At Grexter, all our properties include a spacious common area with foosball, table tennis and carom boards.
Community engagement activities – engaging tenants for Rooftop Zumba classes, Karaoke and Storytelling sessions
Community engagement activities are the lasted trend in the co-living space. Aimed at creating an ambience of trust, these activities can include Zumba or Yoga classes, photography contests, table tennis tournaments across properties, and storytelling and poetry sessions. We make sure the community engagement activities cater to different tastes and bring everyone together. Co-living is more than just sharing a room with strangers; it’s a lifestyle.