PG: Emerging as the most sought after accommodation preference
A significant migrant population is headed towards the metros, which play host to majority of learning institutions and corporates. PGs have become a popular choices, particularly for people between the age group of 22-30 years. Every year, there is a significant exodus of population in metros owing to new job or college opportunities which further fuels the PG business in India.
The PG business, however, comes with various grey areas that are concerning such as credibility, the facilities they offer, compatibility issues between people staying together and the quality of the service provided to residents. With the largest inventory of PGs across Delhi, Bengaluru and Hyderabad, Grabhouse is transforming the PG scene by creating the much needed standardization and regulation; to create the idea living space experience. Based on the comprehensive data collection, Grabhouse aims to provide people with multiple options by mapping out the best PGs in their preferred price range, irrespective of the range of the budget.
According to a survey conducted by Grabhouse in 2016, internet tops the chart in terms of essential amenities being sought after by 99.1% of women and men both alike over security, power back-up, food and washing machine. The total turnover of the PG industry pan India is 3452 million USD of which 12% (428 million USD) is bagged by Bengaluru alone. Bengaluru has the highest demand for PGs among all the metros, where 44% of women prefer PGs in Bengaluru as compared to 55% of men. Though the average rent in Bellandur is anywhere between INR 5,414-9,782, Bengaluru has seen close to 2.5% year-on-year increase in the demand for PGs, as of February 2016.
“Since we are all so dependent on technology, we decided to use it to help build Grabhouse. The PG sector is very unorganized in India, which we realized when I was looking for an accommodation, and that’s when we decided to come up with something which will be helpful and useful to each and every one who leave their home towns either to pursue higher education or for employment in other cities,” said Pankhuri Shrivastava, Co-Founder, CMO, Grabhouse.com.
A Grabhouse study of top PG markets in the country indicates Bangalore, Gurgaon and Mumbai as the key areas in this segment.