Co-living gaining traction among young professionals – ET RealEstate

CHENNAI: When Mumbaikar Mamta Solanki moved to Bengaluru for work in 2019, she shared a flat with other women. But when the pandemic broke out, her flatmates moved out. That’s when she decided to give co-living a try. Today, the tech consultant is glad she did, as her expenses have halved, while she gets to enjoy the same, if not better, standard of living.

“Earlier, I had to pay `15,000 for just rent and maintenance. Now I pay half the amount for a twin sharing room in a furnished 2BHK, which covers electricity, water, a fully stocked kitchen and access to a vibrant community of young professionals,” she says.

In India, the concept of co-living facilities began catching on a few years ago. Designed to cater to students and young professionals, they offer monthly rents ranging from Rs10,000 to Rs20,000 including water, electricity, Wi-Fi, housekeeping and use of common areas and amenities. They do not have the restrictions of a PG or the hassles of maintaining an apartment. And while the sector did take a hit during the pandemic, co-living facilities are back in demand as people return to offices.

Rahul Baliga, co-founder of Bengaluru-based FF21 which began operations in 2017, says, “People want to move away from the traditional PG accommodation as they find it restrictive and not up to their standards of hygiene. Also, they offer no spaces to socialise.”

Today, FF21 operates eight buildings with 1,100 beds. “Each building has tastefully done common areas — lounge, dining rooms, home theatre, game room, terrace as well as little nooks to chill,” he says, adding that the demand is picking up. “We are seeing 10%-15% growth every month since May.”

Priya Atri, co-founder of Convivo, a marketplace for co-living where companies can list their properties, says, “Our clients are mainly students and single working professionals. People are looking for flexibility in their living arrangements; many want to take it up for just a month or two,” she says. Facilities ensure their staff are vaccinated and ask occupants to produce vaccination certificates.

Abhishek Tripathi, co-founder of Settl that launched in August 2020 and has 13 properties in Bengaluru and Hyderabad, says the aim is to make city living effortless. “People move to cities for work and renting an apartment means paying security deposits. Also they don’t want the hassle of doing household chores,” he says.

There are facilities to meet every budget. Casa Grande, which launched Staylogy this January, has 11 fully furnished 5BHK villas in Chennai’s Perungudi area. “Since it is a gated community, residents have access to the gym and swimming pool,” says K Dharaneshwaran, assistant sales manager, Staylogy.

With people still sticking to safety protocols, the demand for private rooms and studios has risen. According to a recent survey by Colive covering 20,000 respondents, around 91% of the occupiers prefer to live alone as compared to shared living — 82% prefer a one bedroom or studio apartment, 61% prefer private rooms. However, 39%still prefer shared rooms, as it helps them forge new bonds.

The rent depends on how many people share a room. “The monthly rent is `10,500 for four-sharing and includes electricity charges, Wi-Fi, and housekeeping. For single sharing, it is `20,500,” says Dharaneshwaran. “They have to pay a month’s deposit and give a month’s notice.” A bed in a studio apartment in Settl is `11,000 per month.

With many women opting for such facilities — FF21 has 56% men and 44% women occupants while Settl has 60% men and 40% women residents — properties offer separate floors for men and women with access-controlled doors and CCTV cameras. They are also concentrating on fostering a sense of community. “After experiencing lockdown and loneliness, people feel the need for it,” says Tripathi. “We have set up co-working spaces where people can network.”

Settl also has initiatives to bring residents together — jamming sessions, barbecue nights and bootcamps for professionals, such as a recent one on personal wealth management, and fitness activities such as Zumba and cycling events. Hitesh Hingorani, who recently moved from Jaipur to Bengaluru for work, says he enjoys the facilities that come with such spaces. “It has a workstation, game room with TT and pool tables, so it’s a big draw for young people,” says the 24-year-old software developer.

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Karnataka CM sets 2024 deadline to complete phase-2 of Bengaluru metro – ET RealEstate

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Karnataka Chief Minister Basavaraj Bommai on Wednesday asked officials to complete the second phase of Bengaluru Metro work by 2024, a year before the deadline.

“You have set a deadline of 2025 for second phase, but you finish it by 2024. You re-plan and reschedule it so that you can complete it at the earliest because metro rail work causes much trouble to people,” he said. Bommai was speaking at an event to mark the “breakthrough” of tunneling for metro rail line from Cantonment to Shivaji Nagar Metro Station by Tunnel Boring Machine (TBM) ‘Urja’.

He said the early completion of the project will help people reach their destination faster and reduce traffic congestion. He also said that he himself will supervise the progress of the Metro Rail work.

“I will personally supervise it. At any cost, the second phase should be finished by 2024”. Bommai said the idea is to give metro rail connectivity up to the International Airport, adding, the Centre too has shown its interest to complete the work by providing financial assistance.

According to Bangalore Metro Rail Corporation Limited officials, the 21.26 kms new line (Line-6) from Gottigere to Nagawara is part of Phase-2 of the project. This line consists of 7.5 Kms of elevated corridor with six elevated stations and 13.76 kms underground corridor from south ramp near Jayanagar Fire station to north ramp at Nagawara with 12 underground stations.

The tunneling from Cantonment to Shivaji Nagar station started on July 30, 2020. The total length of tunneling to be done is 21.246 km and the total number of TBMs deployed are nine. Till now 3.842 km of tunneling has been completed, they added. The cost of second phase of ‘Namma” (Bengaluru) Metro is Rs 30,695 crore.

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Bengaluru has 6,000 illegal layouts; Yelahanka tops the list – ET RealEstate

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BY Noor Aiman

BENGALURU: Unauthorised residential layouts have been flourishing unabated in Bengaluru. Among them, Yelahanka has the highest number of illegal layouts in Bengaluru Urban limits.

According to statistics, there are 6,000 illegal layouts in the urban district with Yelahanka topping the list with 3,285 illegal layouts spread across 3,343 acres.

Bengaluru North comes second with 900 illegal layouts spread across 1,080 acres, Bengaluru South 778 layouts in 1,907 acres and Anekal has 501 layouts in 643 acres.

Surprisingly, as the real estate sector around the Kempegowda International Airport (KIA) is booming, it is spurring the formation of illegal layouts.

According to the Bengaluru district administration, the 3,285 illegal layouts have come up near the KIA as there is a demand from people to build houses closer to the airport.

Many wanting to own land are falling for these layouts as their costs are relatively cheaper– Official

Officials said that notices have been issued to 1,961 developers in Yelahanka taluk for forming these illegal layouts while FIRs have been filed against 353 people. The demand is so high that layouts are being formed in a small chunk of land measuring 10 or 20 guntas also.

A senior official said, “As getting a plot in BDA layouts is very difficult, many people wanting to own land or build houses are falling for these illegal layouts as the cost of the land is relatively cheaper. They are also wooed by fancy ideas like site tours or EMI schemes. However, only when the officials are raiding with bulldozers, they realise that the layouts are actually illegal.

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Infosys co-founder buys two properties for Rs 76 crore in Bengaluru – ET RealEstate

BENGALURU: Infosys co-founder Kris Gopalkrishnan has purchased two apartments in Bengaluru’s Koramangala district for Rs 76 crore, according to documents obtained from property portal Zapkey.

Gopalkrishnan, now chairman of Axilor Ventures, which invests in early stage startups, bought the two properties in Koramangala 3rd Block. The neighbourhood is known as the Billionaire’s Paradise and includes residents like Infosys chairman Nandan Nilekani, Narayana Health founder Devi Shetty and the Bansals of Flipkart.

Gopalkrishnan declined to comment on the transactions. A property measuring 10,162 sqft was bought by Gopalakrishnan’s SGK Investment Trust from Bikaner House Ltd, as per the documents.

The capital value was Rs 39,363 per sqft, translating into a sale price of Rs 40 crore. It was registered in June. The other property, worth Rs 36 crore, was transacted in April. It is 9,600 sqft, and the seller is Joseph Thomas.

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