Changing lifestyle, shift in housing preferences fueling demand for luxury co-living spaces in India

In an exclusive interview with Sanjeev Sinha, Mr Anand talks about the growth prospects of luxury co-living in India and shares his business outlook. Excerpts:

How has the concept of luxury co-living evolved in India over the past few years, and what factors have contributed to its growth in the market?

Over the past few years, the concept of luxury co-living in India has experienced significant growth and evolution. Factors contributing to this growth include changing lifestyles, rising urbanisation, and a shift in housing preferences. The younger generation, particularly working professionals and millennials, have embraced the idea of co-living spaces as a way to maintain their lifestyle along with work-life balance. This growing trend allows them to enjoy a fully-managed living environment with an array of amenities without the hassle associated with traditional housing arrangements. Luxury co-living spaces have emerged as a premium alternative that caters to their aspirations and needs. The limited availability of space and skyrocketing property prices in Indian cities have also fueled the demand for co-living options. Additionally, luxury co-living facilities offer a wide range of upscale amenities and services, including high-quality furnishings, professional housekeeping, laundry services at the doorstep, bespoke breakout zones, fitness centres, enhanced security, and 24*7 resident assistance. These factors have contributed to the growing popularity of luxury co-living brands such as Housr, which offer individuals a more comfortable, convenient, and community-oriented living experience.

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What are the expectations and demands of the target audience for luxury co-living in India, and how are operators meeting these expectations to create a thriving market segment?

The target audience for luxury co-living in India expects a blend of upscale amenities, personalised services, and a vibrant community atmosphere. They seek high-quality accommodations with well-designed spaces and premium furnishings. The demand for convenience is met through the provision of services like housekeeping, security, and concierge assistance. Tech integration, such as smart home automation and seamless digital experiences, is also crucial to meeting the expectations of urban professionals. At Housr, we strive to fully automate our properties, enabling residents to access everything from room lights to locks on a single app. By prioritising innovative living solutions and delivering on these expectations, Housr actively contributes to the thriving market segment of luxury coliving, appealing to the desires and preferences of individuals who seek a premium, hassle-free, and community-rich living experience.

What are the critical challenges faced by luxury co-living providers in India, and how are they addressing them to provide a superior living experience?

One major challenge is the high initial investment required to develop and maintain upscale co-living spaces. Another challenge is ensuring consistent occupancy and attracting the target audience amidst competition. Operators must also navigate regulatory complexities related to property management and leasing. To address these challenges and provide a superior living experience, luxury co-living providers are exploring strategic partnerships and collaborations to optimise costs and enhance offerings. They also leverage technology to streamline operations, improve customer experience, and create personalised services. Building strong brand identities and employing effective marketing strategies help attract and retain residents. Moreover, fostering a distinct sense of community through exclusive events and networking opportunities contributes to a unique and desirable living experience.

What is the potential for growth and expansion of luxury co-living in India, and what factors are driving its growth?

The evolving lifestyles and preferences of urban professionals and millennials, coupled with the rising urbanisation and limited space availability in Indian cities, contribute to a strong market demand for luxury co-living. Factors driving this growth include the increasing desire for premium living experiences and preference for convenient fully-managed spaces with all essential amenities. Integrating advanced technologies, sustainability practices, and lifestyle amenities further add to the appeal. There is a shift in the way millennials approach housing. They are prioritising experiences over ownership and are willing to invest in luxury accommodations that prioritise convenience, style, and security. Moreover, the scalability of co-living models and the entry of domestic and international players into the market contribute to the sector’s growth potential.

What is Housr’s strategy for growth and expansion in the coming years, and how does it plan to differentiate itself from other players in the market?

Housr’s strategy for growth and expansion in the coming years revolves around catering to the working segment of the population seeking a hassle-free, luxurious lifestyle. To differentiate itself from other players in the market, Housr focuses on various aspects:

1. Quality of Spaces: At Housr, our relentless pursuit is to enhance the living experience by providing unparalleled comfort, community, and luxury. As a brand that continually evolves, we take pride in offering upscale rooms meticulously designed by the country’s leading interior experts, guaranteeing the utmost comfort for our residents, whether they are working or unwinding. With every step, we strive to redefine what it means to truly feel at home.
2. Amenities & Services: True to their claim of being ‘the masters of luxury living’, Housr boasts an extensive list of amenities all-inclusive in the monthly rent, such as doorstep laundry, daily professional housekeeping, high-speed internet, in-house gourmet meals, gym facilities to name a few. It also offers entertainment options like terrace gardens, barbeque stations, putting zones, theatre rooms, and breakout rooms with video game consoles all under one roof!
3. Prime Locations: Housr’s properties are strategically located in the most sought-after locales of major corporate hubs of the country, providing unrivalled convenience and accessibility to its residents.
4. Community Engagement: Housr hosts regular community events, including stand-up nights, quiz shows, table tennis tournaments & more, to foster a sense of community and an enriching home-away-from-home atmosphere for the working professionals staying at Housr.
5. With existing operations in Gurugram, Pune, Hyderabad, Bangalore, and an upcoming launch in Vizag, Housr is set to expand into other tier 1 and leading tier two cities, aiming for 100+ properties and 20,000 beds by the end of 2023. By targeting the luxury segment and offering a comprehensive range of amenities and services, Housr has successfully established itself as the “master of luxury living”.

In what ways does Housr leverage technology and smart solutions to enhance the convenience, security, and overall living experience for its luxury co-living residents in India?

Housr leverages smart solutions to enhance convenience, security, and the overall living experience for residents in India. The brand is quickly moving towards fully-automated properties pan-India, allowing residents to access and control various aspects of their living spaces through a single app. This includes controlling lights, locks, and other smart home features remotely. The Housr app also provides seamless & sophisticated living solutions by enabling residents to easily stay connected, make rent payments and manage their living arrangements, all with just a few clicks. Additionally, Housr utilises backend dashboards and visual data for day-to-day decision-making and optimisation of operational processes. By integrating tech solutions into its operations, Housr aims to provide a modern, efficient, and seamless living experience for its tech-savvy residents.