Mumbai, the country’s most expensive property market, has ranked among top 5 potential market for co-living in Asia-Pacific region due to higher prices, rapid and continuous gentrification as well as its unchallenged position as India’s top economic centre, offering opportunities for growth of the co-living sector.
China’s co-living sector is one of the most developed having started since the early 2010’s and, Beijing is ranked first in this Co-living Index followed by Tokyo at second and Shanghai at third position.
New Delhi features on the Knight Frank Co-Living Index, which tracks markets’ potential of success as co-living destination, at 11th position, while India’s prime technological hub Bengaluru ranks at 19th position.
Despite a relatively higher housing affordability than Mumbai, the general population and human development index in New Delhi is much higher than that of Mumbai, making it an apt choice for co-living operators to expand in as this is a key demand driver. Being the national capital of India, New Delhi attracts both the internal and external migration of capital and people, which bodes well for co-living sector’s expansion going forward.
Being a prime technological hub, Bengaluru not only has access to talent but also a conducive and self-sustaining business environment and a vibrant start-up ecosystem supporting the gig economy due to which the city features at 19th position on the said index where the co-living sector can thrive.
Co-living operators in India, having recognized Bengaluru’s relevance to attract digital nomads early on, are continually augmenting capacities in their co-living communities and are also expanding in suburban and peripheral locations to cater to the burgeoning demand from this growing talent pool.
The Knight Frank report covers 20 major Asia-Pacific cities classified into six key attributes likely to contribute in fostering the growth of co-living within each Asia-Pacific city. These include tech & financial hub, venture capital deals & growth, housing affordability, university population, general population & human development index, and quality of life.