Mumbai stands at 5th position in Co-living index in Asia Pacific region according to a report recently released by Knight Frank, an international real estate consultancy firm. The city is behind Beijing, Tokyo, Shanghai and Hong Kong while ahead of cities like Bangkok, Seoul and Singapore. Delhi, however, stands at 11th rank and Bengaluru at 19.
The report titled "Insights on Co-living – An Asia-Pacific Perspective" was released on Monday that tracks markets' possibility of success as a co-living destination. The report covers twenty major cities classified into six key attributes likely to contribute in fostering the growth of co-living within each city – Tech and Financial Hub, Venture Capital deals & growth, Housing Affordability, University Population, General Population and Human Development Index and quality of life.
With a weighted average score of 65.94 across six basic parameters, Mumbai (5th) emerged as the top potential market for Co-living in India due to higher prices, rapid and continuous gentrification as well as its unchallenged position as India's top economic centre.
Scorecard
|
With a weighted average score of 65.94 across six parameters, the city emerged as top potential market for co-living in India
|
| 288% spike in venture capital deals is a big factor accounting for quality of job creation resulting in co-living sector growth |
On New Delhi, the report states that the city attracts both the internal and external migration of people, which bodes well for the co-living sector's expansion going forward.
In Bengaluru, operators are continually augmenting capacities in their co-living communities and also expanding in suburban locations to cater to the burgeoning demand from digital nomads, says the report.
"In India, the co-living concept is gaining widespread acceptance and has brought to the forefront, some new models in the private rental sector. With a vast globalised workforce and lack of affordable housing, co-living has become an ideal choice to many millennials," said Shishir Baijal, Chairman & MD, Knight Frank India.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Mumbai City")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}