Realtors bet big on co-living building segment

Real estate developers across NCR are increasingly opting for the co-living segment as demand for independent houses continues to be sluggish. Delhi-based ASF Group, which has a residential complex in Gurgaon, has decided to construct a model tower for co-living before it considers converting the existing complex into a co-living building. Accoding to Cushman and Wakefield, the country's co-living market size is expected to double by 2025 to $13.92 billion across top 30 cities. Co-living is a real possibility and is expected to return 8-9% as against 2-3% return in rental. Chairman of ASF Group, Anil Saraf, said that his company will construct a model tower keeping in mind the requirement of co-living as it can also convert the existing complex into a co-living facility. ASF is developing an IT-SEZ in Gurgaon and co-living will be a part of the campus. Noida-based Gaurs Group, which has delivered more than 50,000 units in the past 25 years, said that time is changing and in the next 4-5 years co-living will be a major market. In the next few years, rental housing and co-living is going to emerge as a major market, and they aim to deliver another 50,000 flats in 5-7 years to keep pace with the changing market scenario in the cities' realty segment, said managing director Manoj Gaur.