GLOBAL CO-LIVING MARKET
A common practice among participants in the real estate market in the past has been to buy houses and then leave them empty for a protracted length of time. Real estate costs have increased as a result throughout time, making home unaffordable for individuals and pushing them to compromise for subpar living.
Indian co-living space operators and their collaborations with homebuilders are resolving the majority of this issue. In India, the majority of co-living business operators often employ an asset-light strategy.
CO-LIVING MARKET DEVELOPMENTS AND INNOVATIONS
Co-living is not really a novel concept; it has been used for many years in India. It was typically found in a disorganised or informal atmosphere, such as PG housing and privately owned or operated hostels run by academic institutions.
The migrant working population in India has been a significant driver of the co-living sector, and students have been in high demand for these. During the height of the pandemic, the idea of the “Shared Economy” was put to the test.
The developing co-living industry came to an abrupt halt due to factors like unstable economic situations that led to employment losses, work from home opportunities, and the return of migratory populations to their individual hometowns in the wake of the Covid-19 outbreak.
The developing co-living industry came to an abrupt halt because of several factors including an expanding workforce, job movement of people to urban centres, the unorganised shared living sector, and the expanding student population increasingly seeking the organised modern co-living model.
These factors included uncertain economic conditions that led to job losses, work from home opportunities, and the return of migrant populations to their respective places of origin in the immediate aftermath of the Covid-19 outbreak.
Home Maker is a leading mobiliser of the equipment in the market. The latest integration has been the smartphone application that connects co-living spaces with persons looking for housing and enables users to create their own communities Residents of various co-living facilities frequently communicate in groups using messaging apps like WhatsApp and exclusive Facebook groups.
Inhabitants as general means of communication employ these, as well as to plan events and outings, share transportation, meals, and ideas, and air grievances and worries.
5LMeet is part of the component manufacture trending companies in the current industry. In addition to the on-site Joyrun app, which guests use to schedule coworking desks, enter their own residences, and access shared spaces like the kitchens, the 360 virtual reality tour is also available.
The 5Lmeet uses facial recognition technology, such as a Fully Verified, to let visitors into their rooms, as it is a well-connected building with various IOT technologies.