According to a housing census data released by the directorate of Census Operation, Maharashtra, a total of 30% of Pune’s urban population live in rented accommodation—a number that is highest in the state and increases in tandem with the upsurge of IT companies in the city. While most shy away from purchasing a home due to the steep rise in real-estate prices in prime business locations, others believe the high price-to-rent ratio (a ratio derived by comparing the price of a particular property vs its rental) makes renting a property a financially viable option.
Even then, renting a flat in India and especially in Pune is a tedious and often surmountable task. Potential tenants are often at the mercy of flat owners and agents who amongst them decide upon the long-list of arbitrary rules and regulations, which are often impractical and overbearing for young adults. Add to this, the cost of brokerage, unkempt apartments and the lack of security makes finding a decent semi-permanent accommodation dreary and unpleasant.
To curtail this problem and offer tenants an affordable, clean and comfortable dwelling, the concept of co-living was introduced.
Co-living is best defined as a modern form of housing where residents or tenants have their own private bedroom and bathroom and share common living spaces like the living room, kitchen and balconies. Co-living is a new take on communal living—a concept that has been around since decades. Co-living is built to suit the requirements of a certain demographic, usually single working professionals, and is based on the values of openness, collaboration, networking and shared economy. This concern for modern luxury living at affordable prices was understood by real-estate developers who captured the potential of the increase in demand and accordingly extended their portfolio to meet this ever expanding need.
Not only does co-living offer residents the luxury of having their own space, it also provides them with a community they can interact, work and learn from. The policies are clear, prices affordable and services impeccable. Co-living warrants a casual atmosphere where roommates or apartment mates can enjoy a game, watch movies or partake in several events organised by their rental agency or company. Co-living in Pune also offer tenants with fully-furnished homes, complimentary Wi-Fi, housekeeping, on-demand meal, cook or emergency services and access to amenities such as gym, swimming pool and club.
Often touted as the residential alternative to co-working spaces, co-living in Pune is the next big trend and more specifically in Pune where Panchshil Realty sphere headed the co-living movement through FLO—a co-living venture that offers tenants the chance of living in premium flats in Pune. The luxury apartments are furnished and set in some of the city’s most premium business areas.
Co-living also breaks the cliché of barricading ourselves and prioritising individual space over communal interactions. It propels residents to step out of their own bedrooms and engage with one another thereby eliminating boredom or loneliness. It provides you with a sense of community. For example, in EON Waterfront Phase 2 and Panchshil Towers in Kharadi or EON Hones in Hinjewadi—apartments where Panchshil Realty offers FLO—weekly and monthly activities are planned for FLO-mates as they are called.
FLO-mates also have the added advantage of living in close proximity to work and saving hours of their commute time, 24 * 7 security and an on-call relief team. Most co-living ventures including Panchshil Realty and other real-estate builders in Pune also offers a seamless booking experience with zero brokers, landlords or documentation. A few clicks is all it takes. For millennial, who are extremely experience driven, these facilities fit the bill and co-living in Pune particularly has risen beyond just a housing model. It is a solution to the Gordian knot.