Underlining its rapid growth in the tech-driven real estate sector, CoLive, a technology-driven platform to rent branded and serviced homes, is all set to expand its presence to key university towns and cities close to Bangalore. The company aims to hit the 10,000-beds milestone by the end of 2018, a goal that it aims to achieve through rapid operational expansion in the cities of Chennai, Coimbatore, Vellore, Thanjavur, and Trichy, where there is a massive – and largely unmet – demand for good quality and safe accommodations for migrating students.
Since its launch in 2016, CoLive has grown exponentially, with the number of beds it manages increasing from 1000 to 3000 in the last one year. With a massive target audience comprising young professionals, couples, and students, CoLive is addressing the demand for good quality and affordable homes in urban areas through branded homes that offer amenities and services like 24x7 internet access, regular maintenance etc. Commencing the first phase of its expansion with the aforementioned cities, CoLive aims to eventually expand its presence to 25 university towns in the next three years, and grow its inventory to include a total of 1 lakh beds.
Speaking on the company’s expansion, Suresh Rangarajan K, Founder and CEO – CoLive, commented, “While poor quality of housing and lack of basic amenities is the biggest pain point for students, for the paying parent, the safety of their children is a major concern. We are currently in the process of implementing cutting-edge proprietary technologies such as FRAME (Facial Recognition Access Management Engine) and CSM (Command Centre Security Management), as well as an Emergency Response/SOS assistance service, to ensure the highest level of security for students. Through its state-of-the-art branded and serviced homes, CoLive addresses the needs and concerns of both students and parents. Moreover, by emphasising on safety, style, and technology, we offer a truly modern and affordable co-living experience to tenants.”
According to recent reports, there has been a significant and persistent growth in the number of students enrolling in higher education institutions in various parts of India. As per the HRD Ministry of the Government of India, there are about 35 million students currently studying in colleges/universities across the country, while about 11 million students are estimated to have migrated from another state to pursue higher education. Additionally, a recent report by JLL states that the supply in the student housing market currently stands at 6 million beds, suggesting a massive shortage of 5 million beds. In order to effectively achieve its expansion and growth objectives, CoLive will work with investment funds and residential developers to build student housing in the country’s major university towns. This will ensure better returns for real estate investors and property owners, while also providing quality housing for student, young professionals and young couples.