Co Living Concept becoming popular in Chennai
The first edition of ‘Co-living Convene ‘was held to make all stake holders understand how this unique concept is being embraced by every stakeholder in the housing community. A new ecosystem for living in the future is being propelled aggressively by Zolo. “Co-living is one of the most viable and sustainable ways of living, that we can create for the future says Dr. Nikhil Sikri, Co- founder and CEO of Zolostays. The co-living market size across India’s top 30 cities is expected to more than double by 2025 to USD13.92 billion from current USD6.67 billion.
Zolo currently works with 500+ builders and owners to create sustainable and affordable living solutions for students and working professionals across multiple cities in the country. Zolo is present in 10 cities and scale up to 20 cities in next 24 months.
The panel discussion titled ‘The present and future of co-living’ was very informative and absorbing. Mr. Ajit Kumar Chordia, MD – Olympia Group; Mr. Ranjeeth Rathod , MD – DRA Group; Mr. Jaggannathan, MD –Ramaniyam; Mr. Mehul Doshi , Director – Doshi Housing; Mr. K.Shivashankar, Principle Architect – Eskay Design; Dr. Nikhil Sikri ,Co-founder and CEO – Zolo and Ms. Mridula Shivashankar, Architect – Eskay Design made up the esteemed panel. Mr. Sanjay Chugh, City Head & Senior VP – Anarock moderated the discussion.
All the builders unanimously endorsed this paradigm shift and said that business has not been affected badly, in fact grown positively because we took the right decision at the right time thanking Zolo for their cooperation and support.
According to industry estimates, thousands of housing units are unsold and lie vacant across several cities in India. This could be attributed to three big reasons which include a societal shift among the consumers who no longer have ownership as priority, mistrust that owners have of tenants and lack of innovation on the part of builders’. This deadlock can be resolved by reinventing the business model and going for the Co-Living option.