NEW DELHI: Co-living player CoHo today said in a press release it has partnered with global real estate firm World Trade Centers (WTC) to convert the latter’s residential assets into co-living spaces under a revenue-sharing model. The company will launch 10,000 new beds in the next year in cities like Gurgaon, Noida, Ahmedabad and Chandigarh.
Co-living spaces are professionally managed branded rental accommodations that are pre-furnished and provide a host of added services such as cleaning and meals. Residents are generally housed in one building and have spaces to interact with one another. The service started becoming popular with working professionals and students in the last few years.
Uday Lakkar, founder and chief executive, CoHo said there was a growing demand for quality offerings and work-from-home (WFH) setups, “We are excited about this partnership with WTC, which is not only one of most respected brands in real estate globally but also works towards a wonderful vision of global peace and prosperity. This alliance is a strong validation of the opportunity offered by this upcoming asset class in our country. We expect that our managed spaces driven by tech and quality, shall provide aspirational yet affordable offering for millennials in India”.
Speaking about the partnership, Khair Ull Nissa, executive director, WTC Services said, “WTC is a trusted global brand which is always looking at new & exciting opportunities to grow. We have been studying the consumption patterns in India and this partnership is a step forward to aligning ourselves with India’s growth story and developing Indian Champions. A strategic partnership with an experienced and trusted coliving brand like CoHo helps us innovate in our existing & upcoming projects across India”.
The partnership is expected to revive demand for real estate occupancy, which has fallen due to the Covid-19 pandemic, as the companies will focus on hygiene and quality in particular. The co-living spaces will cater to students, working professionals and young families.