Realty firm BDI Group has forayed into the co-living segment, and plans to invest about Rs 50 crore in the next one year to reach 10,000 beds. Gurugram-based BDI, which has completed more than 15 real estate projects and is currently developing four projects in cities close to the national capital region, has formed a new company Vhive to enter the co-living segment that has gained momentum in the last one year. The company is charging Rs 6,000 to Rs 10,000 per bed, excluding electricity bill, in these two co-living centres at Bhiwadi and Alwar. Vhive would soon open co-living facilities in Gurugram, Jaipur, Kota and Indore, he added. The company plans to expand its presence in Delhi-NCR as well as Tier II cities in Punjab, Haryana, Uttar Pradesh, Uttarakhand, Rajasthan, and Madhya Pradesh. "Our target is to reach 10,000 beds in the next one year," he said. Berry further said the company has earmarked Rs 50 crore investment for the co-living business. The company's focus is to provide hassle-free accommodation to students and working professionals at a competitive price, he added. Recently, many real estate developers including Embassy, Puravankara, and Tribeca have decided to enter the co-living business. PropTiger termed the co-living space as "real estate goldmine" that remains largely untapped. The co-living sector has total untapped demand of about 46.3 million beds, out of which 8.9 million is from student housing, it added. (Edited by Megha Reddy)
BDI Group will move into the co-living market after announcing plans to invest INR500m ($7m) in the sector in one year. The Indian firm, which has created a new company called Vhive, aims to establish 10,000 beds catering to students and working professionals in industrial towns and educational hubs. The project will begin with two centres comprising 200 beds in Alwar and Bhiwadi, with plans already in place to open further facilities in Gurugram, Jaipur, Kota and Indore. The company then plans to target tier II cities in states including Haryana, Punjab, Rajasthan and Uttar Pradesh.