India: CoHo, a leading Indian Co-living firm, has partnered with real estate firm World Trade Centres (WTC) to transform its residential assets into co-living spaces.
The company has announced it will launch 10,000 new beds in the Indian cities of Gurgaon, Noida, Ahmedabad and Chandigarh.
According to the two companies, demand was growing for strong work-from home facilities and high-quality offerings. India has been a major centre for the growth of co-living, as students and young professionals have flocked to the low-cost, high quality offerings.
WTC and CoHo plan to use the revenue sharing model rather than a fixed lease revenue model. This has become popular recently, as a result of COVID income uncertainty.
Uday Lakkar, co-founder and chief executive at CoHo, said: “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.”
The spaces in particular hope to revive the demand for real estate occupancy, which has fallen as result of the global pandemic. CoHo plans to target students and young professionals but will also have spaces for young families as well.
Khair Ull Nissa, executive director WTC, 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.” </p
