BENGALURU : Shared living company Colive, which has partnered with Bain Capital and real estate firm Sattva Group to set up a $100 million platform, will develop properties that will add 10,000-12,000 beds in the major technology micro-markets of Bengaluru, Pune and Hyderabad, a top company executive said. In these cities, the Bengaluru-based firm will acquire 8-10 land parcels of around 1-3 acre each and develop built-to-suit co-living spaces. The Bain Capital and Sattva Group-backed firm had last month launched the co-living real estate platform with an initial commitment of $100 million. Separately, Colive also raised $20 million in a Series B fund-raise led by Bain, along with participation from existing investor Sattva.Also Read | Co-living companies expect recovery in biz from April So far, Sattva-backed Colive has primarily leased buildings and then operated them as shared living spaces. “This platform allows us to design and build properties from ground zero that are exclusively for the purpose co-living. Demand for shared living homes has been high. The strategy is to tap into a growing urban migrant base, who have moved out of their hometowns into these cities for work,” said Suresh Rangarajan, founder and chief executive of Colive, said in an interview.Rising demandAfter a setback during covid, the co-living sector has turned around, driven by urbanization and migration to cities, especially among students and young professionals who seek flexible, community-driven, and hassle-free rental housing options. Colive plans to address a tenant base that works in global capability centres (GCCs), technology companies and large corporate houses in major business parks and commercial districts in the three cities, Rangarajan said.It has already acquired a land parcel each in suburban Bengaluru’s Whitefield area and in Kharadi, Pune. It is evaluating more land opportunities in the three cities it has shortlisted.Also Read | Amazon signs 20-year lease for 5.6 lakh sq. ft. fulfillment centre in Hooghly The shared living company’s current portfolio comprises 14,000 beds. Outside the platform, Colive will add another 6,000 beds by next March. Just like office spaces have become more premium as GCCs and global tenants want better workspaces, Rangarajan said there is high demand for premium co-living spaces. “We are witnessing higher demand for single occupancy rooms. Our new portfolio as a result will be skewed towards single rooms,” he added. Colive charges roughly ₹23,500-24,000 a month for a single room.Co-living market growthEven though there has been a spate of public listings in recent months by India’s top co-working and managed workspace operators, the co-living industry is yet to witness an initial public offering (IPO). Going forward, as the platform scales up further, Colive’s Rangarajan said it wo in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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Colive aims to establish 12,000 beds in technology centers with a co-living platform that has a budget of under $100 million.
