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Below the Quote on Coliving Sector growth prospects in 2024 by Mr Parth Soni, Founder, Union-Living

The coliving space within the real estate sector has experienced a consistent and notable growth trajectory, with the year 2023 witnessing exceptional demand and high occupancy rates. Both students and corporate employees are increasingly turning to these accommodations for their convenience, hygiene standards, and elevated living experiences, complemented by a sense of community.

Looking ahead to growth prospects in 2024, the momentum is expected to continue. We have robust expansion plans that involve adding more beds to our existing markets, such as Mumbai, Pune, and Ahmedabad. Furthermore, we are strategically gearing up to enter new markets, including Gift City in Gujarat, recognizing the significant potential for such offerings in these areas. Currently operating 1100 beds and planning to scale to 4500 beds by the end of 2024 and grow from an ARR of 20 Crores to 100 Crores within next 12 months. Long term plan is to sign 5000 beds Built to suit premium coliving properties with various Developers at key locations like Baner in Pune, BKC, and Chembur in Mumbai.

These build-to-suit co-living spaces will also provide investors with an opportunity to invest for enhanced returns in this thriving market. This strategic move aligns with the evolving preferences of residents and the increasing recognition of coliving as a viable and lucrative real estate investment

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