Mumbai, the most expensive property market in India is ranked in the top five potential markets for co-living in Asia-Pacific region. The high cost, frequent and continuous gentrification along with being the prime economic centre in India are the main factors behind this ranking.
China has the most developed co-living sector from the past 8-9 years in the Co-living Index and Tokyo, the capital city of Japan is positioned at number while Shanghai secured the third position in this index.
On the Knight Frank Co-Living Index, national capital city Delhi is positioned at 11th position and IT hub Bengaluru stands at 19th position.
New Delhi, the national capital city attracts working professionals from across the country and thus is a perfect place for the expansion of co-living sector.
Bengaluru, on the other hand, has a pool of talent and its environment to nurture start-ups that strengthens the financial condition has made this IT hub secure 19th position on the Co-Living Index.
The proposed urban infrastructure, developed infrastructure and the ventures made by various MNC companies in Bengaluru have laid to the increase in demand for co-living spaces in this southern city.
20 major Asia-Pacific cities segregated under six sections that contribute in the growth of co-living across the Asia-Pacific. All these include tech & financial hub, venture capital deals & growth, housing affordability, university population, general population & human development index, and quality of life.
Recently, Tardeo in South Mumbai is listed as the most expensive residential locality with a price of Rs. 56,000 per sqft average rate for residential units in the Indian real estate an industry expert said. After this, Worli and Mahalaxmi that fall under the Mumbai Metropolitan Region (MMR) are ranked at second and third positions with an average unit price of Rs. 41,500 and Rs. 40,000 per sq ft, respectively.
Recently, a real estate firm listed the top 10 most expensive residential locations in India that include new properties launched by developers. However, the resale properties didn’t find place in this list.