Truliv, a Chennai-based co-living startup, has launched a new property in Porur spread across 60,000 sq. ft. and consisting of 356 beds. Called Turliv Olympus, the startup claims that this is a premium co-living residence.
Ranjeeth Rathod, co-founder of Truliv, said, “Truliv Olympus in Porur offers young professionals a pioneering co-living experience at the centre of Chennai’s western region. The upcoming metro development enhances connectivity, and easy access to industrial corridors makes it ideal for professionals. The ongoing development and infrastructure improvements in Porur indicate the area’s growth potential,” he added.
Rohit Reddy, co-founder of Truliv, said, “It is a plug-and-play model that is premium, with the great utility of space offering high-class functional amenities. Every aspect of the property has been efficiently designed with the intention of offering the best-in-class features of a premium co-living property.”
In recent years, Chennai has seen many co-living spaces come up. Thanks to the IT and startup boom and the increase in the number of youngsters coming into the capital of Tamil Nadu. “With millennials and young professionals seeking affordable yet well-designed housing options, co-living spaces in Chennai have emerged as a refreshing trend where community living meets modern amenities. This innovative housing solution not only addresses the changing lifestyle preferences of the urban populace but also offers property developers and investors a lucrative opportunity to capitalise on the rising demand for flexible, socially-engaging, and cost-effective living arrangements in the city,” said Srinivas Anikipatti, Senior Director- Tamil Nadu & Kerala, Knight Frank India.
According to data provided by Mr. Anikipatti, in 2018, the Indian co-living market was estimated to have 3.6 million beds, which accounts for 2.6% of the entire rental market. By 2023, the market potential is projected to be ₹1 trillion, with the capacity going up to 5.7 million beds, increasing the penetration by 5.7% and total accounting to 8.3%.
Observing such overwhelming potential in the market, the developers have shown interest in owning and managing the premises themselves. It’s a win-win situation for landlords too since the rental yields are 2 to 4 times higher than the traditional rental models, he said.
