When 25-year-old Titli came to Bangalore as a software engineer in 2007, she wasn’t prepared for the horrors of house hunting. The software engineer didn't want to share an apartment; she wanted a small place for herself. Fussy owners, bad locations and meeting an unending stream of property brokers turned her search into a nightmare.
“All I wanted was a safe place for a single working person. I was willing to rent or buy a place, but the experience was terrifying,” she says.
With more than 50 per cent of India's youth below 30 years of age and companies keen on hiring more young people, demand for accommodation in this segment is set to go up. Developers are getting ready to cash in on this big opportunity.
Private equity company Blackstone has reportedly been looking to invest in a network of residential campuses for ‘industry singles.’
“There’s a segment of young people who have money power, but do not want to block their savings in a big apartment,” says Shahid Quaisal, real estate consultant with P&Q. “They would rather buy smaller flats, sell them later and move on.”
These young affluent professionals are looking at sharing a small apartment and in some cases, owning a small single bedroom place or studio apartment.
Bangalore-based Woodstock Ambience has set up a gated community project for singles near Electronics City on the outskirts of Bangalore. The project can accommodate about 1,000 people in 600 units spread over 2 lakh sq ft on 2.5 acres. The cost of units ranges from Rs 5 lakh to Rs 15 lakh, depending on the size and
amenities.
“It is an entirely new concept of singles lifestyle accommodation. Looking at the young workforce of India and their employers, especially in the knowledge sector, we mapped a perfect need. While young professionals were looking for a safe and secure accommodation, we felt they would be totally at home with their peers, who will
give them a sense of community,” says Woodstock Ambience chief executive officer K S Ravishankar.
Rooms are built in clusters of four at four corners so the feeling of being boxed in never arises. Each room comes with its own attached bathroom. Other amenities include a cafeteria, common areas, cable TV, tuck shop, laundry, swimming pool, games room, and a gym. Woodstock Ambience is Wifi enabled and there is a browsing center in the facility.
There is a doctor on call and a pharmacy that offers home delivery. All facilities run on 24x7 basis throughout the year, thereby catering to the needs and profile of
the residents.
For single working women, there is a dedicated 'women's wing' with women-only staff, from security to house keeping, screened access, separate visitor's lounge, parent's stay option, shuttle services to and from the work place, screened staff, gender-based amenities, and private-personal hygiene facilities.
“From the employer's perspective, this kind of accommodation seems like a huge perk and a superb HR initiative. Companies are beginning to understand that where their young workforce stays, matters. “We feel this is seen as a effective way to fight attrition,” says Ravishankar.
Other builders are also planning to join the bandwagon.
In north India, Omaxe has expressed interest in this segment. “We see an emerging market for this segment. With growing employment and education opportunities in Delhi, a need for compact housing is emerging. As more and more international firms are setting shop here, the need for long-term stay options have increased. Moreover, corporate executives aspiring for a private lifestyle prefer single-bedroom flats or studio apartments,” says Rohtas Goel, chairman and managing director, Omaxe.
There is an increasing demand for easy to maintain and safe flats for people. Omaxe is coming up with projects across the country to cater to the increasing requirement for single-bedroom flats or studio apartments. These flats would also serve the needs of frequent travellers.
Mumbai-based Ajmera Group has planned a Rs 200-crore project with clusters of single-bedroom apartments in Bangalore's Electronic City. “We are looking to cater to the huge youth population in the IT sector,” says Dhaval Ajmera, group director.
In Kolkata, Siddha Group has already set up a 320-studio apartment project, Xanadu, with each flat priced between Rs 14-18 lakh. Coming up in Bengal's new IT hub, Rajarhat, its clientele includes IT, ITeS employees
and F&B professionals from adjoining five-star hotels and fine-dining restaurants.
“Gone are the days when young bachelors or single working women were agreeable to sharing a “chummery”, with four to six people sharing a flat or a house,” says Shahid Quaisal.
Encouraged by the lifestyles of their counterparts in the West, youngsters in corporate India have put a premium on accommodation and the Indian realty sector is all set to take advantage of this.
With inputs from Ritwik Mukherjee in Kolkata