India provides a thriving ground for a shared economy, driven by its favorable socio-economic landscape. As co-living continues to redefine urban living, we look to the newly instated government to offer financial incentives, and invest in urban infrastructure that supports the growth of co-living spaces.
We anticipate streamlined policies, tax benefits, and funding opportunities to foster investment in this sector. We urge that the government should prioritize the formalization of the PG and co-living sector, bringing both organized and unorganized players under the ambit of GST, direct taxes, and comprehensive regulations.
At present, only organized entities are subjected to these laws, resulting in significant cost disparities and diminishing the competitive intensity for compliant businesses. By formalizing this sector, the government can ensure a level playing field, promote fairness, and foster a more robust competitive environment, ultimately benefiting the industry as a whole.
With such reforms, the government can bolster the legitimacy of the co-living industry in the country. Additionally, integrating co-living into smart city planning and supporting sustainable practices will ensure broader accessibility. With the right support, our industry can significantly contribute to addressing housing affordability and promoting innovative, community-centric living solutions.
Furthermore, the evolving digital economy, rapid urbanization, and the changing mindset of India's growing millennial population will ensure that the shared economy is poised for an exciting growth story."
