In a testament to the continued demand for co-living spaces, COVIE, India's pioneering co-living brand, announced a partnership with Ashray Developers for the elite 'Jaswanti Bliss, Off BKC' project.
This landmark partnership, facilitated by JLL, the country's leading real estate consultancy firm, solidifies COVIE's formidable presence in the thriving Mumbai market. The distinctive nature of this partnership lies in the leasing of the entire inventory, spanning 94 state-of-the-art 2 BHK units across two wings. Accommodating approximately 400 beds, these residences boast premium finishes coupled with modern amenities.
Mumbai’s BKC region, celebrated for its robust infrastructural framework, has witnessed a surge in co-living and student housing demands. The collaboration endeavours to fulfil this escalating need, leveraging the regions strategic positioning amidst educational institutes and growing corporate entities.
Abhishek Kumar, Co-founder at COVIE, said, "The evolving aspirations of young professionals lean towards shared living spaces. These environments foster a collaborative culture and play a pivotal role in community-building. At COVIE, we envision offering more than just living spaces. We are ardently committed to cultivating vibrant communities, emphasizing quality, safety, and modernity. Partnering with Ashray Developers for the 'Jaswanti Bliss, Off BKC' project signifies a monumental stride in our journey of redefining co-living standards in Mumbai. The product which we are putting up will set benchmark in the co-living & serviced residences space in the country. We anticipate a strong demand from corporates as well considering BKC is the hub for financial firms in the country.”
“What makes this transaction even more unique is that it will be sold as a preleased asset to investors at a 6% plus rental yield, a very attractive rate as far as the residential asset class is concerned,” added Kumar.
COVIE is in advanced discussions about adding 600 additional beds in Mumbai in the coming months. Mumbai, being one of the most expensive residential markets in the country, witnesses a great demand for rental housing.
Echoing similar sentiments, Raj Rughani, Director, Ashray Group, said, "In the backdrop of India's dynamic demographic landscape and progressive economic trajectory, co-living and student housing have emerged as promising domains. Ashray's alliance with COVIE underscores our commitment to be at the forefront of this evolution."
“In the dynamic landscape of the BKC region, we are witnessing a remarkable surge in demand for co-living and student housing. This surge is attributed to the strategic convergence of educational institutes and corporate houses in the area, making it a hotspot for growth. The region’s existing and upcoming infrastructure, world-class amenities, proximity to educational institutions and corporate offices, and networking opportunities, position it for substantial growth.” said Karan Singh Sodi, Head of Alternatives, India and Senior MD – MMR and Gujarat, JLL.
COVIE's unparalleled offerings are meticulously tailored to cater to the contemporary demands of both students and professionals. By synergizing the quintessence of top-tier hospitality with the nuances of traditional accommodation, COVIE pledges an immersive living experience.
