To find a suitable home on rent, especially in major metros, is a huge challenge. Hefty deposits, numerous restrictions set by property owners and ban by societies on renting to bachelors are amongst the few common problems faced by many home seekers apart from the stress of getting furnished, livable and serviced spaces that are also affordable. CoLive, a technology-driven online renting space, entered this space with the aim of providing better living conditions to all its consumers. Colive transforms all properties before leasing them out to offer stylish and smart homes to its users.
Manish Joshi from NewsBarons provides excerpts of an interaction with Suresh Rangarajan, Founder of CoLive who states ‘There is an addressable market with strong growth potential in the Branded Serviced Homes segment’.
NB: Tell us about CoLive?
Suresh: CoLive is a combination of Real Estate, Technology and Hospitality to offer branded serviced homes that offer stylish, safe, serviced and smart homes for students, single professionals & young couples. Our properties are located near educational institutions & workplaces to provide convenience to our customers.
We enter into long-term rental agreement with the investors, developers and franchisee, generally for a span of 5 years, and transform the property as per our set standards. As an end product, we provide branded serviced homes to our consumer.
Suresh: At present, we have 75 properties in Bangalore with a total capacity of 3,000 beds. These properties are strategically located in and around technology parks and prime locations to ease the commute of our tenants. Additionally, we have signed beds in Chennai, Vellore and Coimbatore.
NB: How has been the response to ‘couples only’ building?
Suresh: We have seen great success in that segment. We launched the ‘couples only’ building with 16 units in August 2017focussing on DINK [Double Income No Kids] category. The entire available units were occupied within two weeks of our launch. We are now in the final process of launching another couples-only place in Electronics City
NB: You have raised $ 3 million. How do you plan to utilize this fund?
Suresh: Currently, CoLive is present in Karnataka and Tamil Nadu and we aim at becoming southern India’s preferred platform in the co-living segment.
We are working towards our vision of managing a million homes across 25 cities and university towns in India. We will be utilizing the funds towards our expansion into university towns and also in strengthening technology and inducing right talent.