pune when sons of a real estate developer returned from their higher studies in the uk the market was stagnating they knew they had to create a new narrative they remembered the comfortable hostel experience they had while in london and in that way that new business ideas go ping they created a premium coliving space catering exclusively to students for the longest time when you serve cold food to someone the response is arre if youve eaten hostel food you can handle anything says pune real estate developer yogesh mehra founder and ceo of tribe stays a coliving facility in pune which also offers an allgirls coliving hostel in vile parle mumbai why should young consumers have it so bad coliving is the latest buzzword among the young migrants these shared spaces which come with meal plans gyms and housekeeping are broadly of two types those that cater to students and those geared towards young single professionals who have long had to scramble for paying guest accommodation and encounter all kinds of ageist or communal hostilities for young professionals especially those in the gig economy who often move between cities coliving is the residential version of the plugandplay coworking facility the youngster walks into hasslefree and flexible accommodation options with short lockin periods no tenancy restrictions lowsecurity or even no deposits and wellmanaged facilitieswhile bengaluru is considered the biggest hub for coliving in the country real estate developers in mumbai pune and gurugram are recognizing the growing market in the next couple of years mumbai will emerge as a large market in this segment because of the high demand from urban migrants says nikhil sikri cofounder and ceo of zoloin mumbai the first highrise tower dedicated to coliving is currently coming up at wadala as many as 20 floors 120 flats of the 36storey underconstruction skyscraper will be dedicated to coliving it took us six months to study the coliving model before we took the plunge says vikas jain ceo of labdhi lifestyle it is the first buildtosuit tower for coliving in mumbai he said jain brought in investors to purchase the one and two bedroomhallkitchen bhk apartments ranging from rs 95 lakh to rs 15 crore and then tied up with zolo a coliving platform which has facilities across the country to organise and manage the space investors thus hope to get monthly rental yields in the range of 56 per year the target clientele for these coliving facilities is white collar professionals between the ages of 24 and 30 years people who dont want to deal with the trouble of finding a rental apartment and then looking for furniture or a laundromat the idea is move in and move out hasslefree thousands of youngsters migrate to mumbai every month to pursue a career according to the last census migrants constitute 54 of mumbais population and their biggest challenge is housing with skyrocketing rentals shared accommodation is the preferred choice for most at least