BDI Group, a real estate firm, has entered into the co-living segment with the launch of Vhive and looks to infuse about INR 50 crore in the next one year to reach 10,000 beds, reported Yourstory.
“We have entered into co-living business under a new venture Vhive. We have started two centres in Alwar and Bhiwadi to begin with, comprising 200 beds,” Sumit Berry, managing director at BDI Group, said.
Founded in 1986, the BDI Group is an emerging name in the real estate industry. As per its LinkedIn page, the group has been building homes for over 25 years now in various parts of the country.
The firm claims that it has completed more than 15 real estate projects and is currently developing four projects in cities close to the national capital region.
According to sources, the company BGI Group is charging INR 6,000 to INR 10,000 per bed, excluding electricity bill, in these two co-living centres at Bhiwadi and Alwar.
The company plans to expand its presence in Delhi-NCR as well as Tier II cities in Punjab, Haryana, Uttar Pradesh, Uttarakhand, Rajasthan, and Madhya Pradesh.
“Our target is to reach 10,000 beds in the next one year,” he said.
Berry further said the company has earmarked INR 50 crore investment for the co-living business.
“We are focusing on industrial towns and educational hubs to provide co-living because there is a huge demand supply gap. While most co-living operators are focusing on metro cities, we want to target tier II and III cities,” Berry further added.
Furthermore, according to a report by PropTiger, co-living business has the potential to become a $93 billion market annually on rising demand for rental housing from students and professionals.
Also read: Co-living startup CoHo likely to raise INR 70 cr; aims to reach 1 lakh beds by 2022