Covie and Ashray Developers Join Hands to Create 400 More Co-living Beds in BKC

Covie has recently partnered with Ashray Developers to add 400 additional co-living beds in the BKC area, through their elite project 'Jaswanti Bliss, Off BKC'. This collaboration, facilitated by JLL, strengthens Covie's position in the dynamic Mumbai market. The partnership is unique as it involves the leasing of the entire inventory, which includes 94 modern 2 BHK units across two wings.

These residences, set to accommodate around 400 beds, feature high-quality finishes and contemporary amenities. The BKC region of Mumbai, known for its robust infrastructure, is experiencing an increased demand for co-living and student housing.

Abhishek Kumar, co-founder of Covie, expressed the company's dedication to fostering communities with a focus on quality, safety, and modernity. The partnership with Ashray Developers for the 'Jaswanti Bliss, Off BKC' project marks a significant step in Covie's effort to elevate co-living standards in Mumbai. He highlighted that the project would set a new benchmark in the co-living and serviced residences space in the country.

Kumar also noted the uniqueness of the transaction, as it will be sold as a preleased asset to investors, offering an attractive rental yield of over 6%, which is considerable for the residential asset class.

Covie is also in advanced discussions to introduce an additional 600 beds in Mumbai in the upcoming months. Given Mumbai's status as one of the most expensive residential markets in India, there is a strong demand for rental housing.

Raj Rughani, director of the Ashray Group, commented on the promising nature of co-living and student housing in India, considering the country's demographic and economic trajectory.

Karan Singh Sodi, head of alternatives in India and senior MD for MMR and Gujarat at JLL, mentioned the significant increase in demand for co-living and student housing in the BKC region. This surge is attributed to the strategic location of educational institutes and corporate houses in the area, making it a prime location for growth.