Covie and Ashray Developers Join Hands To Create Luxury Co-living Lease in BKC, Bandra East

Covie is embarking on an exciting venture with Ashray Developers, introducing a high-end co-living project dubbed 'Jaswanti Bliss' in the vicinity of the bustling Bandra Kurla Complex (BKC).

This strategic partnership, skillfully coordinated by real estate consultancy JLL, reinforces Covie's expanding foothold in Mumbai's highly competitive housing market.

Abhishek Kumar, who co-founded Covie, expressed that the shifting preferences of young professionals are leaning towards shared living environments that foster a collaborative culture and are integral to community building. The collaboration with Ashray Developers on the 'Jaswanti Bliss, Off BKC' project is a key move towards revolutionizing co-living spaces in Mumbai.

He further underscored the unique investment opportunity presented by the project, where it will be positioned to investors as a preleased asset with an enticing rental yield that exceeds 6 percent, marking it as highly attractive within the residential asset category.

Covie is also advancing negotiations to add around 600 more living spaces to their Mumbai portfolio in the forthcoming months. Given Mumbai's status as one of India's most expensive residential markets, there's a substantial demand for rental accommodations.

Raj Rughani, director of the Ashray Group, noted the promising potential within the co-living and student housing sectors amidst India's changing demographics and economic development.

Echoing this sentiment, Karan Singh Sodi from JLL, who oversees alternatives in India and serves as the senior managing director for the Mumbai Metropolitan Region and Gujarat, mentioned that the BKC area is witnessing a significant uptick in demand for co-living and student housing.

This demand is attributed to the area's strategic location, where educational and corporate worlds converge, bolstered by its infrastructure, proximity to institutions and offices, and the opportunity for networking, setting the stage for significant expansion.