Mumbai fifth on Co-living Index

Chennai: Mumbai has been ranked fifth among cities in the Asia-Pacific region in terms of possibility of success as a co-living destination. Among 20 major Apac cities, Mumbai had a weighted average score of 65.94 in terms of six key attributes likely to contribute in fostering the growth of co-living, as per a  report by Knight Frank. These attributes are tech and financial hub, venture capital deals and growth, housing affordability, university population, general population and Human Development Index and quality of life.

These six attributes have been allocated different weights based on their relevance and importance which in summation provides a metric to quantify the magnitude of co-living’s likelihood of success across the various Asia-Pacific cities. Beijing is ranked 1st in the Co-living Index followed by Tokyo and Shanghai.

Mumbai has emerged as the top potential market for co-living in India due to higher prices, rapid and continuous gentrification as well as its unchallenged position as India’s top economic centre, offering vast opportunities for growth of the co-living sector. As compared to 2010-2012, the venture capital deal flow in Mumbai spiked by 288 per cent in the period between 2015 and 2017. The rise in deal flow is a key indicator of the quality of job opportunities which are being created in the financial hub and a ready demographic pool which the co-living operators can cater to, given the omnipresent shortage of quality rental housing dwellings near employment hubs. New Delhi features on the Asia Pacific Co-living Index at the 11th position.