StayAbode Ventures today announced Asia’s largest co-living project in partnership with CP Developers. This will be the largest A grade co-living project in India with 1400 people living in a community environment, in the heart of Bengaluru’s Whitefield – a professional hub neighbouring ITPL and large MNCs with a working population of over 50,000 millennials. The project will have different living options and layouts with a host of facilities across dining, gyms and recreation centres along with community breakout zones. The property will be equipped with the latest in smart technology across security and space management. The design and technology applications will create a seamless living and community experience.
StayAbode currently has 1350 beds across Bengaluru and is operating at 97% occupancy.10 more buildings are due to be launched in the city. The company continues to be operationally profitable.
Viral Chhajer, CEO and Co-founder, StayAbode, said, ”We’re excited to be leading the space and bringing co-living to the masses. We’re expecting to go live with this project by September 2020 (Which at the time of launch, is expected to be the largest co-living asset globally) and are on track to have a community of over 35,000 millennials living with us by December 2021. Given how nascent the asset class is, we’re scaling supply with similar partnerships while continuing to innovate and become the most efficient operator of the asset in the industry.”
“This project is expected to define co-living in a new dimension globally, with facilities and a sense of community that will be unparalleled. We’re excited to partner with StayAbode owing to their unique approach to tech, community and creating well-oiled spaces. We believe this will be a long-term strategic partnership to create similar spaces across Bangalore”, added Maninder Singh, Director, CP Developers.
The property will be designed by a leading architecture firm head quartered in Singapore who have been credited with designing spaces across residential, commercial and co-living formats globally.
StayAbode is leveraging technology, design, service, community and brand to build co-living spaces for millennial living in the rental residential real estate market at scale. StayAbode’s co-living spaces combine small private spaces – a bedroom and bathroom, with shared spaces and communal areas – common rooms, games areas, common kitchens and living rooms, music and art corners etc.
The spaces are fully managed and furnished and offer great flexibility making this an ideal choice for the increasingly mobile millennial. At these co-living spaces one doesn’t need to be bothered about managing a household and the experience is that of a boutique hotel where – utility bills are paid, housekeeping is done, linen washed and where one cooks only when one feels like. These spaces are centered around building a community of like-minded individuals.
StayAbode was co-founded in October 2016 by Viral Chhajer, Varun Bhalla and Devashish Dalmiya who have strong backgrounds in marketing, technology and finance having founded start-ups and previously worked at start-ups like Runnr, Treebo Hotels and Roadhouse Hostels. The company recently announced a pre-Series A round of funding and is backed by investors like Incubate Fund, Anupam Mittal (CEO, People Group), Vineet Sekhsaria (Head, Real Estate investing, Morgan Stanley), Mridul Upreti (ex Joint MD JLL India).