Union Living to launch 500 Beds Across Three Build-to-Suit Co-living Properties in Mumbai & Pune, Projected Revenue Set to Double
Mumbai, March 22nd, 2024—Union Living, a leading co-living startup, is proud to announce the launch of its innovative Build-to-Suit (BTS) co-living housing properties in Mumbai and Pune. The new BTS properties will include 200 beds property named ‘Southside’ in Mahalakshmi, Mumbai, 150 beds property named ‘Terra’ in Juhu, Mumbai, and 150 studio apartments in Koregaon Park, Pune.
Union Living is dedicated to improving the co-living experience with modern, secure, and customized accommodations. This initiative represents a major milestone in the co-living sector, offering tailored living spaces designed for students and young professionals.
Co-funded by Rishab Soni and Parth Soni in 2020, Union Living is expanding its portfolio with the addition of these new beds. By June 2024, the company’s operational co-living beds are set to increase to 1,500 across nine properties in Mumbai and Pune.
The company caters to both students and working professionals. It also provides short-term stay facilities. The company provides rental accommodation at a starting price of Rs 20,000 per bed. The rate goes up to as high as Rs 45,000 per bed.
“We are thrilled to introduce first-of-its-kind build-to-suit co-living accommodation in Mumbai,” said Parth Soni, Co-Founder of Union Living.
“These BTS properties have been meticulously designed in-house by a dedicated team of architects, in collaboration with a panel of students, to ensure that their specific needs and preferences are seamlessly integrated into the design,” added Parth.
Rishabh Soni, Co-Founder of Union Living said, “Build-to-suit properties offer superior space utilization and custom-designed layouts, enhancing functionality and efficiency. Such properties can accommodate additional amenities and features that enhance the overall user experience. With long-term lease agreements, build-to-suit projects provide stability and predictability for rental income. Overall, they maximize space utilization, design flexibility, and financial benefits for operators, investors and property owners.”
Union Living’s BTS properties are scheduled to go live in May 2024 in Mahalakshmi, with plans to sign an additional 1,000 beds in the near future. These developments signify the company’s commitment to expanding its footprint and enhancing the co-living experience across Mumbai.
The demand for co-living spaces and build-to-suit properties has been steadily increasing, driven by factors such as urbanization, rising student and working professional populations, and changing lifestyle preferences.
Union Living’s innovative approach to co-living accommodation underscores its commitment to delivering exceptional living experiences that cater to the evolving needs of today’s residents. By combining quality construction, thoughtful design, and personalized services, Union Living aims to redefine the standards of co-living in Mumbai and beyond.
