In conversation with charulatha,correspondent,HomesIndia Magazine. Nikhil shares his views on how do co-living contributing to the development of stronger communities and fostering social connections among residentials.
Nikhil Sikri also understands and appreciates the importance of technology – he’s played the role of a product manager at Zolo for some time now. He possesses the nuanced ability to identify problems that may seem innocuous and nip them in the bud before they turn insurmountable. He believes that unique ideas are developed and realized only when one is open to experimentation. His entrepreneurial style has been awarded several times in the last couple of years by prominent media houses.
As a co-founder, can you share your vision for co-living, community and affordable housing? How do you see co-living contributing to the development of stronger communities and fostering social connections among residentials?
As a co-founder, we have aimed to redefine the living experience in India. We understand the challenges faced by the large migrant population, especially students and early professionals. That's why we created a co-living platform that goes beyond just providing rooms. We focus on building a strong community through online and offline events, fostering a sense of belonging.
During the pandemic, we provided 75 days of rent-free accommodation to those who lost their jobs, as we believe in supporting our community in difficult times.
Operating on a full-stack model, we handle all operations in-house across our 450+ properties. This allows us to prioritize customer experience, which is vital in the long-stay business. By engaging residents in activities like Zolo Premier League, chess and carrom championship, surprise birthdays, and festival celebrations, we create a true co-living spirit.
In your opinion what roles does affordable play in creating sustainable and thriving communities, and how do you address these challenges? Can you provide examples of specific initiatives or programs implemented by you to actively engage residents and encourage community participation?
Affordability plays a crucial role in creating sustainable and thriving communities. When housing is affordable, it allows individuals from diverse backgrounds and income levels to access quality living spaces, fostering inclusivity and social cohesion. Affordable housing also enables individuals to allocate their financial resources towards other essential needs, such as education, healthcare, and personal development.
Co-living works so beautifully because of two key reasons: design efficiency and a thoughtful service layer. Co-living spaces are designed to maximize the use of space, which allows for more people to be housed in the same real estate. This not only reduces the strain on urban areas but also allows for the efficient use of resources, which is more sustainable in the long run. By using space more efficiently, co-living spaces can help to mitigate urban congestion and promote sustainable living.
We recognize the significance of affordability and actively address this challenge. We strive to provide cost-effective co-living options that cater to the needs and budgets of our residents.
"The regulatory framework in India for co-living is still evolving, which can create uncertainty and challenges for co-living operators."
How do you leverage technology and innovation to enhance the co-living experience and improve affordability in housing solutions? What measures do you take to support the holistic development of its community members?
We leverage technology and innovation to enhance the co-living experience and improve affordability in housing solutions. Here's how we utilize these tools:
Smart Property Management: We use technology to streamline property management processes, including seamless check-ins, maintenance requests, and rent payments. By digitizing these tasks, we enhance efficiency and convenience for our residents, saving them time and effort.
Virtual Property Tours: To facilitate remote property selection, we provide virtual property tours through our platform. Prospective residents can view detailed images, floor plans, and amenities, enabling them to make informed decisions without physically visiting the property. This eliminates the need for costly and time-consuming visits, making the process more affordable for our residents.
Community Engagement Platforms: We utilize digital platforms, including mobile apps and online communities, to foster interaction and engagement among our residents. These platforms enable residents to connect, share experiences, and organize activities, creating a strong sense of community and support.
"Educating stakeholders and building awareness is crucial to foster acceptance and support for co-living as an affordable housing option."
What are the potential challenges or drawbacks of co-living as an affordable housing solution? How does the regulatory framework in India support or hinder the growth of co-living as an affordable housing option?
While co-living presents several benefits as an affordable housing solution, it is important to acknowledge and address potential challenges and drawbacks. Some of these include:
Regulatory Uncertainty: The regulatory framework in India for co-living is still evolving, which can create uncertainty and challenges for co-living operators. Different cities and states may have varying regulations or lack specific guidelines for co-living, making it important to navigate the legal landscape carefully.
Lack of Awareness: Co-living is a relatively new concept in India, and there may be a lack of awareness among potential residents, investors, and policymakers about its benefits and potential. Educating stakeholders and building awareness is crucial to foster acceptance and support for co-living as an affordable housing option.
Limited Availability: The availability of co-living spaces may be limited in certain areas, particularly in tier II and tier III cities. This can restrict the options for individuals seeking affordable housing solutions in specific locations.
Balancing Privacy and Community: Co-living often involves shared spaces and common facilities, which may require individuals to balance their need for privacy with the communal living aspect. It is essential to create a balance that respects individual preferences while fostering a sense of community and shared experiences.
Despite the challenges and regulatory uncertainties, co-living has the potential to meet the increasing demand for affordable housing that fosters a sense of community. By engaging in ongoing dialogue, collaborating with local stakeholders, and fostering a supportive regulatory environment, we can promote the growth and acceptance of co-living as a viable solution for affordable housing in India.
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