Colive sees demand for hybrid living

Rental accommodation company currently has 2,000-bed capacity in Hyderabad, and plans to take this number to 4,500 beds by mid-2022

Hyderabad: Colive, a technology-enabled rental accommodation provider, which finds Hyderabad as one of its largest markets in the country, is planning to further strengthen its footprint in the city and has introduced new business formats such as the hybrid living.

The company currently has 2,000-bed capacity in Hyderabad and plans to take this number to 4,500 beds by mid-2022, making the city its second largest market in India.

Suresh Rangarajan, founder and CEO of Colive, told Telangana Today, “We have established a strong presence in Hyderabad, particularly in markets such as Gachibowli, Financial District and Gowlidoddi. We have established a partnership with Salarpuria Sattva. Hyderabad has been attracting a lot of cosmopolitan population and the city today has become the hub for fintech and healthtech sectors. It is going to be a key market for us.”

“The State government has been encouraging ‘return to office’ ensuring all the support to the corporates. We anticipate life may come to normalcy by January. Corporates are also taking steps in the right direction to ensure employee safety. There will be flexibility in timings in the new normal in 2022. Hybrid working and hybrid living will be a reality,” he added.

New partnership

The four-year old company recently joined hands with furnishing firm Nilkamal to transform its co-living properties into hybrid-living accommodations. Colive aims to enhance its customers’ living experience with plug-and-play homes that provide a hybrid working environment by offering workstations within the rooms.

In a post-pandemic world where work from home is a prominent mode of work and numerous companies as well as startups are adopting the home-office model, spaces that strike the balance between personal and professional life have become essential.

With standardised facilities such as the corporate office, having workstations and meeting rooms will allow for professional networking and efficient working. It would increase work efficiency and help professionals to maintain their workflow while being able to save on office rent/buying costs.

Rangarajan added, “Hybrid living equips one with facilities that are both cost-effective and increase work efficiency. IT infrastructure and data security remains a key as a part of our offerings. We will ensure that those who use our facilities see high productivity. As of now, 60 per cent of our properties have been converted to hybrid living. And 75 per cent of our reservations in the last 10 days are for hybrid living.”

Bid4Bed concept

The company today has an inventory of 30,000 beds spreading over six million sq ft with presence across Hyderabad, Bengaluru, Chennai, and Pune. About 75 per cent occupancy is through professionals and 25 per cent is the student population.

Colive recently launched a ‘Bid4Bed’ concept wherein prospective tenants will select a property based on their location and sharing preference, and place a bid/offer that suits his/her pocket conveniently. This allows tenants to quote a fair estimate of what they are willing to pay for a listed hybrid living accommodation.

If the bid is approved, the customer is required to pay the remainder and move in. If the bid is rejected, they receive a counteroffer. Alternatively, they can opt out of the bidding process and receive a refund on the initial amount. The customer can bid either by property or by location based on the price trends in a micro market which will be visible for him/her to make an informed decision.

“We have received several thousands of bids until now under Bid4Bed for hybrid living properties and have observed an uptick in reservations at Colive, since bidding has been implemented. We have already partnered with over 300 hostels in Hyderabad to extend this feature,” he added.

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