Co-living startup Union Living has earmarked ₹10 crore for a strategic expansion initiative which will see addition of 1,000 beds in Mumbai within the current year.
At present, the startup operates 1,050 operational beds spread across nine properties in Mumbai, Pune, and Ahmedabad. The impending expansion will see the introduction of 220 beds in Mahalakshmi, 180 in Juhu, 100 in Khar/Santacruz, 150 in Goregaon/Malad, 100 in Chembur, and 200 in Navi Mumbai.
Of these, a minimum of three properties, comprising roughly 500 beds, will be developed as built-to-suit (BTS) facilities. According to the startup, this approach aims to provide tailor-made amenities to better align with the specific requirements of the occupants. Anticipated to be operational by July this year, these BTS properties underscore its commitment to customization.
Rishabh Soni, co-founder of Union Living, articulated the strategy, emphasizing the commitment to delivering quality living spaces across diverse Mumbai neighbourhoods. The expansion aligns with the company’s mission to cater to the distinct needs and preferences of its target tenants.
The ₹10 crore investment will primarily be allocated to security deposits to landlords and interior enhancements in the upcoming centres.
Catering to a diverse demographic that includes both students and working professionals, the startup also offers short-term lodging facilities. With rental prices ranging from a modest Rs 20,000 per bed to a premium ₹45,000 per bed, the startup is positioned to meet varying budgetary considerations.
Moreover, it also aims to extend its footprint beyond Mumbai, with plans to introduce new properties in Pune and other cities. Parth Soni, co-founder of Union Living, expressed optimism about the robust demand for quality co-living spaces, signalling potential growth within this segment.