Covie partners with Ashray Developers for premium co-living leasing in BKC

Covie collaborates with Ashray Developers for the project 'Jaswanti Bliss, Off BKC'.

This innovative partnership, facilitated by JLL, strengthens Covie's presence in the Mumbai market.

Abhishek Kumar, co-founder of Covie, said: “The changing aspirations of young professionals are trending towards shared living spaces. These environments foster a culture of collaboration and play a crucial role in building community. “The association with Ashray Developers for the ‘Jaswanti Bliss, Off BKC’ project marks a step in our journey towards redefining the norms of co-existence in Mumbai.”

"What makes this transaction even more unique is that it will be sold as a pre-launched investment to investors with a rental yield of over 6%, a very attractive rate as far as the residential asset class is concerned," Kumar said.

Covie is in advanced talks about adding 600 more beds in Mumbai in the coming months. Mumbai, one of the most expensive residential markets in the country, has a high demand for rental properties.

Raj Rughani, CEO, Ashray Group, said, "In the face of India's dynamic demographic landscape and progressive economic trajectory, co-living and student housing have emerged as promising areas."

“In the dynamic landscape of the BKC region, we are witnessing a notable increase in demand for shared and student housing. This increase is attributed to the strategic convergence of educational institutions and commercial companies in the area, making it a growth point. “The region’s existing and future infrastructure, world-class amenities, proximity to educational institutions and corporate offices, and networking opportunities position the region for substantial growth.” said Karan Singh Sodi, Head of Alternatives, India and Senior Managing Director, MMR and Gujarat, JLL.