The residential market all over the world has been on a rollercoaster since 2008. Economists have been hoping for it to return to normal and stabilize.
But there has been a fundamental shift in the customer consciousness. Owning has become a questionable decision for many of the potential real-estate buyers.
This is especially true of the younger generations - the Millennials and GenZ. Their lifestyle is almost nomadic and not rooted. They wish to be free and thrive on experiences rather than things. They value mengful relationships far above the entrapments that enticed their previous generations. This presents a huge need-gap in the real estate market.
The Hyderabad based Sensation Group along with Gurugram based Woke Life Co-living spaces has formed Sensation Woke Hospitality to harness the true potential of this segment and made a massive foray into the USD 50 billion market.
Sensation Woke Hospitality has developed an integrated approach towards the entire long and short-term rental market with a bouquet of offerings that bring together co-living spaces, serviced hostels, serviced apartments, affordable rental housing, and purpose built student accommodation. They will create large scale developments that will be home to both a transient and permanent population and will be built around a strong core of the community.
Sensation Group will be acquiring the land and developing it as per the layouts, designs, and configurations provided by the Woke Life brand, who will, in turn, be taking the project to the market, leasing and operating the properties on a daily basis.
Together, the orgzations are looking at creating an initial outlay of USD 100 million-plus to help build a 30 million square feet asset base which will be valued upwards USD 250 million creating a footprint across five cities - Delhi, Pune, Bangalore, Chennai, and Hyderabad.
Sensation Group is developing over 17 million Square Feet in the spheres of PMAY compliant Affordable Housing Projects, Mid-priced units Integrated Townships, Mid-Sized Malls with Multiplexes, World-Class Plotted Developments, Budget Hotels, Serviced Apartments and State of Art Serviced Hostels for Students and Professionals in Hyderabad, Bengaluru, Chennai, Kochi, Visakhapatnam, Goa and progressive districts of Telangana, Tamil Nadu, Andhra Pradesh and Karnataka.
"The new world order is here and it is time we look at residential real estate differently. The industry has been facing a slump for a long time now and needs to be fundamentally overhauled; this is where co-living spaces solutions come into play. Our investors globally are very excited about this partnership as they foresee sure-shot rental income flow in this asset class when compared to other sectors," remarked Bhavishya Gupta, Founder of the Sensation Group.
Woke Life is a bold foray in creating a new way of life inspired by the vision of a collective of believers. It is a group of professionals turned entrepreneurs who have come together from key capability sectors to design premium, serviced living options by creating co-living spaces, student housing, and retirement homes.
The orgzation's primary values of innovation and transparency bring together a life experience that fosters strong community ties along with personal growth at its living spaces. Woke Life is born with the purpose of making a premium quality life more accessible for all by realigning the fundamentals of residential real estate in India.
"The world's economy has taken an unprecedented hit and the youngest of the lot are the most affected. They will be working doubly hard now to be able to become prosperous. In this new lifestyle, they do not want the hassle of looking for a house, setting it up, negotiating with landlords, repairs and maintenance, they only want to work and we will enable them to do just that. They can leave the rest to us. We will be looking at the holistic growth of our residents on personal and professional fronts. It is about creating communities," said Sameer Singh, CEO of the Woke Life Brand.
The Sensation Woke co-living facilities will be elegant and chic spaces that run efficiently on the back of exceptional processes. The group plans on launching one lakh beds across 30 million square feet in a phased manner.
"Co-living and Student living are asset classes which have got orgzed in several markets globally but started off in the last few years in India and mostly dominated by local startups, Sensation Woke with its unique Propco - Opco model is in an advantageous position to expand across India, while most operators prefer being very asset-light and wouldn't spend anything even on the interiors, an operator ready to spend on development as well as the entire fit-outs would make a huge difference and would set benchmarks in terms of fit and finish and operations management," added Suresh Padmanabhan, Serial Entrepreneur and Co-founder of Sensation - Woke.
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( With inputs from ANI )