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Covid crisis sharply hits co-living biz in India

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Bengaluru: The covid-19 crisis has deeply impacted the co-living sector in India, altering rents and rental agreements, community spaces, profit margins and expansion plans.While the last three months have seen a drastic drop in demand and physical occupancy in co-living facilities across cities, as students and young working professionals returned home during the lockdown, it is uncertain when business is expected to return to normal.The shake-up in the sector is also likely to spur consolidation, where larger, well-funded co-living startups may buy out their smaller counterparts, said industry experts.Ismail Khan, chief business officer, Nestaway said force majeure has been invoked with many of its contracts with owners.

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