(Will create a 100-bed co-living space for the first time in an integrated IT park)
Zolostays, the market leader in co-living spaces in India, is all set to expand its national footprint with its foray into the premium offering space in Mumbai through Zolo Red Carpet. Zolostays, which recently raised $56 million in fundraising this July, has entered into a deal with Mumbai-based developer Rupa Group to create a 100-bed co-living space for the first time in the integrated IT Park, Rupa Renaissance, located in the upcoming micro-market of Juinagar. The deal was facilitated by international property consultant and exclusive partner Savills India and holds the possibility of expanding up to 1,500 beds in the developer’s next project.
Commenting on this association, Bhavin Thakker, MD, Mumbai & Head of Cross Border Tenant Advisory, Savills India, said, “The co-living segment has a vast opportunity to grow exponentially as an alternate asset class, especially in urban centres where the large part of economic activities take place, making them strong employment hubs, “
Dr. Nikhil Sikri, CEO & Co-Founder, Zolostays said, “We are delighted to bring in our premium red carpet co-living residences to Rupa Renaissance, which is a landmark development in Navi Mumbai. It allows people walk to work and play and enjoy an enhanced living experience – truly an enviable home to work from! And we look forward to more such beds in Rupa’s future developments with this being a precursor of good things to come!”
The 100-bed co-living space will be a standalone ground + 5 buildings in Rupa Renaissance. This announcement comes soon after the co-working start-up Inspire Co-Spaces signed a lease for 1.6 lakh sqft in the same IT Park that is spread across a 1.3 million sq.ft A+ Category integrated campus with amenities like an air-conditioned 800-seater cafeteria, convenience store, break-out zone, landscape garden, gym, theatre and multi-sport courts and more.
“We are delighted to have Zolo’s Red Carpet is our Integrated Campus, it complements the IT/ITES Office Park and completes the walk to work concept in true sense of the word. Savills team has helped us understand the relevance and importance of the co-living factor and we would like to make it an integral part of our upcoming projects and take it to a larger landscape with Zolo,” Mr. Bimal Desai, Managing Director, Rupa Group.
Founded in 2015, Zolostays is operational across 10 cities with 45,000 live beds and 70,000+ customers. Apart from its Zolo Standard and Zolo Select service offering, Zolostays has now rolled out its premium offering called Zolo Red Carpets. The premium offering will aim to provide an elite experience, with its high-end furnishings which will include wellness studios, all-day in-house cafes, workspaces, exquisite decor, and concierge services.