Co-living start-up Union Living on Tuesday said it will invest Rs 10 crore this year to open new centres in Mumbai with a total capacity of around 1,000 beds as part of its expansion plan.
Union living was started by two co-founders in 2020. Currently, it has 1,050 operational beds across nine properties in Mumbai, Pune and Ahmedabad.
The company caters to students and working professionals. It also provides short term stay facilities.
It provides rental accommodation at a starting price of Rs 20,000 per bed. The rate goes up to as high as Rs 45,000 per bed.
In a statement on Tuesday, Union Living said it will launch 220 beds in Mahalakshmi, 180 beds in Juhu, 100 beds in Khar/Santacruz, 150 beds in Goregaon/Malad, 100 beds in Chembur, and 200 beds in Navi Mumbai.
A minimum of three properties, comprising around 500 beds in total, will be developed as Built-to-Suit (BTS) properties, offering customised facilities to better cater to the needs of occupants.
"The company will invest Rs 10 crore on this expansion. The fund will be largely used for security deposit to landlord and interior works of its new centres," it said.
Union Living generally takes properties from owners on long-term lease basis. It is also open to form revenue-share partnerships with property owners.
Rishabh Soni, co-founder, Union Living said, "The strategy of new launches within Mumbai micro market reflects Union Living's commitment to providing quality living spaces in diverse neighborhoods, catering to the specific needs and preferences of its target tenants."
"The demand for quality co-living spaces is robust, and we perceive significant growth potential within this segment. In addition to expanding in Mumbai, we have plans to introduce new properties in Pune and other cities,” said Parth Soni, co-founder, Union Living.