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To enhance its footprint, co-living startup Union Living has announced a Rs 10 crore investment this year to establish new centres in Mumbai, adding 1,000 beds to its capacity.
Founded in 2020 by Rishabh and Parth Soni, Union Living presently manages 1,050 operational beds spread across nine properties in Mumbai, Pune, and Ahmedabad, providing accommodation for students and working professionals, including short-term stay options.
The startup, known for rental spaces, offers beds starting at Rs 20,000, reaching up to Rs 45,000 per bed. The upcoming expansion includes launches in Mahalakshmi (220 beds), Juhu (180 beds), Khar/Santacruz (100 beds), Goregaon/Malad (150 beds), Chembur (100 beds), and Navi Mumbai (200 beds).
Crucially, three properties, totalling around 500 beds, will be developed as Built-to-Suit (BTS) spaces, ensuring customised facilities to meet occupants' needs effectively.
Rishabh Soni, co-founder of Union Living, highlighted the strategy of launching in diverse Mumbai neighbourhoods, aiming to provide quality living spaces tailored to the specific preferences of their tenants. The investment, primarily allocated for security deposits and interior works, underscores the company's commitment to expansion.
Union Living typically secures properties on a long-term lease basis and is open to revenue-share partnerships with property owners. Co-founder Parth Soni emphasised the robust demand for quality co-living spaces, expressing plans for further expansion in Pune and other cities.
This move reflects Union Living's dedication to meeting the growing demand for comfortable and tailored co-living spaces, promising a positive impact on the real estate landscape in Mumbai. As the startup focuses on strategic growth, it aims to create living spaces that resonate with the diverse needs of its tenants, further establishing its position in the co-living sector.
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