COVIE, Ashray Developers Partner For A Co-Living Lease, Adding 400 Beds In BKC

Mumbai, October 30, 2023: In a testament to the continued demand for co-living spaces, COVIE, India’s pioneering co-living brand, on Monday announced a partnership with Ashray Developers for the ‘Jaswanti Bliss, Off BKC’ project.

The partnership is facilitated by JLL, which includes leasing of the entire inventory, spanning 94 2 BHK units across two wings, having approximately 400 beds.

Abhishek Kumar, Co-founder at COVIE, said, “The evolving aspirations of young professionals lean towards shared living spaces. These environments foster a collaborative culture and play a pivotal role in community-building. At COVIE, we envision offering more than just living spaces. We are ardently committed to cultivating vibrant communities, emphasizing quality, safety, and modernity. Partnering with Ashray Developers for the ‘Jaswanti Bliss, Off BKC’ project signifies a monumental stride in our journey of redefining co-living standards in Mumbai. The product which we are putting up will set benchmark in the co-living & serviced residences space in the country. We anticipate a strong demand from corporates as well considering BKC is the hub for financial firms in the country.”

A press release issued by COVIE says that it is in advanced discussions about adding 600 additional beds in Mumbai in the coming months. Mumbai, being one of the most expensive residential markets in the country, witnesses a great demand for rental housing. 

Echoing similar sentiments, Raj Rughani, Director, Ashray Group, said, “In the backdrop of India’s dynamic demographic landscape and progressive economic trajectory, co-living and student housing have emerged as promising domains. Ashray’s alliance with COVIE underscores our commitment to be at the forefront of this evolution.”

“In the dynamic landscape of the BKC region, we are witnessing a remarkable surge in demand for co-living and student housing. This surge is attributed to the strategic convergence of educational institutes and corporate houses in the area, making it a hotspot for growth. The region’s existing and upcoming infrastructure, world-class amenities, proximity to educational institutions and corporate offices, and networking opportunities, position it for substantial growth.” said Karan Singh Sodi, Head of Alternatives, India and Senior MD – MMR and Gujarat, JLL.