Industry report · August 2026 India Co-living Report 2026 Rising rents, GCC growth, and the race into Tier 2 and Tier 3 cities Sanchit · InstaDwell instadwell.com/blog/india-coliving-report-2026

The sector in four numbers Rs 52,300 cr 5% Total PG and co-living market, organized and unorganized, about USD 6.3 billion Share of that market held by organized, branded operators today 24.34% 12 Projected annual growth of the organized segment, 2026 to 2031 Tier 2 and Tier 3 cities that gained organized operators since late 2025 India Co-living Report 2026 · InstaDwell Sources: Research and Markets, Colliers, Mordor Intelligence

95% of India’s PG and coliving market is still unorganized. Research and Markets and Colliers, working independently, both land on roughly 5 percent for the organized share. That gap is what investors are pricing in.

Organized co-living nearly triples by 2031 16,270 Organized segment, Rs crore 4,400 2025 5,480 2026, projected India Co-living Report 2026 · InstaDwell 24.34% CAGR 2031, projected Market concentration is rated low. No single operator controls the space, even among the best-funded brands. Source: Mordor Intelligence

A decade of capital, no dominant winner 208 5,040 0 Co-living companies tracked in India Rs crore in equity funding raised, cumulative Active unicorns as of 2026 Of 36 co-living startups founded between 2021 and 2026, only 5 launched in the last two years. India Co-living Report 2026 · InstaDwell Source: Tracxn

Rents are rising while demand cools +14% What renters want versus what is listed National rents, year on year, Q1 2026. Down from 18.1% in Q3 2025. 36% of demand sits in the Rs 10,000 to 20,000 bracket −2.1% 25% of supply is priced above Rs 50,000 14% of supply is priced above Rs 1 lakh National rental demand, year on year, same quarter. India Co-living Report 2026 · InstaDwell Source: Magicbricks Rental Index, Jul–Sep 2025 and Jan–Mar 2026

Co-living undercuts a 1BHK in Bengaluru Monthly rent, on a Rs 10,000 to 35,000 scale Co-living Rs 11,000 to 22,000 Comparable 1BHK Rs 14,500 to 34,200 Cheaper at every comparable price point. Co-living is working as an affordability escape hatch, not a lifestyle upgrade. Bengaluru holds 30.4% of the national co-living market, and its rents rose 12.5% year on year in Q1 2026. India Co-living Report 2026 · InstaDwell Rent growth: Magicbricks Rental Index, Jan–Mar 2026

GCCs are pulling operators into Tier 2 Global Capability Centers leased a record 31.3 million sq ft in 2025. Most of it is in six Tier 1 hubs, but four tracker cities already pair named GCC activity with branded co-living. City Named GCC activity Organized operators present Coimbatore Bosch, Trimble Stanza Living, HelloWorld, your space Jaipur Genpact, MetLife HelloWorld, your space Indore Impetus Technologies Stanza Living, HelloWorld, your space Nagpur HCLTech New Vistas program your space India Co-living Report 2026 · InstaDwell GCC presence confirmed via company sites and GCC Journal

Rs 2,000 crore committed in four months September 2025 September 2025 January 2026 Rs 176 cr Rs 830 cr Rs 1,000 cr Colive Series B, led by Bain Capital Pan-India platform commitment from Bain Capital and Sattva Group Rental housing platform from HDFC Capital Advisors and Curated Living Solutions Both platforms point to purpose-built, asset-backed development replacing the older model of leasing existing buildings. India Co-living Report 2026 · InstaDwell Source: Economic Times Realty and company announcements

12 new cities on the organized map Jammu Visakhapatnam Indore HooLiv, tie-up in February 2026 Housr, HelloWorld Stanza Living, HelloWorld, your space Jaipur Coimbatore Dehradun HelloWorld, your space Stanza Living, HelloWorld, your space Stanza Living, your space Kota Kochi Vadodara HelloWorld Stanza Living Stanza Living Manipal Mangalore Nagpur Stanza Living your space your space India Co-living Report 2026 · InstaDwell A first compilation, current through mid 2026, not an exhaustive census

Trust is still unsolved, even in metros InstaDwell interviewed 61 active PG and co-living searchers across Bengaluru, Hyderabad, Pune, Mumbai and Delhi NCR between January and June 2026. 61 of 61 refused to book without a physical visit first 58 of 61 do not trust listing photos 52 of 61 distrust or are skeptical of Google reviews 37 of 61 bypass platforms for Reddit, WhatsApp groups or a friend in the city India Co-living Report 2026 · InstaDwell Source: InstaDwell, PG Mirage report

Who is building the market Operator Scale Recent move Stanza Living 50,000+ beds, 350+ residences Net profit in FY2025; Series E HelloWorld 20,000 beds; target 50,000 Acquisitions, including StayAbode Colive Rs 176 cr Series B Rs 830 cr platform, Bain and Sattva The Hosteller Target of 25,000 beds Expansion capital, April 2026 Experion VLIV Women-only format Launched August 2025 A consolidation story more than a land grab: a few well-capitalized operators are extending proven models into cheaper, faster-growing cities. India Co-living Report 2026 · InstaDwell Sources: company announcements, Tracxn

Six levers for the next phase Next cities Ownership over leasing Two demand engines Chandigarh, Bhubaneswar and Mysuru show GCC growth with no confirmed branded presence. New platforms favor purpose-built, asset-backed development over leased buildings. GCC migration and education demand pull on different renters in the same places. Underserved formats Penetration headroom Trust, the actual gate Women-only supply, worker housing, desk-enabled rooms and shorter lock-ins. Organized operators hold about 5% of a USD 6.3 billion market. Visit-first behavior caps how fast searchers become digitally booked customers. India Co-living Report 2026 · InstaDwell Chandigarh and Bhubaneswar operator presence is unconfirmed

Full report, charts and sources Read the full report instadwell.com/blog/india-coliving-report-2026 Market sizing: Mordor Intelligence, Colliers, Research and Markets. Funding and company data: Tracxn. Rent data: Magicbricks Rental Index. Trust findings: original InstaDwell research, 61 recorded interviews, January to June 2026. USD equivalents converted at about Rs 83 to the dollar. InstaDwell · zero-brokerage PG and co-living discovery across Indian cities