With our experience in the hospitality industry, We introduced Cozy Stay, a Coliving solution powered by advanced technology to address this issue. Cozy intends to provide a comfortable and homelike living experience to the younger generation who relocate to the city for higher education and job opportunities.
(TRAVPR.COM) INDIA - February 7th, 2022 -
The blooming hospitality chain Cozy Colive Concepts on Wednesday said that their co-living vertical Cozy Stay is looking to operate 2000 beds across three cities in India by the end of 2022.
Launched in 2021, Cozy Stay is a fully managed IoT-enabled Coliving platform with over 160 beds in Bengaluru. Currently, the company is on its mission to outstretch its chapters across Chennai and Kochi.
“We have been working in hospitality for more than a decade. When we were planning to launch Cozy Stay in 2021, we were looking to combine the concept of Coliving and smart living together. And with this new model Cozy Stay is planning to revamp the face of the hospitality industry” says Fayis, chief executive officer, and founding partner of Cozy Stay.
Marking millennials, young professionals, and nomads, Cozy Stay offers long-term, fully managed IoT integrated living spaces that include furnishing, cleaning, maintenance, and accommodation services.
Cozy Stay has witnessed a consistent occupancy rate of 90% in the last four years. And even in Covid 19 peak times, Cozy Stay was able to maintain an occupancy rate of 70%.
Cozy Stay leases an entire building, revamps the outlook of the building according to the Cozy Stay standards, controls end-to-end operations, and manages the community of millennials. With starting price at Rs. 3000 per bed, Cozy Stay is equipped with Wi-Fi connectivity, air conditioning, television, refrigerator, furnishing, décor, housekeeping, power backup, CCTV surveillance, fun zone, and a community for the Cozy Stay residents.
"The concept of Cozy Stay was conceived based on customer demands and feedback to offer them a cost-effective solution that would solve the dilemmas associated with long term rentals, high-security deposits, long lock-in periods, non-transparent payments, and lack of amenities" says Fahad, Managing Director and Founding Partner of Cozy Stay.
"The concept of coliving gave to life several startups over the past few years, however, students and young professionals were unable to keep up with the prices of these coliving platforms. So our ultimate goal was to provide these customers with a cost-effective option with no compromise in the quality of living " he adds.
Since coliving is an untapped sector with numerous prospects, the industry has seen a wave of startups over the past years, such as Stanza Living, Oyo Life, and Zolo Stays being the prominent ones.
“Our team is young so we can easily connect with the issues faced by the millennials. When creating Cozy Stay our prime objective was to create a solution that caters to this needs of the youngsters” Fayis further adds.
According to records, the country has over 37 million students, with approximately 75 % living away from home. However, existing hostels can only accommodate 18% to 20% of these migrant students. As a result, co-living housing firms are attempting to capitalize on this opportunity by providing fully furnished, professionally managed, internet-ready accommodations.
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