Co-living is a novel approach for young professionals and students, who have difficulty finding affordable housing.
Co-living is just what the name suggests. It is a modern housing arrangement where individuals with similar interests, goals, and beliefs share a living space, almost as if they were a family.
As a result of many young people moving to more expensive cities (than their homes) in search of work, these spaces have sprung up.
Co-living fosters a sense of community without being invasive of privacy and peace. In many cases, co-living facilitators provide full-time housekeeping too. Living in a place far from your home because of work or studies is one of the biggest parts of growing up. Co-living spaces like Cozy Stay try to alleviate the stress of it all.
Get To Know The Company
Cozy Stay was founded in 2021 by Cozy Coliving Concepts Pvt. Ltd. CozyStay is a co-living firm focused on providing tenants with a comfortable stay, technology-enabled living, and a community-driven atmosphere.
Its target demographic is students and the working youth who have moved from their homes to other cities.
CozyStay wishes to upgrade their living conditions from subpar PGs and hostels to a place they could actually call home.
Cozy Stay spaces have no brokerage costs, no lock-in periods, no hidden expenses, and a one-month security deposit.
With CCTV cameras, in-house security staff, and all essential Covid-19 standards, Cozy Stay delivers a caring and secure, home-like living experience. Unlike other PGs in India, Cozy Stay will provide spacious and completely equipped rooms, as well as personal storage and workplaces.
Meet The People Behind Cozy Stay
Fahad KM studied to be a pilot and is the MD and creator of Cozy Stay. He is dedicated to creating the ideal living environment for students living away from home.
Fahad understands the ins and outs of running a PG and dealing with students, which helps Cozy Stay maintain a positive relationship with its tenants.
Fayis KM, Cozy Stay’s CEO and co-founder (and Fahad’s brother), is a business administration graduate. His self-discipline and leadership abilities are the driving forces behind Cozy Stay’s success.
Shakeel is Cozy Stay’s operations manager. He has expertise in operation and admin work.
Amarnath, Cozy Stay’s CTO, is an expert in computer applications. He plays an important part in Cozy Stay’s technological progress.
Together with Vivek, they form the software backbone of the company.
Vivek has worked with complex ideas such as AI has used data to improve the customer experience through the company’s app. He visualizes a client’s journey while building software and always puts the consumer first.
Sudarsan R is a product designer who has worked on a variety of projects. The design of Cozy Stay reflects his creative talent, profound insight, and relentless pursuit of excellence.
Aswin Vinod is a man with innate managerial abilities. He heads the quality control department. He knows the hospitality industry like the back of his hand and plays a key role in ensuring that Cozy Stay delivers on its promises.
Turning Ideas Into Reality
Fahad went to Bangalore for his studies in 2008. However, the hostel he slept in was filthy, and the meals were dreadful.
The students were ragged as well. Fahad and his companions decided to rent a room and stay somewhere else. There, the rent was high, and there were no facilities for comfortable study. The upkeep was poor, and the entire setting was unsuitable for a student.
He graduated in 2012 and went home, but he never forgot his difficulties at the hostel and then in the place he leased. It made him question why a hostel couldn’t be as comfortable as a student’s home.
This sparked the notion of buying a building and renting it to students with all of the facilities they require. But he required funds to purchase land and construct a home.
In 2013, he had the chance to fulfill his dreams. By selling his bike and borrowing money, he purchased a patch of land in Bangalore and begin construction on a students’ house.
The project, which had an initial capacity of 80 beds, was finished in 2016. The ‘Inspire PGs’ building offered everything a student might want, including clean drinking water, excellent housekeeping, and separate tables. As a consequence, 90% of the beds were full in two days.
Fayis, his younger brother, traveled to Bangalore for further studies the same year, and he saw how happy the students in Inspire PG were. It filled him with excitement and inspired him to reach out to more students.
Fahad bought another plot of property in Hebbal in 2018, which is presently under development and will accommodate 70 people.
However, Fayis realized that the lands may be too remote, real estate commission rates too exorbitant, building materials may demand more money for greater quality, and labor expenses climb every day. Fayis told his brother about buying a house rather than building one.
He was sold on the notion of buying homes and refurbishing them to include all of the amenities that a student would want. This saved more money and time than building homes.
They thought that combining technology with co-living was the ideal approach to reach out to more people. So, in order to employ technology and establish a co-living platform, the founders needed to assemble a technical team, which is how Cozy Stay as a firm came to be.
The company now has a solid team in Bangalore to buy, manage, and construct a property. As a result, it has purchased other premises and supplied additional beds in Bangalore and other locations.
“Food, dress, and shelter are the necessities of a human and there should be no compromises on these. However the normal Pgs and hostels in cities lack basic amenities and are not at all comfortable. So the only way to provide a comfortable living with all necessities is by technology. When we use technology to the fullest we can provide better facilities at a more affordable cost and this is exactly what Cozy Stay is doing” – Fahad KM, Founder.
Growth And Future Plans
Cozy Stay acquired a 90-bed property for lease in MS Palaya in 2020 as a revenue-sharing approach. It was only 20% full when the founders purchased it. After completing the renovation in four months, it achieved an occupancy rate of 85%.
Cozy Stay purchased a new property in Marathahalli in 2021, which is currently being remodeled and will have a capacity of 70 beds.
Cozy Stay has put together a central technical team as well as a web application that links its properties and inhabitants. Residents may now use the app to reserve rooms, pay rent, and request services. Occupancy approached 90% with the adoption of technology, and it is at 70% even during Covid-19.
Cozy Stay presently has two facilities with a total capacity of 164 beds, with 95% occupancy. Its website has roughly 1000 views each month, and it has 20,000 followers on social media.
By the end of 2022, the company aims to have 1800 beds and acquire buildings in the UAE as well.