“As we approach the Budget 2024-25, expectations across the board are at an all-time high. Coliving business is no different. The housing option is positioned to address the increasing need for flexible and hassle-free accommodation solutions with their innovative strategy and focus on communal living.
The industry and other stakeholders have long desired that the government grant coliving/student housing sector industry status. This will aid in the formalisation of the industry and its participants, allowing for easier access to finances and other benefits. Furthermore, industry status would provide the sector a larger voice in policy choices, ensuring that coliving housing providers’ demands and concerns are effectively handled.
The application of GST laws has been inconsistent due to a lack of precise definition, affecting tax compliance. Housing, an essential necessity, expects the government to review tax slabs and maintain the lowest effective rate for end customers.
Because the coliving industry fills a need for long-term accommodation/housing, it would be beneficial if the government could consider classifying these as residential services so that applicable utility rates are in line with residential units rather than current commercial slabs.
As a whole, the industry believes that it is meeting a significant demand by providing housing/accommodation services that go beyond simply giving a place to live to establishing lively communities of young inspirational people wanting to contribute to the economy’s progress. Working together with the government to carve out a niche for this industry will benefit the participants, end consumers, and government in the long run.Said Mr Ajay Nemani – Founder, FF21
