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Indian millennials spark 'co-living' investment boom

Modern, app-managed shared housing to grow into $2bn market by 2022

Residents relax at the Zolo Cosmos in India's Bangalore. (Photo courtesy of Zolo)

MUMBAI -- For India's millennials, home is where the apps are. Citizens -- and big doses of investment -- are pouring into modern "co-living" facilities, where residents share kitchens, bathrooms and living areas while owners offer a range of services through smartphone software.

The co-living business is taking off as migration to cities picks up, real estate prices rise and younger generations shy away from home ownership in favor of renting. By 2022, the market is projected to be worth more than $2 billion, "with well-funded entrants driving both supply and demand," according to a note by Red Seer Consulting.

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