Co-living operator Settl. will soon open four new centres, with a total capacity of about 300 beds, in Gurugram to cater to the rising demand of rental accommodations from working professionals.
Settl. already has seven operational co-living properties with about 700 beds in Gurugram, the Bengaluru-based firm said in a statement.
That apart, the company currently has 1,200 beds in Bengaluru and 300 beds in Hyderabad, taking the total beds to 2,200 across these three cities.
Settl. said it is looking for more properties in Delhi-NCR and plans to launch 1,500 more beds during this fiscal.
"The rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience," Settl. Co-Founder Bharath Bhaskar said.
"In metro cities like Gurugram and Noida where millennials are the driving force behind the economy, co-living spaces are emerging as the preferred choice for those seeking a seamless living experience," he said.
Also Read
In the four new properties, the price will be Rs 15,000 per bed per month.
Settl. offers fully-furnished and managed accommodation with all the necessary furniture and fittings.
"At Settl., we believe in providing a hassle-free living experience that caters to the evolving needs of our residents. Our focus on offering fully-managed spaces, equipped with modern amenities and a vibrant community, is what attracts our co-living occupants," Bharath said.
Started in 2020, Settl. entered into long-term lease agreements with builders and asset owners.
It designs and develops the properties as per the need of occupants before sub-leasing the space to working professionals.
Settl. offers beds for rent ranging from Rs 11,000 to Rs 24,000 per month, depending on the location, city, and available amenities.
The company said that 80-90 per cent of occupants at its facilities are working professionals between the ages of 25 years and 35 years.
It is in discussions with potential investors to raise further funds, the company said.
The target is to touch 2,200 beds in NCR and 5,000 across India by March next year, the statement said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
