● The aim is to tap rising demand of quality rented accommodation in the National Capital Region
● Settl. is already operating 7 properties with approximately 700 beds in Gurugram and set to open-up 4 new properties with about 300 beds in next one month
Coliving operator Settl. will open four new centres, with a total capacity of about 300 beds in Gurugram during the next one month. Company is also looking for more properties in Delhi-NCR to expand business amid rising demand for rental accommodation from working professionals. In total, Settl. plans to launch 1,500 more beds in NCR during the FY 24.
Bengaluru headquarter Settl. already has 7 operational co-living properties with approximately 700 beds in Gurugram. The company is also set to open-up 4 new properties with about 300 beds in the next one month. Besides Gurugram, the company currently has 1,200 beds in Bengaluru and 300 in Hyderabad. The target is to touch 2,200 beds in NCR and 5,000 across India by March next year.
“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.
In Gurugram, the centres are located in various sectors of the city like Sector 31, 39, 47, 51 and 52. These centres have options to choose from fully-furnished managed shared room accommodations, as well as 1 RK (Room & Kitchen) private room, starting from Rs 15,000 per bed per month.
“We are witnessing increasing demand for high-quality co-living spaces. Two out of the four upcoming properties in Gurugram have already been fully booked, and the other two are also receiving a strong response,” stated Bharath .
Settl., which currently operates in Bengaluru, Hyderabad, and Gurugram, is expanding its presence in the existing as well as new cities. Settl. offers fully-furnished and managed accommodation with all the necessary furniture and fittings. Additionally, they provide various common amenities such as living spaces, game zones, workspaces, and more as part of their offerings.
“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. We strive to create a sense of belonging and foster meaningful connections among our residents, making Settl. the preferred choice for those seeking a fulfilling living experience,” Bharath said.
Started in 2020, Settl. enter into long-term lease agreements with builders and asset owners. Design and develop the properties as per the need and demand 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. Approximately 80-90% of occupants at Settl. are working professionals between the ages of 25 and 35.
Settl. is planning to expand its business further and is in discussions with potential investors to raise further funds.
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