Settl, a co-living operator, announced on Monday that it would increase its capacity by 1,000 beds in Hyderabad as working professionals’ demand for managed rental apartments grows. The organisation, which was founded in 2020, has 1,500 beds as of right now, with 900 of those in Bengaluru and 300 each in Hyderabad and Gurugram.
“The need for managed leased housing has grown dramatically as the return to work season picks up. All of our centres in Hyderabad are operating effectively. By the end of FY2023, we will have 1000 more beds “Abhishek Tripathi, a co-founder of Settl, stated in a statement.
The organisation currently operates five co-living facilities in Hyderabad with a total of 300 beds. The centres are situated close to the tech clusters of Jubilee Hills, Gachibowli, and Madhapur. Each bed costs between Rs 9,000 and Rs 12,000 per month.
In these three locations, Settl is increasing the number of beds due to a robust rebound in the co-living market following the disruptions brought on by the COVID-19 pandemic.
“Working professionals are increasingly in demand for managed rental properties. Since the majority of these workers use a hybrid paradigm, they require excellent space for both living and working “explained Tripathi.
Settl sublets workspace to employed individuals after renting out facilities from builders and asset owners for an extended period of time. Its facilities each offer a top-notch combination of co-living, community living, and co-working options. Nearly 90% of the residents are working adults between the ages of 25 and 35.
Due to the epidemic, there is a higher demand for private rooms from business people who value hygiene and seclusion.
Settl has begun preliminary rounds of discussions with possible investors in order to obtain additional capital for the business’ expansion.
Ah! Ventures and We Founder Circle are only two of the investors who have contributed USD 5,00,000 to the business to date.
According to the research “Future of Co-living in India” by real estate consultant Colliers India, there will be 4.5 lakh beds available for co-living by 2024, up from 2.1 lakh by the end of 2021.
