Gurugram: Coliving operator Settl will open four new centres, with a total capacity of about 300 beds in Gurugram during the next one month. The company is also looking for more properties in Delhi-NCR to expand business amid rising demand for rental accommodation from working professionals. In total, it plans to launch 1,500 more beds in NCR during the FY 24.
The Bengaluru-headquartered firm already has seven 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.
Settl Co-Founder Bharath Bhaskar, says, “The demand for shared spaces and facilities has skyrocketed, not just among bachelors, but also young couples who are seeking an affordable and convenient living arrangement. To cater to their needs, we have introduced fully-furnished one RK (room kitchen) private rooms that provide the perfect balance of privacy and shared living spaces.”
Our one RK apartments offer high-quality beds, sofa-set, LCD, modular kitchen with microwave and utensils, high-speed internet, security systems, and personal washing-machines and so on, to make your living experience comfortable and hassle-free. Whether you are a bachelor or a young couple, our co-living spaces provide an ideal solution for those seeking an affordable and flexible lifestyle, he said.
According to Bhaskar, “The rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience. 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.” 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 one RK (Room & Kitchen) private room, starting from Rs 15,000 per bed per month.
The company, which currently operates in Bengaluru, Hyderabad, and Gurugram, is expanding its presence in the existing as well as new cities. The company 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. Started in 2020, the company entered 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. It 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 per cent of PG occupants are working professionals between the ages of 25 and 35.
The company is planning to expand its business further and is in discussions with potential investors to raise further funds.
