Co-living operator Settl. to double its bed strength to 5,000 by FY24-end

Bengaluru based co-living operator, Settl. is aiming to double its bed strength to 5000 by the end of this financial year (FY24). At present, the company has around 2500 beds across Bengaluru, Hyderabad, and Gurugram.

Settl. already has 7 operational co-living properties with approximately 700 beds in Gurugram. It is also set to open four new properties with about 300 beds in the next one month, the firm said in a statement.

It is looking for more properties in Delhi-NCR and plans to launch 1,500 more beds during FY24. Besides Gurugram, the company currently has 1,200 beds in Bengaluru and 300 in Hyderabad. 

“The rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience and 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," said Bharath Bhaskar, co-founder, Settl.

In Gurugram, the centres are located in various sectors of the city. These centres have options to choose from fully-furnished managed shared room accommodations, as well as 1 RK (Room & Kitchen) private room.

"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," Bharath said.

Settl., which was started in 2020 and currently operates in Bengaluru, Hyderabad, and Gurugram, is expanding its presence in the existing as well as new cities. It is in discussions with potential investors to raise further funds.

Settl. entered into long-term lease agreements with builders and asset owners. It designs and develops the properties as per the need and demand of occupants before sub-leasing the space to working professionals. 

The company said that approximately 80-90 per cent of occupants at its centres are working professionals between the ages of 25 and 35.