Co-living operator Settl, which is managing 3,500 beds across Bengaluru, Gurugram and Hyderabad, plans to enter the Chennai market where it will soon launch 300 beds catering to working professionals.
Settl currently manages 1200 beds in Gurugram, 1,700 beds in Bengaluru, and 600 beds in Hyderabad. It offers accommodation between Rs. 11,000 to Rs. 24,000 per month per bed, depending on the location, city, and available amenities. Roughly 80-90% of occupants at Settl. are working professionals between the ages of 25 and 35.
The goal is to reach 5,000 beds across India by the end of March 2024.
"We are looking to expand our business as demand for quality rental accommodations which are fully managed is rising. Chennai offers a huge potential for co-living centres. We have identified a few buildings and are in talks with landlords to onboard these properties," said Settl Co-Founder Abhishek Tripathi.
To begin with, the company plans to launch 300 beds in Chennai and will scale up to 1,000 beds by the end of this fiscal. According to Settl Co-Founder Abhishek Tripathi, “The demand for managed rented co-living accommodation is rising across the country in major cities and even in tier-II cities. Chennai is an untapped market with negligible options for quality co-living spaces offering managed community living and convenience. Millennials, who are the driving force behind the economy, are increasingly turning to co-living spaces for a seamless living experience."
In Chennai, the centers will be strategically located in close proximity to central business districts and office areas. This will not only cater to working professionals, cutting down commute times, but also offer them a stress-free managed living option.
Settl., currently is in the process of expanding its presence both in existing and new cities. They offer fully-furnished and managed accommodation with all necessary furniture and fittings. Additionally, they provide various common amenities such as living spaces, game zones, workspaces, and more as part of their offerings.
Abhishek Tripathi emphasized, "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 coliving 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."
Established in 2020, Settl. enters into long-term lease agreements with builders and asset owners. They design and develop the properties according to the needs and demands of occupants before sub-leasing the space to working professionals.
Settl. is actively pursuing further business expansion and is currently in advance discussions with potential investors to raise additional funds.
