Co-living space provider Settl plans to enter the Delhi market and add 2,000 beds across the National Capital Region, Bengaluru and Hyderabad by June 2023, the startup said on August 31, as demand for shared accommodation among working professionals grows.
The Bengaluru-based company aims to double the beds to 4,000 by June 2023 and plans to add at least 1,000 beds in NCR, of which Delhi is a part, alone. Launched in 2020, the company has 2,000 beds across 40 properties in Bengaluru, Gurugram and Hydearbad.
"We are currently present in three cities and we want to expand to three new cities, including Delhi and Noida by June 2023," Settl co-founder Abhishek Tripathi said.
The startup was looking to raise funds to expand the business and was in preliminary discussions with potential investors, he said.
Co-living spaces are community-based housing facilities that combine the features of hotels with those of private homes. They can be private or shared rooms with common space for interactions and offer a range of services such as utilities, housekeeping and connectivity.
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Some players are also offering luxury co-living, with rents that are almost double or more.
The company was seeing a surge in demand for managed rented homes from working professionals, he said.
“Most of these employees are working on a hybrid model and they need quality space for living and work purposes," Tripathi said.
The co-living sector has recovered from the impact of the COVID-19 epidemic with the reopening of offices and colleges, and demand for rental properties has increased significantly.
Last year December, investment management company Colliers said in a report that the co-living segment in India was expected to have 450,000 beds by 2024, mainly in the organised sector, more than double of 210,000 beds at the end of 2021.
Co-living occupancy is expected to recover in 2022 as the workforce expands and the student population grows and look for organised modern accommodation, it said.
Tripathi said Settl beds were in a price range of Rs 11,000-18,000 a month, depending on the city, location and facilities.
About 80-90 percent of the occupants were working professionals aged between 25 and 35 years, he added.
Settl takes properties from builders and asset owners on a long-term lease and then sub-lease the space to working professionals.
Launched in 2020, the company has 2,000 beds across 40 properties in the three cities.