Co-living operator Settl said it plans to extend operations in Delhi-NCR by opening four new centres in Gurugram with a total capacity of about 300 beds, by May 2023.
Cumulatively, Settl plans to launch 1,500 more beds in NCR during FY24.
“The rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience," said Settl Co-Founder Bharath Bhaskar.
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, he added.
Currently, the company has seven operational co-living properties with approximately 700 beds 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 1 room and kitchen (1RK) private room, starting from Rs 15,000 per bed per month.
Besides Gurugram, the company currently has 1,200 beds in Bengaluru and 300 in Hyderabad.
The company plans to touch 2,200 beds in NCR and 5,000 across India by March next year.
"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 added.
Last October, the company added 1,000 beds in Hyderabad to meet the rising demand from working professionals.
Previously, investment management company Colliers said in a report that the co-living segment is expected to have 450,000 beds by 2024, mainly in the organised sector, more than double from 210,000 beds at the end of 2021.
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