Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.
Co-living provider Settl is embarking on an ambitious expansion plan that will see the launch of ten new co-living centres in the city of Chennai. With a current presence in Bengaluru, Gurugram, and Hyderabad, where it manages 3,500 beds, Settl is capitalizing on the increasing demand for fully managed, quality rental accommodations. In light of the housing needs of the millennial workforce, Settl is positioning itself for substantial growth. The co-living operator is actively engaged in discussions with potential investors to secure additional funding for its expansion plans.
Presently, Settl manages a total of 3,500 beds in Bengaluru, Gurugram, and Hyderabad. The rental prices vary from INR 11,000 to INR 24,000 per month per bed, contingent on factors such as the location, city, and the range of amenities offered. The primary target demographic for Settl comprises working professionals aged between 25 and 35, constituting roughly 80-90% of the tenant base.
Looking ahead, Settl's vision involves growing its bed capacity to 5,000 across India by the conclusion of the 2024 fiscal year. The company's leadership is underpinned by the recognition of a burgeoning market for quality co-living spaces, which offer the convenience of managed community living.
The initial foray into Chennai involves the launch of 300 beds, with an ambitious plan to scale up to 1,000 beds by the end of the fiscal year. Settl is strategically locating its centres close to central business districts and office areas. This approach is intended not only to accommodate working professionals by reducing commute times but also to offer them the allure of a stress-free, managed living option.
Settl currently operates by establishing long-term lease agreements with builders and asset owners. This allows the company to design and develop properties based on the needs and preferences of its residents before sub-leasing these spaces to working professionals.
Settl was founded in 2020 and has been actively extending its footprint in both its existing locations and new cities. The company delivers fully-furnished and managed accommodations equipped with all essential furniture and fittings. Additionally, Settl's facilities include common amenities like communal living spaces, game zones, workspaces, and more to enhance the living experience for its residents.
The demand for co-living spaces in India has been steadily increasing in recent years. Factors such as the desire for flexible lease terms, reduced hassle in finding furnished accommodations, and the opportunity to be part of a vibrant community have driven many young professionals and millennials to explore co-living options. Settl's strategy aligns with this trend, aiming to provide a high-quality living experience for this demographic.
With its plans to grow its footprint and enter new cities, Settl is positioning itself as a significant player in the Indian co-living market. The co-living trend has gained considerable momentum in India and is likely to continue growing, making companies like Settl important contributors to the evolving real estate landscape in the country.
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