Settl. to expand co-living business with four new centres in Gurugram

Co-living operator Settl. is set to expand its business with the opening of four new centres in Gurugram, which will have a total capacity of about 300 beds. The move comes amid rising demand for rental accommodation from working professionals in the Delhi-NCR region. In total, Settl. plans to launch 1,500 more beds in NCR during the financial year 2024. Settl. already has seven operational co-living properties in Gurugram with approximately 700 beds. The target is to touch 2,200 beds in NCR and 5,000 across India by March next year.

The demand for co-living spaces has been on the rise in metro cities like Gurugram, and millennials are the driving force behind the economy in such places. According to the co-founder Bharath Bhaskar, the rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience. The company offers fully furnished and managed accommodation with all necessary furniture and fittings, as well as common amenities such as living spaces, game zones, workspaces, and more.

Settl.'s expansion plans come as a testament to the growing trend of co-living spaces in India. The rise in demand for co-living spaces has been fuelled by factors such as increasing urbanization, changing lifestyles, and a growing number of millennials and working professionals seeking affordable and flexible housing options. According to a report by JLL India, co-living is expected to grow at a compound annual growth rate of 17% over the next five years, with the segment potentially reaching 2.6 million beds by 2023.

The co-living trend has gained significant momentum in the past few years, with several players entering the market, including Zolo, Oyo Life, and Stanza Living. The market for co-living spaces in India is highly fragmented, with various players operating in different segments of the market. According to a report by Savills India, the co-living segment is likely to become more consolidated over time, with larger players entering the market and smaller players either merging with larger players or going out of business.

Settl.'s focus on providing fully managed spaces equipped with modern amenities and a vibrant community has helped it attract co-living occupants. The company strives to create a sense of belonging and foster meaningful connections among its residents.

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Settl. to expand co-living business with four new centres in Gurugram

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