Co-living player Settl to expand in Hyderabad

Hyderabad: Co-living operator Settl said it will add 1,000 beds in Hitec City to meet the rising demand for quality homes from working professionals. Bengaluru-headquartered Settl already has five co-living centres comprising 300 beds at Madhapur, Gachibowli and Jubilee Hills. The company charges between Rs 9000 and Rs 12,000 per bed per month. “With a […]

Hyderabad: Co-living operator Settl said it will add 1,000 beds in Hitec City to meet the rising demand for quality homes from working professionals. Bengaluru-headquartered Settl already has five co-living centres comprising 300 beds at Madhapur, Gachibowli and Jubilee Hills.

The company charges between Rs 9000 and Rs 12,000 per bed per month.

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“With a return to office picking up, the demand for managed rented accommodation has significantly increased,” Settl Co-Founder Abhishek Tripathi said. It will add 1,000 beds by the end of the financial year 2022-23, he said.

“We are witnessing a surge in demand for managed rented homes from working professionals. Most of these employees are working on a hybrid model and they need quality space for living and work purposes,” he said.

Starting in 2020, the company currently has 1,500 beds of which 900 beds are in Bengaluru and 300 each in Hyderabad and Gurugram. The target is to touch 3500 beds by March next year. It takes properties from builders and asset owners on a long-term lease and then sub-leases to working professionals.