Co-living operator Settl to open 10 new centres in Chennai

financialexpress.com:

Co-living operator Settl., which is managing 3,500 beds across Bengaluru, Gurugram and Hyderabad, plans to enter the Chennai market where it will soon launch 300 beds catering to working professionals.

Settl. currently manages 1200 beds in Gurugram, 1,700 beds in Bengaluru, and 600 beds in Hyderabad. It offers accommodation between Rs 11,000 and Rs 24,000 per month per bed, depending on the location, city, and available amenities. Roughly 80-90% of occupants at Settl. are working professionals between the ages of 25 and 35.

The goal is to reach 5,000 beds across India by the end of March 2024.

“We are looking to expand our business as demand for quality rental accommodations which are fully managed is rising. Chennai offers a huge potential for co-living centres. We have identified a few buildings and are in talks with landlords to onboard these properties,” said Settl. Co-Founder Abhishek Tripathi.

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To begin with, the company plans to launch 300 beds in Chennai and will scale up to 1,000 beds by the end of this fiscal. According to Tripathi, “The demand for managed rented co-living accommodation is rising across the country in major cities and even in Tier-II cities. Chennai is an untapped market with negligible options for quality co-living spaces offering managed community living and convenience. Millennials, who are the driving force behind the economy, are increasingly turning to co-living spaces for a seamless living experience.”

In Chennai, the centers will be strategically located in close proximity to central business districts and office areas. This will not only cater to working professionals, cutting down commute times, but also offer