Settl Announces To Add 1,000 Beds In Hyderabad

Settle Announces To Add 1,000 beds in Hyderabad to expand the business. It has co-living space in Hyderabad near major tech hubs of the city

Settl a Co-Living operator announces to add 1,000 beds in Hyderabad to expand business amid rising demand for managed rented homes from working professionals. The company was started in 2020 and it has 1,500 beds currently out of which 900 are in Bengaluru and 300 each in Hyderabad and Gurugram.

"With the return to office picking up, the demand for managed rented accommodation has significantly increased. All our centres in Hyderabad are doing very well. We will be adding 1000 more beds by end of FY'2023," Settl Co-Founder Abhishek Tripathi said in a statement.

Currently, the company has five co-living space centres in Hyderabad with a total of 300 beds. Madhapur, Gachibowli and Jubilee Hills are the areas where the spaces are located. It charges Rs 9,000-12,000 per bed per month.

"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," Tripathi said.

Settl takes properties from builders and asset owners on a long-term lease and then sub-leases the space to working professionals. Each of its facilities provides a high-quality mix of co-living, community living and co-working solutions. About 90 per cent of the occupants are working professionals in the age group of 25 to 35 years.

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