April 29, 2024: Bangalore-based co-living operator Settl witnessed the expansion of its operational bed capacity by 100% in the financial year 2023-24 to reach 4,000 beds across Bangalore, Hyderabad, Chennai and Gurgaon. This marks an increase from the 2,000 beds the company operated in the previous year, according to an official release.
Settl’s revenue also witnessed a 100% increase to reach Rs 33 crore at the end of March 2024, compared to Rs 15.5 crore at the end of March 2023. The company’s growth reflects the rising demand for co-living spaces in major Indian cities, particularly among young professionals.
Abhishek Tripathi, Founder of Settl. Said, “This approach allows Settl to offer residents a hassle-free and convenient living solution. Residents benefit from modern amenities, a sense of community, and a streamlined leasing process. Settl’s strong performance indicates that co-living is a growing segment within the Indian real estate market, driven by the country’s economic expansion and the influx of multinational companies setting up shop in major cities.”
“Tech hubs like Bangalore, Chennai, Gurgaon and Hyderabad, are witnessing a surge in demand for co-living spaces from young professionals and students. MNCs as well as domestic companies setting up shop in these cities are fueling this even further. The young generation craves a comfortable, connected lifestyle, and co-living offers exactly that,” Tripathi said.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
