India: Coliving operator Settl says it will add 1,000 beds in Hyderabad to meet the rising demand from young professionals returning to the office.
The company has started preliminary discussions with investors to obtain additional capital for its expansion. Colliers said in a recent report that the Indian coliving segment is expected to have 450,000 beds by 2024, mainly in the organised sector, more than double the 210,000 beds at the end of 2021.
Settl, which was founded in 2020 operates five coliving facilities in Hyderabad with a total of 300 beds, and has 1,500 beds across India.
Nearly 90 per cent of its customers are working adults between the ages of 25 and 35. Settl co-founder Abhishek Tripathi said: “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 1,000 more beds by end of FY2023.”
