New Delhi, 22 October 2024: Housr, a rapidly growing luxury co-living brand, has set its sights on expanding its footprint. Along with gearing up for new launches in its existing cities, the company plans to add over 3000 beds in about 30 new properties across seven-seven cities, pushing the number of beds to over 8000 in 100 properties by March 2025.
The company is further planning to explore opportunities in new markets, aiming to hand over 11-12 properties currently in the pipeline along with foraying into new markets, including Chennai & Chandigarh, over the next 3-4 months. With an average occupancy rate between 95-98%, Housr has been quickly adapting to the dynamic market trends.
Sharing more details about the expansion spree, Deepak Anand, Co-founder & CEO, Housr said, “On average, we deliver 3-4 properties per month across our existing markets, and that helps us to maintain a steady pace towards our goal of 100 properties by the end of this fiscal year. Before the pandemic hit us all, we saw significant demand for twin-sharing rooms. However, post-pandemic, the preference has shifted dramatically. We saw exponential demand for single occupancy and, over time, for even more private spaces. At present, we are witnessing the highest demand for 1 BHK units, which is why we are heavily investing in creating new inventory to meet this growing need.”
Talking about Housr’s growth in the past two years, Deepak Anand added, “In the last two years, Housr has tripled in size, driven by both organic and inorganic growth. We’ve seen the market evolve significantly, with tenants willing to pay more for better amenities and larger living spaces. As a result, we’ve transitioned from offering premium to super-premium products to match the demand. We are targeting high-growth areas like Golf Course Road and South City in Gurugram, HSR Layout in Bangalore, and Kondapur and Madhapur in Hyderabad, where the demand for ultra-luxury accommodations is soaring,”.
Housr’s super-premium projects have also attracted corporate clients, who lease entire buildings for their employees. “There is a substantial potential in the B2B market that no other co-living player has tapped into at this level; companies that used to house employees in luxury hotels are now turning to us for long-term stays, which has become an additional revenue stream for our business.” As mentioned by Anand.
On its track to achieve an annual run rate of ₹150 Crore, the company is currently operating at an annual run rate of ₹100 Crore and aims to double this figure over the next 12-15 months. Housr’s portfolio has over 5,000 operational beds across 74 properties in five cities, including Gurugram, Bangalore, Hyderabad, Pune and Vizag.