What’s your definition of the business class of co-living, what was the eureka moment that propelled this idea and led to creation of Housr?
I studied the co-living market very thoroughly for around 24 years and felt that something was amiss, I realised that many players in this business were more interested in increasing their revenue than improving the product. Believing that I had much more to offer in this space, I left my corporate career of more than 15 years and turned to entrepreneurship. With Housr we approached the co-living market a differently, believing a premium product would find takers. I figured out there was a market opportunity for a much standardised product in the premium offering and created secure accommodations with all the modern amenities on the lines of a business-class hotel.
What are the factors that differentiate Housr from its competitors?
Housr is known for providing hassle-free lifestyle to its residents. The brand differs from the competitors in various aspects including our quality of spaces, amenities & services, rent, management, amenities, locations etc. explained as below:
● Accommodation with Housr is intended for the working segment of the population with top-paying jobs, the professionals who prefer luxurious stay options over pocket-friendly prices.
● The properties have exclusive rooms designed by the top interior experts in the
country to ensure maximum comfort while working or relaxing.
● All our properties are located at the city’s most prime locations along with the longest list of amenities included in the monthly rent - doorstep laundry, regular housekeeping, high-speed internet, in-house meals, gyming zone, community area, cafeteria, and vending machines.
● For the entertainment of our residents there are sprawling terrace gardens, barbeque
stations, mini-golf courses, theatre rooms, and breakout rooms with video game consoles. We host regular community events like stand-up nights, quiz shows, TT tournaments etc.
Has there been changes in people’s preferences post covid, how has it affected the demand for co-living/rental properties at Housr?
There has been a significant change in the lifestyle with reduced focus on saving
money by sharing a room with other people and a greater willingness to pay higher
rental rates for private, and hygienic rooms.
Demand for accommodation with Housr is already up to pre-Covid levels, with a greater demand for single room occupancy. Currently we have the occupancy rate of 98% which is highest in the industry.
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What kind of technological innovations Housr has introduced and how is it benefitting the customers/tenants?
We bring the most innovative ideas to the table in order to continuously grow as a brand and enhance the living experience of our residents. Improving process efficiencies, generating new business and leveraging growth opportunities are the main goals that Housr is addressing via technology.
Use of modern tech by Housr in its operations
● Backend dashboards and visual data for day-to-day decisions and optimisations using tech backend
● Running the operations at full capacity by using technology to optimize resources like housekeeping, security, F&B etc.
● Implementation of mobile solutions via the Housr App for customer engagement and one-click resolutions.
● Super easy tech platform for listing for owners/developers to accelerate supply.
Tell us about your funding and expansion plans
We aim to onboard around 12,000-14,000 beds under Housr’s portfolio by FY23. We are planning to expand to cities such as Chennai, Noida, Ahmedabad, Chandigarh and Jaipur. We are also looking to rise between $20 to 30 million in another round of funding in the next few months which will be primarily used for expansion activity. The funding will help us to grow six to seven times from where we are by March 2024.
