OYO LIFE expands to student housing segment; looks to scale to 100,000 beds this year
Managed housing rental solutions player, OYO LIFE, on Thursday, confirmed that it is now expanding its footprint in the student housing segment as well.
Traditionally catering to first jobbers and professionals, in a statement, OYO LIFE said that it tieing up with marquee institutes like IIT Delhi and Plaksha University’s Fellowship Programme in Gurugram and will be managing over 500 beds for the student community through these partnerships.
Rohit Kapoor, CEO, New Real Estate Businesses, OYO Hotels & Homes joined the company in 2018.
The solutions’ affordable accommodations will start as low as Rs 6,500 and go up to Rs 12,999 per bed, per month (in some cases, depending on the location and size of the room).
In addition to this, all OYO LIFE buildings will be equipped with essential amenities like Wi-Fi connectivity, television, refrigerator, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking.
“As academic pursuits today require more flexibility and mobility, the demand for fully furnished, fully maintained, internet-ready accommodations and innovative services have increased manifold. OYO LIFE recognises this need and provides a hassle-free fully managed service to students looking for a place to stay closer to their academic institutions,” said Rohit Kapoor, CEO, New Real Estate Businesses, OYO.
Rohit also added that the company was confident that with OYO LIFE’s growing presence in the student housing segment, it will scale to 100,000 beds by the end of 2019.
Launched in Oct 2018, OYO LIFE has more than 500 buildings, 30,000 live beds, and is adding more than 5,000 new beds every month, making it one of the largest businesses for branded fully-managed housing for millennials in India (as of Aug 2019).
At present, OYO LIFE is present in four cities in India -Delhi, NCR, Pune, Bengaluru, and are rapidly expanding our base to four more cities - Hyderabad, Chennai, Kolkata, and Mumbai.
(Edited by Saheli Sen Gupta)