As part of its expansion plans, OYO, the hospitality company has announced it’s venturing into long-term housing rentals. Its called OYO living and it is targeted at the Millennials to ensure a hassle-free finding of rental places for themselves and manage everyday housing issues with ease.
“These accommodations are easy to find and easier to live in, where all OYO Living residents can experience the benefits of shared spaces at an affordable price,” the company said in a statement.
With more than 35 properties and 2000 rooms, OYO will begin these operations in Noida, Gurgaon, Bengaluru, and Pune to start with and expand to top 10 metros with 50,000 beds by the end of 2019.
The Idea
As per the CEO of OYO, Ritesh Agarwal, OYO Living was designed basis customer feedback and demands along with the suggestions of asset partners. OYO Living aims at providing state of the art living to young professionals and saves them the hassles of support services, brokerage and lock-in periods. So if you opt for OYO living, you will not have to worry about paying brokerages, or finding domestic help or even signing a specific time period lease. Easy and comfortable living awaits you at OYO, and the rental plans start from INR 7,999 per bed.
Housing Projects Market
Meanwhile, the numbers of new housing projects are growing in the country at a rapid speed.
As per the latest report by Anarock Property Consultants housing projects across seven key cities went up by 10% in the first half of 2018 as compared to last year. While Knight Frank report suggests a net rise of 46% in new launches at 91,739 housing units during the same period.
Competition
Other startups such as NestAway, Homigo, CoLive are also offering various accommodation services. Stanza Living, is another player that provides affordable renting options along with services like food, laundry, security, wifi etc in Delhi NCR and are launching soon in Jaipur, Hyderabad, Pune, Bengaluru, and Indore.
OYO Living ran its pilot operations during mid-2018 and saw this as a correct time to launch the project.
“We saw this as a huge opportunity and decided to leverage our hospitality experience to offer a first of its kind end-to-end fully managed living experience,” the statement cited Agarwal as saying.
