Oyo Life, a housing rental business of Oyo Rooms, is entering in the north-eastern city, Kolkata. The move is a crucial component of its plan to expand its presence in India.
To begin with, the company has already set up co-living residences at Ruby (Anandapur), New Town, Salt Lake and New Alipore areas of Kolkata, reported The Economic Times citing the companys statement in the press release.
The housing rental firm initiates its operations in Kolkata city with over 20 managed buildings and over 700 beds. With this move, the company hopes to change the housing rental segment altogether. It tries to transform housing and rental services with its tech-operated rental housing artifact.
The company targets its housing rental offerings on students, working professionals, and millennials who ascertain furnished homes on a long-term basis at nominal prices.
The business model of Oyo Life is different from other companies in the housing rental space. It operates differently as it offers entire building on a lease, transforms it, regulates inventory and oversees operations to enhance the co-living experience. Further, it offers additional things such as community gaming and interaction spaces in its rental spaces, reported by the cited newspaper.
The company begins its rental house services with INR 4,999 apiece. All Oyo-managed buildings offer essential facilities such as furnishings, CCTV surveillance, television, refrigerator, and wi-fi connectivity.
Oyo Life was conceptualized based on the feedback and demand from our valued customers and building owners for solving the pain-points associated with long-term rentals including high deposits, lock-in periods, non-transparent payments and lack of amenities, CEO-New Real Estate Business at Oyo, Rohit Kapoor told the cited media.
We expect the co-living market to continue to grow and are geared to provide over 100000 beds by 2019 end. This is in line with Oyos mission of creating quality living spaces and experiences, anywhere, for everyone, Kapoor added.
Joining hands with Varsities
Other than making its presence in metropolitan cities, Oyo Life has recently joined hands with academic institutions--Plaksha University, Gurugram and Indian Institute of Technology (IIT), Delhi. Through this tie-up, the housing rental company ensures to manage 500 beds for the student community of above-cited varsities, reported Mint.
The company has signed a concord to render over 500 beds for students in Plaksha Tech Leaders Fellowship in Delhi and Gurugram, and IIT Delhi. It will offer affordable accommodations ranging from INR 6,500 to INR 12,999 per bed, based on the location and size of the room. All these OYO-operated edifices will be equipped with essential facilities.
The company was initiated in October 2018. It has over 500 buildings, more than 30,000 beds and is adding more than 5,000 beds every month. At present, it has its presence in metropolitan cities--Bangalore, Delhi-NCR region and Pune and will expand to 4 new cities--Mumbai, Chennai, Hyderabad, and Kolkata.