OYO launches Home Management Service to unlock second homes

Piloted in December 2016, the team will focus on locked and unused homes across top holiday destinations in the country, OYO said in a release.

It is already managing over 300 private homes including villas, apartments, bungalows and farmhouses in five cities.

"India's top holiday destinations have a sizable number of homes that are locked and unutilised. Homeowners are unable to put these assets to personal or commercial use due to lack of time and-or expertise in home stay-management. We saw this as an untapped opportunity where our business has existing synergies," OYO Chief Growth Officer Kavikrut said.

He said there is significant market opportunity especially as people have invested in second homes in top holiday destinations across India.

"In Goa, the supply of housing has increased by 25 per cent between 2001 to 2011, while the population increased by 8 per cent in the same period. The 2011 census shows that 85,000 residential units remained unoccupied out of the total 5.76 lakh houses on record," he said.

The vacancy rates have increased by 62 per cent since the last census and home owners are unable to utilise these assets because there is no trusted maintenance and management partner, he added.

He said OYO has set up internal teams to build upon its design expertise and are also entering into partnerships in this space.