Oyo eyes millennials with foray into long-term housing

Chennai

 Oyo – a fast growing chain of hotels, homes and living spaces - announced its entry into the long-term fully managed housing rentals - Oyo Living, geared to provide homes at an affordable price for India’s young and growing population.

The brand will offer end to end managed homes that eliminates the hassles of finding, accessing and managing everyday housing. These accommodations are planned as easy to find and live in, where all residents can be part of shared spaces. With this, Oyo aims to become the leading brand in the long-term housing rental and accommodations business and the biggest provider of housing in India. At the time of launch, the brand will have 35+ live properties, with over 2000 beds in Noida, Gurgaon, Bengaluru and Pune, targeted at millennials and young professionals. With most assets currently operating already resulting at full occupancy, it will aim to expand to the top 10 metros by the end of 2019 and will offer over 50,000 beds.

Ritesh Agarwal, CEO & Founder, Oyo Hotels & Homes, said, “Oyo Living was conceptualised based on the feedback and demand from our customers and asset partners. 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.”

Piloted in mid-2018, Oyo Living offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. Each accommodation will also provide essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking.

Elaborating on the value proposition of Oyo Living, Kavikrut, Chief Growth Officer, Oyo Hotels & Homes, said, “These spaces have been designed based on the needs of the millennials, who look for ‘when one stays at home’ feeling during their stays.”