Leading hospitality chain OYO group on Thursday, October 31, announced that they have emerged as the country's biggest player in co-living spaces 40,000 plus bed space and over 700 live buildings across 9 cities in the country.
OYO LIFE, which provides rental housing solutions was set up in 2018 in select cities like Pune, Noida, Gurugram and Bengaluru. The co-living space is currently witnessing about 85 percent occupancy with 95 percent of residents renewing their stay. The company has also made tie-ups with prestigious universities like IIT Delhi and Plaksha University.
After its launch in 2018, the company has increased its footprints in the living space sector by expanding further to cities like Mumbai, Hyderabad, Chennai, Delhi and Kolkata. As the company is celebrating its first anniversary it plans to set up 100,000 beds across major cities in the country by the end of 2020.
OYO LIFE provides furnished bed spaces with no brokerage and limited lock-in with affordable rates, starting from Rs 5,999. Most of them are located at safe and secure locations with all amenities such as Wi-Fi and security systems with vibrant community life.
The CEO of New Real-estate Business, OYO LIFE, Rohit Kapoor while talking to the media said that "OYO LIFE is about the quick transformation of a raw building into a beautiful living space with just 15 days and is increased asset liquidity. 95 percent of our asset owners continue to stay with us as they get higher than market value."
"Technology and design have always been key differentiators for us as well as our focus on building a community of young professionals through our in-house networking and community events," he said.
He said that there is a 50 member team working just for Bengaluru and technology is the key element. OYO LIFE app has a rating of 4 with over 500,000 downloads within the last few months and the website gets 1.6 million visitors per month searching for rental spaces.