Oyo is a company which has smashed all the records in India and is doing the same in every country it goes in. It is a company which works in tandem with all the countries it enters. It has always managed to be plausible to the local people in that country and this is why it is growing faster every moment. Oyo is aiming to become the biggest hospitality company in the world by 2023 and it is not leaving any stone unturned.
Another market which falls into Oyo’s ambit has been discovered by the company and it is not wasting a moment extra on tapping it. The student housing market in India is growing every single day. The company has been looking at it for a while now and not only Oyo but many other companies have been looking at it. But to Oyo’s benefit not many have entered the market. It will be the first company with deep pockets to enter the student housing market in India.
India has around 34 million students in higher education space. This number exceeds the student housing market in the west by two-fold. This is where the company is going to hit hard. The Indian hospitality company does not look at this market as a whole new category but looks at this as a sub-category. However, the chief executive of the real estate business at Oyo, Rohit Kapoor was full of words when asked about this venture of the company.
Kapoor said that the company would be surprised if it takes more than a quarter to set up this business. “We do not see student housing as a separate category, but as a sub-category. We are serious about it (student housing), and we will be surprised if it takes us more than a quarter to enter the space in India,” he opined.
He also talked about Oyo’s best brand Oyo Life and how it is run. “OYO Life is run under an exclusive inventory model, where we take over the entire building, tower, and independent houses. We take fixed monthly contracts and will be working with large developers and independent asset owners. These are going to be fully managed properties, where for the customer, OYO takes care of everything from maintenance, cleaning, and WiFi to furnishing of spaces,” said Kapoor.
Coming back to the student housing, the report titled ‘Student Housing – A new dawn in Indian Real Estate’, there were some staggering numbers revealed. The report read, “India has approximately 34 million students in the higher education space, which is more than double the size of the advanced and large student housing markets in the West… The ten leading states in terms of the number of students in the higher education space experience an unmet demand to the tune of 30%-60%, as per official statistics available.”