Oyo Hotels & Homes is entering the lucrative, yet untapped student housing market.
"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," Rohit Kapoor, chief executive - new real estate business at Oyo, told ET.
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, ascording to a report published by real estate consultancy JLL.
"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," Kapoor said.