OYO Life, fully managed housing rental solutions company and part of the OYO group, on Thursday announced its tie up with the Indian Institute of Technology (IIT), Delhi and Plaksha University in Gurugram for managing 500 plus beds for the student community.
The company is poised to tap the opportunity by providing fully managed, long-term rental solutions to students, given the growing student intake in metropolitan cities and the consequent shortage of on-campus hostel facilities.
OYO Life has signed an agreement to provide 500+ beds for students of both IIT Delhi and Plaksha Tech Leaders Fellowship in Delhi and Gurugram to provide affordable accommodations starting from Rs6,500 and going up to Rs12,999 per bed, per month, depending on the location and size of the room. All OYO Life buildings will be equipped with essential amenities like Wi-Fi connectivity, television, refrigerator, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking.
Targeted at millennials and young professionals in search of fully managed homes on long-term rentals, at affordable prices, OYO Life offers end-to-end managed, comfortable, high-quality living experience that eliminates the hassles of finding, accessing and managing everyday housing.
“We are excited to partner with IIT Delhi and Plaksha’s Tech Leaders Fellowship to offer our first-of-its-kind, end-to-end fully managed housing experience for the students. As academic pursuits today require more flexibility and mobility, the demand for fully furnished, fully maintained, internet-ready accommodations and innovative services have increased manifold...We are confident that our growing presence in the student housing segment will enable us to scale 100K beds by 2019-end," said Rohit Kapoor, CEO (new real estate businesses) OYO.
Launched in October 2018, OYO Life has more than 500+ buildings, 30,000+live beds and is adding 5,000+ new beds every month making it one of the largest businesses for branded fully-managed housing for millennials in India. Currently, OYO Life is present in Delhi-NCR region, Pune and Bangalore and is expanding to 4 more cities--Hyderabad, Chennai, Kolkata and Mumbai.