Oyo Life starts co-living operations in Kolkata
The company hopes to revolutionise the housing and long term rental offerings with its hassle-free, and technology-driven rental housing product in Kolkata.
To begin with, the company has already set up co-living residences at Ruby (Anandapur), New Town, Salt Lake and New Alipore areas of Kolkata, the company release said. Starting operations in the city of joy with 20 plus fully managed buildings, 700 plus beds, Oyo Life hopes to revolutionise the housing and long term rental offerings with its hassle-free, and technology-driven rental housing product in Kolkata.
Targeted at millennials, students and professionals in search of fully managed, furnished 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.
Unlike aggregators in the industry, Oyo Life leases an entire building, transforms it, controls inventory and manages operations end-to-end for a superior co-living experience, replete with break-out zones, community gaming and interaction areas.
Starting at an affordable price of Rs 4,999 per bed onwards, all Oyo Life buildings are equipped with essential amenities like wi-fi connectivity, television, refrigerator, furnishings, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking.
Elaborating on the company’s growth trajectory and plans for Kolkata, Oyo CEO-New Real Estate Businesses Rohit Kapoor said: “Oyo Life was conceptualized based on the feedback and demand from our valued customers and building owners for solving the pain-points associated with long-term rentals including high deposits, lock-in periods, non-transparent payments and lack of amenities.”
Working professionals and students today look for a place to stay which is not only closer to their offices and academic institutions but also offers world-class amenities at affordable rates. By bringing such groups of millennials and professionals together for a hassle-free, networking and facilities rich rental experience, Oyo Life is altering the long term rental paradigm, the release added.
“We expect the co-living market to continue to grow and are geared to provide over 100000 beds by 2019 end. This is in line with Oyo’s mission of creating quality living spaces and experiences, anywhere, for everyone,” Kapoor said.
Currently, Oyo Life has more than 500 plus buildings, 30000 plus live beds. The company is adding 5000 plus new beds every month making it one of the largest businesses for branded fully-managed housing for millennials in India as of August 2019. It is present in four cities - Delhi, NCR, Pune, Bengaluru and intends to expand its base to four more cities, namely Hyderabad, Chennai, Kolkata and Mumbai. The company is currently witnessing nearly 85 - 90% occupancy (matured buildings).