The Gurgaon-headquartered company expects to mark its entry into the sector by next quarter, through its long-term rental and managed residential business, Oyo Life.
NEW DELHI: Oyo Hotels & Homes is entering the lucrative, yet untapped student housing market, as the SoftBank-backed hospitality chain continues to expand its suite of offerings to bring multiple real estate asset classes under its portfolio.
The Gurgaon-headquartered company expects to mark its entry into the sector by next quarter, through its long-term rental and managed residential business, Oyo Life, according to a senior executive in the company.
“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.
The student housing market in the West is estimated at $200-$300 billion.
Oyo Life has emerged as one of its top brands, with the company expected to commit significant capital towards its growth. While Kapoor did not provide a specific capital allocation plan, Oyo Life, which was launched barely six months ago, is expected to garner a significant portion of the $200 million committed to the Indian market by the SoftBank-backed company.