OYO to offer houses on rent with essential services starting at Rs 7,999

Hotel aggregator Oyo Rooms Monday announced its entry into the long-term fully managed housing rental segment under Oyo Living label.

With this, Oyo aims to become a leading brand in the long-term housing rental and accommodations business and a provider of housing, the company said in a statement.

At the launch, Oyo Living is offering over 35 properties, with over 2,000 beds in Noida, Gurugram, Bangalore and Pune, targeted at young professionals.

It plans to take the number to over 50,000 beds by the end of 2019 when it hopes to be present in all the top 10 metros, according to the statement.

Monthly rentals start at Rs 7,999, it added.

Ritesh Agarwal, founder, Oyo Rooms, said, "Oyo Living represents our ongoing commitment to continue innovating and creating world-class stay experiences."

It offers fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. Each accommodation will also provide essential amenities like wi-fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and round the clock caretaking, the company said.

That apart, the residents will also save on brokerage, lock-in periods, it added.

"It also helps the asset owners as Oyo takes the complete control of their property, including regular maintenance and professional upkeep, while ensuring guaranteed rental yields," said Agarwal.

Launched in May 2013, Oyo now has 270,000 rooms under management in over 350 cities with over 12,000 asset partners spread across seven countries - India, China, Malaysia, Nepal, Britain, the UAE and Indonesia.