Hi Rashi there has been one major announcement actually. NoBroker.com, which is India’s biggest C2C platform for real estate, has tied up with OYO LIFE which is a rental housing business for the long term. This will enable the company to offer housing for customers through its technology driven platform and instant booking facilities. OYO LIFE has already listed 200+ buildings on the NoBroker.com platform, covering cities like Mumbai, Bangalore, Pune, Chennai, Delhi-NCR and Hyderabad. NoBroker.com is aiming at scaling up its co-living solutions with this tie-up. This announcement is a big addition to the co-living category.
Yeah I think there is a need for people to get quality accommodation in this category which is why it has been expanding so fast. So many things are happening in this space that I often lose track! I think many big companies will also make investments in this segment later on.
Right you are Rashi. Imagine a scenario where people can instantly find accommodation and book it online without any broker hassles, any hidden charges and any confusion regarding agreements. That is the future and rightly so. This was one space that needed disruption for a very long time now. Several youngsters are also thinking of moving out from their PGs since social distancing and other infrastructure are hard to come by at these places. They can now book their chosen property without having to run around from here to there. I have heard that NoBroker.com alone has 5 lakh people looking for homes each month! Imagine the potential size of this market, considering the fact that more than 25,000 people usually get homes at the platform each month.