IIT-B, OYO may tie-up for accommodations

Imitating the model adopted by its sister institute in Delhi, the Indian Institute of Technology-Bombay (IIT-B) is in talks with the rental solutions startup OYO

Imitating the model adopted by its sister institute in Delhi, the Indian Institute of Technology-Bombay (IIT-B) is in talks with the rental solutions startup OYO LIFE to provide accommodation for its students, said sources from the institute.

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In September, OYO LIFE, a rental solutions company of the OYO group, had announced a tie-up to manage more than 500 beds for students at IIT-Delhi and Plaksha University in Gurugram. Sources said IIT-B has proposed a similar tie-up to research scholars and called for applications from interested parties. A meeting between research scholars and Tapanendu Kundu, dean of student affairs, IIT-B, was held on Monday to discuss the proposal, which comes at a time when the institute is facing a severe funds’ crisis.

“The number of students and research scholars has increased manifold over the past few years and there is a dearth of hostel space. So we are in talks with OYO LIFE and a couple of other companies to work out a rental solution for our students to bridge this gap,” said Kundu.

According to the agreement with IIT-D, OYO LIFE will provide accommodation in the range of ₹6,500 to ₹12,999 per bed, per month. The rate is determined by the size of the room and its location.

The response has not been enthusiastic so far as most scholars want to stay on campus, said sources. At present, the 550-acre campus in Powai houses 17 hostels. There are around 60 quarters for married scholars or students and there is a waitlist of more than 200. Four hundred flats for married students are still under construction. “The policy is yet to be finalised. We are discussing terms with the companies. The rental fee, number of units and other details will be decided in time,” said Kundu.

When contacted, OYO LIFE refused to comment on “market speculations” and said, “For us, at OYO LIFE, student housing is a key use case under the larger rental housing segment umbrella, which we are focused on in India.”