OYO to enter assisted-living spaces for senior citizens

OYO, the hotel booking startup, may look into retirement homes and assisted-living spaces for senior citizens in the future, according to a report by The Times of India.

The $5 billion-valued company may look into the area with its New Real Estate Businesses arm which also includes OYO Life, a co-living vertical targeted at millennials and young professionals.

“Assisted living for senior citizens could be a natural extension for our business,” said OYO’s New Real Estate Business CEO Rohit Kapoor to the paper.

According to a study by CII, by 2050, the population of the elders will reach 300 million in India, accounting for 18 percent of the total population.

“They will need to create the industry similar to how they are standardizing co-living spaces. The market existed in an unorganized way and OYO has been able to shape it up and brand it through OYO Life,” said Anuj Puri, the chairman of Anarock Property Consultants, to the paper.

Data from real estate services company Anarock show that there are only 4,500 senior living units available in the domestic market in India, with more than 2,000 units under various stages of production. By 2026, the elder care services market in India is expected to reach $1,900 billion.