The luxury rental and boutique homestay sector in India is poised for exponential growth, highlights Noesis’s latest report ‘Home away from Home’. The concept will also help hospitality brands to diversify to expand their portfolios as well as help the local population to monetise on their unused assets. “Development of the organized luxury rental sector in India is pivotal for the growth of the economy especially in the underdeveloped and rural areas. This is an untapped industry with major potential and the early adapters will no doubt benefit greatly from it” says Nandivardhan Jain, CEO, Noesis Capital Advisors. While India’s travel market is projected to grow at 11% to 11.5% which will reach around a whopping 48 billion dollars in 2020. India still needs to add 2.5 million rooms in the homestay segment as reflected by an increase in foreign tourists’ arrival in 2017 which was 16.81 million to 17.81 million in 2019.
