Super Budget Hotel A Threat To Affordable Housing Industry

Affordable housing usually dabbles with home ownership but this is not the case with Rhea Silva who is focusing on another area. She currently has eyes for a budget hotel located in western India with 240 rooms. This is a common offering in many countries including value hotel in Sukhumvit because of the expensive accommodations nowadays.

Silva who is 25 years old is Chototel’s founder as well as managing director. In the Hindi language, chotu means small. The aim of the project is to provide a private sector that can be substituted to social housing. This is offered to people who cannot afford to buy their own house. The pilot project is a good chance especially as it has been chosen in a location outside of Mumbai.

Silva was recently the recipient of Innovative Shelter Award from the Habitat for Humanity. She shared that as a founder,the most undesirable tasks for her is to network and to gain attention to herself. Despite this, she was willing to conduct the talk during the Asia Pacific Forum held in Hong Kong.

Chototel is scheduled to launch in December and it aims to solve two current issues in the housing sector –the big gap in the housing industry and the demand in the housing market which is changing in a faster pace.

Many people still believes that owning a house will be able to provide them with a source of security but with the current trend, owning one is very hard because of the high prices. There is no existing model that bridges the gaps between having the capacity to buy a house and getting a price that is similar to that in the rental market. Silva said that when she was growing up, her entire family was dedicated in providing affordable housing in Mumbai even after they have migrated to London, the current headquarters of Chototel.

There are changes in the market according to Silva and more and more people are accepting the fact that owning a house is not necessary as there are other alternative such as renting while others are used to being mobile.

Silva added that this generation is quite tech savvy that it applies in traveling when looking for a value hotel in Sukhumvit is easier compared to before when accommodations used to take a lot out of people’s budget. This is why they are confident that their project is going to take off in a positive way.