Starting off the next big foray into rental services, India’s leading online real estate platform Square Yards, has officially ventured into the market for rental properties along with property management. The company has entered the market in collaboration with Azuro, the app-based rental services and property management player. The key aim here is to bring the relationship between landlords and tenants completely online.
Find your chosen property for rent online with Square Yards
Tenants can not only find their chosen ready to move flats for rent online but can also make rental payments in a hassle-free and swift manner via credit cards while being able to download the rental receipts. They will enjoy convenient and hassle-free stays with the property management team at Azuro taking care of all possible issues. Finding a flat on rent will no longer be a problem or even an independent house for rent. Prospective landlords can also advertise rental property for free via this dedicated online platform.
The Founder & CEO at Square Yards, Tanuj Shori, stated that property management and rentals present multi-billion dollar market opportunities which are under-served in India at present. Most landlords find it really tough to get quality tenants for their properties along with taking care of hassles like payment follow-ups and catering to frequent tenant demands for property maintenance. Tenants would find it difficult to smoothly pay their landlords while getting all maintenance and property management hassles worked out. Add to that the hassles of finding very specific rental properties, i.e. society flats for rent or even a 2 BHK independent house for rent and you get the picture. This new venture solves these problems immaculately.
Square Yards acquired Azuro, the Mumbai-based startup, this year itself and this made it a full-stack service provider with property management solutions and rentals alike. It is already present in 5 major Indian metros where 1,500+ properties are being managed with annual rentals touching $6.5 million. This figure is skyrocketing in recent times. Shori added that there is solid demand from developer clients and also from customers who are NRIs for this particular service. He highlighted opportunities for scaling up swiftly in India and later on, in regions like the Middle East where Square Yards already has a considerable presence. The company has signed up exclusive mandates over the last 3 months with more than 25 top developers including M3M, Godrej, DLF, L&T Realty, Emaar, Mahindra Lifespaces and others, for the execution and management of almost 5,000+ apartments for property management and rentals alike. The market for rentals should grow exponentially with more people shifting towards shared economies as compared to models of asset ownership. With the upcoming Model Tenancy Act of 2019 slated to be a major boost for the category, the rental housing market will see major technological disruption and better regulation likewise.
For a detailed report on this read the articles we were featured in:
The Economic Times – https://bit.ly/3iBZ8ie
CNBC TV18 – https://bit.ly/3kjXXV9
Published Date: 15 September 2020
