Square Yards Launches RetailProperty Management Platform To Bring Rental Economy Online
New Delhi: Property brokerage house Square Yards has launched App-based rentals and property management platform ‘Azuro’. The new offering is targeted to bring the landlord tenant relationship online.
The App will enable property owners to manage and take control of the showings and also get their properties rent out faster through Azuro’s tenant scouting teams. The App can also get tenant screening and background check done and also digitally sign rent agreements. There will also be a facility to collect rent online by way of various modes.
As for the tenants, the App will enable quick rental payments including payment by way of credit cards, download the receipts of the rents and enjoy easy rental stay with all the maintenance tasks and headache being taken care of by Azuro’s property management teams.
"Most of the landlords find it cumbersome to attract quality tenants and also follow-up for rent payments. On the other hand, tenants tell us they want the entire rental process to happen online from property agreements to rent payments.” said Tanuj Shori, Founder & CEO of Square Yards.
In the start of the current year, Gurugram-based Square Yards acquired Mumbai-based start-up Azuro. It then completed its full stack of service spectrum with rentals and property management services. The App is currently in five metros in India and is managing 1,500 properties with an annual rent of USD 6.5 million .
Square Yards has inked exclusive agreements with around 25 developers like Godrej, M3M, DLF, Emaar, Mahindra Lifespaces, L&T Realty, etc. to manage about to 5,000 flats for rentals and also for property management services.
Square Yards views secondary real estate as potentially its largest growth driver that can become bigger than all of its existing businesses in the next few years. As cities expand and get more and more urbanized in the near future, the need for rental and property management will see a meteoric rise as homeowners and property investors would look for smooth management of their assets without any external interference.
The market is expected to grow further as more consumers incline towards shared economy from asset ownership models. With the impending rollout of the Model Tenancy Act, 2019, there are chances for the rental housing market to not only get regulated but also disrupted through the use of technology.