Rushmore Estates, Co-Founded by Alok Kumar Singh (IIML, IIT-BHU), and YourOwnROOM, Co-Founded by Prabhat Kumar Tiwary (Stanford GSB, BIT Mesra) has signed a $4 million partnership to build studio pads for single professionals in Bangalore and offer Proptech Rental and Property Management Services.
The project will come up in an IT belt in and around the city, and the idea is to build high-quality personal dwellings that are self-sufficient in all forms – be it easy access to the workplace or reasonable rentals.
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Rushmore sees this as an opportunity to cater to an audience of individual investors and homeowners, by offering a compelling financialized residential real estate product in the range of Rs. 20-35 lakh.
“In Bangalore’s 1.5 million strong IT Industry, around 45-50% professionals are in the age category of 21 to 27 years with less than 5 years of work experience and there’s a large demand for high quality, purpose-built mid-term stay studio apartments for them.” – Alok Kumar Singh.
Over the next 5 to 7 years, Alok and Prabhat shall explore the possibility of developing 8-10 projects around the core IT belts in Bangalore with an aggregate of 7,500-10,000 single dwelling units for this segment. Enabled by YourOwnROOM’s PropTech Rental and Property Management Solutions, the asset owners would benefit from higher rental yields and capital appreciation.
“Since Inception of YourOwnROOM, we’ve seen a huge gap between Demand for safe, secure and convenient homes and supply in Bangalore especially for folks in their early career. We are super excited to partner with Alok Singh and Rushmore to identify and create high quality supply and offer our prop-tech rental and property management solution to the Retail HomeOwners at the Point of Sale. This is also setting the blueprint for our sustainable future profitable growth in 2024 and beyond,” adds Prabhat Kumar Tiwary.
YourOwnROOM is the Exclusive Rental and Property Management partner for this Project and will offer professional multiyear rental & property management services resulting in continuous cash flow, superior rental yields and capital appreciation for the homeowners. The total Rental value of this deal across 5 years is estimated to be Rs. 34 Crores or $4 M for YourOwnROOM.
About YourOwnROOM
The goal of YourOwnROOM, a prop-tech residential real estate rental and property management company, is to provide institutional and individual property owners with greater financial returns throughout their properties. Across 400 properties in Bangalore and Pune, its assets under management comprise 1 million square feet, valued at about Rs. 400 crores ($50 M).
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