if you are a single people live in India, you will find that you want to in big cities like bangalore, Delhi, mumbai to rent an apartment is a very difficult task. Why is that? Because India’s real estate developers distrust singles, they believe that alcoholism and late night party will cause dissatisfaction with the neighbors. IIM bangalore, graduates Amarendra Sahu encountered such difficulties.
Sahu said: “my friends and I are looking for would be able to rent the house, but we all is because the single was rejected. This is too strange, after all, living is our basic needs, especially when we are living in a strange city. Subjected to such treatment, we all feel disenfranchised, and the most fundamental reason is lack of trust between the landlord and tenant. We want to, such problem can be solved by a network platform to. So we decided to establish a neutral third party platform, but also as transparent as possible to give both sides more objective data information.” Then, Sahu and his friends set up this online market focused on long-term lease.
aimed at building trust
since the beginning of the year in bangalore and running, it allows the user to release information about the rental service charge (such as rent, house maintenance services, etc.), and also allows the user to perform rental service (such as closing the lease transaction). At the same time, for those who don’t have the time or don’t understand the related knowledge of lease, landlord NestAway rent his house can be at ease, almost without any trouble.
Sahu said: “youth leasing is a common form of long-term leases, also we are committed to carry out. Due to lots of the landlord is not willing to rent houses for young people, they had to rent in the dirty, not a safe place. And we have to do is create more choices for these people.”
according to the introduction of Sahu, many landlords think that single people are “time bomb”, suddenly bring them trouble. NestAway goal is to create an environment with the trust of the market model, so that both sides can be traded in the case of information transparency.
he continued: “in some ways, NestAway singles by providing the corresponding housing let the city become more secure.”
for youth leasing, NestAway decorate the apartment that haven’t decorate, breaking the previous and listed in the form of whole house, list only the bed in the apartment. In this way, the lease price can reduce 1/5, let young people can afford high quality housing.
how to use NestAway lease?
once the landlord and NestAway signed a service agreement, they will need to decorate houses according to decorate a template, including basic living facilities, costs about 1.5 million rupees (about $2350, according to 3 bedroom). Landlord can specify the be fond of tenants (such as a boy or a girl), and he expected rent (calculated by number of beds).
Sahu explains: “we’ll be listed on the website the landlord’s house, and assigned to a manager working in a local area. The lessee may visit our website and plans to visit the house. Regional managers lead tenant to visit the house, if the lessee like, you can fill in online rental application. “Women will collect tenant information (including proof of identity and proof of address, Facebook and LinkedIn, archives, etc.), and put these information to send to the landlord, waiting for its approval.”
Sahu pointed out that only the landlord to approve the application, they will confirm the lessee. He said: “once the application is approved, the regional managers will close the agreement formalities, and then the lessee to register in our regular rental payment platform, in this platform, the lessee may browse the housing information, facilities, location and landlord. At the end of each month, the platform will automatically collect rent, we collect the 12.5% to 15% share of the rent to the landlord. All of the process are done automatically.
great opportunity: move to the city
said Sahu, India is write the story of the young people, in the next few years, there will be more and more young people to find better jobs, better education, or way of life to city life. The growth rate of urban young migrants will be much higher than the growth rate of housing supply. Such high demand and supply constraints will create more opportunities to see who can effectively clear market, who will profit. Is expected in the next three years, we will provide housing for young people in 1 million.
NestAway claimed that the monthly growth rate is expected to more than 100%.
Sahu said: “on the market at present there are a lot of retail investors, they in PG or service apartments and other forms to solve the housing problem of young people. “Women want to be able to through standardized process, reviews, ratings will organize these retail system and trading platform. Of course, there are other online real estate developers, by giving the lessee to create choice to solve the shortage problem of trust.”
NestAway harvest IDG investment such as
this march, NestAway raised 800 million rupees ($1.2 million) in funds, investors including IDG venture firm India branch, Naveen Tewari, local mobile network founder of the company and some of the angels. The money will be used for product development and engineering, some of the money will be in the next few months used in Pune and Delhi.
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