There are several scenarios where property owners do not get regular payments from their tenants. Such was the plight of the Kuwait businessman Amit Kumar who had a rented-out apartment at Mumbai’s Lodha Palava. Upon not getting his rentals for six months, he chose to reach out to Square Yards’ property management division Azuro. The team not only went to the property and helped in eviction of the tenant but also made sure that the outstanding amount was paid to Mr. Kumar. Upon obtaining a swift resolution of his woes, he enlisted Azuro with the brief for total management of his property.
While landlords often face harassment in terms of not getting property dues, tenants also face issues in finding suitable accommodation especially due to steep security deposits. These were the problems flagged by IIT Bombay alumni Sushant Kumar, Altaf Ahmad, Ayush Agarwal, Sudhanshu Mishra and Vishal Chauthmal while they were seeking rental accommodation in Mumbai. They understood that a change in mindset was required along with total transparency and accountability throughout the sector. The team came up with Azuro, the first professional Indian property management company.
The Founder at Azuro, Altaf Ahmad, states that the company is attempting to drive a technology driven real estate brokerage that offers expertise in after-sales service, inclusive of management of assets of landlords and monetization of them as well. Azuro was launched in 2015 and created a cutting-edge platform for helping owners find suitable tenants, managing shifts, doing away with tenant related risks and getting all necessary information periodically. The team managed to create a smooth and hassle-free rental mechanism while no-brokerage transactions were executed with tenants along with smooth maintenance and repairs through its app along with comfortable moving in/out systems and one-tap rental payments.
Square Yards acquired Azuro in 2020 and the property management company is now replicating the same model throughout the country and globally, tapping into the sheer reach of Square Yards along with its consumer platform and resources. Azuro was always inclined towards developing a service-based rental model, charging a flat Rs. 10-20,000 fee from the tenant based on the property type and location, while offering zero/minimal security deposit facilities. This zero deposit model has found favour with tenants across the country. The company remains confident about the concept further becoming the norm after the Model Tenancy Act is executed. Monthly fees of 8% are charged from landlords from whom Azuro takes over all the management related aspects of their properties.
Azuro has its in-house app for sales with a tracking system which enables advertising of rental properties on different platforms. While leads are tracked in a timely way, landlords are kept in the loop at each stage about visits to the property and the probability quotient for rentals. This helps in swifter closures of deals. Azuro offers the swiftest procedure from garnering information to finding tenants. In-house pricing tools help landlords decide on the right rates while the property management app offers all necessary information and management solutions on a 24-7 basis.
With the Model Tenancy Act and AHRC guidelines, the property management and rental company aims at capturing a greater share of the hitherto unorganized rental space. The Co-Founder at Azuro, Sudhanshu Mishra, states that the company is attempting to implement a cultural change which is clearly seen through the fact that run of the mill broking houses are also taking the same property management pathway and the same value propositions (after-sales) like Azuro.
Azuro is already piloting its operations in Dubai while planning to launch in Canada, Australia and other cities like Indonesia in the near future. With urbanization transforming major cities, NRI property buyers and owners of rentals will naturally seek better asset management solutions minus interference at an external level. This is the niche where Azuro comes into the picture with its cutting-edge technologies, convenient solutions and impeccable management.
For a detailed report on this read the articles we were featured in:
Hindustan Times – https://bit.ly/37vf9Wx
Published Date: April 4, 2022
