Housing brokerage firm Square Yards, which recently acquired Mumbai-based Azuro to enter rental business, on Tuesday said it is managing more than 1,500 properties with an annual rent of around Rs 50 crore and has tied up with over 25 builders for property management and rent services.
In February, Square Yards, which is backed by Anil Ambani-led Reliance Group and Times group, acquired rental platform Azuro as part of its expansion plan. Now, the company has launched a mobile App 'Azuro' for rental and property management.
"Currently present in five major metro cities in India, it is already managing over 1,500 properties with an annual rent of USD 6.5 million and this figure is growing at an accelerated rate," Square Yards said in a statement. In the past three months, Square Yards said, it has signed exclusive mandates with more than 25 developers like DLF, Godrej, M3M, Emaar, L&T Realty and Mahindra Lifespaces to execute and manage close to over 5,000 apartments for rentals and property management services.
Azuro helps in finding a tenant, background checks, automated rent collection, property maintenance and tenant exits. For the tenants, it enables swift rental payments including payment through credit cards, download rent receipts and enjoy hassle-free rental stay with all maintenance issues taken care by Azuro's property management teams.
Tanuj Shori, founder and CEO of Square Yards, said, "Rentals and property management are multi-billion opportunities that are currently under-served in India." He added that most of the landlords find it cumbersome to attract quality tenants, follow up for rent payments and most important to serve frequent demand of tenants for maintenance of the property.
Square Yards' total revenue grew to Rs 298 crore in 2019-20, from Rs 220 crore in the preceding fiscal. The company's revenue grew 13 per cent to Rs 67.1 crore in the first quarter of 2020-21, against Rs 59.5 crore a year ago.
So far, Square Yards has raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.