The proptech is all set to partner with Rushmore Estates on a residential project in the IT capital of Bengaluru
YourOwnROOM, a leading PropTech company, has inked a monumental $4 million partnership deal with Rushmore Estates to embark on a pioneering residential project valued at Rs. 200 Crores in Sarjapur, Bengaluru, India. This collaboration, led by Alok Kumar Singh, Co-Founder of Rushmore Estates, and Prabhat Kumar Tiwary, Co-Founder of YourOwnROOM, aims to address the growing demand for high-quality, purpose-built studio pads catering to the needs of single professionals in the vibrant IT industry.
The strategic location of the project within the IT belt surrounding Benglauru is set to offer easy access to workplaces and affordable rentals, meeting the needs of the burgeoning IT workforce in the age category of 21 to 27 years with less than five years of work experience. Rushmore sees this as an opportunity to cater to an audience of individual investors and homeowners, by offering a compelling financialised residential real estate product in the range Rs 20-35 lakh.
Alok Kumar Singh emphasises on the significance of this initiative, stating, “In Bengaluru’s 1.5 million strong IT industry, around 45-50% professionals are in the age category of 21 to 27 years with less than five years of work experience and there is a large demand for high quality, purpose-built mid-term stay studio apartments for them.”
Over the next five to seven years, Rushmore Estates and YourOwnROOM plan to explore the development of 8-10 projects around the core IT belts in Bengaluru, totaling 7,500-10,000 single dwelling units. Leveraging YourOwnROOM’s cutting-edge proptech rental and property management solutions, the collaboration aims to provide asset owners with higher rental yields and capital appreciation.
The first project, situated 30 minutes from the Wipro Corporate Office in Sarjapur and in proximity to RGA Tech Park, Prestige City, and Bellandur Junction, spans 5 acres and comprises 630 units. The project includes dedicated blocks for studio apartments, 1 BHK apartment, and 2 BHK apartments, with possession slated to commence in April 2025.
YourOwnROOM is set to play an integral role as the exclusive rental and property management partner for this project. The company will offer professional multi-year rental and property management services, ensuring continuous cash flow, superior rental yields, and capital appreciation for the homeowners. The total rental value of this deal over five years is estimated to be Rs 34 crore or $4 million for YourOwnROOM.
Prabhat Kumar Tiwary, Co-Founder of YourOwnROOM, expressed enthusiasm about the partnership, stating, “Since the inception of YourOwnROOM, we have seen a huge gap between demand for safe, secure, and convenient homes and supply in Bengaluru, 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 proptech rental and property management solution to retail home owners at the point of sale. This is also setting the blueprint for our sustainable future profitable growth in 2024 and beyond.”
This partnership marks a significant milestone for both companies as they strive to revolutionise the residential real estate landscape in Bengaluru, offering innovative solutions that meet the evolving needs of the dynamic IT workforce.
