Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years.
Alok Kumar Singh, co-founder of Rushmore Estates and Prabhat Kumar Tiwary, co-founder of YourOwnROOM, have formally established a $4 million collaborative venture between Rushmore Estates and YourOwnROOM. This strategic alliance seeks to construct studio pads tailored for the rising demographic of single professionals in Bangalore, coupled with the integration of cutting-edge Proptech Rental and Property Management Services.
Situated within the city's IT hub, the project stands to establish top-tier, self-contained living spaces that offer seamless access to workplaces alongside affordable rental options. YourOwnROOM's PropTech Rental and Property Management Solutions stand to play a key role, promising asset owners higher rental yields and capital appreciation.
Rushmore identifies this as an opportunity to cater to individual investors and homeowners, presenting an enticing financialized residential real estate product in the Rs. 20–35 lakh range. Alok Kumar Singh underscores the significant demand for purpose-built mid-term stay studio apartments, particularly among Bangalore's 1.5 million-strong IT industry personnel.
Around 45–50% of these professionals fall within the age category of 21–27 years, with less than 5 years of work experience. Over the next 5 to 7 years, Alok and Prabhat plan to explore the development of 8–10 projects strategically positioned in Bangalore's core IT belts. The goal is to provide an aggregate of 7,500–10,000 single-dwelling units tailored for this specific demographic.
The first project, valued at approximately Rs 200 crore, is strategically situated 30 minutes from the Wipro Corporate Office in Sarjapur. It is in close proximity to prominent tech hubs such as RGA Tech Park, Prestige City, and Bellandur Junction. Covering 5 acres in Sarjapur, the project encompasses 630 units, with 2 blocks dedicated to studio apartments, 2 blocks for 1 BHK apartments, and 3 blocks for 2 BHK apartments.
Phased possession of these apartments is anticipated to commence in April 2025. YourOwnROOM assumes the exclusive role of rental and property management partner for the project. They will provide professional multiyear rental and property management services, ensuring consistent cash flow, superior rental yields, and capital appreciation for homeowners.
The estimated total rental value of this agreement over 5 years amounts to Rs. 34 crores, or $4 million for YourOwnROOM. Prabhat Kumar Tiwary expresses enthusiasm about the collaboration, highlighting its significance in addressing the demand for secure and convenient homes in Bangalore. YourOwnROOM's involvement in this project sets the foundation for sustained, profitable growth in 2024 and beyond, aligning with their commitment to creating high-quality housing solutions.
This strategic alliance not only responds to the market demands of Bangalore's booming IT industry but also positions itself as a blueprint for future initiatives. As the city continues to evolve as a hub for young professionals, rental demand is meant to grow along with concerns associated with rentals. Thus, at this point, the collaboration between Rushmore Estates and YourOwnROOM signifies a progressive step towards providing tailored, quality residences to meet the evolving needs of the workforce.
Advertisement
Facebook
Whatsapp
