Eqaro Guarantees, in the field of Surety Solutions in India, has today announced a partnership with MultiLiving Technologies Pvt Ltd, a property management firm based in Mumbai. MultiLiving Technologies backed by Lodha Developers, manages premium and upscale residential properties across India.
Under the arrangement, Eqaro Guarantees will issue rental bonds for all the properties managed by MultiLiving Technologies, helping them deliver ‘Zero Deposit’ properties. It will issue rental bonds on behalf of the clients of MultiLiving at a nominal fee. This will enable the tenants to move into a rented apartment without any hassles of arranging for security deposit amounts, it said in a press statement.
For over one year now, cash flow has been an issue due to the pandemic. Many businesses have taken a hit due to lockdown. The working professionals on the other hand have had to face retrenchment or pay cuts. Landlords today do not have the means of assessing the credibility of the prospective tenants and are opting to keep their property vacant rather than let it out to unverified tenants. It is to address these issues, Eqaro Guarantees, and MultiLiving Technologies have come up with a rental bond enabled new proposition – Zero Deposit properties.
The rental bonds will cover unpaid rent, lock-in period breach up to 6 months, damages to the property and unpaid utility bill payments, the company said.
The benefits will not only be limited to the tenants but also to the landlords with institutional accreditation. Eqaro Guarantees will provide landlords with credit verified tenants with a score-based assessment.
Pankaj Bhansali, COO & CBO, Eqaro Guarantees said, “The rental segment of the real estate market is largely unorganized. As such landlords have been cagey about letting out their property to tenants without assessing their credibility. Our alliance with MultiLiving will take the risk out of renting and help their landlord clients with credit verified and assessed tenants. It will also help the tenants get access to aspirational living without the need for bulky security deposits.
Pankaj Singh, CEO, MultiLiving Pvt Ltd said, “Our aim is to help the homeowners get optimum returns while renting the property with a cover for any damage. On the other hand, tenants get a great home at Zero security deposit.”
