Square Yards launches zero deposit programme for renters through Azuro

Square Yards launches zero deposit programme for renters through Azuro

ANIUpdated: Saturday, August 21, 2021, 09:09 PM IST
article-image
The programme entails a residential rental bond which acts as a guarantee in favour of a landlord that will compensate him in case the tenant defaults on his obligations under the tenancy agreement. | proptiger

Integrated real estate platform Square Yards on Saturday introduced a zero deposit programme for property renters through its subsidiary Azuro that provides rental and property management services.

The programme entails a residential rental bond which acts as a guarantee in favour of a landlord that will compensate him in case the tenant defaults on his obligations under the tenancy agreement. The tenant on the other hand pays a nominal fee which is a small percentage of actual amount of the bond instead of a security deposit.

Tanuj Shori, Founder and CEO of Square Yards, said that for too long, large deposits have been a burden for the home finders.

"With our new innovative product, tenants now do not need to cough up deposits and can seamlessly move into professionally managed homes without taking personal loans and withdrawing their savings," he said.

"Through this disruption, we are looking at a future where deposits are a thing of the past. We aim to close 10,000-plus rental transactions through this programme by the end of next year," said Shori.

Besides, the programme will further institutionalise renting business in India and help landlords with credit-verified tenants backed by an institutional guarantee from Azuro.

RECENT STORIES

Nvidia Becomes World's Most Valuable Company, Crosses $4 Trillion Market Value

Nvidia Becomes World's Most Valuable Company, Crosses $4 Trillion Market Value

Asian Paints Sells Entire 4.42% Stake For ₹734 Crore In Akzo Nobel India

Asian Paints Sells Entire 4.42% Stake For ₹734 Crore In Akzo Nobel India

Gold Tumbles ₹700 To ₹98,420/10g, Strong US Dollar & Fed Rate Worries Weigh

Gold Tumbles ₹700 To ₹98,420/10g, Strong US Dollar & Fed Rate Worries Weigh

Adani Enterprises ₹1,000 Crore Bond Issue Fully Subscribed, Investors Respond In Just Three Hours

Adani Enterprises ₹1,000 Crore Bond Issue Fully Subscribed, Investors Respond In Just Three Hours

Centre Tells Delhi High Court There's No Proposal To Issue ₹50 Coin Amid Plea Over Note's...

Centre Tells Delhi High Court There's No Proposal To Issue ₹50 Coin Amid Plea Over Note's...