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.
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