After disrupting the youth home rental market and gaining thousands of tenants and a 100% month-on-month growth so far, India’s first managed home rental network, Nestaway, today announced the National Launch of its new line of business, Family Rentals today. The company also announced the launch of the Mobile App which is available on iOS as well. Nestaway turns unbranded, unfurnished houses into fully furnished & managed apartments and provides them at affordable prices to verified tenants. Till date Nestaway has provided quality rental homes to about 4,000 tenants.
Housing for migrant bachelors/singles and families in cities like Bangalore, Chennai, Hyderabad, Pune and Delhi NCR is becoming very difficult and the main reason is the lack of trust shown by the house owners. No player is addressing the real issue – that of trust-deficit and here is where Nestaway is playing the role of a bridge-builder. Nestaway is set to carry forward the ‘Trust’ and ‘Convenience’ stamp that it achieved in the Singles Rentals over the last one year, into the Family Rentals segment as well. Nestaway will achieve the TRUST by being a neutral third party providing transparent information to both sides and the CONFIDENCE by being the central convener of home services providers so that both tenants & owners never have to sweat over anything.
Unlike the other online real estate discovery and display sites, which are largely into listing of rental options, Nestaway goes beyond the discovery and display and takes care of the entire rental pipeline on both owner and tenant sides thus creating real value. Today the entire gamut of services from rents to maintenance issues to documentation is being managed from the convenience of the newly launched mobile app which is available on iOS too.
According to Deepak Dhar, Co-Founder & Chief Business Officer(CBO) of Nestaway, “while most players lease properties from owners and further sublease it to tenants and keep the upside or downside to themselves, Nestaway is playing the role of a fair market maker. After a successful 11 months of rolling out Singles Rentals option, we are pleased to launch the Family Rentals option and the Mobile App for the convenience of a larger group of individuals and families. Nestaway not only offers a win-win solution for owners and tenants, but has also extended the rental network beyond singles and bachelors to include families now.”
Game-changing options from the Tenant Side – Nestaway is the world’s first company to bring rentals online. Anyone can book a home online & move-in to the house – no stale listing and no bargain. Nestaway is also world’s first ever company to offer a 3-day free no-questions asked refund. If a tenant doesn’t like the house booked online, he/she can either relocate to a new house or cancel the booking & the entire money will be refunded.
Value proposition for tenants – Nestaway provides ready-to-move-in houses at affordable rents that match PG (Paying Guest) or Hostel prices. Each house is fully furnished with Sofa, Beds, Cupboards, TV, DTH, WiFi, Washing Machine, Dining Table, etc – basically all amenities one needs to just move into a house. Further, Nestaway doesn’t charge any brokerage and its deposit requirement of 2 months’ rent is way below the market standards. Nestaway also takes care of most maintenance issues that may bother the occupants.
Game-changing options from the Owner Side – Nestaway offers the owners rent on time every-time even if the tenant pays on time or not. Nestaway provides Structure & Content Insurance for rental homes up to INR 1 Crore that’s unparalleled in the industry and will assist in claim settlement when they arise.
Value proposition for homeowners – A Nestaway home owner can earn up to 30-40% more rental than ordinary rentals. But more than that, Nestaway establishes a solid “trust” factor by verifying every potential tenant using their ID, a permanent address, and proofs of employment & education. Also owners set their own rent & get to approve tenants online from their proof documents. Nestaway then takes care of the legal agreement, rent collection, home repairs, and more. Unlike anyone in the industry, Nestaway also offers a rental default guarantee to its owners under which the owner gets his share of rent irrespective of tenant’s payment status. No more pesky/awkward conversation with tenants. Nestaway basically ensures a hassle free experience for home owners while providing them a higher rental income.
Nestaway is the first start-up of its kind and is simplifying the whole process of getting good accommodation for singles/bachelors and families now in Bangalore and Delhi NCR. The idea is to eventually create cities without borders or restrictions for singles. Nestaway was founded by NIT Suratkal alumni Amarendra Sahu, Smruti Parida, Deepak Dhar, and Jitendra Jagadev early this year. In March this year, Nestaway raised $12 million in Series-A funding from Tiger Global and Flipkart. Nestaway had raised $1.25 million from IDG Ventures and angels including InMobi founder Naveen Tewari.