Post Date: Post Date – 11:45 PM, Friday – November 4th
Nestway, an online home rental marketplace, is addressing both problems. Nestway, an online home rental marketplace, is addressing both problems.
Hyderabad: From a tenant’s perspective, finding rental housing is a time-consuming process. It’s also fraught with maintenance and rent collection issues for homeowners.
Nestway, an online home rental marketplace, is addressing both problems. It now manages about 4,000 residential units and plans to double that number in about a year.
“Hyderabad is one of the fastest growing rental markets. Occupancy has increased from 75% previously to 85% now. Multiple new properties are under construction which will increase inventory.
While buying a home provides security, some homeowners show up in person to rent a home and collect rent. We do it on their behalf,” said Nestaway co-founder and CEO Amarendra Sahu.
The company retains 8% to 10% of the rent it collects each month as a fee. Tenants pay seven to 14 days’ rent as a one-time fee to help them find a home. Prepaid rent for one or two months.
If there is any damage, it will be taken back from the deposit when you move out of the house. If rent is not paid, in addition to a late fee, a notice of arbitration is sent to the tenant. Delayed payments would also lower their ratings, Sahu said.
Tenants can choose according to their budget and personal preference. The burden on landlords – finding responsible tenants, conducting background checks and holding tenants to pay their dues – is reduced.
1 BHK and 3 BHK are preferred, with 3 BHK being the slowest moving. The average rent per person is around Rs 8,000 to 10,000. For a family, it can cost as much as Rs 18,000 to 20,000 per month.
Homeowners must grant companies certain powers to rent out, collect rent and inspect properties on their behalf. There is no cash handling, which brings a lot of transparency to the real estate market.
He said the most popular locations were Gachibowli, Hitec City, the financial district and surrounding areas. With the current work-from-home situation, many companies are recalling employees to work in the office, Sahu said.
Additionally, many employees are returning to cities to look for better opportunities within the organization or in other companies during the assessment period. Plumbing and painting are common maintenance jobs that are required from time to time.
