BackAzuro by Square Yards achieves $300 Mn AUM in property management business
Azuro oversees every aspect of property management from its next-gen mobile app. The app offers a centralized location for landlords to view all properties and allows for managing other property related activities, such as tenant requests and maintenance jobs
PremiumNew Delhi, 14th March 2023: Azuro, the rental and property management arm of Square Yards, today announced that it has achieved US$300 Mn AUM in its property management business. The company had earlier launched its property management subscription model in late 2021 for landlords who are looking for professional property management services. Within just a year, Azuro has been successful in bringing 1500+ properties under its property management umbrella.
“Landlords are increasingly understanding the importance of credible professional advisors to manage their real estate, maximize property value and ROI. Our professional property management services are a commitment to proactiveness, efficiency and a first-class tenant experience. Today, we are managing more than 1500 properties across India and helping owners reduce risk, operating costs, and occupant turnover by employing industry best practices, latest digital management tools and sound engineering capabilities," said Tanuj Shori, Founder and CEO, Square Yards
Azuro oversees every aspect of property management from its next-gen mobile app. The app offers a centralized location for landlords to view all properties and allows for managing other property related activities, such as tenant requests and maintenance jobs. Everything, right from tenant onboarding to tenant exiting including payments of rent, deposits taken, documentation like rent agreement, rent receipts, reports such as background verification, move ins, move outs and even periodic inspection and maintenance such as electrical, plumbing and carpentry work, are all managed digitally through the app. The company currently services 1000 maintenance requests, 300+ inspections on a monthly basis with a service rating of 4.7/5.
“The property management subscription as against the typical brokerage model has been a major hit amongst the home owners, right from searching tenants, their move ins until move out and thereby finding a new one, Azuro manages every possible aspect of the tenancy and the property, this sets up way ahead both in terms of product and pricing. We have made significant progress in taking the renting experience digital with our Mobile App being able to manage rent payments and rent receipts, documentation and Background verification, service requests, inspection reports etc. As we say, Tenants will come and go, Azuro will stay forever till you own the property!" said Altaf Ahmad, CBO, Azuro by Square Yards
The Azuro property management subscription also comes with an inbuilt home insurance that protects the property from all accidental damages during the tenure of subscription.
As per Fortune Business Insights, the global property management market size is projected to grow from USD 19.33 billion in 2022 to USD 37.25 billion by 2029, with a CAGR of 9.8%. With consumer’s shifting real estate preferences for managing their portfolios, the necessity for technology-led property management systems to handle properties such as multi-storey residential and non-residential assets, is pegged to increase exponentially. Azuro is ready to tap into this vast opportunity and account for a larger share in the property management sphere in the coming years.
About Square Yards
Square Yards is India's largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.
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