Square Yards scheme gives freedom to renters, tenants

Hyderabad Square Yards, an integrated real estate platform has introduced a novel zero deposit programme for property renters through its subsidiary Azuro, that provides rental & property management services.

Square Yards' innovative scheme entails a residential rental bond, which acts as a guarantee in favour of a landlord that will compensate him in case the tenant fails to pay the rent as per the agreement. The tenant on the other hand pays a nominal fee, which is a small percentage of the actual amount of the bond, to the bond issuing authority, issued in favour of the landlord, instead of a security deposit. A win-win proposition for both the tenant and the landlord.

This innovative move will provide much-needed respite to millions of home-seeking tenants from huge security deposits, making the search for their dream home easier.

Tanuj Shori, Founder and CEO, Square Yards said, "For too long, large deposits have been a burden for the home finders. With our new innovative product, Tenants now don't need to cough up deposits and can seamlessly move into professionally managed homes without taking personal loans and withdrawing their savings. Through this disruption, we are looking at a future where deposits are a thing of the past. We aim to close 10,000+ rental transactions through this program by the end of next year"

With the Model Tenancy Act approved by the Union Cabinet set to overhaul the legal rental housing framework and create a sustainable and inclusive rental housing market in India, the launch of Square Yards' zero deposit programme, will provide a fillip to the landmark Act by solving the discord in landlord & tenant equation and plugging the housing deficit, at a time when about 11.09 million homes are lying vacant in urban areas.

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