MultiLiving, India’s first residential real estate technology platform, has launched Propel, an app designed to provide hassle-free end-to-end residential property and tenancy management services. The services range from tenant acquisition, tenancy management, documentation & contract management, maintenance support and supervision and quarterly inspections to protect and improve the value of the residential asset. MultiLiving was recently invested in by Tomorrow Capital, a consumer business focused Venture Capital Fund.
On the white-space opportunity of Propel, Pankaj Singh, Founder & CEO, MultiLiving Technologies explained, “While land appreciates, building depreciates over time. Maintaining the asset value of a residential property has always been difficult and cumbersome for homeowners. Finding good tenants, managing the documentation and the tenancy is a challenge for residential property owners. Also, from plumbing to wiring, painting to structural repairs, a homeowner has neither the complete knowledge nor network of good service providers for the upkeep of all aspects of the property. Propel solves these universal problems, with complete convenience to the homeowner. It has all aspects of tenancy and property management under a single umbrella.”
Pankaj Singh added on the need for the app and averred, “In a Covid impacted world, residential property owners have been severely affected by not being able to find tenants, lower rentals, and poor upkeep of the property leading to asset value and revenue leakage. Propel’s quarterly home audits, a 75+ pointer comprehensive home survey report, gives owners an opportunity to take timely action for maintenance helping restore the health of the home infrastructure like electricals, drainage, structure among others, much before these problems cause extreme damage to the residence. Such audits and early corrections allow the homeowner to get better payouts from tenancy or resale of the property. Further, the required property services are provided by a set of pre-verified, trained, blue-collared service providers who are a part of the Propel ecosystem, eliminating the pain of the home asset owner of finding, verifying, and negotiating with such vendors.”
The app is free-to-download and is available in Android and iOS formats.
MultiLiving is the brainchild of a group of IIM and IIT educated entrepreneurs and real estate veterans who came together to reinvent and streamline the home renting and management process for maximum convenience, both for tenants and homeowners. Set up by Pankaj Singh, CEO, and Founder in June 2019, MultiLiving is a real estate platform, which raised $6 million (approx Rs 45 crore) of funding in March 2020 from Tomorrow Capital. Abhinandan Lodha has been named on board of advisors. MultiLiving is a real estate platform that sources apartments from homeowners and offers the homes multiple services to potential tenants. MultiLiving is looking at overcoming problems faced by tenants and property owners in the rental eco-system and aims to streamline the home renting space for urban families.