The city of dreams welcomes and hosts many aspirational ‘to-be-Mumbaikars,’ every year, some of which come for education and other for professional reasons. But one factor that has been a concern over the years is accommodation. Renting a house in this city without any obstacles in nearly impossible. As per media reports, due to past experiences, the landlords have been refusing to rent their property to a selected group of individuals, leaving very few options for the tenants to search from.
Catering to these problems for both tenants and landlords is NestAway. This new and fast-growing home rental network aims to provide better rental solutions, by helping one find, book & move-in to a rental home of their choice and budget, inclusive of all maintenance services.
Talking about the same, Samson Noel Xaxa, Business Head – Mumbai, said, “We at NestAway are focused on solving problems, where either of them have experienced a bad experience by going through a broker network. Our focus across the country is to help them find and rent houses at affordable rates. Our policies are not stringent, and the focus will always be to keep it hassle-free, without any discrimination.”
Since its inception, NestAway has successfully rented around 15000 houses (65% shared, 35% family homes) and helped more than 40000 tenants. The growth has been steady over the years, and the firm now aims to grow the numbers by 3.5 times, with a target of renting around 50000 houses by 2020. Further, to help the homeowners with timely rents, the firm has designed a rental guarantee clause in the agreement, where they are assured with the rents between 1-5th of every month. In addition to the same, owners also get a one crore accidental insurance and clean up access before and after renting the property.
Expansion in Mumbai started recently, and the number of tenants and owners increased with time. The firm received an investment of around INR 330 crores and the large per cent of the investment is being used to develop the services in Mumbai and Pune by 4 times. Adding to the thought, Samson said, “Currently we have over 700 houses in Mumbai, Navi Mumbai and Thane, with more than 86% occupancy. This suggests that there are many more people in search of a house in the city. Accommodation in prime areas between Bandra and Andheri have been getting a positive response. Our target now to rent at least 2200 houses by the end of the year.”
People across the city have been facing a lot of bias whilst finding an accommodation and it is mainly due to the Stigma and irrelevant rules imposed by the society. Keeping their aim in mind, the team at NestAway has been addressing the issues by having a dialogue with the society by bringing them together. “We wish to solve these problems and have realized that there are some areas where owners have been hesitant to host tenants with certain professional backgrounds. Our plans have been designed in a way to help them. We have ensured that there are no issues they face, for which we have a strict process before renting. Safety is our priority and so we have a legal agreement. We are trying to do our best, but we have come across instances where if the housing society has a bylaw in the agreement, then the owners are not being able to rent their properties despite the interest,” said Samson.
For many years now, the city has developed and grown as an educational hub. Students from across the country have brought themselves to Mumbai. Keep their requirements in mind, NestAway has now largely focused on student housing where the aim in this service is to stand apart in comparison with other players in the market, by providing end-to-end solutions during the agreement.
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