YourOwnROOM, a leading PropTech company, has inked a monumental $4 million partnership deal with Rushmore Estates to embark on a pioneering residential project valued at Rs. 200 Crores in Sarjapur, Bangalore. This collaboration, led by Alok Kumar Singh, Co-Founder of Rushmore Estates, and Prabhat Kumar Tiwary, Co-Founder of YourOwnROOM, aims to address the growing demand for high-quality, purpose-built studio pads catering to the needs of single professionals in the vibrant IT industry.
The strategic location of the project within the IT belt surrounding Bangalore is set to offer easy access to workplaces and affordable rentals, meeting the needs of the burgeoning IT workforce in the age category of 21 to 27 years with less than 5 years of work experience.
Rushmore sees this is an opportunity to cater to an audience of individual investors and homeowners, by offering a compelling financialized residential real estate product in the range Rs. 20-35 lakh.
Alok Kumar Singh emphasizes the significance of this initiative, stating, “In Bangalore’s 1.5 million strong IT Industry, around 45-50% professionals are in the age category of 21 to 27 years with less than 5 years of work experience and there’s a large demand for high quality, purpose-built mid-term stay studio apartments for them.”
Over the next 5 to 7 years, Rushmore Estates and YourOwnROOM plan to explore the development of 8-10 projects around the core IT belts in Bangalore, totaling 7,500-10,000 single dwelling units. Leveraging YourOwnROOM’s cutting-edge PropTech Rental and Property Management Solutions, the collaboration aims to provide asset owners with higher rental yields and capital appreciation.
The first project, situated 30 minutes from the Wipro Corporate Office in Sarjapur and in proximity to RGA Tech Park, Prestige City, and Bellandur Junction, spans 5 acres and comprises 630 units. The project includes dedicated blocks for studio apartments, 1 BHK apartment, and 2 BHK apartments, with possession slated to commence in April 2025.
YourOwnROOM is set to play an integral role as the Exclusive Rental and Property Management partner for this project. The company will offer professional multiyear rental and property management services, ensuring continuous cash flow, superior rental yields, and capital appreciation for the homeowners. The total rental value of this deal over 5 years is estimated to be Rs. 34 Crores or $4 M for YourOwnROOM.
Prabhat Kumar Tiwary, Co-Founder of YourOwnROOM, expresses enthusiasm about the partnership, stating, “Since the inception of YourOwnROOM, we’ve seen a huge gap between demand for safe, secure, and convenient homes and supply in Bangalore, especially for folks in their early career. We are super excited to partner with Alok Singh and Rushmore to identify and create high-quality supply and offer our prop-tech rental and property management solution to retail home owners at the point of sale. This is also setting the blueprint for our sustainable future profitable growth in 2024 and beyond.”
This partnership marks a significant milestone for both companies as they strive to revolutionize the residential real estate landscape in Bangalore, offering innovative solutions that meet the evolving needs of the dynamic IT workforce.
About Prabhat Kumar Tiwary
Prabhat is an alumnus of Stanford Business School and the the Founder, CEO & Managing Director of YourOwnROOM, a prop-tech residential real estate rental & property management company. YourOwnROOM’s Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 M) spread across 400 properties in Bangalore and Pune. YourOwnROOM has raised $1.3 M Investments till date from Investors in US and India.
Prior to this, He was Sr Vice President at Xchanging (DXC), and has worked in senior leadership and management positions in building and managing P&L and Delivery of up to $100 million at Hewlett-Packard, MphasiS, Zensar, Ness, ARI, and Wipro. He also holds a bachelor’s degree in Computer Engineering from the Birla Institute of Technology, Ranchi.
About Alok Kumar Singh
Alok Kumar Sigh, an MBA from IIML and engineer from IIT-BHU has earlier been the Co-Founder of Azure Capital Private Equity & AzvenRealty Ventures. Before getting into real estate, Alok held senior-level positions in Infosys, Infosys BPO, Microland, QVC Realty, and Tata Motors.
Rushmore Estates, Co-Founded by Alok Kumar Singh, is a Bangalore-based full-service real estate development firm and is currently developing/incubating multiple residential projects in Bangalore.
