Rushmore Estates, Co-Founded by Alok Kumar Singh (IIML, IIT-BHU) and YourOwnROOM, Co-Founded by Prabhat Kumar Tiwary (Stanford GSB, BIT Mesra) have signed a $4 million partnership to build studio pads for single professionals in Bangalore and offer Proptech Rental and Property Management Services. The project will come up in IT belt in and around the city, and the idea is to build high quality personal dwelling which is self-sufficient in all forms - be it easy access to workplace or reasonable rentals.
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.
“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.” – Alok Kumar Singh.
Over the next 5 to 7 years, Alok and Prabhat shall explore the possibility of developing 8-10 projects around the core IT belts in Bangalore with an aggregate of 7,500-10,000 single dwelling units for this segment. Enabled by YourOwnROOM’s PropTech Rental and Property Management Solutions, the asset owners would benefit from higher rental yields and capital appreciation.
The first project is 30 minutes from Wipro Corporate Office in Sarjapur and close to RGA Tech Park, Prestige City and Bellandur Junction. The Project, valued around Rs. 200 Cr., is spread across 5 acres in Sarjapur. This comprises 630 units wherein 2 blocks are for studio apartments and 2 blocks for 1 BHK apartments and 3 Blocks for 2BHK apartments. These Apartments will be ready for possession starting April 2025 in a phased manner.
YourOwnROOM is the Exclusive Rental and Property Management partner for this Project and will offer professional multiyear rental & property management services resulting into continuous cash flow, superior rental yields and capital appreciation for the home owners. The total Rental value of this deal across 5 years is estimated to be Rs. 34 Crores or $4 M for YourOwnROOM.
“Since 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 the Retail HomeOwners at the Point of Sale. This is also setting the blueprint for our sustainable future profitable growth in 2024 and beyond,” adds Prabhat Kumar Tiwary.
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.
https://www.linkedin.com/in/prabhatkumartiwary/
Alok Kumar Singh :
Alok Kumar Sigh, an MBA from IIML & an Engineer from IIT-BHU, has earlier been the Co-Founder of Azure Capital Private Equity & Azven Realty Ventures. Prior to getting into real estate, Alok has 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.
https://www.linkedin.com/in/alok-kumar-singh-67a409/
