Mumbai-based real estate startup MultiLiving announced today that it has raised $6 Mn in fresh funding from Lodha Ventures. Lodha Ventures head Abhinandan Lodha has been named on board of advisors.
With this, MultiLiving has also launched its operations in Mumbai with a limited number of curated flats at some of the most premium locations across Mumbai including Lower Parel, Powai, BKC, Kanjurmarg and Vikhroli.
Founded in 2019 by Pankaj Singh, MultiLiving curates apartments from homeowners and offers them with built-in services to potential tenants. The company says that it endeavours to streamline the home rental and management process for urban professionals who might not want to rent in the traditional way.
The platform claims to unlock the enhanced rental value of the large residential real estate segment, which is controlled by unorganised brokers in the offline market. After finding apartments from homeowners, it performs quality checks and undertakes the requisite transformation task before offering the homes with an array of allied services to potential tenants.
Pankaj Singh, CEO and founder of MultiLiving said, “All our apartments are carefully selected in the niche societies and gated communities. We carefully screen every potential tenant who will love and take care of the home like it was their own. However, the final decision stays with the owner.”
The company claims that it aims to serve owners of premium residential properties by ensuring steady predictable returns for their investments and managing the same over the long term. MultiLiving also covers accidental damages, regular maintenance fees and unforeseen expenses through an exclusive insurance policy, the HomeShield Plan.
For the potential tenants, MultiLiving claims that all its homes are handpicked basis the location, amenities in the residential complex, condition of the house amongst other parameters. Properties undergo a thorough 50-step quality check process and dedicated transformation team is assigned to each property which is presented to tenants in a ready-to-move-in state.
Further, MultiLiving homes come with a personal concierge to take care of daily chores and housekeeping. Tenants also get access to on-demand services like catering, party planning, travel booking, etc, managed and monitored through the company’s app.
Real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025. Some of the online players in the segment include Quikr, Square Yards, NoBroker.com etc.