Lodha Ventures, the investment arm of Mumbai-based property developer Mangal Prabhat Lodha family, has invested Rs 45 crore in premium service apartment startup MultiLiving.
MultiLiving offers a network of curated premium apartments aimed at urban professionals. The real estate firm currently operates in Mumbai, with properties in Lower Parel, Powai, BKC, Kanjurmarg and Vikhroli.
"MultiLiving is an advanced way of owning and renting out a flat with tech-assisted home management and hospitality services," said MultiLiving CEO Pankaj Singh.
According to the company, it selects homes on the basis of location, amenities in the complex and condition of the house, along with concierge and housekeeping services, among 50 parameters.
House owners benefit from the company’s services as MultiLiving takes charge of finding the tenants, paperwork and rent collection in exchange for a commission.
Singh is an IIM Ahmedabad alumnus with more than eight years of experience in the real estate industry, including at Lodha Group and Xanadu Realty. "All our apartments are carefully selected in niche societies and gated communities. We carefully screen every potential tenant. However, the final decision stays with the owner," he said.
Lodha Ventures is headed by Abhinandan Lodha, the younger son of Mangal Prabhat Lodha, who has also joined the company's board of advisors. He is also an angel investor in Housr, a co-living startup.
While business models differ across startups, a slew of real estate companies are offering solutions for student housing to residential living as buying trends are rapidly moving to asset-light "sharing economy" from ownership.
Such companies include ZoloStays, Co-live, Hello World, Oyo Life and Stanza Living, and they are partnering with real estate developers and retail asset owners, as ET had earlier reported.
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