Proptech Company YourOwnROOM signs a $4 Million Partnership with Rushmore Estates for their Rs. 200 Crore Residential Project in Sarjapur, Bangalore.
YourOwnROOM, founded by Prabhat Kumar Tiwary (Stanford GSB, BIT Mesra) and Rushmore Estates, founded by Alok Kumar Singh (IIML, IIT-BHU), have entered into a $4 million partnership to develop studio pads catering to single professionals in Bangalore. The collaboration aims to provide Proptech Rental and Property Management Services, with a focus on creating high-quality, self-sufficient dwelling spaces in the IT belt around the city.
The joint project, valued at Rs. 200 Crore, is strategically located 30 minutes from Wipro Corporate Office in Sarjapur, near RGA Tech Park, Prestige City, and Bellandur Junction. Spread across 5 acres, the development comprises 630 units, including studio apartments, 1 BHK apartments, and 2 BHK apartments. Possession is expected in phases, starting April 2025.
Alok Kumar Singh envisions addressing the demand for purpose-built mid-term stay studio apartments among Bangalore’s 1.5 million-strong IT industry professionals aged 21 to 27 with less than 5 years of work experience. The partnership plans to explore 8-10 projects in the next 5 to 7 years, offering 7,500-10,000 single dwelling units.
YourOwnROOM, as the Exclusive Rental and Property Management partner, will provide professional multiyear rental and property management services, ensuring continuous cash flow, superior rental yields, and capital appreciation for homeowners. The estimated total rental value of the deal over 5 years is Rs. 34 Crores or $4 million for YourOwnROOM.
Prabhat Kumar Tiwary expresses excitement about addressing the gap in the Bangalore housing market and partnering with Rushmore to provide high-quality supply. This collaboration sets the blueprint for sustainable, profitable growth in 2024 and beyond for YourOwnROOM.
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