Bangalore, the country’s start-up and tech capital; the Silicon Valley of India, is expected to be Asia’s fastest growing city this year. Bangalore city unquestionably is a millennial’s paradise.
With a horde of multi-national corporations setting up large scale offices and employing in masses pan India, close to 77% of Bangalore’s tech workforce are millennials with millions of migrants relocating from different parts of the country, looking for quality, all-inclusive and short-term rental accommodation. With well-established physical infrastructure; arterial road that runs through the city, ring road connectivity, railway station, metro line and thriving urban culture and amenities, Whitefield has become a residential haven, making it ideal for proficient tech savvy millennials to rent homes in this township.
For migrant millennials moving to Bangalore for jobs, Whitefield has a plethora of 1BHK and 2BHK homes for rent, given the ease and connectivity it provides to the workplace and rest of the city. However, it isn’t easy moving homes, especially into a new city altogether, it is a cumbersome process which involves important financial and lifestyle-based decisions to make.
Typically, for someone house-hunting in Whitefield, especially for migrants, is to go online and google search, “flats for rent in Whitefield”, “fully furnished 1BHK homes for rent in Whitefield”, “budget homes for rent in Whitefield” and so on. The search will pull up an astounding number of housing and rental property sites with pictures and videos, making one’s shortlisting process confusing.
Before throwing in their search into a vast pool of online listings and ads, it is far more effective for renters to, firstly, understand their “must haves” or non-negotiables in place. Such as:
- Knowing the locality, and Whitefield specific rental rates
- Fixing their rental budget and type of homes they want - 1/2/BHK or Studio type
- Deciding on a fully furnished flat or semi-furnished? Do they prefer homes that comes with in-built facilities or the routine?
- Are they particular about developer brands or private owned building? Or if they are they looking for managed apartments or standard properties?
The current go-to rental options would be in the categories of Co-living, Luxury Paying Guest, Accommodation, Managed Apartments or the standard to-let properties available for rent. The latest rental model picking up pace and expected to be the new go-to for modern renters is the Build-to-Rent (BTR) model wherein properties are built or acquired from scratch to capitalize on a higher property-tenant fit, meaning properties are built or designed to include furnishing, services and amenities to make it ready-to-move in for the renter. BTR models are meant to be more privatized, flexible and organized for renters without losing out on managed services and amenities. Kots Housing Pvt. Ltd. is one the first leasing companies to bring in the BTR model, actively operating in the IT Hubs of Bangalore, focusing on the white collared millennials as their target group.
Another way to look for houses, of course, could be through friends/colleagues/relatives who live in Bangalore, get cues on which websites, sub-locality or spots to consider in Whitefield.
Challenges in finding a good home:
- Zeroing in on a place ideal for a tech savvy millennial, that is fully furnished, 1BHK for instance, that is maintained, and provides additional services, keeping in mind the taste, timely ease and spatial interiors of the modern-day renter, is definitely a challenge, despite several options that seem presentable online.
- Most properties are homes of individuals or owner-built basis their family or investible requirement, and not really built keep in mind the lifestyle of a millennial renter. Which limits one to ‘adjust’, compromising on their personal sense of a home, hence devaluing their rental experience.
- Communication (local language could be a barrier), negotiations and transacting with the local landlords is a hassle, especially for migrants, more so with cultural nuances which can be a bit intimidating for a new-comer in a yet-to-be organised housing realty segment.
- What you see is not what you get. Photos and videos online can be misleading, since virtual previews cannot help one judge the actual quality of the house layout, interiors and its upkeep, nor the neighbourhood or conveniences available; subject to one’s personal preferences. For instance, amiss on essential fitment and fixtures such as lead to the renter’s maintenance and other costs, not to forget, the hassle of getting it done.
How does Kots housing help and what are its benefits:
- Kots is a new business solving this problem at a ground level. A Build-to-rent model guarantees a consumer-focused approach, building properties keeping the target renter’s housing needs in mind- locality, proximity, managed services, security, design and layout of the homes and common areas. BTR is a pre-emptive method of rental housing that stabilizes business costs in the long run, instead of retrofitting old homes to make it rent ready, incurring higher maintenance and refurbishing costs; lowering the aesthetic value of a quality home.
- A BTR model provides an optimized property: tenant fit, hence KOTS manages to provide consistent and improved rental yields. This helps cut through the under organized rental realty that has a growing demand of quality, systematic and ready to move in homes in residential hubs across the country.
- Millennials in the age group 26 to 40 years relocating to Bangalore for their jobs want savvy 1 BHK or 2 BHK homes or flats on rent, that are quick to fins and ready to move into. Be it single, married or with children, each category comes with prerequisites that can be factored in at the beginning given the BTR (Build-to-Rent) model; Kots is well digitized and growing in inventory, allowing its renters to select, verify and book their flats online and move-in the day they enter the city.
- Today’s millennials are more lifestyle renters, who are willing to pay a premium for better facilities included in their housing, but majority of rental realty are just stand-alone buildings with no additional facilities, or they need to be co-shared, or very expensive developer- built apartments that are well outside a millennial’s short-term budget. Kots is addressing this mismatch with the new age renter’s preferences by providing rental solutions that are worth that premium.
- Being a digitized platform/ with a downloadable interactive app, allows Kots to make the rental experience hassle-free, organized and faster for the renter.