Reducing a high rental deposit
Paromita Datta
March 24, 2023

Selling Kidneys, Jewelry – How People are Arranging for a Rental Security Deposit

For those searching for a home in cities like Mumbai and Bengaluru, rising rents are just one part of the problem. As landlords get to take their pick, the more immediate concern seems to be finding the funds to pay their security deposit. Recently, a funny post surfaced on social media where a user joked about selling a kidney to pay his security deposit. 

This may be an exaggeration, but as rents shoot up, rental deposits have also gone through the roof. As bulk payment, it can pose a bigger problem for tenants in the short term. Hence, it’s important to understand the laws and customs that dictate how much security deposit can be charged. 

Booming rentals and rising deposits

Rents in the top 7 cities in India have gone up by 20-30% in the last two years. As per an ANAROCK report, rents are expected to continue with an upward trend in 2023. This is good news for landlords who had seen rents lying static for two years during COVID. 

The tide started turning in 2022 as offices and schools started opening up as our article explores here. Booming rents mean that security deposits are also becoming substantial. There are reports of landlords asking for six to ten months of rental deposits, driving up the total amount in lakhs. This has prompted the spate of jokes on impossible payments. 

What does the law say?

Are these heavy security deposits justified? With landlords demanding six to ten months of rent as a security deposit, many tenants are now questioning the ground for such high deposits. In this situation, it is prudent to know the rules and regulations dictating this amount. 

Where the law is concerned, rental security deposits fall under the Model Tenancy Law Act, 2021. As per the act, the deposit amount is capped at two months’ rent for residential property, and at six months’ rent for non-residential premises. However, since Land and Urban Development is a state subject, the act is not binding on the states. Currently, only four states are following the act. These are Uttar Pradesh, Tamil Nadu, Andhra Pradesh, and Assam. 

In practice, the amount of rental security deposits is usually decided by the micro market customs. One can read more about the rental security deposit in our detailed article here. 

How to manage a high rental security deposit?

A rental security deposit is aimed at creating a safety net for landlords. It is a refundable deposit that the landlord has to pay back at the end of tenancy or as specified in the rental agreement. The deposit can be deducted to recover any unpaid rent arrears, pay for repairing any damage to the property, or for any other fee as specified in the rental agreement. Tenants can manage high rental deposits through the following means:

Negotiations: Negotiate with the landlord to reduce the deposit. Point out that the law specifies two months. 

Establish trust. Since the purpose of the deposit is to protect the landlord against any loss or damage to the property, start by establishing yourself as a trustworthy tenant. Make sure all the relevant information and references are at hand. 

With ApnaComplex: Get professional help in reaching out to landlords with ApnaComplex. Our dedicated Estate Portfolio Managers can help you to:

  • Know about micro-market customs. 
  • Get negotiation support when dealing with the landlord.
  • Establish trust through ApnaComplex background check and KYC 
  • Make sure there is a rental agreement in place. 

If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at rentals@apnacomplex.com. 

Leave a comment InProduct News
Master guide for the year end
Paromita Datta
March 17, 2023

The Ultimate Yearender Checklist

The yearender is a crucial time for gated communities with annual audits looming. It must be completed in time for by the Annual General Body Meeting where the Management Committee (MC) has to present the society’s annual accounts and the next year’s budget. To ensure a smooth execution, we have to start off by ticking all the required boxes in our exhaustive yearender checklist.

Legally, cooperative housing societies have to ensure an audit of accounts before the 31st July of every year. In addition, they have to gather support of other members and formulate a viable budget. This can be a challenging task where every small task is critical. This checklist is designed to ensure that every task is completed. ApnaComplex can be a powerful tool in easing the process through accounting automation and professional support.

The Yearender Checklist

So, here’s an exhaustive checklist of all tasks that must be completed at this critical time:

Accounting checklist 

  • Set the timetable for finishing all tasks, including data reporting and processing as well as fiscal closure of accounts. 
  • Check if the current year’s opening balance is synchronised with last year’s audit report.
  • Make sure all expenses are recorded.
  • Resolve suspense ledger
  • Settle outstanding debts
  • Analyse expenses and look for tax deductions.  
  • Update all financial reports. 
  • Check depreciation entries, FD entries (both accrued and matured)
  • Confirm if Professional Tax, TDS and GST returns are filed
  • Verify TDS receivable and advance tax entries
  • Ensure bank reconciliation 
  • Analyse the final cheque inventory, including issued, stalled, or canceled cheques.
  • Ensure that none of the reports or ledgers show negative value
  • Send annual ledgers to all members.

Society checklist

  • Create and publish a list of members by 31st March.
  • Check the minutes of the previous committee meetings for the agenda. 
  • Clear pending transfers and update registers.
  • Give residents access to relevant reports. 

The budget checklist

  • Analyse budget variance as well as income and expense report to track expenses. 
  • Analyse income streams and explore additional avenues. 
  • Formulate the budget keeping in mind expenses and future infrastructure developments and social spends. 
  • Evaluate spending against reserve funds and income. Then examine if there is any need to raise maintenance fees. Other options can be explored such as charging a one-time fee for a specific development or raising other incomes like parking fees. Alternatively, income streams like monetising events or vendor partnerships can also be considered.
  • Finalise maintenance rates for different units or as per requirements and set due dates.  

Preparing for the year end with ApnaComplex

Preparing financial documents for the year end is a challenging task for any accounting team. But with ApnaComplex, the entire process can be executed with minimal effort and time. Here are a few ApnaComplex tools that can help you complete the yearender checklist.

Update reports with ApnaComplex

One of the biggest challenges during the year-end is preparing and compiling reports before the annual audits. ApnaComplex automates the generation of critical reports like budget variance, defaulters’ lists and expense reports. 

Accessible reports

ApnaComplex makes reports accessible by making these easy to access and read. Admins can now view and download 100+ reports with just a click. This includes Profit and Loss Statement, Income and Expenditure report, Balance Sheet, and the statement of cash flows. Additionally, these reports are easy to read, making it accessible for the average resident.

Improve budgeting

ApnaComplex offers multiple tools to gather data for budget optimisation. Get a budget variance report to check the efficacy of budget allocations, cut down on untraceable expenses, ensure on-time collections, improve financial reporting, and track expenses. Read more about Optimising Society’s Spending & Improve Cost Efficiency.

Bookkeeping services

For societies without any support from financial personnel, ApnaComplex offers all-inclusive Bookkeeping services. The scope of services includes income and expense tracking, publishing financial statements, and filing TDS and other returns. In addition, our experts also assist auditors with the necessary information to file returns.  Find out more about ApnaComplex bookkeeping services here.

To know more about how ApnaComplex can help societies to execute a smooth year-end process, ticking off this yearender checklist, reach out to us at support@apnacomplex.com or +91 80886 11229 for any other concerns.

Leave a comment InProduct News
Rental Security Deposit: A Primer
Paromita Datta
March 6, 2023

Everything you Should Know about Rental Security Deposit

When looking for a rental home, the actual rent is only part of the deal. Before that comes the essential and substantial responsibility of paying a rental security deposit. There are good reasons for charging a security deposit as it provides security to the landlord. However, it can run into lakhs in certain cases. In addition, this lump sum payment has to be paid upfront.

But before you charge or pay the required amount, you must understand what a security deposit entails. Here’s a short primer: 

What is a rental security deposit?

A rental property security deposit is a refundable amount that a tenant pays the landlord at the start of a tenancy. This amount is generally decided according to the prevailing customs in the micro market –  typically, two to three months of rent. However, in certain places, it can exceed a year’s cumulative rent, creating a substantial financial burden for the tenant. 

The amount of the security deposit is defined as per state laws. Hence, it can differ from one state to another. In practice, the amount is often influenced by micro markets. So, you may find different practices in different localities within the same city. 

Why do landlords charge security deposits?

As the name suggests, the security deposit is meant to protect the interests of the landlord. For instance, it can safeguard them against losses if the tenant fails to pay the rent. The landlord can deduct:

  • Unpaid rent arrears 
  • Cost of repairing any damage to the property
  • Any other fee as specified in the rental agreement

This damage does not include normal wear and tear of the property. For instance, the landlord may charge for a broken window pane, but not for the wall paint peeling off after a few months. 

Getting a deposit refund

Once the tenancy ends, the landlord must return the security deposit to the tenant. However, there are cases where the landlord may withhold the payment unfairly, using different pretexts. This is where a rental agreement becomes so important. As a legal document, it specifies the landlord and the tenant’s financial obligations. 

Do’s & Don’ts 

  • Make sure there is a rental agreement signed by both landlord and tenant.  
  • File the rental agreement with the sub-registrar office so that it is a legally binding contract. There should be no hidden clauses.
  • Specify the security deposit amount and when it should be refunded.
  • Specify the financial obligations of both landlord and tenant. 

To know more, read our article on why you should insist on a rental agreement.

FAQs

Is there a law regulating rental security deposits? 

Rental security deposits come under the Model Tenancy Act, 2021. However, since Land and Urban Development fall under state subjects, the act is not binding on states. So far, only four states, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, and Assam have revised their state regulations in line with the Model Tenancy Act, 2021.

How much should be the security deposit for a house rental? 

The Model Tenancy Act, 2021 limits security deposit to a maximum of two months’ rent for residential purposes. For non-residential properties, the deposit is a maximum of six months. In practice, charging security deposits are often influenced by trends in the micro market. 

Is a security deposit refundable?

Yes. However, it is not uncommon to see disputes regarding the refunded amount. Many landlords add on charges, asking for repairs or other payments. This is why a rental agreement that specifies each party’s obligations is so important. 

Can you ask for receipts?

Yes, you should ask for a payment receipt of the security deposit. It should contain details like the date, cheque number, and signature of the owner.

Can the landlord be penalised for late refunds? 

Yes. But remember, this can be enforced only if it is mentioned in the rental agreement. Hence, the agreement should specify the timing of the refund and the terms of penalty in case of delay. 

How can ApnaComplex Rentals help?

If you are unsure of how to go about framing a rental agreement, ApnaComplex Rentals can help you. It provides all-inclusive services that includes support in creating and registering a rental agreement. It also offers landlords tenant KYC and background verification for added security. 

If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at rentals@apnacomplex.com.

Leave a comment InProduct News
Preparing for summer
Paromita Datta
February 20, 2023

Summer Holidays are Here. Here are Some Changes MCs should Start Preparing for

As the mercury rises, it’s the summer holiday season for children across India. With their schools shut for the season, this is the time for children to relax and have fun. Management Committees (MCs) and Resident Welfare Associations (RWAs) should be prepared for children to stay at home and use common areas for recreational activities. 

Summer can also mean other challenges, such as a shortage of water. By preparing for the coming challenges, MCs and RWAs can ensure that residents are not faced with any hardships. It also reduces any dissatisfaction among residents and ensures that people have an easy summer. ApnaComplex offers tools like communication modules that MCs and RWAs leverage to meet these challenges. 

What’s in store during summer holidays?

Summers also bring some unique challenges. Other than children using recreational facilities, the heat also leads to resource crunch. Here are some of the challenges that MCs typically face in the season:

  • Water and power shortages
  • Increased usage of facilities like swimming pools and sports areas
  • Summer classes by residents or specialists 

How to plan for these challenges?

Preparing for the summer holiday season starts with understanding your current situation and planning for every eventuality. This includes:

Taking stock

Increased pressure on electric supply due to myriad factors means that cities across India face power cuts during summer. Similarly, the water supply also starts drying up. These two are often the biggest problems faced by MCs and RWAs. Before you start planning for any contingencies, take stock of current availability and expected consumption. This will help you predict shortages and plan accordingly.

The other change during the season is the increased use of facilities. With children at home, the society clubhouse usually sees traffic throughout the day. Sports facilities like the swimming pool and tennis courts are among the busiest. Hence, it’s a good idea to oversee the state of existing assets and undertake repairs where needed. 

Facility usage is also governed by existing rules and regulations. So, it’s important to check the existing bye-laws and conditions for the usage of facilities. These can then be upgraded after taking the consent of all members.

Arrange alternatives

Once you have an estimate of the lag between demand and supply, you can start looking for alternatives to bridge the gap. You can look at different vendors, including tanker operators and generator suppliers. With time in hand, you can do some comparative shopping to find the most suitable supplier. Similarly, you also have time to arrange for repairs or maintenance of facilities.   

Build sustainable solutions

This is also a good time to start looking at sustainable solutions. For instance, a pattern in water shortages shows a persistent problem where a tanker water supply is just a temporary solution with a recurring expense. Consequently, members should look at more sustainable solutions like rainwater harvesting. Similarly, installing solar panels can help in lowering the pressure on energy demand. 

Communicate rules & regulations   

Some of the changes during the summer holiday season can require modification of rules. For instance, the MC may decide to monetise the use of some facilities like the swimming pool. Similarly, there could be conditions attached to the use of common areas for holding classes. In such cases, the residents must be informed of these conditions and charges well in time. 

ApnaComplex to the rescue

As a community management solution, ApnaComplex offers multiple tools to facilitate MCs and RWAs in planning for the summer. These include:

  • Check consumption by tracking billing for utilities like electricity and water. 
  • Expense tracker can show previous vendor billings including tanker suppliers.
  • Reach out to sustainable vendors like RWH and solar panel suppliers through ApnaComplex.
  • Make sure all bye-laws are updated in the ApnaComplex Community Wiki.
  • Get consensus on new rules through discussion forums, polls and surveys. 
  • Avoid overcrowding at facilities through booking slots.
  • Add charges for facilities where applicable. 
  • Communicate rules on holding classes in common areas through the ApnaComplex Notice Board.  
  • Collect payments through the app.
  • Check service history through QR-based asset management tracker. 
  • Check existing vendors to schedule service and repairs.

To understand its overall efficiency, read our article on the efficacy of centralised communication and centralised facility management. For a practical guide in using these modules for the summer holiday season, read our article on communication tools and how you can resolve challenges in facility management.

To know more about ApnaComplex communication, facility management, billing and expense tracking modules, reach out to us at support@apnacomplex.com or +91 80886 11229 for any other concerns.

Leave a comment InProduct News
Resolving Challenges in Facility Management
Paromita Datta
February 2, 2023

Facility Management: Challenges & Solutions

The modern gated community is often designed as a self-contained space that takes care of all the residents’ needs within the premises. This includes rest and recreation facilities like a gym, swimming pool, clubhouse, spa, and play areas. Hence, one of the key functions of the Management Committee and facility managers is to ensure top-notch facilities. 

Well-maintained facilities are not just important for ensuring a high standard of living, their presence can also raise the capital value of the property. Simply put, these facilities attract more buyers and tenants, adding to the value of the property. But managing these facilities is not without its challenges.

Challenges of Managing Facilities in Gated Communities

As areas with high footfall, usage, and expectations, facilities management can involve a wide array of expertise. This can range from dispute resolution to crowd control, billing, and asset management. Facility managers often find themselves juggling between these different skills and challenges. 

ApnaComplex Facility Management module was designed in collaboration with MCs, admins and residents to address these unique challenges. Here are some common problems and how you can resolve these with ease: 

Ensuring compliance

The biggest challenge for facility managers is ensuring the right usage. Members often do not know the appropriate rules and regulations or choose not to follow them. Improper usage can result in damage to the equipment. Moreover, it can impact the health and safety of other users.

Solution: Rules and regulations should be added to the Facility Management module on ApnaComplex. It can include rules like mandatory non-marking shoes in badminton / squash courts. Relevant rules are displayed whenever a resident books a facility. To further ensure compliance, the MC can also impose fines which are also clearly communicated via ApnaComplex. 

Overcrowding at peak times

Peak times like evenings and weekends often see increased traffic with most residents queuing up for a spot of R&R. Overcrowding at these times can cause irritation, short tempers, and disputes. 

Solution: Ensure regulated access through a facility reservation system where the resident has to book access for a particular time. Bookings can be further segregated by time, automatically ensuring that there are no double bookings. Read our article, Facility Management: How Digitalisation Improves Access and Efficiency to learn more about facility reservation. 

Restricting access 

There are times when the MCs may need to completely block facility access. This can be due to maintenance / repair work or special circumstances like COVID-related curbs. However, it can be difficult to let people know in time.

Solution: Remove the relevant time slots from the facility booking module to automatically restrict access. Residents can be informed in advance through the ApnaComplex community Notice Board and Discussion Forums. Notices can also be pinned on the home screen under ‘Community Updates’. This ensures wide visibility. 

Timely invoicing

It is not uncommon for many societies to charge for certain facilities like a creche or playhouse. Even free-to-use facilities may have additional charges for guests. The problem occurs when these charges are not intimated in advance, leading to irate users. Payments can also get delayed. 

Solution: Residents should be informed of charges at the time of the booking with the payment collected in advance. The ApnaComplex Facility Management module in ApnaComplex ensures both by adding the payment option at the time of booking the facility. 

Inventory tracking

Managing inventory is the key task for any facility manager. From light bulbs to gym equipment, keeping track of ever-moving inventory is both difficult and tedious. Managers must also ensure that there are no misappropriations or shortages. 

Solution: The ApnaComplex Facility Management module includes an inventory tracker where you can categorise and organise all inventory items like chairs or sports equipment. You can track stock levels, consumption, and purchases. This helps in understanding consumption patterns which are critical in optimising inventory. 

Asset management 

Some of the biggest expenses in gated communities revolve around asset management. Depreciation is inevitable and assets like fire extinguishers, sofas, gym and sports equipment break down all the time. The challenge for managers lies in reducing asset downtime.

Solution: The most effective way of reducing asset downtime is regular maintenance. The asset tracker in the Facility Management module provides a single view for all assets and service history including AMC details. Managers can also input future maintenance schedules and set up reminders before the due dates. 

To know the full extent of cost optimisation you can accrue from the facility management module, read our article, Facility Management: How Centralisation is Changing the Game.

To know more about the ApnaComplex Facility Management module and how you can leverage it to meet any challenge, write to us at support@apnacomeplex.

Leave a comment InProduct News
All you can do with ApnaComplex Gatepass
Paromita Datta
January 24, 2023

7 Benefits of the ApnaComplex Gatepass You Should Know About

One of the biggest challenges for every gated community is ensuring security. It is one of the prime concerns for residents and the reason they don’t mind paying high maintenance charges. In this scenario, digital visitor management systems have emerged as a pivotal solution that brings together efficiency with comprehensive oversight. 

ApnaComplex Gatekeeper is a cutting-edge digital visitor management solution. One of its efficiency tools is the Gatepass. A digital Gatepass is issued on the phone by the resident or the admin to indicate that the bearer is allowed to enter or carry out goods from the society. It is designed to allow the guard at the society gate to automate entries or exits without checking with the resident or the admin staff. 

What is a Gatepass?

A gate pass is a simple document, often a paper, that allows the movement of people or material in and out of large-scale establishments like factories, warehouses, or offices. A gate pass is typically issued to keep track of inventory and people moving in or out of the premises. ApnaComplex Gatepass substitutes the paper document with a digital gate pass for the same purpose. 

Benefits of a Gatepess

A Gatepass can have many benefits, including:

Pre-approve visits:You can approve guests or delivery agents in advance. Send a Gatepass to your friends or relatives before their arrival. Entry for delivery people is automated through this system. In most societies, Gatepasses are mandatory for domestic workers. 

Time efficiency:Imagine getting multiple notifications a day every time a delivery person or domestic staff enters the premises. You have to approve their entry every time. This can be a tedious process, especially during a workday. It can be even more disruptive during an event such as a party where you will have to approve multiple visitors. You can avoid the hassle by simply pre-approving all such entries with a Gatepass.

Enhanced security:Every society has regular visitors which include staff and domestic workers. For foolproof security, it is important to ensure that there is some record of their entry and exit. Through Gatepass, society admin can enforce a system of registration for domestic staff as provided in the ERP (Enterprise resource planning) system. The Gatepass also ensures that all visitor details are registered in time by the residents. 

Accurate records:Manual systems are susceptible to human errors. The guard or the visitor can make an error in putting in the required information. A digital Gatepass is issued to the visitor’s phone and hence, ensures that the contact information is always accurate. 

Tracking visitors:How do we track the many people who enter and exit a society? The legacy systems relied on guards at the gate registering every entry manually. However, there could be some obvious misses as they often fail to note down every detail. In addition, this system rarely recorded exits. In other words, there was no way to track visitors in the premises. Under the Gatepass system, all entries and exits are recorded. In addition, visitors must also record the home or homes they are visiting. This allows us to keep a track of visitors like delivery staff who may be visiting multiple homes.

Tracking goods: Other than the Gatekeeper, Gatepass is also integrated with the Asset Management module of ApnaComplex. This enables the admin to keep track of goods that are taken out of the society. For instance, if a repair person is taking out gym equipment, this would be tagged against the person. You can also take pictures of the material before issuing a Gatepass which can then be checked at the gate. You can read about this in our article on tracking goods via Gatepass here. 

Convenience: A Gatepass is a convenient tool that saves us time and effort. As a digital interface, it smoothens the process of allowing the entry and exit of people and goods from the society. It has replaced the system of making calls or sending paper chits for the same purpose. Simply put, a digital Gatepass is easy to issue and even easier to check at the society gates. 

If you want to know more about the benefits of Gatepass, get in touch with us at support@apnacomeplex or call 80886 11229. Our team will help you understand the various features of ApnaComplex Gatekeeper and how you can leverage it maximise security.

Leave a comment InProduct News
5 Things to Check Before Renting Your Next Home
Paromita Datta
January 16, 2023

Looking for Rentals in a Gated Community? Factors You Must Consider

Gated communities offer a high living standard with several easily available amenities and facilities. Hence, making it an attractive option for a rental. With easy access to repair and maintenance services, sporting facilities, and add-on amenities like clubhouse, salon, and spa, these societies have emerged as the most preferred address for the urban dweller.

However, given associated costs like maintenance charges, rents in gated communities also tend to be higher than average. When we consider the skyrocketing rentals today, it can constitute a major bulk of your income. As this will also be your home for the immediate future, it is highly worthwhile to make your choice after due consideration. 

ApnaComplex Rentals offers a one-stop rental management service that acts as a digital matchmaking service for tenants and landlords in gated communities. You can find your home in gated communities by India’s leading developers with just a few clicks. 

Ticking the Rental Checklist

These are the factors that you must consider when picking your home:

Location: Like in any other real estate, the prime factor is location. Multiple factors decide the ideal location, from proximity to the workplace to school or college. Apart from these personal preferences, it’s also advisable to look for a home that is close to necessities like public transport, hospital, or a market.  

Rent: The second most important aspect is the rent. It’s important to set a budget and then look for a home within that range. When calculating the rent, you should also consider upfront deposits and maintenance charges. Check if maintenance charges are included by default or if these will be in addition to the rent. 

Maintenance: One of the most compelling reasons for living in a gated community is its well-maintained appearance. Common areas are regularly cleaned and any broken down equipment or furnishing is quickly repaired or replaced. This is why it’s important to do a thorough inspection of the premises and check common facilities like the clubhouse, playing and meeting areas. 

Security: Many families prefer to rent in gated communities because of round-the-clock security. Modules like ApnaComplex Gatekeeper are designed to keep track of people coming into the society while notifying you of every entry. The two-tier security system ensures maximum security from any intruders. So, take your time to assess the security and check if they have appropriate measures in place. 

Personal preferences: Apart from the factors above, each of us can have personal preferences like a pet-friendly or family-friendly environment. You can check with the landlord on any relevant rules and regulations. Families can check for family-friendly spaces like play areas or hobby groups in the society. Similarly, pet parents should check if the society has strict rules regarding access for pets. For further clarity, you can read our article here on how you can find your next home as a pet parent.

Finding your Home with ApnaComplex

ApnaComplex offers an all-inclusive rental management service where you can find your home in a gated community without any hassle. With extensive options that span different criteria, the listings can meet varied preferences. 

Listings have necessary information like area, maintenance charges, security deposits, floor, number of bathrooms and bedrooms, and whether or not it is furnished. It can also be accompanied with detailed descriptions like availability of parking, clubhouse, play area, power back-up, and availability of community hall. 

Other than easy listing, you can get support for rent negotiations and extensive move-in assistance. The app also offers household services to help you move in smoothly. This can range from movers & packers to cleaning services. 

If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at rentals@apnacomplex.com.

Leave a comment InProduct News
Hyperlocal Businesses & Gated Communities
Paromita Datta
January 11, 2023

Encouraging Hyperlocal Businesses: How are Gated Communities Making a Difference

Hyperlocal businesses have always been an important part of India’s commercial landscape. The neighbourhood kirana store and the all-purpose repair shops have been the mainstay of their locality. But these veterans faced a threat with the arrival of mega e-commerce stores that offered goods and services at the consumer’s doorstep. 

ApnaComplex offers an innovative solution to flip this imbalance, offering small businesses an innovative solution to regain their market. It connects hyperlocal businesses with gated communities through the app. It offers them easy access to a market with high spending potential. At the same time, it provides residents with the opportunity to encourage and empower local businesses. 

What is a hyperlocal business?

Hyperlocal refers to a highly specific geographic area or locality. Hyperlocal businesses cater to the needs of this specific community through the local ecosystem. It focuses on personalisation and the needs of the local consumers. Modern hyperlocal business models also include digital aggregators like ApnaComplex that can help deliver goods and services to the consumers’ doorstep.

Lagging smaller businesses

Even before the pandemic, concerns were raised about predatory pricing by large e-commerce stores to cut out the competition by small sellers. The e-commerce market was growing by more than 20% by the end of 2017. The pandemic only made the gap wider with 82% of small businesses forced to slow down during the pandemic. 

On the other hand, large online marketplaces had the funds, technology, and the ability to quickly adapt to changing conditions. As a result, these businesses were able to dominate the market, taking over the traditional consumer base from hyperlocal businesses. 

ApnaComplex reverses this digital gap by offering hyperlocal businesses an opportunity to reconnect with gated communities, thereby establishing their presence in a rapidly growing demographic with high spending potential. 

Cashing in on the India Consumption Story

Gated communities are fast emerging as a high-spending demographic, accounting for 32% of the population in the top 50 cities of India. This is a significant number, especially if we consider their spending power. Typically, rents and maintenance charges are higher for a home in a gated community. Hence, their residents are likely to have a higher discretionary income than the average consumer. 

Not only is this a substantial market, it is also a rapidly growing one. Gated communities are expected to house more than 24 million households with the average household income reaching USD 19-20k in the next 5 years. In short, the gated communities are fast emerging as an important consumer demographic. 

Leveraging hyperlocal businesses with ApnaComplex

In this scenario, gated communities can play a critical role in helping smaller hyperlocal businesses through ApnaComplex. As a community management app, it has a high adoption rate, which means that almost every household has at least one user in a partner community. Businesses can reach these residents through the app’s home services segment. 

These services include pest control, cleaning, painting, rental RO, and home painting. The app acts as a digital marketing tool where businesses can also make special offers, discounts, or other strategies to further attract new customers. 

The easy access to these value-added services is designed to improve the ease of living in gated communities. The aim is to bring a range of convenience to the residents’ doorstep, anticipating and meeting their every requirement. By connecting the average resident with hyperlocal businesses, ApnaComplex now also offers these communities to leverage their collective buying to empower and build local businesses. 

If you want to know more, write to us at support@apnacomeplex or call 80886 11229. 

Leave a comment InProduct News
One-stop Rental Management for NRIs
Shajai Jacob
December 26, 2022

How Rental Platforms are Helping NRIs Monetise their Real Estate Investments

Real estate has always been one of the most attractive investments for Non Resident Indians (NRI). This interest has further gone up in the post-COVID phase with an ANAROCK report revealing that 71% of NRIs preferred investing in the Indian housing market. This was noticeably higher than the 55% of respondents who showed the same preference in the pre-Covid survey. 

The inclination toward property investments has remained despite the emergence of other avenues such as bonds and mutual funds. However, there are also many challenges, particularly in ensuring that the investment remains lucrative. Renting your home is the most preferable option since it ensures a passive income on the property, thus increasing its ROI. However, managing rentals can be extremely challenging in one’s absence. 

ApnaComplex Rentals offers an easy solution through end-to-end rental management. With a trusted Estate Portfolio Manager handling all your requirements, you can ensure that your property can accrue the highest possible returns. As a reliable and trustworthy rental platform, it is playing a vital role in helping NRI homeowners to manage and monetise their property. 

Attractive returns on real estate

There are good reasons for NRIs to pick property over other options. This faith was further renewed during the pandemic when real estate emerged as a safe bet in a turbulent global economy. Some of the reasons for this preference are: 

  • A home in India represents a powerful nostalgic connection for many NRIs.
  • As a retirement nest on their eventual return. 
  • Healthy ROI since the property is widely viewed as a safe investment with assured returns.
  • Other options like fixed deposits or gold are more susceptible to market volatility.
  • A reviving Indian economy means robust ROI. This prompts a renewed interest in taking part in the booming India story. 

However, owning a home is not without its challenges. It can be difficult to maintain a home for absentee owners. Vacant homes can fall into disrepair very quickly. Plus, even an empty home can mean indirect expenses, such as maintenance charges. 

A rental management company like ApnaComplex offers the most viable solution. NRI landlords can ensure regular maintenance of their homes by renting out their properties. The rent also helps in offsetting any loan EMIs or other expenses while ensuring a regular income. 

Rentals with ApnaComplex

ApnaComplex has emerged as the most viable solution for NRIs with properties in gated communities. As a one-stop rental management service, it can help them scout for tenants and ensure that all documentation is taken care of. 

Single point of contact: With ApnaComplex Rentals, homeowners have a single point of contact through a dedicated Estate Portfolio Manager for every gated community. This makes it easier for owners to coordinate and follow up on any new developments. 

Key management and site visits: The non-resident landlord does not have to worry about conducting site visits for prospective tenants. With multiple brokers, many owners also have the problem of leaving their keys with a trusted party. ApnaComplex Rentals offers key management where the key is entrusted to the EPM for safekeeping. All site visits are also handled by the EPM. 

Trusted tenants: One of the biggest concerns for non-resident owners lies in checking the trustworthiness of the tenant. Many people prefer to leave their homes vacant to avoid any hassles. ApnaComplex offers KYC and background checks to ensure that only verified tenants are considered.  

Maximum returns: Rental income ensures that non-resident property owners can earn a passive income on their investment. ApnaComplex ensures maximum rental yield, thus maximising your ROI.

All-inclusive services: With ApnaComplex you get access to a one-stop rental management service, from support with negotiations to rental or lease agreements. Many EPMs work with non-resident owners to ensure that all their requirements are addressed remotely and without any hassle. 

Payment services: As a complete society management app, ApnaComplex also offers a payment module for rent and maintenance charges. Landlords can collect rent, pay maintenance and common area charges. They can also check the status of various payables and get reminders in case of overdue. 

Move-in / Move-out services: With the ApnaComplex app, landlords can seamlessly manage their Move-in / Move-out requirements and ensure that all the paperwork is in order when a tenant moves in. With many societies now mandating move-in requests through the app, a homeowner can easily check all requirements remotely. You can read more about its benefits here. 

If you want to know more about ApnaComplex Rentals, write to us at rentals@apnacomplex.com.

Leave a comment InProduct News