Property Management Startup Propdial forays into 2nd home shared ownership space

Propdial, a Gurgaon based proptech startup that helps NRIs and Indians living in other cities manage properties from a distance forays into fast emerging 2^nd Home shared ownership space.

With growing income of Indian professionals and larger interest to invest in alternate properties is bringing back a lot of demand for 2^nd Home Ownership. However these people are not just looking to own ‘another’ property but they want to own ‘smart’ property that can create more value, higher satisfaction of owning it while being part of such closely knitted community.

These professionals cum Investors are well networked and quite aware of Global space, and with technology at play they want similar ownership model for Indian shared Home Ownership space. The NRI’s are further boosting this demand, willing to invest back in their Home country.

Aspirational second home shared ownership is a large market opportunity and proven model in US and Europe market, we are addressing the growing aspiration of Indian as well NRI community to offer such an option for Indian market said Vinay co-founder and CEO.

To summarise, here are few key ask from new breed of second home owners and how this space is rapidly evolving:

• 2nd  Home Ownership has become an Aspirational & Lifestyle need, for example owning a Big/ Luxury Property at Beach, Mountain, Religious location than just owning another property
• Aspirational Property are large ticket, not possible to own fully – it requires some innovative solution and hence an opportunity to build big
• 2nd Home Owners want their properties to provide recurring returns, self-usage on demand along with capital appreciation than becoming a liability to own & manage
• 2nd Home Owners want  to use their as well other community member’s property on demand and on swap basis without worrying how to keep it warm and functioning

We have done internal survey with our existing Clients (property owners) whom properties are managed by Propdial. There is a huge interest and willingness to be part of shared ownership model among them, specially NRI Clients, said Gopal co-founder and COO.

For addressing the above, there is a clear need to redefine the 2^nd Home Ownership space with usage of technology, domain expertise and operational excellence. This includes:

• Shared Ownership – Rather than owning 100%, there would be a provision to own fraction (share) of it and so large ticket property will be comfortably owned by a small group (2-10 people)
• Full lifecycle management of Property – Propdial will manage the complete life cycle of property ownership – acquisition, legal as well operational
• Self-Usage (Personal Stay / Luxury Vacation) – 6-8 weeks per year of personal vacation at your managed property with pride of ownership. Member can also swap property usage with other property at same or different location.
• ROI – Propdial will use various channels to earn rental incomes for the period when property not in use and earnings will be distributed in proportion with owners. Also if needed exiting/selling individual’s share will be facilitated by the platform.

While drawing a similar comparison, Propdial is building Pacaso of India with Desi flavour and taking first mover advantage in this space.