Props AMC makes managing properties easy
WHEN Siddharth Dikshit, an IT professional, got a job in Boston, his biggest concern was to take care of his two properties, one in Noida, which he rented out and the other in Kanpur.
“Managing houses was really difficult. While the Noida flat was rented, still there were some issues... I was more concerned about my ancestral house in Kanpur, which was vacant and locked. Every week I used to call my friends and relatives to check it. It was a nightmare and I finally decided to sell it out, while I still have the Noida property,” Siddharth said.
Many Non-resident Indians (NRIs) and individuals who have multiple properties in various locations, managing assets is a big headache and have to depend mostly on their family members, local brokers, friends to manage their properties.
Keeping the demand for such service in mind, Anand Moorthy set up Props AMC, a real estate start-up, providing digital platform for large real estate asset owners, helping them to manage and transact their assets.
Based in Mumbai and founded in 2016, the company provides a subscription-based tech-enabled solution to ‘Property Owners and Managers’ - integrated asset management and property rights data intelligence platform.
“We help individuals, mostly NRIs and HNIs (high-net-worth individual), corporate, banks to manage their assets, lands, flats in one platform for a small annual fee. This means taking care of their homes, repairs, leasing it out, depositing tax, bills, which become handy for NRIs and large corporate,” said Anand Moorthy, CEO, Props AMC.
The second part is data management, which focuses on digitising property details, which enables smart document keeping, income-expenses management, unconflicted transaction information, tax calculation, property ledger, smart marketing, comparison and domain expert services.
“We are not like property sites, mere listing properties. We help in real transaction where we assist buyers with all the information, documentation and valuation of the property. We also provide, if there is any pending cases of litigation going on for a small fee,” Moorthy said. The model attracted many clients, including corporate, and banks. After starting operations in June 2018, it clocked revenue of Rs 97 lakh for FY 2018-19.
“Other than 36 HNIs, IIFL Wealth, Karvy wealth, Sanctum Wealth, Knight Frank India, Juris Corp Legal, Kanti Karamsey, Julius Baer, use our data insights and property portfolio management platforms. Over 12 firms into private wealth and lending are interested in service,” he said.