Square Yards’ zero deposit programme for property renters

Real estate platform Square Yards on August 21 introduced a zero deposit programme for property renters through its subsidiary Azuro.

According to a press release, the programme entails a residential rental bond which acts as a guarantee in favour of a landlord that will compensate him in case the tenant defaults on his obligations under the tenancy agreement.

The tenant on the other hand pays a nominal fee, which is a small percentage of the actual amount of the bond, to the bond-issuing authority, instead of a security deposit.

This will provide respite to millions of home-seeking tenants from huge security deposits, making the search for their home easier, faster, and fairer, said the release.

Tanuj Shori, Founder and CEO, Square Yards, said, “For too long, large deposits have been a burden for the home-finders. With our new innovative product, tenants now don’t need to cough up deposits and can seamlessly move into professionally managed homes without taking personal loans and withdrawing their savings.”