Lodha Ventures backs MultiLiving startup by investing Rs. 45crore.

Lodha Ventures, the investment arm of Mumbai-based property developer Mangal Prabhat Lodha family, has invested Rs 45 crore in MultiLiving, a luxury service apartment startup.

MultiLiving provides a network of luxury designed residences for urban professionals. The property business operates in Lower Parel, Powai, BKC, Kanjurmarg, and Vikhroli at the moment in Mumbai.

“MultiLiving is an innovative way to own and rent a flat with housekeeping and hospitality that is been assisted by technology,” said Pankaj Singh, CEO of MultiLiving.

According to the company, it selects between 50 criteria based on area, complicated facilities and house state as well as concierge services and housekeeping services.

House owners prosper from the operation of the firm, through the MultiLiving service in return for the commission providing the occupants, documentation and rent collection.

Singh is an IIM Ahmedabad alumnus with over eight years of real estate industry experience including at the Lodha Group and Xanadu Realty. “All of our residences are specifically chosen in unique environments and gated communities. They evaluate each prospective occupant carefully, but the ultimate decision rests with the landlord,” he said.

Lodha Ventures is led by Abhinandan Lodha, Mangal Prabhat Lodha’s younger son, who has also entered the firm’s advisory board. He is now an angel investor in the co-living startup Housr.

Although business strategies range through startups, a multitude of real estate firms is offering residential housing options for students as purchasing habits are increasingly shifting from ownership to asset-light “sharing economy.”

All such firms include ZoloStays, Co-live, Hello World, Oyo Life, and Stanza Living, which are collaborators with developers of real estate as well as retail asset owners.