Snapdeal, Indian online marketplace and Puravankara, one of the country’s top 5 listed real estate developers in association with leading international property consultancy JLL India have announced the launch of a Managed Residences Plan for their customers. The Managed Residences Plan functions as a dedicated long term asset management programme for leased Residential Real Estate, supporting customers with different risk capacities to drive better value from their investment.
The three-way partnership between Snapdeal, Puravankara Projects Ltd and JLL India, will enable customers to purchase a ready-to-occupy apartment from Puravankara across Bangalore, Chennai, Coimbatore & Kochi and lease it back to Puravankara for a contracted term of 7 years. As a part of the contract, Puravankara will secure pre-agreed monthly rentals to the customer and pay the common area maintenance amount to the Building Association. This ensures that the purchaser enjoys a hassle free, uninterrupted rental returns for 7 years, along with an additional rental appreciation benefit of 8.0% every year. Purchasers however have an exclusive option for premature withdrawal from the lease agreement, in case they choose to occupy the apartment or manage the rental process themselves. Puravankara has appointed JLL as the Lease Manager, to assist it in further sub-leasing the residential apartments to tenants and provide leasing related services. JLL also offers to provide lease management services to the purchasers beyond the 7 year period, in return for a service fee.
Speaking about the launch, a Snapdeal spokesperson said, “Snapdeal’s Real estate category has received a phenomenal response from customers since its launch witnessing 300% year on year growth. We have forged alliances with some of the most trusted names in the real estate industry to offer a range of housing options for our ever-expanding customer base in a hassle-free and transparent manner. We are confident that the unique Managed Residences Plan will be an exciting proposition for our customers and help them maximise benefits from their home investment.”
Offering 200 ready-to-occupy residential assets in the inaugural phase of its launch across Bangalore, Chennai, Coimbatore and Kochi with investment sizes ranging from Rs 35 lakhs to Rs 3.5 Crores, the bookings for Managed Residences Plan will be open exclusively on Snapdeal for 10 days, starting May 27th and allotment of units will be on a first come first serve basis. The exclusive launch of the Managed Residences Plan on Snapdeal allows prospective purchasers to place an Expression of Interest online, along with a nominal reservation amount, post which the developer’s representative shall assist them in choosing a unit. Those who book online during this inaugural period shall also be eligible to receive an INR 25,000 Snapdeal Purchase Voucher.
Mr. Ashish Puravankara, Managing Director, Puravankara Projects Ltd said “At Puravankara, we are always striving to meet the evolving needs of home buyers, and the benefits offered under the Managed Residences Plan are in tandem with our Group’s vision. While developers in the past have offered rent assurances for one or two years, it is for the first time a developer has taken a 7 year long term view on rentals. This indicates our bullish view on the long term real estate story in the country”.
Ashwinder Raj Singh, CEO – Residential Services, JLL India said “We at JLL India believe that the Managed Residences Plan is a convincing answer to the challenges investors face with regards to managing their real estate investments efficiently. Buying ready-to-move-in homes rules out uncertainties around quality and possession timelines, as purchasers buy what they see. Simultaneously under this Plan, rental income is guaranteed. We are excited to associate with Puravankara on this one-of-a-kind initiative, and are sure that this offering will appeal to both local and NRI investors.”
Credits Business World