Snapdeal partners with Purvankara Projects to sell ready-to-move-in homes

Online marketplace Snapdeal has partnered with real estate developer Purvankar Projects and property consultancy firm JLL India, to sell apartments on its e-commerce platform. Ashish Purvankara, Managing Director, Purvankara Projects Ltd, said “At Purvankara 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 that developer has taken 7 year long term view on rentals. This indicates our bullish view on the long term real estate story of our country.” 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 are confident that the unique Managed Residences Plan will be an exciting proposition for our customers and maximize benefits from their home investment.” As a part of the contract, Purvankara will secure pre-agreed monthly rentals to the customers and pay the common area maintenance amount to the Building Association. This ensure that the purchaser enjoy a hassle-free, uninterrupted rental returns for 7 years, along with an additional rental appreciation benefit of 8.0% every year. “Purchasers 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,” said Purvankara. Ashwinder Raj Singh, CEO-Residential Services, JLL India said, “Buying to ready-to-move-in homes rules out uncertainties around quality and possession timelines, as purchasers buy what they say. We are excited to Purvankara on this one-of-a-kind initiative, and are sure that this offering will appeal to both local and NRI investors. It is estimated that the real estate market in country will reach $180 billion (over Rs 11 lakh crore) by 2020. In just residential property, the top eight Indian cities will see an additional demand of 2.8 million units in the next five years, according to property consultant Cushman and Wakefield.