Snapdeal to sell flats with assured rental returns for 7 years
Online marketplace Snapdeal has tied up with realty firm Puravankara Projects to market 200 ready-to-occupy flats in Chennai, Bengaluru, Coimbatore and Kochi, while offering assured rent for seven years to buyers. Snapdeal and Puravankara in association with property consultant JLL India on Thursday announced the launch of a 'Managed Residences Plan' under which flat owners would get fixed rental returns for seven years, along with an additional rental appreciation benefit of 8 per cent per annum. Under this scheme, Puravankara would offer 200 flats in a price range of Rs 35 lakh to Rs 3.5 crore on Snapdeal for 10 days starting May 27. Those who book online during this period will also get Rs 25,000 Snapdeal purchase voucher, according to a statement.
"The three-way partnership between Snapdeal, Puravankara Projects and JLL India will enable customers to purchase a ready-to-occupy apartment from Puravankara across Bangalore, Chennai, Coimbatore and Kochi and lease it back to Puravankara for a contracted term of 7 years," Snapdeal said. JLL has been appointed as the lease manager to assist it in further sub-leasing the residential apartments to tenants and provide leasing related services. Purchasers would have an option of premature withdrawal from the lease agreement in case they choose to occupy the flats or manage the rental process themselves. "Snapdeal's real estate category has received a phenomenal response from customers since its launch witnessing 300 per cent year-on-year growth," a company spokesperson said, adding that it has forged alliances with trusted builders to offer a range of housing options for customers in a hassle-free and transparent manner. Ashish Puravankara, MD, Puravankara Projects said, "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 seven year long term view on rentals."