India Gets its First Managed Residences Plan

May 26, 2016, 06:59 ET from Puravankara Projects Limited

NEW DELHI, May 26, 2016 /PRNewswire/ --

- Unique Programme Ensures Hassle-free Rental Returns to NRI Investors 

- Three-way Alliance Between Puravankara, Snapdeal and JLL to Provide Unique Leased Asset Management Programme

Snapdeal, India's largest 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 NRI 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 and 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. 

Managed Residences Plan Highlights

- Customers can purchase an apartment from Puravankara and lease it back to them for a contracted term of 7 years

- Puravankara will secure pre-agreed monthly rentals and common area maintenance ensuring uninterrupted returns for 7 years

- Additional rental appreciation benefit of 8.0% every year

- JLL appointed as Lease Manager, to sublease the apartments

- Purchasers have an exclusive option of early withdrawal from the rental programme

Offering 200 ready-to-occupy residential assets in the inaugural phase of its launch across Bangalore, Chennai, Coimbatore and Kochi. 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."

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SOURCE Puravankara Projects Limited