Puravankara offers managed residences plan for customers

Online marketplace Snapdeal and Puravankara, one of the country’s top five listed real estate developers, in association with leading international property consultancy JLL India on Thursday announced the launch of a managed residences plan for their customers.

According to a press release, 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 release said 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 Bengaluru, Chennai, Coimbatore and Kochi and lease it back to  Puravankara for a contracted term of seven 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 seven years, along with an additional rental appreciation benefit of 8 per cent every year.

Purchasers, however, have an 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.

Offering 200 ready-to-occupy residential assets in the inaugural phase of its launch across Bengaluru, Chennai, Coimbatore and Kochi with investment sizes ranging from Rs 35 lakh to Rs 3.5 crore, the bookings for managed residences plan will be open on Snapdeal for 10 days, starting May 27 and allotment of units will be on a first-come-first-serve basis.

Ashish Puravankara, MD, Puravankara Projects Ltd said “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 seven year long term view on rentals.”

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.”