Deferred payment concept becoming popular in Bangalore
Bangalore real estate sector is recording healthy growth and competition among the developers are rising. Real estate developers, mainly from Mumbai are bringing in the concept of deferred payment to the city to attract home buyers.
The property buyers book apartments by paying a minimal amount of about Rs 2 to 5 lakhs and start paying the EMI only after they get the possession of their houses. The interest gathered in that period is absorbed by the developers.
Currently, this offer is available only for pre-launch projects, In a short while, may be this offer will be extended to post launches. The idea is to lure buyers who are young and has just started their carriers.
Pashmina developers, one of the latest players have announce this offer. This kind of offers address the needs of this segment, which not only have a great potential but also has the need for growth.
Keeping the target segment in mind, several real estate players have modified their range of offerings to cover 2 BHKs and the untapped 1 BHK market in Bangalore. People who are financially weak can take the advantage of this offer. The advantage with the deferred payment is that, you can move into the apartment or let it out on rent.
Although, Bangalore based developers have not yet adopted the concept in full swing, many developers have incorporated a modified version of it.
According to Avinash Rao, Regional Director- South, Knight Frank Pvt. Ltd, several reputed developers have announced the concept of deferred payment in Bangalore but not all of them absorb the interest completely. Though the buyers does not get much benefit but still it is a deferred payment which many prefer to opt for.
Click here for related forum discussion
Related Real Estate News:
Maximum Down Payment for Home Loan can Lower your Interest Burden
Reverse Mortgage: A new concept in Indian real estate
Apartments in Bangalore, Bangalore, Bangalore Real Estate, Bangalore real estate sector, home buyers, Pashmina developers, Projects in bangalore, properties in Bangalore
