Good Property Deals in Bangalore
Good deals in property market in Bangalore are emerging amidst certain segments. The developers are offering cash discounts where in some of the developers have been introducing free wardrobe and kitchen formula. However, Puravankara Projects have now introduced a new scheme for the property buyers.
This Puravankara Scheme takes away a huge worry that property buyers have, which is that if a project is delayed, the burden of paying interest on the loan has taken rising risk and it has to be paid often in addition to the rent that they pay for the current accommodation.
The scheme payment schedule is split into three parts – 20% down payment, followed by 50% of the cost of the apartment after a month (given that the construction is at an advanced stage) and the rest is spread over 12 months. If you buy a two-bedroom apartment priced at Rs 62.35 lakh, and 80% of it is financed through bank borrowing and the project is completed in 12 months, you will save Rs 4, 82,644 as interest component (calculated at 11%). “The interest will be borne by the developer till possession. It will be paid to the buyer, and he in turn pays the bank”.
Jackbastian Nazareth, CEO of Puravankara Projects, calls it a unique value proposition, not mere discounting. “If you look at the market in the last 8 months, interest rates is the biggest worry. We have looked at milestone-linked payments that will assure the buyer of getting his home delivered on time.” The company is selling 500 apartments under this scheme.
Accomidation, Apartments, Cash Discounts, Intrest component, Linked payments, Loan rates, Property Buyers, property market, This Puravankara Scheme
Exceptionally useful post. thanks! However we are worried about the property prices going skyhigh in Bangalore.