May 26, 13.58 PM IST || Pocket News Alert
Unique programme ensures hassle-free rental returns to consumers
Three-way alliance between Snapdeal, Puravankara, and JLL to provide unique leased asset management programme
New Delhi, 26th May, 2016: 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 customers with different risk capacities to drive better value from their investment.
Managed Residences Plan Highlights • Customers can purchase an apartment from Puravankara & lease it back to them for a contracted term of 7 years • Puravankara will secure pre-agreed monthly rentals & common area maintenance ensuring uninterrupted returns for 7 years •
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 & 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. JLL also offers to provide lease management services to the purchasers beyond the 7 year period, in return for a service fee.
Speaking about the launch, a Snapdeal spokesperson said, “Snapdeal’s Real estate category has received a phenomenal response from customers since its launch witnessing 300% year on year growth. We have forged alliances with some of the most trusted names in the real estate industry to offer a range of housing options for our ever-expanding customer base in a hassle-free and transparent manner. We are confident that the unique Managed Residences Plan will be an exciting proposition for our customers and help them maximise benefits from their home investment.”
Offering 200 ready-to-occupy residential assets in the inaugural phase of its launch across Bangalore, Chennai, Coimbatore and Kochi with investment sizes ranging from Rs 35 lakhs to Rs 3.5 Crores, the bookings for 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”.
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. We are excited to associate with Puravankara on this one-of-a-kind initiative, and are sure that this offering will appeal to both local and NRI investors.”
About Snapdeal:
Snapdeal’s vision is to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers. In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal.com - India’s largest online marketplace, with the widest assortment of 35 million plus products across 800 plus diverse categories from over 125,000 regional, national, and international brands and retailers. With millions of users and more than 300,000 sellers, Snapdeal is the shopping destination for Internet users across the country, delivering to 6000+ cities and towns in India. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, Foxconn, Alibaba, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others.
For further information, visit www.snapdeal.com
About Puravankara Projects Ltd.
Puravankara is an established real estate developer with diversified offerings and geographical presence in Bengaluru, Mumbai, Kochi, Chennai, Coimbatore, Hyderabad, Pune and Mangalore. The company along with its subsidiaries has 23.64 million sft of projects under development with an additional 84.08 million sft in projected development over the next few years. The Company pioneers and excels in luxury theme based projects drawing inspiration from the best in the world. The Puravankara Group with its sharp foresight adopted innovative technology and latest developments in construction science much ahead of time, which has helped accelerate execution and deliver quality products. Puravankara Projects Limited is professionally managed under the guidance of Mr. Ravi Puravankara and the Board, the company is listed on the National Stock exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE)
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
JLL has over 50 years of experience in Asia Pacific, with over 32,000 employees operating in 83 offices in 16 countries across the region. The firm was named 'Best International Property Consultancy' and 'Best Property Consultancy Asia Pacific' at the International Property Awards Final 2015 as well as number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards.