In a first-of-its-kind initiative, real estate developer Puravankara Ltd has announced a Home Exchange Plan – an initiative with multiple benefits for the home sellers who are looking to upgrade their homes. The initiative, which will be part of Puravankara’s Big 72 Hours Home Fest, attempts to mimic the ‘Exchange an old car for a new one’ offers in the automobile industry.
While the housing industry may be unable to replicate the exact version of an automobile exchange in the context of homes, because of the fragmented nature of the housing market, Puravankara is attempting to assist home buyers to sell their existing homes, though a formal process, so as to help the customer plan for the finances required for a new home’s purchase.
The event is slated for June 15-17, 2018 and will entice both, first home buyers and home buyers looking to upgrade their homes, with attractive price and payment plans. Puravankara has partnered with leading banks along with their certified valuation experts, as well as key brokers and premium online real estate portals, for the three-day event in Bengaluru. The move is also expected to boost the company’s ambitious plans, to invest Rs 3,000 crores and achieve the construction target of 15 million sq ft in 2018-19 under the Provident brand for premium-affordable housing and the Puravankara brand.
There is extensive research that suggests a keen interest among property owners of the working populace, to upgrade their real estate assets. However, the complex and vague procedures of valuation and resale discourage the move. All they need, is additional help to streamline the resale process, to give them greater predictability of being able to sell their old home, the developer said, in a statement. At the Big 72 Hours Home Fest, home seekers can have their existing properties instantly valued, so as to help them plan their new home purchase.
Speaking about the campaign Anand Narayanan, chief operating officer, Puravankara Ltd said, “We found that eight out of ten residents in Bengaluru, who are looking to sell their existing properties, are often unaware or misinformed about the resale/upgrade process – from valuation to finding the right buyer. As a result, the process gets derailed, delayed and eventually dropped and they do not end up upgrading to their dream home. We decided to address this issue, by adding India’s first Home Exchange Plan and Resale Assistance Plan, to our ongoing flagship program Big 72 Hours and help home sellers to get the best and find the right buyers for their existing properties.”
Speaking about the home exchange plan, Mani Rangarajan, CBO of Housing.com added: “The Home Exchange Plan is a unique initiative by Puravankara. This is sure to benefit home buyers looking for an upgrade.”
The Home Exchange process
Upon contracting to buy a new Puravankara home, purchasers can choose to enrol themselves into the ‘Resale Assistance Program’, which will offer benefits like:
- Flexible payment plan on the new Puravankara home that they choose to buy.
- Valuation certificate from third-party valuation agencies.
- Easy loan facility against the existing property, partnered with HDFC, ICICI and SBI.
- Assistance from empanelled brokers.
- Premium listings on top online property portals, such as Housing.com and 99acres.
- Complimentary participation in a ‘Resale home mela’.
- Hassle-free processing under one roof.
With the festive season coming up, through this initiative, Puravankara is hoping to reach out to over a lakh first-time home buyers, the NRI community and investors, to promote their affordable, ready-to-move-in and luxury homes. “With the implementation of RERA and GST, we strongly believe the trust between home buyers and builders will further improve. This initiative, by Puravankara, will offer a platform for brokers, valuation experts, banks and online listing portals, to come together and develop a new segment. Home sellers can transact with ease, transparency and convenience, bringing a brand new customer experience to the forefront,” added Narayanan.