E-commerce platform Snapdeal, has partnered with real estate developers Puravankar Projects, and JLL India, a property consultancy firm, to sell apartments on its platform under the Managed Residences Plan.
The bookings for the Managed Residences Plan will be open exclusively on Snapdeal for 10 days, starting tomorrow, 27 May and about 200 ready-to-occupy residential properties will be offered in the inaugural phase of its launch. The investment sizes range from Rs 35 lakhs to Rs 3.5 Crores and allotment of units will be on a first come first serve basis.
The plan will allow prospective purchasers to place an Expression of Interest online, along with a nominal reservation amount, after which the developer’s representative will assist them in choosing a unit.
The company has also announced that people who book online during this inaugural period shall also be eligible to receive Rs 25,000 Snapdeal Purchase Voucher.
The three-way partnership between Snapdeal, Puravankara and JLL India will enable customers to purchase a ready-to-occupy apartment from Puravankara across Bangalore, Chennai, Coimbatore & Kochi and lease it back 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 will enable the purchaser to have uninterrupted rental returns for 7 years, along with an additional rental appreciation benefit of 8.0% every year.
The company has also informed that Purchasers will have the option of 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 in further sub-leasing the residential apartments to tenants and providing 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.
According to a company spokesperson, Snapdeal’s Real estate category has witnessed a 300% Year-on-Year growth since its launch. The company had launched its Real estate vertical in August 2014 n partnership with Tata Value Homes, a subsidiary of the Tata Housing Development.
The real estate category on Snapdeal comprises of residential projects from developers across India like Godrej Properties, House of Hiranandani, Supertech, Brigade Enterprises, amongst others.
This partnership enables Snapdeal to have a direct competition with other Real Estate online ventures , such as Quikrhomes, 99Acres, MagicBricks and Housing.com.
In January, Quikr acquired CommonFloor and merged it with its real estate vertical QuikrHomes. In December last year, it had acquired the real estate analytics startup Realtycompass to boost its offerings in the real estate space.