Snapdeal, Puravankara, JLL India launch managed residences plan

Snapdeal, Puravankara Projects and JLL India have entered into a three-way partnership to launch managed residences plan for the first time in the country. This mode enables customers to purchase a ready-to-occupy apartment from Puravankara across Bangalore, Chennai, Coimbatore and Kochi and lease it back Puravankara for about seven 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, along with an additional rental appreciation benefit of 8 per cent every year, the company said in a statement.

''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. We are happy to partner with Snapdeal and JLL for this unique proposition, as we believe that fulfilling the aspirations around real estate investments will be the single most important way forward to win consumer confidence,'' said Ashish Puravankara, managing director at Puravankara Projects.

Snapdeal is India's largest online marketplace, Puravankara Projects Ltd a real estate developer and JLL India a  professional services and investment management firm offering real estate services.

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 seven-year period, in return for a service fee.

The real estate company will offer 200 ready-to-occupy residential assets in the inaugural phase of its launch across Bangalore, Chennai, Coimbatore and Kochi with investment sizes ranging from Rs35 lakh to Rs3.5 crore. The bookings for managed residences plan will be open exclusively on Snapdeal for 10 days, starting 27 May 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 will assist them in choosing a unit. Those who book online during this inaugural period will also be eligible to receive a Rs25,000 Snapdeal purchase voucher.

''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,'' said Ashwinder Raj Singh, CEO - Residential Services at JLL India.

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.