As some consumers stay away from making big ticket investments into real estate, developer House of Hiranandani has come up with a ‘guaranteed rental’ scheme for those buying property at two of its towers at the Devanahalli township in Bengaluru.
The company said that, depending on the size of the property, buyers could get up to Rs 10 lakh in the form of the guarantee.
The offer is valid only on the Chancery and Cypress towers, which belong to the ‘opulent’ category.
The rentals under the scheme will start after one month from the date of possession. The offer is valid up to 31st December, 2017.
Devanahalli is slightly far out from the center of Bangalore, and many buyers who purchase property in the area may not be able to stay in them due to their distance.
At the same time, it is considered a future hotspot, and is littered with high-end developments that are still reasonably priced by Bangalore standards, making them a viable investment opportunity for those who believe that property prices will continue to go up.
Prashant Mirkar, head of marketing and sales for the developer said the offer will target those who want to buy the property now, even as they continue to live closer to the city on rent.
“We introduced the offer to address the growing needs of a large segment of our population who want to own a home, but are skeptical owing to the twin pressure of paying EMI’s and rent simultaneously,” he said.
” This scheme will not only provide a solution to this dilemma, but will also ensure that prospective home buyers save on interest cost and earn capital appreciation.”
House of Hiranandani is credited with developing India’s biggest townships. The developer has two flagship townships in Mumbai, in Powai and Thane, that are known for their European-style architecture, well laid-out public amenities such as gardens, hospitals, shopping malls, cinemas and clubs, as well as clean and wide roads.
Unlike other developers who focus on the building and its own compound, Hiranandani develops an area that typically covers a square km or more.
The Devanahalli township, close to the International airport, also comes with a club house, nature trails and parks.
The project offers apartments with 2, 2.5, 3, and 4 bedrooms, as well as villas and cottages.
The developer also has a reputation for using only high-quality materials in its construction.
“The buildings and supporting infrastructure are designed to ensure low maintenance, yet add value to the lives of our residents. The selection of materials is robust to ensure longevity and is passed only after stringent quality checks,” the company said.
However, due to the scale of such developments, Hiranandani constructs its properties largely outside the main city.
The developer also has projects in Hebbal and Bannerghatta in Bangalore, OMR in Chennai and Shankarpally in Hyderabad.