Ahmedabad builders woo buyers with ‘guaranteed rental schemes’

The scheme is for areas located between Ahmedabad and Gandhinagar on the Sargasan road.

Written by Lakshmi Ajay | Ahmedabad | Published: October 5, 2013 3:52 am

Even as city-based builders have evaded the big question about correction of property prices,many have now sidestepped the end users and are now looking at drawing investors with promotional schemes like “guaranteed rental returns”.

“We are offering ‘guaranteed rental’ schemes,whereby if the buyer does not wish to reside in the apartment immediately after purchase,we will lease out their apartment and give them a guaranteed rent every month for three years after purchase,” said Eric Shah,Director of Sales at Swagat Infrastructure Pvt Ltd.

Interestingly,this scheme has been floated for both the unsold stock in the residential project launched about four years ago and for an upcoming project by the same developer.

“Those buying our 107 sq yard flat priced at Rs 26.75 lakh onwards, a guaranteed rent of Rs 9,000 per month as rent will be provided,while for our 133 sq yard flat that is priced at Rs 33.25 lakh,Rs 11,000 rent will be given. We are looking at investors for our residential offerings with this scheme,as they are most attracted to rentals. We are not really targeting end-users,” Shah added. The scheme is for areas located between Ahmedabad and Gandhinagar on the Sargasan road.

“Developers are offering all kinds of freebies like three-year rental returns which is good for an investor and second-home buyers. Such schemes have been taken up by developers to push sales as home buying transactions have slashed. The market is currently in a stabilisation mode,” said Neeraj Sharma,sales head of 99acres,an online portal.

“We are offering a fixed guaranteed rental of Rs 5,500 once the buyer makes the down payment of Rs 3 lakh in an upcoming area in the residential area of the industrial town of Bavla near Ahmedabad,” said Sanjay Pratap,Director at Aneri Consultancy,which has the selling rights for “Satellite Park” scheme constructed by Aneri Infrastructure Pvt Ltd.

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