In a move to reach out to the first time home buyers, real estate promoter Parsvnath Developers Ltd has unveiled a variant of the subvention scheme now in vogue in the industry under which buyers making upfront payment of 25 per cent cost would pay the balance only on possession.
New identity
The company has also unveiled a new corporate identity that it said symbolises ‘transformation, freshness and simplicity’.
In a filing with the stock exchanges, Parsvnath said that according to the ‘25:75 House of Happiness’ scheme, buyers would have to make payment of only 25 per cent of the total cost on booking and the balance on possession.
No EMIs
It said the scheme was different from the other subvention plans that were offered now in the realty market as it would not attract any EMIs as no bank loan was involved.
It would be extended to 20 projects of the group, including four commercial and 16 residential projects underway across the country including New Delhi, Greater Noida, Sonepat, Ujjain, Bhiwadi etc.
According to Pradeep Jain, Chairman, Parsvnath Group, the scheme is aimed at nudging the first time buyers “to think of having a house of their own’’.
He was confident of the scheme being a game-changer for the industry since it was designed after analysing the problems faced by the buyers.
He said that it was a “risk-free’’ way of purchasing a home since it did not involve any bank loan and EMIs and in the present market conditions, was a boon to the buyers.
The new logo also symbolised the company’s “all new simple, straight and clutter-free approach towards new India’’.
Jain said that the company has now three PE fund investments amounting to Rs 1,015.5 crore in different projects, part of which has been repaid.
Parsvnath Developers is now developing 76.3 million sq.ft. of area in 27 cities, of which already 36.3 million sq.ft. has been sold. Its business includes residential/commercial, DMRC projects, hotels, SEZs and IT parks.
Shares of PDL (face value Rs 5) were trading at Rs 35.30, down by 20 paise, on the BSE.