Puravankara Projects launches 20/80 deferred payment scheme

MUMBAI: Realty developer Puravankara Projects on Thursday launched an 20/80 deferred payment scheme that will allow customers to pay 20% of total cost of the apartment initially and rest only at the time of possession, the company said in a release.

The Bangalore-based company will bear the interest cost on the 80% of the value of the apartment till possession. The customer will start paying equated monthly installments to the bank for its home loan only after possession of the apartment.

The offer will be available at all of Puravankara’s projects except Windermere in Chennai and Blue Mont in Coimbatore. Currently, the company has 20 projects under construction spread over 27.33 million sq ft.

The company, however, did not mention any time frame for which the offer will be valid.

“At this time, the customer is looking for value for money and the assurance of getting his home delivered on time. We have realigned our sales and marketing focus to meet this market sentiment, both at the strategic as well as tactical level,” the release quoted Chief Executive Officer Jackbastian Nazareth as saying.

On Thursday, shares of Puravankara Projects closed at Rs 71.25 on the National Stock Exchange, up 1.9% from Wednesday.