Customised payment plan key for the success of real estate projects
Dubai’s well-regulated market is now matured with serious developers, genuine brokers and real buyers – that needs out-of-the-box re-thinking of customised payment plans to attract the property buyers
Matured real estate market requires matured thinking from property developers. Gone are the days when buyers used to take whatever used to be imposed by developers, when the market was a sellers’ one.
With Dubai’s real estate market maturing further, developers are offering deferred payment plans to attract property buyers as it has turned into a buyer’s market.
Gemini Property Developers, a boutique real estate developer, which recently launched a game-changing-industry-first customised payment plan for luxury residential units in the Dh280 million Splendor at MBR City that offers a wider choice for property buyers allowing them to pay for five years after hand-over – has received overwhelming response from the property buyers at the Cityscape Global exhibition that concluded on Wednesday.
Under the innovative set of payment schemes, property buyers have the options to choose from an extended payment plan after paying 50 per cent upon handover and the balance payment on easy instalments at their convenience, choice and freedom. This will encourage and help the fixed-income end-users to enter into their dream freehold homes and pay at their ease without undertaking the bank finance cost.
“However, the key is to offer the freedom to choose how and they want to pay as it has now become a buyer’s market. Dubai’s real estate market needs out-of-the-box thinking by all stakeholders,” Mr. Sudhakar R. Rao, Managing Director of Gemini Property Developers, says. “That’s why we have devised a game-changing industry-first payment scheme that is designed to offer the best comfort level to our property buyers. This has received a strong response that is also resulting in transactions.
“The new payment plan actually removes the burden of payment under stress and allows them to pay as per their convenience and thus eases the pressure on the property buyer.
“The aim is to reduce the pains of the customers and make sure they remain happy throughout the acquisition phase, while as a developer, we share the burden of the customer’s payment. We want to give them the freedom to pay at their ease, choice and convenience.
“Once the buyer moves in to Splendor at MBR City upon paying 50 per cent, it frees up the rents – that could be converted into monthly instalments for five years – or as low as 0.83 per cent per month that could be paid in quarterly instalments – and property buyers can enjoy the benefits of living in their own freehold homes at Sobha Hartland within the Mohammed Bin Rashid City (MBR City) and its central location within the city of Dubai.”
Splendor at MBR City is a stylish, synchronised and elegantly designed collection of 134 modern homes for the upwardly mobile families, who prefer to live at the heart of the city – yet within a sanctuary. Disconnect from the frantic, bustling city life while staying completely interconnected within one’s serene abode. Splendor takes the convenience of modern technology to a new level with its fully automated smart homes fitted into all the units within the building.
This state-of-the-art technology allows seamless and wireless control over several of the high-quality home amenities such as the curtains, lights, air-conditioning, media and much more to form a large, interconnected web.
“As a customer-centric developer, we are always on the lookout for customer happiness and convenience – quality of finishing, timely delivery as well as ease in handover process. Customised payment plan is an extension of our customer-centric approach in which, we are absorbing the risks of an extended payment plan by offering the customers the convenience and freeing them up having to seek bank finance that comes with high cost,” Mr. Sudhakar Rao adds.
“We believe, buying a property is a major decision in one’s life and involves significant investment. For most families, buying a home is the biggest investment and that’s why it needs to fit in to the lifestyle, convenience, and finances of the modern families.
The move is aimed at encouraging more people to shift from rental homes to their own home without undergoing the pains of having to pay for both rents and property instalments for off-plan properties.
Prabhakar R. Rao, Joint Managing Director of Gemini Property Developers, says, “Usually, the customer has to comply with the payment plan designed by the developer and has to align his/her finances according to the developer’s plan. Also, while some developers are offering post-handover payment plan which is a popular thing, whereas some customer may not want to go for it since he/she can avail bank mortgage. Gemini for the first time is offering the customer, the freedom to customise his/her payment plan according his/her financial situation.
“Any buyer signing a Sales and Purchase Agreement (SPA) with us, can make arrangements to pay 50 per cent till he moves in to the freehold home by early next year, and pay the balance amount freed up from his rental expenditure. Which means a buyer can own a home at Splendor at MBR City by paying 50 per cent of the price of the project.”
Research reports show, Dubai’s real estate market that has matured over the years, has now become more of a buyers’ market. The trend is to offer more convenient payment options to attract property buyers.
Mr. Sailesh Jatania, Chief Executive Officer of Gemini Property Developers, said the new payment scheme comes just in time as Dubai’s real estate market is witnessing signs of upturn.
“The new customised payment plan comes at a time when new investment is pushing sales in Dubai’s property market so much so that it has witnessed Dh132 billion worth of transactions in the first six months of 2017, about 16.8 per cent higher than the performance in the corresponding period last year. We believe this is the right time to stretch our hands to the end-users.
“The customer can choose from customised payment plan for his apartment as per his convenience from a host of options made available by Gemini. Firstly, the customer can choose whether he/she wants a post-handover payment plan or not because we don’t want to push the post-handover plan if the customer does not want the same or he/she has mortgage loan available.
“Secondly, he/she can choose how much percentage is desired to be paid post-handover (40% or 50%) and in how many years he/she wants to pay this (2, 3 or 5 years). As a developer, we not only offer excellent quality homes, but also take care of the financial needs of the customer in best possible manner.”
Splendor at MBR City, the G+8-storey luxury residential building is being built at Sobha Hartland within the Mohammed Bin Rashid City, Dubai, and is scheduled for completion in January 2018. The project with a built-up area of over 320,000 square feet will include 134 stylishly designed and elegant residential units comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780 square feet to 3,400 square feet. The community will also have retail, shopping and entertainment facilities, along with much-needed green spaces.
The new innovative payment plan is the result of a careful research and meticulous planning and reflects the deeper understanding of end-user need gap in the market, insights of SPF Realty and the commitment and care of Gemini as the developer that have led to the creation of the game-changing price strategy where the property buyer dictates how s/he would pay for the property.
Splendor at MBR City is conceptualised by renowned consultants, Aedas which is one of the five largest international architectural firms, while detailed designs were carried out by Dubai Consultants. The project, once completed, will offer excellent views of the Dubai skyline via two Expressways as well as nearby Ras Al Khor bird sanctuary.
The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to off-plan sale of the units. Enabling works had earlier been carried out by National Piling before Global Green Bridge Contracting LLC came on board as the main contractor in August 2016. The company had already registered the project with the Real Estate Regulatory Authority (RERA) with an Escrow account as per the Trust Account Law.
Global Green Bridge Contracting is currently carrying on external and internal finishes for completion.
Synonymous with trust and credibility, Gemini Property Developers is building on the strong legacy by set by Gemini Group that has around 30 years of successful business operations in various fields, including Testing, Inspection and Certification (TIC) services, trading and allied fields for the energy sector. Founded in 1986 by Sudhakar Rao, the group has an established presence in India and Middle East.
Dubai’s Roads and Transport Authority (RTA) has already planned a new purple metro line running under the ground at Hartland. But another rail line has been planned to run near the project. Sobha Hartland is the only luxury community development located on the Dubai Water Canal.
The First-Ever Customised Payment Plan in Dubai
|Payment Plan||During Construction||On Handover||Post-Handover|
|Option 2||35%||25%||40% in 2 Years|
|Option 3||35%||15%||50% in 2 Years|
|Option 4||35%||25%||40% in 3 Years|
|Option 5||35%||15%||50% in 3 Years|
|Option 6||35%||25%||40% in 5 Years|
|Option 7||35%||15%||50% in 5 Years|
About Gemini Property Developers
Gemini Property Developers is the real estate division of Gemini Energy Group, one of the well-known business groups in the Middle East and India. Gemini Group has around 30 years of successful business experience in various fields, including oil and gas, Testing and Inspection services, Trading and allied fields.
Founded in 1986 by Mr. Sudhakar Raghvendra Rao, the group was originally started as Sievert Group, specialising in technical Testing and Inspection before recently divesting that business to a French multinational giant. Gemini group has plans to develop state-of-the-art yet affordable luxury properties across the region, adhering to highest standards of quality in design, technology and materials. It strives to build a reputation based on quality, efficiency, meticulous planning, top quality amenities, practical designs, timely completion and hand-over of projects.