Gemini payment plan to boost UAE realty market

DUBAI: The UAE property market is on solid growth track and is marching ahead despite the global trends.

Gemini Property Developers on Thursday unveiled a customised payment plan for its Dhs280 million Splendor at MBR City. The developer claimed that it’s an industry first ‘a la carte payment plan’ for property buyers.

The new scheme helps property buyers to choose their own payment plan from as many as seven options and thus provides them ease and freedom of choice. The payment plan puts the buyer on top of things. The buyer chooses how much he/she pays before the handover and the balance amount up to 5 years.

Sudhakar R. Rao, Managing Director, Gemini Property Developers, stated during the press conference that 30 per cent of the project has been sold and the remaining 70 per cent is expected to be sold out in the next three months.

He disclosed that the company was not so active in selling the project, but the focus was to complete the project on time.

“Now we are in selling mode aggressively, and we will sell the remaining units in the next 70 days,” he claimed. He informed that the 75 per cent of the project has been completed and the remaining 25 per cent will be completed at the beginning of next year for handover in the first quarter of 2018.”

Rao noted that the new payment plan in reality 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,” he concluded.

“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.”

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 Dhs132 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. “

Ranjeet Chavan, Chief Executive Officer of SPF Realty, says, “This payment plan so far beats every other in the market and will encourage tenants to consider buying a home at Splendor at MBR City. This will free them up from the rent-related inflation and have their own peace of mind.

“Gemini Property Developers have entered the market with a different approach. For the last two years, they have focused on the development and construction of the project rather than sales and marketing activities. Now that the project is getting ready for delivery, we came on board to help sell and market the residential units.”

Kalpesh Sampat, Chief Operating Officer of SPF Realty, says, “This reflects a different property development mindset and shows that developers are shifting focus on development and delivery rather than branding and marketing first. The new game-changing trend-setting payment plan is an extension of the developers’ vision to help the most important aspect of the development value chain – the home buyer – and their happiness.

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