Construction companies like SMR Holdings have announced the subvention scheme at an advanced stage in several projects in Hyderabad. However, several buyers are unable to understand its benefits. Hence, REG News brings to you a simple analysis with examples that would clarify all your doubts.
SMR Holdings is constructing SMR Vinay Boulder Woods project at Kismatpura near TSPA Junction. Two towers are being built with a total 583 flats spread across eight acres. In the real estate sector of Hyderabad, where the culture of building more than 1,000 flats has started if eight acres are available, it is a pleasure to see such a small number of flats. The company is offering a two-bedroom flat with an area of 1,340 sq.ft priced at Rs 6,500 per sq.ft.
If you buy a flat at this price, coupled with the amenities and car parking, the final price will be around Rs 1 crore. Initially, buyers need to pay only Rs 20 lakh, and no interest is charged for up to a year. That means, the interest burden of around Rs 6 lakh will be borne by the company itself. Excluding this amount, the monthly EMI you pay after moving into the new home would be around Rs 57,000. If the first year’s EMI amount is also included (as is done with other projects), the EMI on a loan of Rs 80 lakh will be Rs 62,000.
To buy the flat, one has to pay only Rs 20 lakhs upfront and another Rs 20 lakh is required for GST, registration, interiors etc. After taking possession of the flat, you have to pay Rs 57,000 per month towards the bank loan obtained i.e. approximately Rs 25 lakh in four years. Thus, upon investing Rs 65 lakh, one could own a flat thrice its value in just four years. Remember that if you buy flats in the smart investment scheme introduced by SMR, you will enjoy the pleasure of owning a home and also get good appreciation for your property.
Will it really grow as promised?
SMR Holdings has drawn up plans to build quality gated community complexes in Bandlaguda. A total four different gated communities are being developed here. Each project was designed separately and all are connected with one main road. Each community has separate entrance and security facilities. A dedicated cricket ground facility has been set up for all the communities together. Four years ago, many people bought flats for Rs 2,700-2,800 per sq.ft. Now the flat price has reached around Rs 6,500. So, the rate is likely to double in the next four years as well. So, without any delay, get your perfect flat in SMR Holdings.
* Keep in mind that the EMI will vary depending on the final price of the flat, interest rate, loan tenure, initial payment amount.
