King Johnson Koyyada : SMR Holdings has created a new record by being the first in the Telugu States to launch a subvention scheme at an advanced stage. This can be termed as a golden opportunity for those who want to realise their dream of owning a house in Hyderabad. One has to pay only 20 percent of the total value and book a flat, and no interest will be charged on the home loan for up to a year. After taking possession, one can getting the interiors done as per their taste and enter the flat. This can be considered as a bumper offer for the buyers in the current situation. The company says that the scheme will be applicable to those who buy flats in SMR Vinay Iconia at Kondapur-Gachibowli and SMR Vinay Boulder Woods projects at TSPA junction.
Nearly 70 percent construction of Logan Tower at SMR Vinay Iconia in Kondapur-Gachibowli is done and it will be ready for possession within a year. People who do not have 20 percent of the flat value in their possession immediately, can pay 10 per cent now and the remaining 10 percent after three-four months. The company will pay EMI for entire 12 months.
Instead of paying high interest to banks, financial institutions and private individuals, SMR Holdings chose to pass on the benefit to the buyers with its new scheme. For those who are searching for their dream home, it is a golden opportunity.
The scheme which was launched last week, is getting a good response. The number of visitors to the project has increased. In February next year, the price of a flat in SMR Vinay Iconia is likely to reach Rs 9,400 per sq.ft. By the time the project is completed, the price is estimated anywhere near Rs 10,500 per sq.ft i.e. an appreciation of Rs 2,100 per sq.ft.
Our aim is to complete the construction work of SMR Vinay Iconia in Kondapur-Gachibowli and SMR Vinay Boulder woods at TSPA junction, within seven-eight months rather than our initial deadline of 12-13 months. During this time, we will construct a built-up area of around 25 lakh sq.ft. The four towers in the advance stages will have a total of 1,250 flats. Of this, only 100 flats will be sold under the subvention scheme. If the funding is as per our expectations, we need not seek funding from any financial institutions. The scheme will cause an additional burden of Rs 600-700 per sq.ft.
But considering the 18 percent interest charged by financial institutions, realty consultants and processing fee among others, we are ready to bear the burden. Instead of spending a lot of money towards interest rates, we decided to pass the financial benefit directly to the buyers, creating a win-win situation for all. – S Ram Reddy, MD, SMR Holdings
This website uses cookies.