Own a home in 4 months, pay 50% later over 5 years

 

Own a home in 4 months, pay 50% later over 5 years
Officials at Gemini described the payment plan as "an industry-first a la carte" that will allow property buyers to move-in after a 50% payment.

Published: Thu 17 Aug 2017, 4:52 PM

Last updated: Thu 17 Aug 2017, 11:05 PM

Gemini Property Developers have announced the launch of their maiden project in Mohammed Bin Rashid City (MBR City), with a flexible payment plan that allows buyers to choose how much they want to pay before handover, and the balance amount over a period of five years.
Splendor at MBR City is an eight storey luxury residential building with 134 apartments, set to be completed in January 2018, and with handover scheduled to start in the first quarter of 2018. The Dh280 million project is being built at Sobha Hartland within MBR City in Dubai. The project has a built-up area of over 320,000sqf and will include spacious one, two, and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780sqf to 3,400sqf, and will be priced at a rate between Dh1,300 to Dh1,465 per square foot.
The community will also have retail, shopping and entertainment facilities, along with much-needed green spaces. The project will border Meydan One on one side, MBR city - District One on the other and Meydan Grandstand at the backdrop.
Speaking at a press conference on Thursday, officials at Gemini described the payment plan as "an industry-first a la carte" that will allow property buyers to move-in after a 50 per cent payment, and with as many as seven easy installment options to choose from regarding the remaining balance. The new scheme is designed specifically to help property buyers and to protect them from the cost of home finance burden.
"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," said Sudhakar R. Rao, MD of Gemini Property Developers. "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 installments for five years - or as low as 0.83 per cent per month that could be paid in quarterly installments - and property buyers can enjoy the benefits of living in their own freehold homes at Sobha Hartland within MBR City and its central location within the city of Dubai."
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. The company had already registered the project with the Real Estate Regulatory Authority with an Escrow account as per the Trust Account Law.
Ranjeet Chavan, CEO of SPF Realty, noted that Gemini's payment plan so far beats every other in the market and will encourage tenants to consider buying a home.
Prabhakar R. Rao, joint managing director of Gemini Property Developers, added: "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. 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."
Speaking on the sideline of the launch, Sailesh Jatania, CEO of Gemini Property Developers, said that the project was well on its way to completion. He also revealed that the company was currently discussing another residential project in Dubai's Business Bay.
- rohma@khaleejtimes.com
 

by

Rohma Sadaqat

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