City-based realty firm, Puravankara Ltd, has announced a Home Exchange Plan, which the company says would offer multiple benefits to home sellers who are looking to upgrade their homes.
As per the company this is the first time a realty player is mimicking the automobile industry’s “exchange the old for the new’’ concept in the home segment. The three-day home exchange offer is scheduled between June 15th and 17th in Bangalore.
While the housing industry is constrained to replicate the exact version of an automobile exchange into the context of homes because of the fragmented nature of the housing market, Puravankara is attempting to assist home buyers to sell their existing home though a formal process, so as to help the customer plan for the finances required for the new home purchase, said the company in a press conference.
This new initiative has been conceived to address and simplify the needs of home sellers that intend to upgrade their homes. There is extensive research that suggests a keen interest among property owners of the working populace to upgrade their real estate assets. However, the complex and vague procedures of valuation and resale discourage the move. All they need is additional help to streamline the re-sale process to give them greater predictability of being able to sell their old home, said the company.
Anand Narayanan, Chief Operating Officer, Puravankara, “We found that eight out of ten residents in Bangalore who are looking to resell their existing properties are often unaware or misinformed about the resale/upgrade process – from valuation to finding the right buyer. As a result, the process gets derailed, delayed and eventually dropped owing to the confusion. They do not end up upgrading to their dream home. We decided to address this issue by introducing India’s first Home Exchange Plan.’’