The lender has offered to waive off processing charges ranging from Rs 6,500 to Rs 10,000 and provide a marginal concession of 0.1%.
Leading real estate portal Magicbricks has tied up with India’s largest state-owned bank State Bank of India to market over 200 properties to four lakh plus customers of the bank in two Telugu speaking states of Andhra Pradesh and Telangana.
In terms of the arrangement, SBI will market the properties of Magicbricks through sending bulk messages to its customers, apart from waiving processing charges and providing concessional interest rates on home loans to purchase such properties.
Addressing media in Hyderabad on Wednesday, V. Sambandan, deputy general manager, real estate and housing business unit, SBI, said, “We will tap the 4 lakh customer base in the two Telugu states having salary accounts with SBI and will send out bulk messages informing them of the sale of properties approved by the lender. We already have a tie-up with Airtel and BSNL for the same.”
The lender has offered to waive off processing charges ranging from Rs 6,500 to Rs 10,000 and provide a marginal concession of 0.1% on case to case basis. It offers home loans at an interest rate of 8.65% on floating basis and 8.5% on a fixed interest basis.
As a part of its “Seal the Deal” campaign, Magicbricks is bringing over 200 projects across the cities ranging from Rs 30 lakh to Rs 3 crore where most of them are nearing completion.
“Along with property sales, we have also tied up with online home furnishing providers like Evok.in so buyers can shop along with purchase of properties,” said Ritesh Mohan, head, sales, MLabs division, Magicbricks. “We will also be offering bridge loans from SBI wherein the buyer will not need to pay EMIs for 18 months.”
Home Buyers Lose The Agents And Opt For Digital Route
With passing time digital media is becoming the preferable choice of the buyers as well as the developers. Developers are going to online platforms and social media to reach out to their target audience and also the buyers are increasingly going online for searching homes. This makes digital media a mainstream platform to advertise in real estate industry.
C Shekar Reddy, Immediate Past President of CREDAI explained why digital platforms are becoming more popular in the real estate. He said, “IT employees, NRIs form the majority of home buyers today who are tech savvy and use their smart phones for searching homes. Also most of the home buyers today are being influenced by social media while purchasing a home or property. As a result builders and realtors are putting utmost focus on digital platforms to reach out to potential consumers”.
The growing trend can be observed by the way the builders are spending on online platforms. It is far more than traditional marketing and publicity avenues unlike past. Builders have also become conscious of their presence and reputation on property portals and other online platforms. They are taking each step carefully so they can make the right connect with their buyers.
K Sreedhar Reddy of Telangana Real Estate Developers Association explained the growing importance of digital media, said, “Digital platforms and social media provide builders a chance to reach to the consumers in a more focused way. Also they can track the efficiency of strategy online. The cost of acquiring customers through online and social media is also lesser when compared to other advertising channels. Therefore digital platforms are becoming popular in realty sector”.
As per the inside sources, this trend is not only visible in the metros like Mumbai, Chennai or Hyderabad but also in Tier II & III cities. Customers as well as developers, both are relying more and more on digital platforms.
CREDAI New India Summit
CREDAI is the apex body that represents over 12,000 private Real Estate developers spread across 23 state-level chapters and 177 cities in India. Established in 1999, CREDAI has worked hard to make the industry more organized and progressive by networking closely with Government representatives, policymakers, investors, finance companies, consumers and real estate professionals.
The New India Summit is another such effort from CREDAI to direct focus on Tier II, III and IV cities and develop them to be the forerunners of success. CREDAI New India Summit is all set to unleash the potential of an emerging India. This one small step has the power to give way to a new India.
For the longest time, our leaders and foresighted influencers have put all their time and energy in developing the Tier I cities namely Bengaluru, Mumbai, Delhi, Pune, Ahmedabad, Hyderabad, Chennai and Kolkata. No doubt, these cities have really changed the way people look at India today. These cities are the epitome of advanced technology and modern culture. But they also face challenges due to the grave pressure of urbanization. Decreasing quality of life, increasing the cost of living, overpopulation and unemployment, increase in transit time and traffic congestion, expensive housing, hospitality, education and healthcare facilities are some of the issues that all the Tier I cities face today.
According to a report, smaller cities are developing 79% faster as compared to metros with just 21%. Our of the 12,000 CREDAI members, 76.77% of them are from Tier II, III and IV cities. Looking at the scenario, it is only innate to divert the energies in developing the areas which still have potential. Thus, offering a good quality life to people in those cities itself and taking the pressure off of the Tier I cities.
The Forbes Magazine has said small cities are India’s emerging business locations. The government has also been putting dedicated efforts into schemes that directly benefit the growth of Tier II, III and IV cities. Sustainable economic development, improving infrastructure and transportation, increasing employment opportunities, and introducing technologies for rapid urbanization are some of the prime agendas that the government has been taking actions on.
The CREDAI New India Summit will take place on the 9th and 10th November 2017 in Nagpur, Maharashtra.
Walmart’s First India Dark Store Opens In Bhiwandi
Walmart Stores now open its first global fulfilment centre, or ‘dark store’ in India. They wish to speed up the operations here in order to benefit from their fast adopting online retail services.
The store is spread in 45,000 square feet centre at Bhiwandi near Mumbai. They will serve kirana stores and other B2B businesses through online orders and they shall also stock packaged consumer products and home supplies.
Krish Iyer, CEO at Walmart India said, “Metro cities are great markets for consumers but the availability of large real estate at a reasonable cost is a challenge”. He explained almost half its sales are generated out of its 20-odd big-box formats through online and sales staff ordering.
Walmart’s Indian unit launched its online platform for members of Best Price Modern Wholesale stores three years ago. However, it was limited to the cities which have the stores. Now Walmart will begin an online platform without any physical store presence.
Iyer further explained, “The idea was conceived nearly a year ago and we first piloted it in Lucknow. Last-mile delivery and the time taken are a challenge but we have to manage that. We have promised delivery within 24 hours to our members”.
On the other hand, Amazon, over a month ago, has also opened its largest fulfilment centre in India on the outskirts of Hyderabad. This gives them 45 centres and warehouses.
Walmart, about four years ago, had agreed to buy Bharti’s 50% stake in their wholesale business that operated Best Price Modern Wholesale stores. They franchise and supply agreements related to almost 200 Easyday retail stores was terminated. With the JV getting dissolved, Walmart now sells goods only to traders, institutions and kiranas.
Walmart will again aggressively begin its store expansion which had been put on hold for some years now. Iyer concluded, “We will open 5-7 stores next year and add another 8-10 in the subsequent year”.
Realty Firms Stick To Luxury Projects Backed By NRI Demand
10 Best Real Estate Brands that took over Social Media by storm in 2017
Property Brokers Gets Alert As Maha-Rera Indicate Towards A Mandatory Registration
Soilbuild Group Holdings Ltd. Streamlines Operations with Yardi Voyager
In The League Of Its Own? Transported Is Making Waves In The VR Property Marketing Segment
Mumbai’s Development Plan 2034: Second Draft Sees A Steep Drop In Responses
Bitcoin Finds Its Market In The Commercial Real Estate
Reforming The Realty Market: RERA Redefines Carpet Area
Housing And Urban Affair Ministry Takes Over RERA Administration
Project Review: Shivalik Ventures Gulmohar Avenue-Bandra North
Realty Nxt Interviews Mayfair Housing, MD Mr. Nayan Shah And Aditya Shah at CREDAI MCHI
Top 10 Real Estate brands to garner the maximum website traffic in India
Innovative Revolution of Real Estate Industry with MIVAN
Real Estate Blogs? Tips to get started
11 Pointers To A Perfect Real Estate Website
Technology1 year ago
Using Big Data to Find Clients for Your Real Estate Business
Ahmedabad Real Estate News3 months ago
Tata Value Homes Launches “Offer Of The Century” With 99 Hours Flash Sale on Affordable Homes
Bangalore Real Estate News5 months ago
5 Real Estate Tech Startups in India You Can’t Ignore
Mumbai Real Estate News3 months ago
Tanvi Group Fail To Deliver Homes And Declare Bankruptcy
India Real Estate News5 months ago
Tenders For ₹15,000 Crore Mumbai Coastal Road Project In Final Stages, Construction To Commence By Early 2018
India Real Estate News1 year ago
Maharashtra’s Real Estate Regulatory Act draft rules favour developers, say activists
India Real Estate News2 months ago
How Is Technology Shaping The Future Of India’s Real Estate Consultancy?
GST Real Estate3 months ago
Maharashtra Not Happy About Bringing Real Estate Under GST