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Hyderabad Real Estate News

Magicbricks teams up with SBI to sell properties in Andhra Pradesh, Telangana

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Magicbricks teams up with SBI to sell properties in Andhra Pradesh, Telangana

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.

SBI TeamUp with Magicbricks

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.”

Source: economictimes.

Chennai Real Estate News

Home Buyers Lose The Agents And Opt For Digital Route

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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.

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Ahmedabad Real Estate News

CREDAI New India Summit

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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.

Also Read: FS Realty Bags The 9th Realty Plus Excellence Awards (North) 2017

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Walmart’s First India Dark Store Opens In Bhiwandi

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walmart’s first india dark store

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”.

Also Read: Eros Group Bags the Award for Best Commercial Developer

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