Buying a property is supposed to be the biggest financial step in anyone’s lifetime. Most of us even go on to drain out most of our financial resources and yet would have to borrow some amount from banks to be able to pay the entire property cost. In order to make these situations a little less challenging, developers often bring out different payment schemes or plans.

There are usually two forms through which developers offer different schemes. One form is, which is present normally with most developers such as, construction linked plan (CLP): where in payments are made according to the different phases of construction of a tower, down payment plan (DPP): where a certain minor portion of total property amount is paid upfront and the rest on offer of possession and finally, a flexi payment plan (FPP): which is basically a combination of DPP and CLP wherein a little percent of amount is paid up front, for e.g. a 10 percent, then a minor amount of let’s say 30 – 40 percent within some 30 – 60 days and the remaining amount on the offer of possession. These are the three basic plans which are offered by most developers.

Although, the trend has begun to change and the real estate sector has appreciated by manifolds; which means that property prices have also appreciated. In view of this the developers have started to offer various unique payment plans which helps in reducing the overall financial burden on the buyers. Schemes such as subvention, equal proportion plan, 40:60 plan, etc. are gaining a lot of popularity in the NCR real estate market. In a subvention scheme, one can buy an under-construction property by initially paying some proportion of total property amount. The remaining major portion of the amount is paid the bank directly to the developer, from whom the loan is taken. Till the customer gets the possession of the house, it is the developer who pays the EMIs to the bank on behalf of the customer. The advantage for the builder is that, they get the entire funds upfront and the customer does not have the burden of paying EMIs till the possession of the property. Prateek Group had introduced this scheme during Navatras on two of its projects; Prateek Stylome and Prateek Wisteria with a 15:85 plan under subvention plan and has continued with it due to the successful response from the buyers. Mr. Prashant Tiwari, CMD, Prateek Group says, “The sole reason of introducing such schemes to the public is to decrease the financial burden of the buyers; taking in to consideration the kind of appreciation that this sector has received so far and the graph looks to be growing constantly with time. Through this kind of scheme, the buyers are also able to build a trustworthy connection with the developer, which is very important for the future of this sector”.

Next, the equal proportion plan. This is a young and budding scheme which has been very recently introduced by a few developers. In this scheme, the buyer pays the entire amount in equal proportions according to different stages of construction. For e.g., JM Housing had introduced a 20:20 scheme for its project JM Florence during Navratras and for the then ongoing T20 World Cup. Herein, the buyer had to pay the entire property amount in five equal instalments of 20 percent a piece as per different phases of construction, from booking till possession. Mr. Rupesh Gupta, Director, JM Housing says, “We had introduced this scheme last month and received a wonderful response. Through this scheme, JM Housing is trying to give a simpler payment schedule to all their customers and it is also observed that this is a much flexible and safer method of payment which also imbibes trust in a customer”.

Apart from these unique plans, developers offer various other payment plans such as 60:40, 30:70 scheme, etc. These have a basic structure in which former proportion is paid at the time booking and the latter part on the offer of possession. Ansal Housing is offering a 30:70 scheme for its project Ansals Highland Park, Gurgaon wherein 30 percent of the amount is to paid within 6 months from the date of booking and the remaining 70 percent on offer of possession. Mr. Kushagr Ansal, Director, Ansal Housing says, “We have tweaked these kinds of payment plans a bit. A regular such plan demands some amount on booking and rest on possession, whereas we are offering a six months extra time to the buyers. In this way a buyer can book a property and pay the first part in 6 months and the rest on possession. This also encourages a buyer to build faith and trust in the developer at the same time provides with a lot of time to plan and pay the remaining part”.

Ajnara India Ltd. also came out with a 60:40 plan for its two projects; Grand Heritage Ajnara and Ajnara Daffodil. The best feature of this deal was that these projects are to be offered for possession in just next six months. This means that initial major portion is paid at booking and rest during possession. Mr. Ashok Gupta, CMD, Ajnara India Ltd. says, “We started this scheme for Navratras and went on to book over a hundred flats in nine days. The response was excellent. Such schemes are brilliant when the possession is very near, because the major portion is paid first. This and other various payment schemes are gaining popularity as it provides a better means of payment and provides time to allocate resources”.

Gulshan Homz, one of the most trusted and prominent real estate players of NCR is all set to carry the success forward with its ongoing project Gulshan Ikebana, located at Sector 143, Noida. The company has launched a very interesting payment plan of 40:30:30. With a last few options of flats available at Gulshan Ikebana, Gulshan Homz has announced an exclusive payment plan of 40:30:30 wherein the scheme says that now just book your flat with a payment of 40 percent and then pay 30 percent during the mid-phase of the construction and pay the final 30 percent of the amount before offer of the possession.


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