Tuesday, March 3, 2009

Proactive Mont Vert once again devices plan to deal with uncertain times – launches innovative program for home-buyers

Press Release:

Mont Vert does it once again.

This time Mont Vert has come out with a new offer which they are confident will address the dilemma of all potential home buyers today - whether to buy a home today or to delay the buying decision.

In today’s uncertain economic conditions home-buyers are concerned about their job and business security. And unsure about real estate rates – whether they would fall further and if interest rates would go down any more.

“What we have done is, we have reassessed the market situation from the point of view of the buyers and carried out a survey amongst families whose monthly income is around Rs.50,000 and who is our target audience”, explains Manish Kaneria, Director, Mont Vert.

What this study revealed was indeed interesting and realistic.

A number of families who wanted to buy their own home were in fact staying in rented houses just because they thought that this is not the right time to buy an apartment, as they were not sure whether their jobs would be intact and also they could lose a substantial amount if real estate prices were to correct further.

The greater of the two uncertainties today is the fear of losing jobs, because of the global gloom all around and an air of extreme uncertainty.

These families have also realized that by paying rent they are losing the rent amount forever. It is an added expense for them in an already tough environment.

This is exactly what Mont Vert is looking to address with its new consumer friendly program.

Rent Today Own Tomorrow:

The program that Mont Vert is offering is that they will be having a certain number of apartments which will be ready for possession by the month of May / June ’09.

They would offer these apartments for rent to the potential buyers who are already staying on rent elsewhere.

But the difference is that the rent taken by Mont Vert can be converted into a down payment if they decide to buy the same apartment at any time during the agreement period of 11 months.

If for example, a person who has taken a Mont Vert apartment on rent decides to buy the apartment, say after seven months, then he will pay the prevailing market rate in that particular month.

This also addresses his hope that prices might fall in the near future.

“However”, says Jayant Kaneria, MD, Mont Vert, “the customer is under no obligation to buy the apartment from us at the end of 11 months. He can either choose to move out of the apartment or transfer the entire amount of rent paid by him as a down payment on behalf of a friend or relative who may be interested in buying the apartment”.

So this becomes a win-win situation for him.

‘Rent Today Own Tomorrow’ is the one more example Mont Vert is coming up with an innovative offer which addresses consumer needs.

One might recall that earlier they had launched a project in Wakad, to sell luxurious 2 BHK & 3 BHK apartments for a price tag of Rs.29 lacs and Rs.39 lacs respectively, when prevailing prices were much higher.

This was also done in response to customer feedback and the project was an instant hit, as Mont Vert booked a record number of over 250 apartments in just 3 days.

The program now being announced of Rent Today Own Tomorrow also addresses the need of the potential customer and converts a major expense into an asset and this too, at his/her terms and comfort levels.

Therefore, the hallmark of Mont Vert is to respond to customer needs especially in adverse market situations.

This has always resulted in starting a trend in favor of home buyers.

“At Mont Vert we have always believed in coming out with bold initiatives to benefit our customers even if it means that we have to tread on a path which has not been tried before”, sums up Manish Kaneria.

Related Stories:

1) Shame, Shame, Shame ...
What is going on in Pune real estate market?

2) Rent Today Own Tomorrow
Here are the details of the offer:

3) Rent Today Own Tomorrow - convert your rent into down payment - revolutionary offer from Mont Vert

Is it too good to be true?

Where is the catch?

Why Mont Vert has come out with this offer?

Why the builder, Mont Vert, is joining the brigade of property buyers who advocate "Wait. Don't book for the next 6 months. Property rates are going to go down further!" and offers their brand new flats for free?

It is too good to be true! Isn't it?

What say you? Please, share your views in the comments. (Comments Policy)

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  1. Hi Ravi..I am back in Town for some time due to offshore work..would give you a call..you are my al time fevorite blogger on real estate...All the best Suhas Patwa

  2. Hello Suhas! Yes, please, call me. Thanks for the complements.

  3. 1. I agree with Suhas. Your blog is really good.

    2. For some reason, you seem to have gone gung-ho on Montvert. Do you really think that this is an innovative idea?

    3. Is Montvert promising the lowest selling rate for the month when the tenant decides to buy the flat? By 'Lowest Selling Rate', I do not mean the List Price of Montvert. I mean the actual agreement that have taken place during the same month when tenant is decides to buy.

    I hope, you know what I am talking about. Today, no builder in Pune has officially reduced the price, but unofficially, they are selling at much lower rates then the list price after good pressure from negotiation.

  4. # ref:"Do you really think that this is an innovative idea?"

    - Yes, i am.
    I alway go for the offer when it is in the interest of the property buyer. For example, "Rohan Builders' Price Protection Scheme" which makes reduced property rate applicable by default to all property buyers till possession.

    As a blogger who blogs for the property buyer, i consider these as important gestures in favor of property buyer. Which property buyer can use effectively to get a better deal while negotiating while booking at the project of his choice.

    As a real estate blogger, I look at them as effective tools offered by leading builders to property buyer. Usability is more important than "uniqueness".

    Plus, we have to welcome any small and even insignificant initiative in favor of a property buyer.

    As a real estate marketing consultant what i like is this initiative, Rent Today Own Tomorrow, addresses the issue which is beyond control of the real estate developer.

    I am talking about economic recession, job cuts or no increase in salary. Which no builder has done. Mont Vert has done it and done it better than PBAP.

    While doing this Mont Vert had aligned themselves with the popular sentiment of the property buyer, "wait. don't book now. property rates will come down" and had offered "rent free flats" to stay while you are waiting. This is a "win win" marketing strategy. If some one comes with any offer which will make buying easy for the property buyer, i will welcome it with open arms.

    # ref: "Lowest Selling Rate"

    Mont Vert has only one rate. No low, lower, lowest. That rate would be the rate of booking at that point of time. Yes, agreement rate. Because, they are assuming rates are going to keep on changing...mostly going down.

  5. Ref: "prevailing market rate in that particular month"

    This is a very innovative and good offer, I should say.
    But, regarding above statement:
    Who shall decide this rate? There is no authority or a single point who determines property rates. There can't be any. So it will be builder's verdict again.
    Anyways, one can opt NOT TO buy the property then, but would have paid full rent (might be more than what one would have paid elsewhere).

    Does anybody know, how much rent Mont Vert is offering? Based on this amount, above decision can be taken easily.

  6. # ref: "Who shall decide this rate? There is no authority or a single point who determines property rates. There can't be any. So it will be builder's verdict again. "

    - Yes, you are right. "prevailing market rate in that particular month" means we have to take it as "a property rate of the Mont Vert" -which will be in tune with the prevailing market rate - keeping in mind that property rate at Mont Vert is always higher than the average property rate in the neighborhood.

    For example, if the lowest rate in Wakad is 2400 and average rate is 2900, property rate at Mont Vert is 200 rupees more than the average.

    - In a way, you must be convinced about Mont Vert's pricing before you opt for "Rent Today Own Tomorrow"!

    - Mont Vert has declared rent and other details here 12,000 for 2 bhk, 15,000 for 3 bhk.

  7. ravi dude ,are you kidding people, I do understand you make a living out of selling homes, but come on give me a break, and stop acting as if you have property buyers concern.

    are you justifying Rs 2500 sq ft rate in wakad, which is a small town adjoining pune, it is NOT PUNE

  8. # Ref:"are you justifying Rs 2500 sq ft rate in wakad, which is a small town adjoining pune, it is NOT PUNE"

    Hello Ashvin!Thanks for the comment!! Your bring entirely new perspective to the conversation. Hope to see you often.

  9. Hi Ravi
    i am confused i am looking for 3bhk flat in sus ,baner area . i liked Rohan leher and Montverts Biarritz now looking to every thing both suits me
    kindly suggest me which one to book

  10. # Ref: "Rohan leher and Montverts Biarritz now looking to every thing both suits me
    kindly suggest me which one to book"

    - If you like to be close to Baner Road = Mont Vert Biarritz

    - If you like to be close to Expressway = Rohan Leher

    - Now it's time to focus on you, not on the projects!

  11. Hi Ravi,

    Currently Mont vert is quoting 2999 for its project called Seville at Wakad. + 325000 for all others including parking + stamp/reg extra

    Do you think considering the location, distance from Pune and this time , this is the comptetive rate ?

    Looking for unbiased opinion ..

  12. Hi Ravi being an expert of this field, could you pl let us know the rates of stampduty and registration for registering a property in Pune.

    I heard the rates have been revised from 1st of Jan 2010,
    Could you please throw the light on old and new rates pertaining to each slab. ?/