For the first time in Mumbai, developers are offering deferred-EMI schemes for their premium/ mid-income projects. These include IBREL (Sky Suites, Sky Forest at Lower Parel in central Mumbai), Lodha (Crest at Lower Parel) and Neptune (at Bhandup in central suburbs). Under these schemes, a customer pays 10% of the apartment’s price upfront and a further 5% on possession. The developer would bear EMIs for the remaining 85% till possession.
IBREL was the first to launch its premium projects in Lower Parel - Indiabulls Sky Suites and Sky Forest under this scheme (minimum ticket size = Rs70m–80m Rs 7 to Rs 8 Crore) Lodha too launched a similar scheme for its premium project, World Crest in central Mumbai.
These project launches have met with a strong response from buyers. IBREL has claimed to have sold 350+ units (90%) in Indiabulls Sky Suites and Indiabulls Sky Forest. Lodha has indicated that it has sold 20% since its launch during this week. Neptune said it was able to sell 20+ apartments on the day of launch.
