Gemini Property Developers, a boutique real estate developer, and SPF Reality, one of the UAE’s largest real estate brokerage and advisory service providers, today announced an industry-first customised payment plan for residential units in the Dh280-million ($76.23 million) Splendor at MBR City in Dubai, UAE.

The payment plan offers a wider choice for property buyers allowing them to pay for five years after handover, said a statement.

Under the innovative set of payment schemes, property buyers have the option to choose from an extended payment plan after paying 50 per cent upon handover and the balance on easy instalments at their convenience, choice and freedom, it said.

The scheme will encourage and help the fixed-income end-users to enter into their dream freehold homes and pay at their ease without having to bear bank finance costs, the companies said.

“The aim is to reduce the pain of customers and make sure they remain happy throughout the acquisition phase, while as a developer, we share the burden of the customer’s payment. We want to give them the freedom to pay at their ease, choice and convenience,” said Sudhakar R Rao, managing director of Gemini Property Developers.

Splendor at MBR City, the G+8-storey luxury residential building, is being built at Sobha Hartland within the Mohammed Bin Rashid City and is scheduled for completion in January 2018.

The project, with a built-up area of over 320,000 sq ft, will include 134 stylishly designed and elegant residential units comprising spacious one-, two- and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780 sq ft to 3,400 sq ft. The community will also have retail, shopping and entertainment facilities, along with much-needed green spaces.

Splendor takes the convenience of modern technology to a new level with its fully automated smart homes. The state-of-the-art technology allows wireless control over several of the home amenities such as the curtains, lights, air-conditioning and media.

“As a customer-centric developer, we are always on the lookout for customer happiness and convenience, including quality of finishing, timely delivery as well as ease in handover process. The customised payment plan is an extension of our customer-centric approach in which we are absorbing the risks of an extended payment plan by offering the customers the convenience and freeing them up from the need to seek bank finance that comes with high cost,” Rao added.

The move is aimed at encouraging more people to shift from rental homes to their own home without undergoing the pain of having to pay for both rents and property instalments for off-plan properties, he continued.

Prabhakar R Rao, joint managing director of Gemini Property Developers, said: “Usually, the customer has to comply with the payment plan designed by the developer and has to align his/her finances according to the developer’s plan. Also, some developers are offering post-handover payment plan, which is popular. But some customers may not want to go for it since they can avail bank mortgage. Gemini for the first time is offering the customer, the freedom to customise his/her payment plan according his/her financial situation.”

Sailesh Jatania, chief executive officer of Gemini Property Developers, said the new payment scheme comes just in time as Dubai’s real estate market is witnessing signs of upturn.

The new innovative payment plan is the result of a careful research and meticulous planning and reflects the deeper understanding of end-user need gap in the market and insights provided by SPF, the statement said.

Ranjeet Chavan, chief executive officer of SPF Realty, said: “This payment plan so far beats every other in the market and will encourage tenants to consider buying a home at Splendor at MBR City. This will free them up from the rent-related inflation and have peace of mind.”

Gemini completed the full structure of the project, the company’s first luxury residential project at Sobha Hartland, a few months ago and is currently preparing for the completion of the project by the end of the year.  – TradeArabia News service