The Hindu Business Line : Now property purchase in Pune comes with warranty

PROPERTY buyers in Pune will soon be in a position to buy a property of their choice with the peace of mind that comes from knowing that the brand they put their money is backed with a warranty.

Gera Developments, one of the city's oldest players in the business, on Thursday announced a five-year warranty for all their upcoming commercial and residential properties in a bid to what the company termed is an attempt to "give the buyer a good deal and restore their confidence in the business of real estate''.

For the customer betting his money on the Gera Developments brand, the move is designed to kiss goodbye to leakages, faulty electricals, creaking doors and dripping taps and a whole lot of other irritants associated with property buying in the country. The five-year warranty, says Mr Rohit Gera, Director-Operations, will ensure that the property remains in premium condition due to a combination of preventive maintenance, free repairs and a fresh coat of paint to the exteriors of the property. The company is promising its consumers an agreement which promises an annual visit by a team of carpenters, plumbers and electricians for preventive maintenance and need-based repairs of faulty installations or supplies of various utilities like bathroom tiles from the developer.

"The idea is to give the consumer more than value for his money. A property which goes through care at regular intervals will retain its premium value despite the passage of time,'' says Gera.

The warranty scheme will bring in just under four lakh sq ft of property in the residential and commercial segment for Gera Developments which is currently offering the same for six of its properties, says Managing Director, Mr Kumar Gera, who is also President of the Confederation of Real Estate Developers Associations of India (CREDAI).

"Real estate development as an industry suffers from a poor image due to the lack of transparency and bad-practices of some of the players and it is vital to restore the faith of the end-user,'' says Gera.

All disputes arising over the warranty being offered will be resolved by the Promoters and Builders Association of Pune (PBAP). "If FMCG companies and every other manufacturer covers their product by warranty, why should a property, which is usually a big ticket purchase, be excluded from the ambit of warranties,'' asks Gera.

Mr Gera said that the company is now preparing for rapid growth with over a dozen projects, including build-to-suit property for the ITES segment, totally worth Rs 150 crore lined up for the current year. The proposed warranty scheme will also be a valuable brand building team for the company, which is gearing up with ambitious plans, says Gera.

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