Pune-based real estate developer, Guardian Developers, is launching interest-free housing, a concept that exists in the auto mobile and white goods sectors, into the residential real estate space.

This scheme will give prospective buyers of choosing a unit from four projects that will soon be launched in Pune. Around 15 per cent of the total pool of 3,000, from one to three bedroom units being built, will be available for the interest-free offer, said Manish Sabade, Chairman of Guardian Developers.

Ticket size The ticket size for the apartments ranges from ₹20-70 lakh, and the projects are expected to be ready for possession in 30-36 months’ time.

While customers have to pay upfront 20 per cent of the total price of the apartment (in addition to registration costs), the remaining amount has to be paid in 84 equal monthly instalments.

The instalments will continue even after the customer has taken possession of the home, though the terms specify that 65 per cent of the total cost be paid up prior to this.

The interest-free offer is being launched at Pandit farms in Pune and will also be simultaneously unveiled in Guardian’s four offices in Kolhapur, Solapur, Nashik and Aurangabad, as well as online.

Apartment pricing Customers need to sign-up for an expression of interest (EoI) during a 10-day window beginning August 21, with a cheque payment of ₹1 lakh.

After the apartment of choice is zeroed down upon, the rest of the terms become applicable, with the EoI being deductible.

“All the homes are priced on par with each of the four areas; we have not inflated the costs,” Sabade said.

The four projects that are on offer for the interest free initiative are Eastern Meadows (Kharadi Annex), WindShire (Sinhagad Road), GreenShire (near Pirangut) and WestShire (Kiwale on Pune-Mumbai bypass).

Though the offer is limited to projects in the fringe areas of Pune, it could be extended to those in the city circle in case of the schemes success, Sabade added.

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