Puravankara Limited today announced its home exchange plan for the home sellers who are looking to upgrade their houses.

The initiative, part of Puravankaras flagship expo - ’BIG 72Hrs’, attempts to mimic consumer behaviour in the automobile industry -- to ‘Exchange an old car for a new one’ -- the company said.

Billed as first-of-its-kind initiative, Purvankara will hold a three-day expo ‘home exchange plan’ here from June 15.

It also intends to organise another event for the houses on resale sometime later.

Purvankara Chief Operating Officer Anand Narayanan K B said there was a belief that developers were finding it difficult to sell their inventory while on the other hand there were customers who intended to upgrade their existing homes without knowing how to go about it.

Thus, the company decided to have a resale programme.

Narayanan said, “We cannot replicate the automobile exchange drive since real estate is a nascent industry. It takes lots of efforts to sell any home or plot. We will not buy the property but we will help sell the property at a better price.”

Puravankara will carry out third party evaluation of the property to fix the rate.

It has tied up with 99acres.com. and housing.com, the two real estate online portals dealing with selling properties.

The properties that come for exchange will be advertised in the premium listing for six months.

Narayanan said that after Bengaluru, a similar event would be organised at Chennai after a week or two. Later, it would be extended to five other cities where the company has a presence, he said.

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