Chennai, September 28:
Bengaluru-based Puravankara Projects has launched a scheme for those keen on investing in commercial property.
Investors can buy an undivided share of floor space in Purva Primus, a modern office building at Thoraipakkam on the IT Corridor to the south of Chennai and lease it back to the developer, who will let it out on rent and manage the property, said Anand Narayanan KB, President – Sales, Marketing & CRM, Puravankara Projects, outlining the scheme launched previously in Bengaluru and Hyderabad.
For ₹28 lakh, buyers can get 350 sq ft of undivided share of space on any one of the floors in the 13-storied building with two basements. The transaction will involve back-to-back leasing of the space to Puravankara, which will let it out to a tenant. The monthly rent minus a 10 per cent share the developer will retain as his fee will be the investor’s return.
Given the current lease rates of about ₹24-36 a sq ft a month, the returns can work out to about 5.5-7 per cent, according to Narayanan. The lease will provide for a 15 per cent escalation every three years. The investor can also benefit from the market appreciation, he said.
The tenant will pay the maintenance unless the space falls vacant, in which case the investor will have to chip in. Puravankara will retain about 1,500 sq ft on each floor. of about 15,000 sq ft.