Demonetization: Sobha Developers offers instalment scheme on Dubai project

dubaiSobha Group, a real estate developer focused on South India and the Middle East, has announced a new deferred payment plan for apartments and villas at Sobha Hartland – an integrated freehold community on the Dubai Water Canal in Mohammed Bin Rashid Al Maktoum City.

Under the new plan, buyers of apartments and villas can pay 40% of the price two years after hand over.

It is very rare for builders to offer to take part of the price of the apartment years after it has been handed over.

However, the real estate industry is undergoing wrenching changes due to the crack down on ‘black money’ in India.

Well-heeled Indians have traditionally parked their untaxed income in real estate investments, which has led to a spiral in the prices of land and apartments in the country.

“With the introduction of this new payment plan, an investor and end user will avail of the comfort and ease of payments. Dubai offers high rental yields compared to other major cities around the world. This makes it a strong reason for people to buy property in Dubai and have a second income from rents while the property keeps appreciating in value,” said the company.

Sobha Hartland is a $4bn project which is spread across 8 million square foot area.

It comprises of freehold studios, 1, 2 & 3 bedroom apartments, duplexes, townhouses and 4, 5 & 6 bedroom villas and is surrounded by 2.4 million square feet of greenery – 30% of the entire community.

It is located in Mohammed bin Rashid Al Maktoum City. Currently 2 show villas & an apartment is ready for viewing at the Hartland Sales gallery, the company said.

Sobha Hartland comes with international schools, nurseries, healthcare facilities, swimming pools, tennis courts, yoga centres, gyms, playgrounds, and parks.

Mr. PNC Menon, Founder and Chairman, Sobha Group, said: “UAE enjoys the status of a ‘safe haven’ and with continued growth of tourism and other sectors we are confident that property investments will keep flowing in and keep the market prolific for medium- and long-term investments.”