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Good News For Mumbai Homebuyers: You Can Exchange Old Homes For New Ones This Festive Season. Here’s How 

Mumbai Property Buying Latest Update: As the prices of houses are rising in the Mumbai Metropolitan Region, the potential homebuyers in Mumbai are now getting a chance to exchange their old apartment for the new ones in this festive season. To give a new thrust to the sales of new apartments in MMR, the Confederation of Real Estate Developers’ Associations of India (CREDAI)- Maharashtra Chamber of Housing Industry (MCHI) has come up with a new offer for homebuyers in Mumbai.Also Read – Tenants Alert! Renting A House Now Expensive In Delhi, Mumbai and 5 Other Cities. Check-Area Wise Rates Here

Over 100 realty developers have joined hands and are taking part in an initiative at the 30th property exhibition of CREDAI-MCHI, that is taking place at the MMRDA grounds in Mumbai’s Bandra-Kurla Complex (BKC) from 13-16 October, 2022. Also Read – India’s Top 5 Most Affordable Cities For Home Buyers

Proptech startup Zapkey has collaborated with CREDAI-MCHI for the successful conduct of the exhibition. Also Read – Varun Beverages Owner Buys Rs 120 Crore House In Delhi

As per a report by Moneycontrol, Zapkey will pay a token amount to potential homebuyers for their old homes and is taking guarantee to sell their old apartments within 90 days. And the homebuyers will have to upgrade and purchase a new apartment from developers participating in the exhibition in return.

“We have tied up with CREDAI-MCHI for the exhibition as their exclusive home upgrade partner, considering it is the biggest exhibition which takes place once annually. We guarantee sellers that we will undertake the sale of their old home in 90 days and pay an upfront token at a fair market price. If we are unable to sell in 90 days, then we may buy the property or our token stands forfeited,” Zapkey co-founder Sandeep Reddy was quoted as saying by MoneyControl.

He said the Zapkey will pay Rs 1 lakh as token amount to sellers for properties having a valuation of more than Rs 1 crore and Rs 50,000 as a token amount for properties having valuation lesser than Rs 1 crore.

“Also, we set a valuation and provide a guarantee of selling it after physically visiting the property. We prefer not to take up property older than 20 years, but in some cases if the building is in good condition and there is demand, we may take it up,” Reddy added.

As part of the other offers that would be presented in the deal include that over 50,000 units displayed from over 500 projects will be displayed for both homebuyers and investors.

“The four-day exhibition will provide an opportunity for developers, homebuyers and financial institutions to come under one roof and ease the homebuying process,” the news website quoted president of CREDAI-MCHI Boman Irani as saying.

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