As part of the deal, Snapdeal and Tata Value Homes will initially offer about 1000 units from seven new projects in five cities Mumbai, Bangalore, Chennai, Pune and Ahmedabad. The average cost of the apartments will be between Rs 31 lakh Rs 70 lakh. However, starting price of some units in Ahmedabad will be Rs 18 lakh.
Prospective buyers will have to register on Sapdeal and book a home online by paying Rs 30,000, which is not refundable. Bookings will open on August 28 at 10 am and only registered buyers will be able to purchase an apartment.
For the launch period, Tata Value Homes will also offer an exclusive benefit for a limited period to customers who book through Snapdeal. Under this, each customer will receive Rs 10,000 per month as a rent for a year after possession of an apartment unit. This will be valid for the customer even if he or she resides on it or lease it out.
Tata Value Homes will also assist in getting house loans to for buyers if required.
Talking about the partnership, Kunal Bahl, CEO and co-founder, Snapdeal.com, said: Buying a house is one of the most important and life-changing events in our lives... In line with this we want to bring our promise of ease and best value to the real estate category as well. We have changed the way consumers shop... now we intend to change the way they buy their homes.
Often referred to as the Alibaba of India, Snapdeal offers over five million products across 500+ categories. The online marketplace has over 25 million members and over 50,000 sellers. The company witnessed a phenomenal growth of 600 per cent from 2013 to 2014. Snapdeal has partnered with several global marquee investors such as Blackrock, Tamasek, eBay Inc, Premji Invest and Intel Capital.
Tata Value Homes is one of the fastest growing real estate developer in India. Established in 2010, the company has introduced two pan-India brands Shubh Griha (value homes) and New Have (affordable homes). With already a presence in major metros, It is now in the process of expanding to other part of India across tier I and II cities.
As more Indians log online to seek information before entering into property deals, Internet today is estimated to be influencing decisions worth about $43 billion, search engine giant Google said.
According to a study commissioned by the US-based firm, over 50 per cent of real estate buyers' decisions are influenced by Internet research.
The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent) and financing and document processing information (43 per cent).