Gera Eases Homebuyers Liquidity Problem

Gera Developments has launched a new initiative "GERA® Customer Covid Assistance" to help its property buyers during this unprecedented crisis. Seeking to ease liquidity problems of customers during this COVID-19 pandemic, leading realty firm Gera Developments announced that it will not charge any interest or impose any penalty for payments due from 15th March till till 1st July for delayed payment of outstanding instalments. The company has also set the due date for all the new bills raised, on the basis of the construction milestone achieved, on July 1.  Moreover, it will allow customers in need to withdraw part of the amount that they have already paid directly to the company while booking the properties. Gera Developments Chairman Kumar Gera, the former Chairman of CREDAI, has written to all customers, explaining the initiative taken by the company to support them in managing their cash flows during this pandemic.  To ease liquidity pressure on customers, Gera Developments is offering a 3-pronged support solution. Besides providing customers adequate time for clearing their outstanding payments as well as new invoices, Gera Development has come with a unique initiative 'Home Equity Power' under which a customer can draw back some of the money he/she had paid directly to the company while booking the property. However, the customers can not draw back from the amount paid to the company by banks and other financial institutions as home loans. The draw-back facilities will help customers in meeting any urgent fund requirements. Gera Development has set aside a corpus to support customers who avail this 'home equity' offer. The company however did not disclose the amount it has earmarked for this purpose.