Wooing their customers

Wooing their customers
ET Realty, February 13, 2009, Page 25

In a market slowing down, real estate developers are gushing forth with adverts of a secure investment with the key words being 'possession soon', and 'safe investment'. ET Realty takes a sneak peak

Namrata Kohli

Heard the Supertech advert which emphasises on 'possession soon' or the Ashiana one which even spells out exact days, away from possession such as 50 days away from possession in their Jaipur project and 40 days away from possession, in the Jamshedpur one!

The sentiment being that of being wary and cautious by the buyer, developers are going all out to convince the buyers that their investment is secured with them, a fact which is evident in the current branding and marketing communication through print, electronic and especially audio media.

According to Ankur Gupta, Ashiana Housing, "The buyer wants to be sure that he is making the right investment. That the structure is ready, that the price is realistic and that the timing of investment is right and even that the project will be completed on time, are his primary concerns which is what we are addressing in our advertising."

Developers are seen stepping up marketing efforts faced with tough market conditions. Some can be seen desperately wooing the buyer with freebies, discounts and deals. Rohtas Goel, CMD, Omaxe Ltd agrees, "Looking at the present scenario where demand has shifted from investors to end-users, who look for freebies and discounts while making purchase decisions, many developers have also announced schemes to perk up sales. Many developers have also lowered their prices of existing and upcoming projects. We at Omaxe are also offering a rebate of 5-10% to our customers who are making timely payments." Omaxe is also seen making announcements of launch of 10,000 homes in Indore at a meagre amount of Rs 4-10 lakh as well as Panache Homes in Greater Noida, Faridabad and Ludhiana which are affordable luxury homes from Rs 12.12 lacs onwards Ambience group has introduced various customer friendly payment plans, as well as discounts of up to 15% on their upcoming luxury property - Caitriona. Aman Gehlot from the Ambience group elucidates, "We agree that during the beginning of the economic turmoil there had been a considerable decline in the real estate sales. The buyers seem to have gone in a wait and watch mode, and there was a need to encourage customers to get them back in investing in the real estate sector. For this very purpose various developers have enhanced their marketing strategies to stand out in the crowd." He adds that, most of the developers are taking the route of road shows, advertising campaigns, and participation in industry exhibition with various other supplementary marketing efforts such as providing innovative deals, freebies to their buyers, discounts or concession on various properties purchased.

Since the current mood of the buyer is to manage the best 'deal', some developers can even be seen encashing upon that sentiment and are wooing the buyers by offering the attraction of 'affordability' as well as 'lifestyle living' within their budgets. "Buy golf facing apartments for Rs 16 lacs with hi-end club in Ghaziabad at Crossing Republic" by Land craft is one such instance.

Assotech's Rajeev Rai, Vice President, Corporate, says that today end users do not just want to buy a beautiful home but an unequalled lifestyle and a living environment unlike any in neighbouring area, that too at an affordable range for them. Bearing this thought in mind, they have launched their project 'The Nest' in Crossings Republik on NH-24 that offers lifestyle "FLEXI" homes with basic selling price ranging from Rs. 21.25 lacs to Rs. 42.44 lacs. 'The Nest' offers the freedom of using 'flexi' spaces inside the apartment and making the best use of all the amenities like Golf Course, adventure sports, water bodies, five star hotel, club, mall, stadium, parking, 24-hour hi-tech security system, bus transport system, etc. which are available right there outside your 'flexi' home.

But as one developer sums up, there is no quick fix formula to crack the real estate deals during this global slowdown period. "Quality, constant innovations and satisfied customers are the best marketing strategies that all the developers should adopt," says Prodipta Sen, Vice President, Marketing and Corporate Affairs, Alpha G:Corp. Prodipta also adds further that the expectations of the end-users are left to watch out for the competence and experience displayed by the actual development that prompt the potential buyers and also has an considerable effect on their buying decision.