While developers turn to time-honoured marketing tactics to encourage sales during the festive period, home buyers ensure that they are endowed with good quality construction in their budget, apart from freebies, this Dhanteras and Diwali.
Festivals like Dhanteras and Diwali bring in a ray of optimism and are considered to be a highly significant part of our tradition, to invest in real estate, during these auspicious times. The developers are also well-informed about the positive sentiments of the people, ensuring that they make the most of the occasion. This year, these festivals of light and prosperity, have also brought about higher inquiries and footfalls, which coupled with festive offerings, aim at generating the requisite awareness of the options that are available with them.
Options in varying locations, at different stages of construction and with unusual amenities, are available with the developers. The promising part is that this year, most developers are designing unique, innovative schemes for marketing their projects. Tie-ups with banks for quick disbursement of loans, waiver of club membership, free stamp duty registration, free floor rise charges, sweepstakes, like car and parking space to the customers, etc., are some of the popular schemes offered by various developers.
According to Anuj Puri, chairman and country head, Jones Lang LaSalle India, offering freebies is a time-honoured marketing tactic, used by many Indian developers, to encourage sales during the festive period, which is more or less 'peak season' for the residential property market. "Close to one third of a developer's inventory tends to get cleared in this period alone; freebies and innovative financial schemes are seen as a way of upping the ante," he explains.
Diwali and Dhanteras have always been a good opportunity for people to invest in property. The industry is also foreseeing some new launches during this ongoing festive season. Consumers in the Indian market have a very traditional and sentimental approach and tend to invest during auspicious days like Dhanteras and Diwali. Giving free trips to fancy destinations is a very popular trend. Interestingly, investment in property is no longer a pedestal for freebies.
The buyers ensure that they are endowed with good quality construction in their budget. According to Diipesh Bhagtani, executive director, Jaycee Homes, "It's all about appealing to your target audience rather than coming out with innovative marketing strategies. The marketing initiative doesn't pull buyers. The initiatives are successful, only when sensibilities of the developer, quality and project delivery appeals to the taste of the target audience. Giving discounts does not form a part of our marketing strategy, as we feel that we are reasonably priced."
While giving some suggestions to the home seekers, Puri informs, "The buyers should first try for a reduction in the per-square-foot rate, as there are good chances that it will be offered if the developer sees genuine intent to buy. The buyers should first try for a reduction in the per-square foot rate, as there are good chances that it will be offered if the developer sees genuine intent to buy. However, buyers should not make their property purchase decision based on offers of lifestyle accessories that they may not even need, holidays that they may or may not be able to utilise, etc. There should be true monetary value in the offering. Many developers are resorting to the usual slew of freebies, offers and schemes in order to boost sales in this critical period. These tactics are proving to be only marginally successful. So, developers are also generally more open to negotiation on actual price."
This year, the residential real estate markets are slow in many cities and are reaching a stage where, only hard discounts will achieve any significant extra momentum. The Mumbai market is more pensive and cautious this festive season, as compared to last year. The fullscale correction in residential property rates has not happened so far.
As Puri opines, freebies and schemes are the last line of approach for many developers - if these don't work, they might choose to mark down their prices to catalyse more sales. "In these economic times, some developers have also found it worth their while to provide the much needed assurance of appreciation of prices in the near future," shares Surjit Singh, president - marketing, RNA Corp. Talking about sales strategy, he adds, "This festive season, several developers are giving offers to home buyers, irrespective of the market conditions. It is just a way of ensuring faith in the Mumbai real estate market and an assurance to the customer that his investment is safe."
Similarly, several companies are coming up with innovative incentive plans for their employees and existing customers. Siddharth Bhatia, marketing head, Wadhwa Group, informs, "One of the strategies for existing customers as well as employees to have a referral programme which essentially incentivises them to bring in more business for us."
Bashesh Gala, director - sales and marketing, Ravi Group, states, "Given the trend of rising property prices over the last few years and with an expectation of prices to fall by up to 10 per cent, there is a lot of anticipation and enthusiasm amongst buyers. In spite of the wait and watch scenario, we are looking forward to see an upscale in demand. We are confident and optimistic about the industry's performance this quarter." Hiral Sheth, DGM - sales and business development, Sheth Creators, concludes, "A silver lining during the festive season, however, seems to be an increasing interest from nonresident Indians in purchasing property to leverage the fluctuating rupee. We have also come across a growing trend of group buying for the luxurious projects. Buyers are also inquiring for bare shell apartments."
QUICK BYTES IT'S ABOUT APPEALING TO THE TARGET AUDIENCE RATHER THAN COMING OUT WITH INNOVATIVE MARKETING STRATEGIES. THE MARKETING INITIATIVE DOESN'T PULL BUYERS. THE INITIATIVES ARE SUCCESSFUL, ONLY WHEN SENSIBILITIES OF THE DEVELOPER, QUALITY AND PROJECT DELIVERY APPEALS TO THE TASTE OF THE TARGET AUDIENCE
THE BUYERS SHOULD FIRST TRY FOR A REDUCTION IN THE PER-SQUAREFOOT RATE, AS THERE ARE GOOD CHANCES THAT IT WILL BE OFFERED IF THE DEVELOPER SEES GENUINE INTENT TO BUY. ALTERNATELY, THEY CAN CONSIDER THE DEVELOPER'S OFFER TO PAY FOR THE REGISTRATION FEES AND STAMP DUTY AND/OR THROW IN FREE PARKING SPACE TO THE DEAL, AS THESE ALSO GIVE THE BUYER A CLEAR FINANCIAL ADVANTAGE
Courtesy:
By NIKITA PEER
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/11/01&PageLabel=70&EntityId=Ar06900&ViewMode=HTML
Photo Courtesy:
http://www.track2realty.com/wp-content/uploads/2011/03/Building-under-construction.jpg
Festivals like Dhanteras and Diwali bring in a ray of optimism and are considered to be a highly significant part of our tradition, to invest in real estate, during these auspicious times. The developers are also well-informed about the positive sentiments of the people, ensuring that they make the most of the occasion. This year, these festivals of light and prosperity, have also brought about higher inquiries and footfalls, which coupled with festive offerings, aim at generating the requisite awareness of the options that are available with them.
Options in varying locations, at different stages of construction and with unusual amenities, are available with the developers. The promising part is that this year, most developers are designing unique, innovative schemes for marketing their projects. Tie-ups with banks for quick disbursement of loans, waiver of club membership, free stamp duty registration, free floor rise charges, sweepstakes, like car and parking space to the customers, etc., are some of the popular schemes offered by various developers.
According to Anuj Puri, chairman and country head, Jones Lang LaSalle India, offering freebies is a time-honoured marketing tactic, used by many Indian developers, to encourage sales during the festive period, which is more or less 'peak season' for the residential property market. "Close to one third of a developer's inventory tends to get cleared in this period alone; freebies and innovative financial schemes are seen as a way of upping the ante," he explains.
Diwali and Dhanteras have always been a good opportunity for people to invest in property. The industry is also foreseeing some new launches during this ongoing festive season. Consumers in the Indian market have a very traditional and sentimental approach and tend to invest during auspicious days like Dhanteras and Diwali. Giving free trips to fancy destinations is a very popular trend. Interestingly, investment in property is no longer a pedestal for freebies.
The buyers ensure that they are endowed with good quality construction in their budget. According to Diipesh Bhagtani, executive director, Jaycee Homes, "It's all about appealing to your target audience rather than coming out with innovative marketing strategies. The marketing initiative doesn't pull buyers. The initiatives are successful, only when sensibilities of the developer, quality and project delivery appeals to the taste of the target audience. Giving discounts does not form a part of our marketing strategy, as we feel that we are reasonably priced."
While giving some suggestions to the home seekers, Puri informs, "The buyers should first try for a reduction in the per-square-foot rate, as there are good chances that it will be offered if the developer sees genuine intent to buy. The buyers should first try for a reduction in the per-square foot rate, as there are good chances that it will be offered if the developer sees genuine intent to buy. However, buyers should not make their property purchase decision based on offers of lifestyle accessories that they may not even need, holidays that they may or may not be able to utilise, etc. There should be true monetary value in the offering. Many developers are resorting to the usual slew of freebies, offers and schemes in order to boost sales in this critical period. These tactics are proving to be only marginally successful. So, developers are also generally more open to negotiation on actual price."
This year, the residential real estate markets are slow in many cities and are reaching a stage where, only hard discounts will achieve any significant extra momentum. The Mumbai market is more pensive and cautious this festive season, as compared to last year. The fullscale correction in residential property rates has not happened so far.
As Puri opines, freebies and schemes are the last line of approach for many developers - if these don't work, they might choose to mark down their prices to catalyse more sales. "In these economic times, some developers have also found it worth their while to provide the much needed assurance of appreciation of prices in the near future," shares Surjit Singh, president - marketing, RNA Corp. Talking about sales strategy, he adds, "This festive season, several developers are giving offers to home buyers, irrespective of the market conditions. It is just a way of ensuring faith in the Mumbai real estate market and an assurance to the customer that his investment is safe."
Similarly, several companies are coming up with innovative incentive plans for their employees and existing customers. Siddharth Bhatia, marketing head, Wadhwa Group, informs, "One of the strategies for existing customers as well as employees to have a referral programme which essentially incentivises them to bring in more business for us."
Bashesh Gala, director - sales and marketing, Ravi Group, states, "Given the trend of rising property prices over the last few years and with an expectation of prices to fall by up to 10 per cent, there is a lot of anticipation and enthusiasm amongst buyers. In spite of the wait and watch scenario, we are looking forward to see an upscale in demand. We are confident and optimistic about the industry's performance this quarter." Hiral Sheth, DGM - sales and business development, Sheth Creators, concludes, "A silver lining during the festive season, however, seems to be an increasing interest from nonresident Indians in purchasing property to leverage the fluctuating rupee. We have also come across a growing trend of group buying for the luxurious projects. Buyers are also inquiring for bare shell apartments."
QUICK BYTES IT'S ABOUT APPEALING TO THE TARGET AUDIENCE RATHER THAN COMING OUT WITH INNOVATIVE MARKETING STRATEGIES. THE MARKETING INITIATIVE DOESN'T PULL BUYERS. THE INITIATIVES ARE SUCCESSFUL, ONLY WHEN SENSIBILITIES OF THE DEVELOPER, QUALITY AND PROJECT DELIVERY APPEALS TO THE TASTE OF THE TARGET AUDIENCE
THE BUYERS SHOULD FIRST TRY FOR A REDUCTION IN THE PER-SQUAREFOOT RATE, AS THERE ARE GOOD CHANCES THAT IT WILL BE OFFERED IF THE DEVELOPER SEES GENUINE INTENT TO BUY. ALTERNATELY, THEY CAN CONSIDER THE DEVELOPER'S OFFER TO PAY FOR THE REGISTRATION FEES AND STAMP DUTY AND/OR THROW IN FREE PARKING SPACE TO THE DEAL, AS THESE ALSO GIVE THE BUYER A CLEAR FINANCIAL ADVANTAGE
Courtesy:
By NIKITA PEER
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/11/01&PageLabel=70&EntityId=Ar06900&ViewMode=HTML
Photo Courtesy:
http://www.track2realty.com/wp-content/uploads/2011/03/Building-under-construction.jpg
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