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Real Estate in 2017: The year of experiments!

by Saket Pathak

It’s a saying that the best always comes when the ship is hard to sail. We can say the same for the real estate market, which is still struggling to find its previous golden days. So, as expected, the year saw a lot of innovations and experiments by various builders to lure the buyers. We tried to list some of them to understand and utilize for references:

  1. Witnessing RERA and using it in the right perspective for buyers: In a time when trust has become a major factor for both real estate players and buyers, RERA has given some respite to developers. By showing that they are RERA compliant or registered, they have gained the first layer of confidence. So, do not forget to mention in your ads that you are a RERA compliant company.
  2. Affordable in any form: The luxury market has got very limited space in today’s real estate market. Let’s focus on masses and focus on the large segment of people whose earnings range from 0.45 Million to 1.2 million INR per annum. It means your property should range from INR 1.8 Million to INR 3.5 Million and in terms of unit sizes it should range from 450sq.ft. to 900sq.ft. What it holds for the developer! A target group of around 11 Million prospective buyers PAN India. Now you know why affordable is next big thing in real estate.
  3. Luring young investors: We found an interesting bracket of society which was never a part of real estate sales bracket. Now, the real estate players are focusing more on the young lads of India, giving lucrative offers including time-bound rental paybacks. Our banking system also understood the power of these young lads and is now ready to provide pre-approved home loans basis their growth rates which ensure bigger home loan value. So, if a young professional today can avail a home loan of INR 10 Lakhs, banks are actually giving them a growth laid loan approval of above INR 18 to 20 Lakhs. Means, bringing them into the mainstream of real estate and playing with their aspirations to get more.
  4. Bye-Bye Dealers: The year 2017 was a nightmare for dealers as their payouts were squeezed and, in many cases, developers are now willing to sell directly to end users. In recent past, developers used to keep the sales via dealer channel. It was easier for them to give payouts to dealers and work with multiple dealers situated at various locations to sell their projects. But, as the profit margins declined to its minimum, developers are now pulling the socks to sell the project directly using their own sales network.
    A Branding and Marketing Strategist to the core, Saket’s forte lies in analyzing consumer behavior and then designing the apt digital marketing campaigns for the desired results. Having professional experience of more than 13 years, Saket has worked for various brands in sectors like education, pharmaceuticals, FMCG, infrastructure, consumer durables etc.

     

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