Real estate firms customize marketing policy to push sales

Q: Home sales have been slow for almost 2 yrs. now, and developers are facing an ongoing challenge to keep prices in check and offload piled up inventory.

Abhijit Thanki, Mumbai

2nd September 2015

Real estate News in Mumbai

tata housing

real estate in mumbai

sales in residential sector

decline in sales

marketing policy

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (3)

Developers like DLF need eyeballs and new buyers to come in to buy their homes and they are trying various kinds of ways to do that. After Snapdeal, they are now planning to tie up with various on-line firms to sell their stock across India.

Amarendar, Faridabad

2nd September 2015

Comment

Because of the new business strategy, luxury housing projects, sales of which have been weak for a while now, are witnessing the most aggressive marketing pitches by developers across cities.

Nikita Kapur, Bangalore

2nd September 2015

Well Praveen,
Lodha is a very intelligent and clever builder. They have an umbrella of projects but the marketing policy for each project is unique, just the way an FMCG company deals with its products. The IPO way helps in demand aggregation for example, and allows buyers in Mumbai, investors and NRIs to participate.

Upendra Limaye, Pune

2nd September 2015

Comment

Right Upendra,
Similarly, Tata Housing Development Co. Ltd launched a campaign exclusively for its luxury projects, offering potential buyers an extra room if they buy an apartment. The "Dream Room" campaign tells buyers that they can buy a 3BHK, but have to only pay for a 2BHK.

Bala Subramanium, Bangalore

2nd September 2015

But in the case of high-end projects, customers are not taking the decision fast and one needs to create an emotional connect with them. Here, they are telling them that we may have to stretch our budget a bit, but they are also giving you more space in return.

Pratap, Bangalore

2nd September 2015

Realm estate firms, particularly those who have a large portfolio of projects, are increasingly adopting multi-pronged, customized marketing initiatives to push home sales in a slow market and are engaging with potential customers in different ways depending on the price, profile and status of construction of houses.

Upendra Limaye, Pune

2nd September 2015

Right Abhjit,
You can take the example of Mumbai's Lodha Developers Ltd, which has one of the most aggressive marketing and sales teams, experiment an initial public offering (IPO)-style pre-launch for 2 of its projects in the last 2 months. Typically, in this kind of a pre-launch experiment, a developer generates a buzz to grab maximum interest, inviting expressions of interest from potential buyers along with a booking amount, after which the homes are assigned.

Upendra Limaye, Pune

2nd September 2015

Comment

For its project in suburban Thane, it received 2500 applications in the 9 days pre-launch activity. In its more classy project "The Park" in central Mumbai, it improvised on the IPO theme and allowed customers to actually choose the apartment they want. All the 126 units on offer were reserved.

Praveen Modi, Mumbai

2nd September 2015

Developers are trying all possible ways to market their projects in order to improve sales. They are using digital marketing to generate leads and are then pursuing them off-line. There is event-oriented, on-site marketing and attempts to engage with clients in a close manner.

Raj Purohit, Bhiwadi

2nd September 2015