After witnessing a lean period post demonetization, reality players are now banking upon their tried and trusted marketing strategy. It is the festive season, and real estate companies are expected to boost their advertising and offers to lure home buyers. But naturally, the online sites, newspapers, malls and the standard retail layout are loaded with special offers and related news.
But will it be able to create an on-ground effect?
Till now, many home buyers have postponed their decision to invest in anticipation of the more affordable options. The festive time may just be the window of opportunity to pull the waiting customers back into action. In reciprocation, property developers are likely to focus on creating genuine and specific offers to reduce the cost of home shopping in India. The time may be just right to draw buyer attention. With RERA Act and GST implementation in the toe, the buyers may be quick to realize the beginning of transparency in property transactions now. Any sort of pull, in form of discounts or complimentary offers, can break the mount of ice, created post demonetization.
What is the type of offers on-card?
Ready to move-in– considering the current trust deficit between the buyers and reality sector, it is a wise idea to attach exclusive offers to entice buyers further to invest in ready-to-move-in flats or apartments. People prefer to invest with a ready-to-shift strategy. However, this is only recently that the real estate developers have focused on advertising for ready-to-move-in apartments. Earlier, the focus was on promoting new housing projects. This shift has happened after RERA has made it compulsory to advertise only those properties which are registered under the Act.
It seems a win-win situation for the developers and the homebuyers both. Developers are keen to reduce inventory and buyers are willing to make safe investments.
Online Selling– a lot of action is happening in the digital reality space. Reputed real estate developers are logging on to the web platform to make it seem more transparent and approachable at the same time. There is an ample scope to innovate in the online space. Few good examples are easy payment plans, online festival sales and so on.
In the context of establishing direct contact with the buyers, real estate players are targeting buyers by segmenting projects, increasing advertising spend and doling out approachable offers to add volume to purchase.
GST-waiver- many residential property builders are offering GST waive off. A simple logic is that GST is not applied on ready-to-move-in flats. However, a word of caution for the home buyers. If the developer is waiving GST, verify the facts before and read the fine print.
Living benefits – there are more offers like free ACs, iPhone, free car parking, free maintenance, and even free modular kitchens to attract the buyers. In some cases, there is no stamp duty charges, registration fee or a straight cash discount like worked out percentage discount on down payment.
Will the festive time really deliver?
There is no doubt that festive season is the time when buyers share a positive sentiment and search for long-form investments such as buying a property. Some policy action has happened in the real estate space, which will make the home buyers seek opportunities to invest during the festive time 2017. Having said that, many experts have casted doubt on the old method of alluring buyers during the festive time. After all, freebies and discounts are merely incidental and not the real triggers for making an investment as serious as buying a home.
Still, people are searching for real estate information on the internet and scanning the various offers by reputed builders. It is surely the next step forward after a property sale slump. The developers must cash on this opportunity and come up with innovative ideas for offers to click with the buyer. As for an ideal buyer approach- it should be to get a cash discount on the total value of the house.