By: Babulal Varma, CMD, Omkar Realtors & Developers
Track2Realty Exclusive: Firstly, building on the company’s strong experience in the realty segment and the pioneering vision of creating new benchmarks for an aspirational lifestyle, we identified market value preposition in the two sectors.
For the bottom of the pyramid (BoP), we developed a systematic approach for slum clearance and construction of slum rehabilitation projects. For the ToP we conceived iconic projects in the most upscale locations of the city that could redefine the concept of luxury living.
Secondly, we strived to construct a brand image that contributes to establish a connection between the company and the consumers. This resulted in a long term partnership and loyalty.
Financial strength, buying decisions and geographical location were our main parameters for brand positioning in the BoP and ToP market segments respectively. This process is gradual and requires an in-depth understanding of target audiences.
Our seasoned team of professionals with expertise in real estate, communications, infrastructure & construction outlined the concepts for brand development based on the extensive project briefing and goal assessment.
To establish credibility among the bottom of the pyramid, it is essential to understand the needs and wants of the customers. The challenge lies in providing not a cheap product but in offering a product which would be considered value for money.
We have traditionally worked out a business model that is based on relationship. By bridging the trust deficit between the residents and the developer, we are able to create a consensus leading to faster slum clearance and timely project delivery.
Another important aspect in creating a correct brand image in this segment is the customization of the product to have a better fit with the needs of the market and to ensure ready acceptability of the product.
To realize these goals, we believe in working with the best in the business for all our projects including redevelopment. Thus, Larsen & Toubro handles most of our slum rehabilitation projects, which enables fast track construction and timely and qualitative delivery.
This has built goodwill for the company among all the stakeholders and helped create a positive brand image of the company in the redevelopment market.
A real estate segment that has in past few years seen a surge in demand is that of luxury housing for the top of the pyramid. This is mainly due to the rise in the number of HNIs, influx of global lifestyle trend due to rising incomes of corporates and entrepreneurs and an increase in the number of non-resident-Indians (NRIs).
Image building strategy for wealthy customers relies on exclusivity and uniqueness. We recognized that apart from the high design standards, innovative technology and luxury quotient, the neighbourhood of the property is equally important.
