Mark2Market strategy of Paras Quartier to showcase super luxury project in Gurgaon
Developer: Paras Buildtech
Location: Gurgaon-Faridabad Expressway
Price: Rs. 4.5 Crore-8 Crore
Project execution lifecycle: April, 2013- December, 2017
Conceptualisation
Surrounded by luxury projects around, this project has been conceptualised as super-luxury experience for the discerning homebuyers that aims to cater to High Networth Individuals (HNIs). Surrounded by a lush green expanse, Paras Quartier aims to truly reflect the ultimate luxury feel in 3 dimensional spiral structure. Highlighted by its 3 Dimensional super tall Iconic Tower and the other two grand condominium towers, Paras Quartier, spread over 10 acres of land, has been visualised as a spiral tower that offers open wide spaces and ample green area.
Driving force
The developer realised that there has been a sudden spurt in the overall demand for high-end residential properties across this given micro market. Among the specific reasons behind this spike in demand is the growing number of HNIs. This emerging demand was the driving force for them to bring such an exclusive super luxury project that has successfully created fulfilling and rewarding lifestyle for the selected few. Envisioned exclusively for the connoisseurs of fine living, the project has been designed to embrace opulence and grace.
Drawing board to on-ground
It took the developer two years of meticulous planning and strategy before hitting the ground. There has been a clear realisation that this kind of a project is planned not only by statistics, but by a thorough feasibility study of the given market and its potential.
Defining demand
Paras Buildtech maintains that they had done a lot of market study for this project. They claim to have studied data available and did some research amongst their shareholders as well. They realised that it is due to the presence of highly paid service class population working in MNCs and IT/IteS that the demand for lifestyle living was always there in the millennium city for super luxury projects. The project ‘Paras Quartier’ was thus offered as perfectly suited project for the people who have dreamt for a perfect lifestyle destination amidst greenery.
Challenges
It is due to the presence of highly experienced professionals who are well equipped with the required skills and expertise the company claims to have not faced any major challenges during execution of this project. In terms of the marketing challenge, the developer had the challnge to influence the high-end buyers amidst overall slowdown. At a time, when the policies were also not very conducive the sales chalenge was to attract HNIs by addressing all their concerns satisfactorily.
Insights
The developer learnt with experience that selling an ultra luxury project is not like selling other housing projects. The high-end buyers and HNIs are very discerning set of buyers and they take time to finalise a purchase decision. It is hence very important for the sales team to be ready to satisfy their queries all the time.
Market Feedback
The initial market feedback that the developer received has been very encouraging for them. They could also assess the market feedback by the interest level showed by many NRIs and HNIs into the project. They could successfully sell 60-65% of the total inventory during the initial days of its launch. Of course, they have constantly been taking customers’ feedback to improve the processes and meet their exact requirements.
Project differentiator
Paras Buildtech claims that Paras Quartier offers simply unmatchable luxury living at the most desirable price point. They have the most comprehensive offerings of amenities at this project, such as concierge services, exclusive infinity pool, club house and separate service corridor. Its luxury quotient is playing a vital role in making this project, the most sought after residential project, among its counterparts within Gurgaon Faridabad Road, Gurgaon.
Investors’ outlook
The company claims there has been a tremendous response from the buyers/investors to this project. Looking at the market trend, buyers/investors exactly know what they are paying for and so they don’t mind investing in their dream abode to live a luxurious life.
Marketing strategy
Paras launched this project in April 2013 and showcased this project’s presentation amongst the niche clientele only without making it a mass product. The aura was well created by tapping in only the right kind of marketing tools at the time of the launch and this has been very well maintained till date. They do not entertain clients at our show apartment without prior appointments.
Hits & misses
The launch campaign was published in luxury magazines. The direct mailers and innovative look of the hoardings attracted eye balls and thus it could relate the product with true luxury. The developer is confident with the positive response at the time of the launch and claim that the target buyers could very well relate this project with Luxury.
However, there is also a realisation that they should have kept the momentum on for this project by investing in the marketing tools that did well for them post the launch. Also, they feel they should have been visible in luxury magazines for tapping in a broader base of niche clientele. They have nevertheless organised events in small groups at the show apartment on a regular basis. To keep doing small activities with right audience is the key to sell high-end project.
Learning
With changes in the marketing environment, the overall strategy is being fine tuned to the requirements. However, all these are still aligned with how the project needs to be projected in the right segment only.
Launch2sales ratio
Paras has a diversified sales channel for the project that includes brokers, investors and end users. So, far there has been synergy and the response has been positive to the extent that more than 60% of the inventory has been sold in all the three towers of Paras Quartier.
