By: Ravi Sinha
Track2Realty Exclusive: Rohtas Goel, CMD of Omaxe agrees that the repositioning is more realistic now, mainly due to the fact that the real estate in the region is more buyer-driven now. The change in market dynamics has similarly altered the demand scenario and developers have begun to take cognizance of the same.
“Due to growing consciousness of home buyers, developers now focus on the speedy completion and delivery rather than marketing gimmicks. Online marketing, too, has picked up in a big way. Credibility, credentials and quality delivery of company is the point of focus of home buyers. We entered the market when this land was still virgin and plain vanilla marketing was the norm. Besides, we have a strong network of channel partners. Gradually, as more players entered the market, demand rose, prices soared and the market turned upside down. It was then that developers started competing through innovative products, freebies and so on,” says Goel.
Dr Anil Sharma of Amrapali Group candidly accepts that if the developer has to survive and grow, one has to serve better and according to the demand. According to him, no traditional mindset and strategy will gain trust now. Buyers want to have home at affordable cost where they have been facilitated by world class facilities and basic amenities. Moreover, he is more concerned with supply side of crunch than demand deficit.
“There is not a very serious problem of demand in real estate but supply is the huge concern as there is a huge gap in demand and supply due to late sanctioning of projects and many hassles in a row. Here, brand repositioning is really very challenging because it needs lot of research and strategic planning before launching any project. The only way to reposition better is to create balance between developers’ and buyers’ demands,” says Dr Sharma.
Repositioning and innovation has a cyclic life in Delhi-NCR that happens after every few years. It works sometimes, it does not many times. What is new water to be tested in the Delhi-NCR market is the referral marketing, that too by a new entrant which has to be seen in the coming years, whether as a bold move or an experiment gone wrong is something that only time will tell.
The moot point remains—Will Delhi-NCR emerge as a case study of its own unique repositioning, the way South Indian real estate has done. Well, it is too early to make any conclusive statement, but the repositioning and innovation has definitely shown the signs of revival across the micro-markets of Delhi-NCR.
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