Track2Realty Exclusive: To say that the year 2013 has been stressful for the Indian real estate would be like stating the obvious. A major reason why the sector could not perform up to its true potential this year is the negative market sentiments.
Track2Realty Exclusive: So if there is a real estate brand in India that wants to fully realize the benefits of branding to drive its business forward, what is the way forward?
Track2Realty Exclusive: A McKinsey report to the Government of India on cost of approval had clearly pointed out that the costs incurred on account of various approvals could constitute anything up to 40 per cent of the sale value. Such is the enormity of the problem of approvals and that the challenge of negativity that we suffer from.
Track2Realty Exclusive: It is said that this sector encourages black money and corruption, which is sad and upsetting for all developers/entrepreneurs who put in their best efforts to run the business.
Track2Realty Exclusive: Some of the developers believe that being a responsible corporate entity CSR forms a very important aspect of their day to day functioning. For example, Kamal Khetan, CMD, Sunteck Realty says they have formed Sunteck Foundation that is a dedicated entity which under its umbrella supports various initiatives that lead to social betterment.
Track2Realty Exclusive: It is generally believed in the sector that CSR can not be a brand driver the way other branding efforts are being evaluated in terms of ROI. Diipesh Bhagtani, Executive Director, Jaycee Homes, says that CSR alone cannot be the catalyst for brand building; there is no case study as such. CSR is seen more as a responsibility towards the society rather than a business promotion activity.
Track2Realty Exclusive: Brand building and maintaining the brand image is a big challenge for any business, and more so for in real estate where one has a direct contact with the end user. Moreover, brand positioning of the business of real estate is dependent on the overall eco system where demand and supply is dependent upon a host of external factors such as the state of the economy, government policies, etc.
Track2Realty Exclusive: Corporate Social Responsibility (CSR) is a new concept in the Indian real estate and companies are going through the learning curve. Some are adopting it with greater amount of conviction, while for others it is an emerging necessary evil.
Track2Realty Exclusive: When Purushottam Sharma, a government officer was posted in Bhiwadi seven years back, it was like a punishment posting. He sulked, the family resented yet with no infrastructure living in Gurgaon and travelling daily to Bhiwadi was something that was not feasible.
Track2Realty Exclusive: Chairman, Public Relations Society of America, Gerard Corbett announced the new definition of Public Relations. After more than 900 suggestions, much deliberation, crowd-sourcing and lots of voting, the winning definition of the PR is: “Public relation is a strategic communication process that builds mutually beneficial relationships between organizations and their publics.”