Track2Realty Exclusive: Media perception is not much different than public perception in developing brand. It depends on how media plays down. 50 per cent of the media is honest in promoting actual brand worthiness but few media also carries planted articles or on the contrary, prevents negative articles in exchange of media barter deals.
Track2Realty: The economic downturn has subdued office and retail markets, resulting in a sales slowdown as well as pressurized capital values across leading cities—according to CBRE Research’s year-to-date coverage of trends in India’s real estate sector.
Track2Realty Exclusive: Gujarat real estate has seen phenomenal growth in the last over a decade and property markets of Ahmedabad and Vadodara are among the most sought after hot spots. The growth story, however, would be incomplete without understanding the stress level of the sector which weathers multiple challenges to perform, with approvals being the biggest challenge.
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: Urbanisation is inevitable but when the very same model of development is rolled out haphazardly it also brings its side effects. Many urban cities across the country are witness to the fact with the loss of its traditional old world charm and eventually the city losing its very identity.
Track2Realty Exclusive: In realty business, brand is an additional value the consumer is prepared to pay compared with an ordinary product yet fulfilling the same purpose. If a brand is not able to offer the consumer better advantage that the competitors, it will turn into a commodity.
Track2Realty Exclusive: As a brand management professional, I am often asked as to which industry in India needs branding the most. Without any second thoughts, my answer is real estate. Prima facie that may sound very counterintuitive as real estate is after all a big advertising spender.
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: A brand is the idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company. Branding, according to me, is a double edged sword which grants an advantage of building clientele, loyalty, trust etc but also burdens the shoulders with an added responsibility and obligation to defend the ‘Brand’ so far created persistently.
Track2Realty Exclusive: Analysts seem to agree with this premise that Ahmedabad has grown enormously over the past decade, due to ultra-progressive policies and intelligent development governance. The city is providing extraordinary and unprecedented returns on the real estate ROI, and has proven to be one of the most exciting investment destinations in India today. Still, it is not an investor driven market and end-users are very much active in the city market.