Celebrity endorsements, interest-subvention schemes – it is a buyer’s market out there and these schemes may not be enough for real estate developers to draw customers in. Developers in Bengaluru have realized this and are launching great-sounding deals that they say puts the customer back on top. But are these just marketing gimmicks? Or is there more than what meets the eye?
Developers Roll-Out Personalised Schemes
‘Your home, your offer’ is what Bengaluru-based developer Unishire promises as it allows customers to create their own deals by entering a few simple details on the company’s website. The customisation allows homebuyers to choose from options like free holiday packages, a no-pre EMI option, free modular kitchens, assured rentals, zero-percent interest scheme, free home automation upgrades among others. These options are offered based on the budget and project selected by the homebuyer
“It is not just a marketing gimmick to beat the slowdown. We have received very positive feedback from these campaigns and the conversion of footfalls into sales has been on the rise as a result.” claims Vinay Mehta, executive director at Unishire.
These innovative offers are examples of how developers in Bengaluru are taking things to the next level to keep ahead of competition. Salarpuria Sattva is yet another player who is making waves through its ‘Have a plan, make a deal’ offer that allows homebuyers to choose from any of the group’s projects in Bengaluru and design their own home-payment options. From payment time frames to payment schedules, the customer is clearly spoilt for choice.
“These campaigns let us engage with the customers on a different level. We have to outdo our competitors but keep the customers in focus.” says Bijay Kumar Agarwal, MD of the Salarpuria Sattva group.
Are Innovative Schemes Too Good To Be True?
Put together, these offers can result 5% to 15% savings for customers. But are these offers all that they seem? With unsold inventory piling up – real estate experts say these are just marketing gimmicks that allow developers to attract larger upfront payments from homebuyers.
“They are basically offsetting their interest cost by giving you these freebies so that you can pay a larger sum upfront and to ensure that the interest benefit is passed onto the customer,” claims Shrinivas Rao, CEO-APAC of Vestian Global Services. “In the long term I think there will be a softening in prices. The 15% discounts that the developers are offering are coming through in the form of modular kitchens and the structuring of your payment schedule.”
Marketing strategies may help create a buzz and increase footfalls, but developers will have to do a lot more to bridge the trust deficit that currently exists in order to convert these footfalls into sales. Assurances on deliveries and a correction in ticket sizes may be just what the doctor ordered.
Reporter : Stacy Pereira, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV