Luring buyers to the property
Real estate developers, hit by slipping profits, are using innovative measures to reach out to potential property buyers and lure them to invest in one.
Home sales are being reported to have picked up in select Indian markets over the past couple of months, but developers sitting on a huge inventory, continue to find innovative ways to lure property buyers.
Considering the festive season to be a good time to for people to buy their dream home, property developers are showering discounts. Most realtors are already advertising cash discounts of on upfront payment and buyers are getting a huge discount if they book properties and are willing to wait for two to three years until possession.
Desperate times call for desperate measures. Buyers may have heard of realtors in Dubai, Spain, UK and US offering freebies like cars, mortgage perks, nolidays and even cash backs to tide over the worsening realty slump. Developers in the city have also taken to luring property buyers by offering free BMWs, Mercedes Benz, foreign getaways and even a flat on a bulk purchase of flats.
While most developers trying to revive the sagging realty market by offering discounts and affordable housing, innovative ways are being sought to reach out to the potential buyer.
One such idea has been conceived by Makaan.com, the online property site by People Group. They have associated with sister concern Shaadi.com to attract newly married couples looking for the perfect place to settle down in after wedding. The site offers a great way to search for a dream home. The couple simply has to enter the needs and Makaan.com helps find properties anywhere in India, fitting in their budget.
The fast developing mobile communication technology is also being used to its maximum. Makaan mobile, the country's first SMS-based real estate mobile application has been developed by Mauj Mobile aiming at enhancing the overall consumer experience for property sellers. The application provides an attractive alternative to property sellers who currently need to log on to the Internet either to list their property or to view responses from interested buyers.
Harnessing the power of SMS, the application is compatible with almost all GSM models, and will cater to a subscriber base close to 200 million in India alone, which is almost four times the size of the Internet consumer base.
With this application, Makaan.com becomes the first online property site to have launched a pure SMS based product. The website aims at making property buying and selling effortless and non-technical for the user. Ease of use, and mobile convenience are the cornerstones of success for Makaan Mobile.
According to Aditya Verma, business head, Makaan.com, "Most of such innovations have revolved around ensuring customer delight. The idea of the application germinated from the need to connect with users who are generally on the move and do not have regular access to the Internet. This application will take product offerings to a far greater audience. With the this service, we anticipate a 30 per cent growth."
The innovative idea is expected to revolutionize the way properties are bought and sold in the country. Given the fact that Makaan.com sees around 8.5 lakh unique visitors per month, the application is sure to garner acceptance amongst the property-selling community, especially real-estate agents, for whom the mobile phone is the weapon of choice.
Another unique idea is the introduction of city specific homepages for top real estate hotspots in the country. These hotspots account for almost 87 per cent of real estate demand in India.
Targeting Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Ahmed-abad, Chandigarh, Pune, laipur and Kochi, the Makaan.com portal aims at making online property search more localised and simplified for the property seekers. The localised homepages have been designed to benefit all three stakeholders including property seekers, builders and real estate agents.
Property seekers can access complete real estate information specific to their city of interest. Seekers looking for property in Pune can directly log on to www.makaan.com/pune to get info regarding the requirement. Apart from searching for properties, they will also be able to connect to prominent builders and real estate agents and view leading real estate projects in that city. Seekers can also search for properties in key localities, like for Pune, properties in localities like NIBM road, Hadapsar, Kondwa, Magarpatta etc can be reached directly.
Through a special section, leading builders of any city can showcase their profiles and projects in that particular city. With these innovative ideas, technology brings real estate search a step closer to all the stakeholders.