What is more important, pricing or location?
From my point of view, both pricing and location must go hand-in–hand. Locational paradoxes arise if the property is far away as then the cost of travelling goes up. Location does not only mean distance, but also infrastructure. Probably, Faridabad is the closest to Delhi in terms of distance, but Noida and Gurgaon are better in terms of infrastructure. Any location in the heart of the city will always be attractive to buyers and therefore will be priced accordingly.
What are the actual selling strategies you adopt?
In terms of sales, we sell directly and don’t go through brokers. Connecting directly with customers gives them the comfort that they are directly interacting with the company due to which lots of issues also get resolved. We have a very transparent way of dealing and agreements are also very easy to understand. On the marketing side, we have a very people oriented approach. We use our own residents as our brand ambassadors rather than using celebs. We also use newspaper, digital and radio advertising apart from hoardings and billboards. However, word of mouth still remains the biggest marketing tool.
And your up-coming projects?
Currently we are executing about 10 and a half lakh square foot of space and we plan to take this number to 20 lakh square foot in the next two-three years. We are actively looking at growing in Pune, Rajasthan, Mumbai, Kolkata and the south regions. We also plan to take retirement resorts to places where we are not present. In the locations where we are already present, we plan to grow with regular housing.
For more articles, Click on IIPM Article.From my point of view, both pricing and location must go hand-in–hand. Locational paradoxes arise if the property is far away as then the cost of travelling goes up. Location does not only mean distance, but also infrastructure. Probably, Faridabad is the closest to Delhi in terms of distance, but Noida and Gurgaon are better in terms of infrastructure. Any location in the heart of the city will always be attractive to buyers and therefore will be priced accordingly.
What are the actual selling strategies you adopt?
In terms of sales, we sell directly and don’t go through brokers. Connecting directly with customers gives them the comfort that they are directly interacting with the company due to which lots of issues also get resolved. We have a very transparent way of dealing and agreements are also very easy to understand. On the marketing side, we have a very people oriented approach. We use our own residents as our brand ambassadors rather than using celebs. We also use newspaper, digital and radio advertising apart from hoardings and billboards. However, word of mouth still remains the biggest marketing tool.
And your up-coming projects?
Currently we are executing about 10 and a half lakh square foot of space and we plan to take this number to 20 lakh square foot in the next two-three years. We are actively looking at growing in Pune, Rajasthan, Mumbai, Kolkata and the south regions. We also plan to take retirement resorts to places where we are not present. In the locations where we are already present, we plan to grow with regular housing.
As told to Vineet Singh
Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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