There has been a slump in India’s real estate industry, and various builders have started to leverage marketing campaigns to cope up with that. Founder and CEO of Square Yards – Tanuj Shori – shares how in an article published on ETBrandEquity.com.
Homes have become cheaper due to the fall in prices or because the rise in prices has been lower than the consumer price inflation. Reductions in the GST rate to 1% for affordable housing and 5% for other categories have helped improve buyer perception to a certain level.
Coming to the demand side of things, reducing interest rates and lesser home loan EMIs have nudged demand but buyers prefer ready to move in homes than those under construction and, of course, RERA approved. On the supply side, post RERA, builders have become extremely cautious, and are focusing on completing their ongoing projects instead of launching newer ones.
Across industries today and real estate is no exception, adapting quickly to ever-changing market dynamics and trends is the only path for survival and growth. In the current phase of Indian real estate market’s uphill journey, this tested approach can help businesses build a wide and deep presence, both geographically and in the home buyer’s mind.
Published by: ETBrandEquity.com
Date: 3 November 2019