After nearly 18 months of playing the affordability card to home buyers, builders are back to their old tricks. This time, they are upto playing the novelty card. Over last few months, a handful of realtors have increased their sales pitch on project ‘novelties’ rather than on pricing. So consumers can now choose from novelties like LEED-certified green homes, 100 per cent customizable apartments or live in skyscrapers where “the stars shine below”.
Market observers say that while affordability and steep discounts worked during the downturn, prices in most micro-markets have been firming up since the end of last year. “This implies that for many players, price alone can no longer be the USP. Hence, eye-catching novelties are slowly finding their way back into real estate marketing campaigns,” they say.
RG Group is touting a ‘landscape podium’ project, which has playground, parks and jogging tracks built 10 feet above the roads. It goes on to claim that the design is meant to keep its residents safe from vehicular traffic.
Earth Infrastructure Ltd hopes to charm buyers with a LEED-certified green residential project. The affordable ‘eco-friendly’ homes coming-up at Noida extension promise energy savings, and pruned electricity bills.
Uniqueness and innovation
“The market is improving and prospective customers are looking for uniqueness and innovation. They are willing to shell out an extra Rs 100-200 a square feet, if they see value for money,” says Vikas Gupta, director, Earth Infrastructure Ltd.
Ireo, on the other hand, has launched ‘Victory Valley’ – the tallest residential towers in northern India (51 floors); the complex ensures that “all” residents have a view. Another builder, the Tashee Group, recently announced 100 per cent customisable apartments where the layout is built according to the buyers’ specifications. The tagline is apt – ‘Your house built exactly the way you want’.
“Highlighting the USPs is one way to stand out in a crowded marketplace that is getting commoditised. Over last 12-18 months, the attention had shifted to pricing. But now, given the competition and developers’ intent to increase margins, we will see more product differentiation in terms of features and amenities,”.
