Bangalore realty: New marketing strategies to attract buyers
Developers are using different strategy to lure property buyers and increase sales as the Bangalore residential market did not do well as it was expected in the last quarter.
Bangalore real estate market has seen the price point of 50-60 lakhs for a 2 BHK apartment in the booming market. Some of the announcement in Bangalore are villas priced at around Rs 50 lakh, 3BHK luxury apartments priced around Rs 37 lakh and villaments around Rs 47 lakhs.
Sale in luxury segment did not even meet 50 percent of the target despite promotions, pre-launches and launch offers which has created a fast change in the set of offerings with the developer community.
Many real estate developers have corrected their prices to attract buyers for mid to upper-mid segment, since the premium property segment struggled a lot to sell last year.
According to real estate expert, now- a- days property buyers want greater guarantees with regard to construction quality and delivery date. Pre-launch discount, sizeable rooms and other discounts are some of the other expectations of the buyers community at the time of booking.
Many real estate builders or developers are attracting customers by offering gold coin, silver Ganapati idols, free furnishing of homes, free parking, free club membership offers, waiver on registration charges and stamp duty, lucky draws, etc as their the marketing strategy to attract home buyers.
It is said that freebies are directed more towards the luxury segment as there is more supply than demand. Such freebies does not work for the mid and lower segments, where buyers are more interested in cash discounts than freebies.
Now, the developers are offering lower booking amount and a perceived lower price for 3BHKs to lure the buyers.
Even real estate developers are using modern technology for cost-efficient and faster construction. upper-luxury apartments in Bangalore that have not been booked so far are being offered at lower rates with lower priced offerings like vitrified tiles instead of Italian marble and other amenities.
The flats are expected to be about 35 percent cheaper than the announced rate. Many high-end villa projects are now being announced with high-rise apartments.
With the EMI deduction slotted, a price of 3 BHK about Rs 80 lakhs seems to be affordable, and the customer goes for the deal even though the price that attracted him in the first place was Rs 38 lakh.
Related Real Estate News:
Bangalore developers lower prices to attract buyers
Developers line up discounts this festive season
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