New Delhi: The rapid growth in real estate sector advertisements strongly indicates that developers are making concerted efforts to entice customers who have deferred their investment plans in this sluggish market. According to reports, the volume of advertisements on television and in newspapers has surged by 30% compared to last year.
The height of these advertisements occurred during June and July, as firms aimed to attract buyers. In light of the upcoming festive season, these realty firms have ramped up their offerings, with discounts and promotions increasing by 45-50%. Analysts predict that this trend will continue to rise as Diwali approaches and year-end strategies are implemented for inventory clearance.
A marketing executive stationed in Noida remarked, "Advertising is the best medium to reach out to people and build a factor of trust and confidence among them. It may not directly lead to sales, but it certainly enhances the developer’s brand image."
Sudhir Pai, business head at a leading property portal, noted, "There’s a persistent momentum in developer marketing strategies. They are eager to close sales during this fleeting festive period, which is driving the surge in advertisements."
Popular real estate portals such as Magicbricks.com, 99acres.com, Propertywala.com, and makaan.com are increasingly preferred by consumers looking to rent or purchase properties nationwide.
“In real estate, the perception matters greatly. If a developer engages in advertising, it assures brokers, channels, partners, and customers that the project has all necessary clearances. This approach becomes a critical confidence-building measure, even though the core aim of advertisements is to stimulate sales,” explained another industry executive.
In the current landscape, realty companies are tackling high levels of unsold inventories coupled with sluggish sales by enlisting renowned celebrities to endorse their projects.
Despite many professionals failing to fulfill their commitments and a notable reduction in new launches this year, these firms are striving to manage their backlogs without resorting to direct pricing reductions.