PDelhi-based real estate management and advisory firm, Better Option Propmart (BOP), has unveiled an ambitious and unique project. The firm is poised to introduce 15 "boutique" real estate locations across North India.
BOP Studio: A Novel Approach to Property Acquisition
These pioneering boutiques, branded as "BOP Studio," will operate on a walk-in-store model for property consultation and purchase. Within these boutiques, stationed consultants will offer comprehensive and complimentary guidance to each prospective client. The sophisticated ambiance, reminiscent of upscale retail establishments, will house an extensive database of diverse projects across Northern India.
The BOP Philosophy
"You could walk in, avail yourself of our free real estate consultancy, and still not buy any property being showcased," stated Mr. Amit Mavi, Managing Director of BOP. He further elaborated, "Our aim is to bring the 'consumer durable shopping experience' to real estate buyers. We expect people to perceive BOP as a real estate advisory service provider rather than a mere property seller."
Investment and Expansion Strategy
The initial investment in this venture is substantial, estimated at a minimum of 60 lacs per studio for infrastructure alone. BOP intends to establish 2,000 square foot street-facing outlets in key real estate hotspots such as Agra, Amritsar, Chandigarh, Jaipur, Lucknow, Kanpur, Noida, Meerut, and other strategic locations.
Projected Profitability and Challenges
The studios are projected to be profitable if they manage at least 10 projects annually and achieve sales of Rs. 150 crore per city. Meeting these financial targets presents a considerable challenge, particularly in Tier II cities where the average realization from residential projects tends to be lower compared to metropolitan areas.
The Verdict: Time Will Tell
The ultimate success of this innovative approach remains to be seen; only time will provide the definitive answer.