Development of Marketing Strategy for Real Estate Project

Since the evolution of mankind, housing has been one of the basic needs which have always been in demand. Easy availability of good housing at affordable prices has far reaching impact on the health and living conditions of citizens. Housing forms a crucial component of all construction activities. Therefore, the industry plays a crucial role in wealth creation, employment generation, improvement in the standard of living and provision of infrastructure. The real estate has a catalytic role in fulfilling the demand for housing for the various socio-economic classes. Equally important is need to provide the backup infrastructure covering utility services such as water supply, sewage, drainage, roads and transport requirements as well as social infrastructure like schools, health and recreation facilities, commercial infrastructure like markets / malls, office complexes, technology parks etc. the cumulative effect of these demands places the onus on the real estate and construction sector, which providing an excellent opportunity for conferring social benefits, could act as a major vehicle for kick-starting the economy. The other significant factor that has kicked up a lot of activity in the recent past, in the housing area, is today’s steadily falling interest rates of loans. The customers today enjoy tremendous choice and can approach those giving out finance at lowest rates. The customer who is purchasing a house today has not only the options of competitively lowest rates of interest, but also choice of different types of loans starting from the house – purchase or house – building loans to house – improvement loans, home equity loans [ loans on mortgage of property ], home extension loans. NRI loans etc. it has near been better than this ever before. While this is such a positive development, as far as the home seekers are concerned, the lots of home builders are still a long way behind the satisfactory levels. Even today, with the organized groups of Developers, being by and large, quite influential, still availability of institutionalized finance, as a regular source, has been almost absent as far as the average Developer is concerned. This has been an area of major concern for the Builders. Mumbai, is known as the commercial capital of the country and rightly so as it generates a large quantum of revenue. The city does not have a long history to boast of like other cities in the country. In fact it was considered not very habitable place to stay. But with the British making it there place of Business, it archived importance. Also it has certain advantage of being a natural harbor. This was the factor that boosted trade in Mumbai & other metro city. The growth and development of real estate in Mumbai is a more recent phenomenon. Marketing is a corporate function comprising of activities that involves exchange of company’s services for economic gains. According to the modern marketing concepts, the focus of all activities is to serve the customers' needs, Marketing. There, begins with satisfying the client’s needs and flows back to the company. Who can then plan for ways to meet the needs. This planning process will involve the contractor’s resources, experience, capabilities, desires and other requirements. A more formal approach towards the marketing is required. The company must understand the target market, the customer's needs, build business relationships and penetrate new markets. Marketing provides the company with more aggressive approach to the market place and helps in building stronger profitable organization. Hence, in the given scenario, when we look at the builders and developers we can understand the importance of the marketing strategies adopted in the particular circumstances. These strategies form an important part of the builder and his competitive capability as compared to others in the field.