Realty Players Use Social Media to Tap Net-Savvy NRI's
Lifestyle thing: The interiors of a luxury apartments
Falling rupee makes overseas clients prime buyers of premium homes
The depreciating rupee has turned out to be a blessing in disguise for
big-ticket properties across India. With properties almost 30 per cent
cheaper for non resident Indians (NRIs), real estate majors have stepped
up their efforts, hitch hiking on social media and marketing premium
deals to net-savvy NRI customers.
The slowdown in the domestic real estate market has got developers
turning to an alternative and cost effective marketing tool — social
media, to pitch various projects to NRI investors. Leading realty
developers are now using Facebook, Twitter and YouTube to reach
prospective NRI buyers, helping them identify the right property,
negotiate a deal, and help repatriate large sums of money home.
As R. Karthik, Chief Marketing Officer of the Lodha Group said, “Given
that the cost of reaching out to non resident Indian clients is quite
high, it makes sense to tap the social media route. We are planning
different initiatives for our new projects, since about 15 to 20 per
cent of our sales come from NRI customers.”
In the case of Godrej Properties, approximately 16 per cent of the total customer base is NRI. “Considering that we are a pan-India player, the percentages are skewed on the location of the project. However, the rupee depreciation has definitely shifted our focus on NRI investors, who consider real estate as an asset class,” said Girish Shah, Executive Vice-President (Sales and Marketing), Godrej Properties. “We are getting good traction in the overseas market with the rupee fall.”
In the case of Godrej Properties, approximately 16 per cent of the total customer base is NRI. “Considering that we are a pan-India player, the percentages are skewed on the location of the project. However, the rupee depreciation has definitely shifted our focus on NRI investors, who consider real estate as an asset class,” said Girish Shah, Executive Vice-President (Sales and Marketing), Godrej Properties. “We are getting good traction in the overseas market with the rupee fall.”
Information deluge
Godrej Properties had proactively activated its rupee depreciation
campaign much before it became news, said Shah. “Our online approach is
focussed on tapping potential investors in geographies which have
traditionally given us good traction. We use social media to build on
the values and culture which we believe in, rather than use it as an
instrument to sell,” added Shah.
However, most developers and realty majors are not that shy, providing
lots of information online to increase awareness of their new projects,
in a bid to help NRIs make the right purchase decision. Most have taken
to digital media to boost their business, eager to leverage their
offline business — Mahindra Lifespaces and its social media drive is a
case in point.
As Smeeta Neogi, Vice-President, Marketing, Mahindra Lifespaces said,
“We are present across key platforms of social media. Our presence
encompasses Facebook, Twitter, LinkedIn, YouTube and we have recently
entered Pinterest.”
Stating that the “medium is not focused on getting leads, but for
interactivity, and to carry out conversations, provide points of view
and keep our fans and associates informed on the latest developments,”
Neogi said, “however, we do get a lot of international interest
expressed through our digital initiatives as well as domestic enquiries
linked to these and our Web site.”
Cutting costs
Tapping social media is also getting developers to cut down on costs.
As Rajeeb Dash, Head of Marketing, at Tata Housing noted, “Tapping NRIs
through the social media route helps cut marketing costs by 30 to 40 per
cent, and also makes our marketing efforts more focussed . Since the
rupee depreciation of the last two months, NRI enquiries are up by 20 to
25 per cent.”
Stating that NRI clients typically “are extremely Net savvy and research
online for everything,” he added, “social media helps us customise
their housing needs. We are aggressively offering them a good package
online, with specific talking points in our projects such as an elevated
jogging track and an infinity pool on the rooftop, which would attract
NRI customers.”
Not just as an investment option, but for some it could be a home to
come back to. As Godrej’s Shah said, “NRIs today are not only looking at
real estate as an investment option, but also buying a home which they
might end up staying in, if they intend to return to India.”
Tata Housing is active on Facebook, Twitter, You Tube, and Pinterest.
“Providing real estate imagery and visuals to give a sense to the
customers of what to expect is a big part of our marketing efforts.
Social media gives us the platform to do just that, given its emphasis
on pictures, visuals and imagery,” added Dash.
Godrej Properties’ social media presence runs across YouTube, LinkedIn,
Pinterest and multiple digital tools such as direct online chats
targeting NRIs. As Shah said, “We even have customised online outreach
tools for our NRI customers that are specific to various NRI communities
such as Gujaratis, Marwaris etc.”
Digital Thrust
When the economy is in turmoil and many real estate projects are not
finding ready buyers in the domestic market, a cost effective medium
like digital is aiding the sector, said Srinivasan Swamy, President,
International Advertising Association (IAA) India Chapter.
“Across the world, digital and social media have become the platform to
create, impact, and foster brand experiences,” said Swamy. The rupee
depreciation is clearly bringing NRI investors home.
by Manisha Jha & Amrita Nair-Ghaswalla for The Hindu Business Line
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