“We are convinced that the Indian real estate market is entering a bullish phase”
Amid the news about the collapse of Noida’s ‘twin towers’ and the impending collapse of China’s housing market, we spoke to Snehil Gautam, Director of Growth and Marketing, Housing.com, Makaan.com and Proptiger.com, which was quietly confident that the Indian real estate industry was entering a bullish phase, after a long bearish run.
“REA India (the parent company) comprises three brands Housing.com, Makaan.com and Proptiger.com, and if you just look at the third party tracker numbers, Housing.com is the number 1 real estate platform in terms of monthly visits. and sessions,” shares Gautam.
“We saw remarkable growth of over 50% year-over-year in our audience footfall last year. We also launched several services as part of our full rental business, Housing EDGE, which further accelerated the growth of the organization. Since October 2021, Housing.com has maintained a leading position in terms of viewership or traffic and will strive to maintain this pace in the years to come as well,” he added. .
“We are a classified company and by that I mean we sell visibility packages to our sellers, i.e. brokers, developers and owners, and we earn from that visibility that we sell. It is therefore extremely important for us to remain the market leader in terms of audience,” says Gautam, adding that the company has launched three successful campaigns so far for Housing.com, the latest being the TV and digital advertising campaign. , Parr…perfect.
Gautam says that through this advertising campaign, the brand communicated to the public the message that it was normal to have doubts when it came to buying, selling or renting a house. “We all have doubts and we shouldn’t bury them. At Housing.com, we celebrate even the smallest of doubts because we are committed to providing maximum ownership options to home seekers and maximum customers to sellers and landlords,” he said.
And then there is the inevitable Covid question. “Even when those things don’t happen, it’s tough because you’re selling the highest ticket purchase of a human’s lifetime, one that they’ll only make once or twice usually. That said, what we saw after Covid is the biggest surge in transactions and launches in India,” he says.
Noting that real estate comes in both up and down cycles, Gautam says that since 2013, the housing market had been in a down cycle where prices didn’t move, launches were subdued. “Since Covid, there has been tremendous momentum in the sector, and we believe we are now on the cusp of a bull cycle, which will last at least five years,” he says.
Addressing the ‘twin towers’ incident in Noida, he believes it will serve as a deterrent for bad actors in the market. “The government itself has done a good job of setting up the RERA (Real Estate Regulatory Authority), which gives consumers a bit of relief. I think for future buyers and tenants, the sector will be much cleaner and create trust, which was honestly lacking in this sector,” he says.
As with so many other industries, the pandemic has also driven the adoption of digital solutions in housing, with Gautam observing that before the pandemic it was difficult to get consumers, especially from Tier II cities, to connect for their journey of discovery. “The only green turn we saw from this disaster was that we started seeing people from Tier II, Tier III cities logging in to find out their home and our traffic has increased dramatically since Covid,” he says. .
There are also key differences in user needs. “We found that they prefer vernacular content. They prefer WhatsApp over site browsing and videos over text content. As a company, we have taken huge steps to curate experiences for them, recognizing that these new segments have different needs than Tier I cities. We are available in seven languages, we use WhatsApp as our platform. form very aggressively,” says Gautam.
“Tier II and Tier III cities are where we’re seeing the most momentum because more people are online, which just means more business for us. Similarly, at Tier I, we see many more launches. And since these product launches and creations are very expensive, and the fact that developers are willing to spend this money means that they are also confident in the growth of the sector,” he concluded.
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