One benefit of a slowdown in the real estate market, is that it helps to separate the top-notch developers from the inferior ones. It is often seen that developers who set benchmarks with their quality of construction and reliability, can withstand tough market situations and continue to deliver, as per buyers’ expectations.
We set ‘benchmarks’ (i.e., a measuring standard for ROI in monetary terms), when we create better spaces for people and communities, says Niranjan Hiranandani, MD of Hiranandani Communities. “These are spaces that reduce environmental impact, improve social practices and set high standards of corporate governance. The first step towards creating, setting and then bettering ‘benchmarks’, is to do things in ways that make business sense and reward innovation,” he elaborates.
Reputed and established brands in the country’s real estate sector, agree that correct benchmarking improves long-term engagement with customers. Winning the customers’ trust and meeting their expectations, is very important. Reputed developers set benchmarks in the industry, so that other companies can perform according to that standard. There are various ways in which these leading developers set benchmarks:
- By promoting new engineering techniques.
- By supporting innovative designs and architecture.
- By developing or adopting modern technologies that quicken the construction process.
- Pioneering financial support to the customers, with the help of banks or financial institutions.
- By upgrading the system that they use, according to global standards.
Why is benchmarking important?
Experts explain that setting benchmarks play a vital role in the real estate sector in the following ways:
- Finding the best location.
- Ensuring that customers get timely delivery of housing units.
- Creating townships that are in line with global standards.
- Evolving well-informed marketing strategies that create awareness among customers.
- Helping customers in making an informed buying decision.
- Deliver value-added services, vis-à-vis interiors, budget implications, after-sales services, maintenance, various scheme plans, etc.
See also: Can technology combat high costs and extended delivery timelines?
Growth prospects
Of late, the real estate sector is also setting new benchmarks in the field of direct selling. Various companies are also entering into alliances/joint ventures with international organisations, to set new benchmarks and attract end-users, points out RK Arora, chairman of Supertech Limited. “Real estate companies must commit themselves to timely delivery of housing units to their customers, gaining their trust, and the development of various housing projects, from affordable to luxury and theme-based homes, according to the tastes and needs of the customers,” he maintains. Setting new benchmarks, in terms of connectivity, infrastructure, green living and amenities that are world-class, will give a boost to the entire estate segment, he adds.
According to the realty experts, the benchmarks set by the various companies across the country, through research and innovation, mainly focus on quality and timely delivery to their customers. It is observed that companies that set benchmarks, also provide the most accurate information on price, location of the project, area of the flat and its amenities and also add value that fulfils their customer’s needs.