5th April 2000, on the auspicious day of Gudi Padwa, renowned Evershine Builders led by Late Mr. Ramchand Ludhani & Mr. Lachman Ludhani, launched a landmark project in the western suburbs of Mumbai. Next day, the launch was reported in the front pages of leading newspapers for obvious reasons. Being the first big launch of New Millennium in India and the project name Millennium Paradise, it drew unprecedented crowd for buying flats on the auspicious day. So much so that, police help was sought to maintain the law & order which was getting out of hand due to surging crowd and growing length of the queue of impatient anxious customers. As Head Of Marketing of Evershine Builders, I was fortunate to witness this SHOLAY moment of my Real Estate life and even more fortunate to live to tell the tale.
The old timers in the industry will surely remember the festive atmosphere in the sales room during auspicious festivals such as Gudi Padwa, Akshay Tritiya, Diwali and Dassehra. For builders, these were truly auspicious because of the moolah raked in by way of selling flats to religious and pious customers who literally queued outside sales office. Then there were customers who requested to open sales office early in the morning to ensure that they book their dream home at an auspicious time as prescribed by family pandit or priest. Each customer had a different mahurat.
Cut to 2024, the recently gone by festivals have revealed a peculiar trend which points toward the fast fading fad of festival buying. In fact, post Covid-19 the number of walk-ins have dwindled even on weekends, leave alone festivals.
From psychological point of view, the infamous pandemic COVID-19 has certainly taught us a lesson or two in terms of living life. It made us realise the grim reality of uncertainties of life and certainty of death. It taught us to live in the moment and enjoy the moment. It also made us more spiritual, prompting us to devote time for prayers, celebrations and family ties. There has been a fundamental technical shift in the priorities of life, Irrespective of the class, creed and religion.
Obviously, this has been the single most reason for the changed pattern of home buying that caused reduced sale during festivals and weekends.
The changing times have taught the builders and customers alike, the effective usage of technology. The famous 'Sample Flat' does the ramp walk on the mobile screen of the customer even before his site visit, thereby reducing the need to rush for site visit. The creative E-brochure has definitely encroached the proud space occupied by multi-page hardcopy
The drastic alteration of work pattern which includes Work-From-Home and flexibility among other things, has given the option of site visit on any day of the week. The ubiquitous booking cheque leaf has given way to online payment of booking amount, making the site visits redundant and avoidable during festivals.
While the sentiments and emotions attached to home are intact, the transactional part seems to be detached from the feelings of heart and has become a matter of mind alone. Hard bargaining and skillful negotiations aren't necessarily festival day phenomenon.
The Millennial customers are a new breed altogether. Impulsive and impatient. Festival need not be an excuse for making a purchase. Infact, they prefer celebration of festival than do some serious transaction like home buying. During festivals, socialising and networking takes precedence over anything else.
Overall, the festive mood in a builder's sales room has somewhat diluted in the recent past. Call it change in buying pattern or whatever, the fact is Fest Fad has Faded!
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