10:56 AM
Furthering their innovation in launching projects, Ahmedabad-based real estate developers are now banking on celebrities. With formidable names like Amitabh Bachchan, Hema Malini, Juhi Chawla, Bappi Lahri and Darsheel Safary being roped in for launching projects, developers hope to push sales amidst slowdown in business.
For instance, city-based Om Realty Group had invited to Juhi Chawla and Bappi Lahri for the launch of their residential scheme 'Nastaniya' on the outskirts of Ahmedabad. Similarly, Amitabh Bachchan is now almost synonymous with Savvy Infrastructure's Kensville Golf Course-cum-residential project on the Nal Sarovar road.
Developers attribute the growing trend of roping in celebrities to the advent on national players in the Ahmedabad real estate market. "The Ahmedabad real estate market is now gaining grounds outside the state of Gujarat with some national players also launching projects here. This has helped developers in gaining celebrities' nod for joining in with them," says Suresh Patel, CMD of Surya Group, a real estate development firm.
This explains the foray of Mumbai-based jewellery group, Shukra Jewellers Ltd., into real estate with launch of 'Royalwoods', a residential project in Ahmedabad which was unveiled by film actor Hema Malini. Under its realty arm, Shukra Land Developers, has been promoting the residential scheme as a 'dream project launched by the dream girl Hema Malini'.
However, industry experts doubt the effectiveness of such efforts by city developers.
"Sales are already down by 80 per cent over last few months. Developers have not been able to sell much and hence have been desperately trying to attract customers by roping in celebrities. Customers, on the other hand, are intelligent and will rather go and survey the area before buying," says Rajeev Shah, managing director of RBSA, a real estate consulting and valuation company.
On their part, apart from roping in celebrities, developers have also been offering freebies like discounts on equated monthly installments (EMIs) and free modular kitchens amidst dwindling sales. “Incentivised schemes and freebies have risen in the past few months. However, these are some of the gimmicks by developers to hold on to their prices. Instead of reducing prices, they are offering value additions or freebies which are not any innovation in the products,” says Nirav Kothary, regional director of Jones Lang LaSalle (JLL) India, another real estate consulting firm. Meanwhile, industry experts also cite decline in business due to deferment in buying by consumers. In anticipation of a possible correction in prices, consumers are believed to be postponing purchase of properties, experts add.
