Oberoi Realty Highlights Community Impact on Apartment Sales
Oberoi Realty's Vikas Oberoi emphasizes the importance of established communities in attracting buyers to completed projects.
Completed buildings attract buyers due to established communities.
Oberoi Realty's Sky City project sees rising prices linked to resident appeal.
Developers adopt varied pricing strategies based on project completion.
In a recent earnings call, Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, underscored the significance of community in enhancing the attractiveness of completed residential projects. He noted that prospective buyers often find more appeal in buildings that are already occupied, as they can gauge the living environment and quality of construction firsthand.
Oberoi pointed to the company's Sky City project as a prime example, where the presence of residents has not only drawn interest from potential buyers but also contributed to price appreciation. He stated, "We've not only made a building but created a community," highlighting how an established residential atmosphere can influence buyer decisions.
The discussion also touched upon the company's projects in Mulund, namely Eternia and Enigma. As these buildings near completion, they have garnered positive responses from the local community, further boosting sales momentum. Oberoi emphasized that as construction progresses, the appeal of the project evolves, making it easier for buyers to visualize their future homes.
Pricing strategies among developers vary significantly. While DLF employs a pricing algorithm that raises prices with each sale, Oberoi prefers a more measured approach, focusing on sustained sales rather than immediate price hikes. He mentioned that at the Oceanic project, prices have increased from Rs 1.5 lakh to Rs 1.8 lakh per square foot, reflecting the project's growing desirability.
Looking ahead, the emphasis on community and completed projects is likely to shape the real estate landscape in India. As developers continue to refine their strategies, the interplay between construction progress and buyer interest will remain a critical factor in the market's dynamics.
