Devarshy R. Ganguly, Head of Marketing, Magicbricks, talks of the online property marketplace in its new full-service avatar with offerings ranging from home loans to vastu advice, and predicts a stable outlook for the real estate sector based on the company’s recent PropIndex data.
Give us a sense of how the real estate category has been faring, according to Magicbricks’ latest PropIndex Report for Q1’ 2022? Which markets do you see contributing majorly to the growth trend?
Since 2011, Magicbricks has been releasing its quarterly PropIndex which shares data-driven insights for cities across India and explains the demand and supply patterns across key categories of under-construction and ready-to-move properties. We launched the Q1 2022 report recently, and it reveals that residential real estate is recovering from the pandemic-induced slowdown and pan-India demand has risen 4.6% QoQ. With all-time low home loan rates, attractive offers from developers, supportive policies by the Government, and growing work-from-home possibilities, the overall buyer confidence has improved.
This quarter, the report mapped trends across 13 cities and observed that Mumbai (15.2%), Gurugram (9.6%), Noida (8.2%) and Delhi (5.6%) witnessed highest QoQ growth in demand for residential real estate, while Greater Noida (6.0%), Mumbai (3.8%), Ahmedabad (3.2%), and Chennai (2.9%) exhibited maximum QoQ growth in supply. In each of the cities mapped, the peripheral areas were observed to be hotspots of demand driven by infrastructure development. These trends signal optimism and a stable outlook for the industry for the coming quarters, and reinforces that real estate is the real asset for Indians.
How has Magicbricks diversified beyond the sale and rental business? What are the key plans for 2022-23 at Magicbricks? How will you remain ahead of competitors?
Magicbricks started in 2006 with 25,000+ listings and in the past 15 years, we have grown to over 15 lakh listings and also achieved many milestones. Along with proprietary reports such as PropIndex, in 2018 we launched MBTV, India’s first real estate YouTube channel, providing advisory around price trends along with credible locality and project reviews, and insights into the property market trends. Back in 2008, we were also the first in the industry to launch an app, and in 2016, we launched a realty experience centre. As a market leader for 15 years, we have had the opportunity to understand the evolving needs of our consumers. This has helped us create a bouquet of services that brings seamless convenience to consumers across the buying journey and beyond. From a customer point of view, they can now enjoy a variety of dependable advice and services in order to make that property their dream home. In addition to buy, sell, rent, customers can also avail expert advice, home loans, pay rent services, valuation, legal assistance, movers and packers, decor and vastu, etc, conveniently on their mobiles and desktops. With introduction of these services, we will expand our base of customers, and hope to enjoy greater stickiness and repeat engagement with them. As 2022 brings more optimism to the industry, Magicbricks will continue to share knowledge with all stakeholders to aid decision-making with relevant and insightful reports, while we further strengthen our service offerings.
Has there been a shift in the marketing strategy of Magicbricks post the pandemic?
Since inception, our marketing campaigns have driven category narratives. A good example would be our ‘Choice Choice’ campaign in 2017, which uplifted the buyer-sentiment by talking about the variety of choices a customer has in a high involvement category like real estate. Similarly, in 2019, our campaign #PataBadlo paved the way with category exhortation and emotive messaging. Now, as Magicbricks has metamorphosed to a full stack service provider, the recent marketing campaign is focused on communicating this transition and to bring awareness about all the new services available. We continue to have high decibel, 360-degree marketing campaigns led by TV and print advertising, outdoor and supported by social and digital media. Further, we are collaborating with influencers to tell engaging stories and connect with new audiences.
What is the insight behind the #PropertyBhiServicesBhi campaign? What do you hope to achieve with it?
Our campaign is driven by the insight that today’s digital consumers require convenient, easy-to-use and hassle-free solutions to navigate the complex process of decision-making with emotional investment at every step of their journey. Coupled with data and insight mining, our campaign communicated seamlessness and a high degree of convenience by using Magicbricks as a one-stop shop. The intent was to cement Magicbricks’ category leadership as a partner, as a genuine response to address customer challenges in the new normal. Hence came #PropertyBhiServicesBhi, a series of three commercials, which unveiled the full stack of services available at Magicbricks. The first commercial showcases the journey of the brand and its current metamorphosis to full-stack. The next two TVCs are light-hearted commercials addressing primary challenges customers face - identifying the right home loan and seeking authentic expert advice and assistance. The ‘home loan’ commercial focuses on Magicbricks’ promise of bringing 25+ trusted banks and exclusive loan offers to the customer's doorstep, while the ‘expert advice’ commercial highlights the bouquet of advisory services offered by Magicbricks. The campaign also marked the on-screen debut of Ayushmann and Aparshakti Khurana together.
