subject: High Net Worth Individuals (hnis) Targeted At By-invitation Residential Projects [print this page] Today in Mumbai real estate market they have bought the concept of 'by-invitation projects' though it is not new. This projects are well designed and marketed for a selected set of customers and offered an exclusivity and a complete lifestyle experience.
By invitation projects are largely related to exclusivity and premium products. In these projects the units are generally smaller in number and the price range is very high. Today real estate being a high involment product, needs to be packaged properly for the reisential property. Peoples who wants to buy the 'by-invitation project' are selected after great deal of research these are the people who want to make a statement in life.
The basic concept of 'By-Invitation only' emanates from the branding concept where a corporate wishes to market its residential property to a certain customer profile. In real estate market it is generally related to some extra-ordinary or super-luxury offering to a select group of prospective buyers on the basis of their social status and their taste for luxury and decor among other things. The basis for offering this kind of residntial property generally depends on the location of the project and its ticket-size. People being a like-minded who prefer staying in well maintained building with all the luxurious amenities and facilities.
As today there is a demand for such residential property among the High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs) segment. This targeted audience typically includes corporates such as CEOs, promoters, country heads and others aligning in the same profile.
In a By-Invitation project, the developer would invite only a set of potential customers who satisfy certain criteria laid out by the developer. It's definitely not about who has the money but it's about defining some unifying theme that unites all the buyers of the project. The developers targeted group is those who are well read, well travelled and who are exposed to the finer nuances of what life has to offer. Developer look for the people who have wide exposure and can appreciate the deigner sensibilities and of course the premium attached to it. Marketing strategies for such residential property are different from the usual.
As the invite is special By-Invitation residential property is hand-delivered personally from the developer or the architect after selecting the niche client carefully. The website of these residential property is protected by email and password and not everyone can access it. As it is for a niche audience, mass advertising doesn't serve their purpose of marketing. Developers engage in direct marketing with the likes of fund managers, portfolio managers and investment banking firms this is purely based on research and they don't engage in any kind of outdoor marketing.
Apart from the luxury quotient the surroundings are also taken into consideration as the select audience needs that kind of comfort and private space. This residential property have the best neighborhood and high quality standards which helps to bring in parity in terms of the profile of the customer and at the same time create a luxury quotient for customers that give them a sense of pride to own such property.
Such as Lodha Group offers signature residences at Lodha Fiorenza, designed by the iconic designer Jade Jagger. Mr. Arun Anand, General Manager, Marketing, Lodha Group says, These are limited edition residences and only for those customers who can well appreciate the design sensibilities of Jade. These are residences that come with the finest interiors and furnishing. They have a wide range of offerings from two-bed residences to five-bed duplexes.
