Harish Sharma, Founder -; CEO, Plinthstone REMA

29 Apr 2022 , 08:25 PM

In an interaction with Mamta Maity, indiainfoline.com, Mr. Harish Sharma, Founder & CEO, Plinthstone REMA said “Our long term vision is to drive a transformation in the real estate industry by building trust and bringing complete transparency between all the industry stakeholders and in all real estate transactions.”

What has been your compelling reason to set up Plinthstone REMA?

Plinthstone REMA was founded to solve real estate problems in the industry and to help in the transition towards an organised industry. The way the financial sector had undergone a major change and become more organized in the 90s era, the same opportunity exists in real estate industry towards making it more organised and transparent.

Our long term vision is to drive a transformation in the real estate industry by building trust and bringing complete transparency between all the industry stakeholders and in all real estate transactions.

How are you enabling the developers in such a cluttered market?

One of our biggest enablers is our technology platform that integrates all the stakeholder teams, data flow and transactions and makes it visible to all the partners thus creating complete transparency right from inventory to marketing and lead generation to pre-sales and sales to post sales. This gives all the stakeholders in any transaction complete end to end visibility of all processes thus removing any opacity or mistrust. The platform also streamlines all processes and documentation which helps the seller, buyer and channel partner navigate the complexities of booking, purchase and registration of property.

In an industry which faces challenges due to lack of transparency, this sets our partner developers apart from their peers and validates them to the end user.

As a multi-advisory real estate firm, what kind of value creation are you creating for the real estate eco-system?

Value creation is core to everything we do. Our brand and business successes are measured by the value we create for our clients and for our people. Our processes governed by strategy & design thinking create commercial value in products and experiences that make a unique offering in marketplace.

We believe in honest practices that create trusted and transparent transactions. Our systems and processes are designed to reduce or eliminate elements of risks and uncertainty. Our culture creates an environment for minds and business to flourish with critical sense of responsibility with freedom. We’re good people to deal with.

In your experience, is it better to work with large, established developers with multiple projects or the small, medium builders with standalone projects and why?

The biggest advantage of an established developer is the credibility they enjoy in the market due to previous projects delivered and the strength of their brand. However, with changes in regulatory policies, the playing field between large established developers and new, small, medium developers has been levelled to some extent.

Now a developer’s credibility is determined to a large extent by their RERA registration and the information available about their project on RERA website.

Of course there still are a lot of differences. A big brand always comes at a premium. So a Hiranandani, Raheja or a Godrej property will carry a much higher price tag than that from a small or medium developer. But this premium comes with other benefits like luxurious amenities, property upkeep and maintenance post delivery and a better re-sale value of the property.

This doesn’t mean that a smaller developer can’t build high quality projects and offer great amenities. Many such developers have and continue to flourish in the market due to a track record of high quality construction and trusted relationships with their buyers.

What are the current expectations of home buyers from real estate developers and how are you fulfilling that gap?

The advancement and involvement of technology in every aspect of our life has redefined our expectations. While a lot more people want to buy their own home than ever before, their expectations and needs have changed drastically.

Aspiring home buyers prefer bigger properties equipped with ample amenities to let them work peacefully. A more prevalent WFH culture is driving this change making it almost mandatory for developers offer smartly designed spaces with modern amenities to complement this requirement. Plinthstone works with their developer partners on this and many other aspects to close the gap between what the buyer expects and what the developer offers.

In the past couple of years the industry has witnessed a conducive combination of technology and innovative marketing strategies, bringing about a new wave of efficiency. The customer too has become extremely demanding and technology dependent. Many developers have seamlessly integrated technology to improve backend processes and marketing strategies to reach and attract customers. However, many other developers are struggling to incorporate the right technology platform as a part of their backend practices and sales offering. Plinthstone helps developers bridge this gap through our unique multi-facet blend of services with expertise in sales, marketing, technology and finance.

We help redefine the developer offerings, generate cashflows through mandate, highlight project offerings and strengthen developer equity through brand and marketing solutions and assist in securing funding if needed.

What kind of innovations has Plinthstone REMA introduced in the realty sector?

Since inception Plinthstone has worked to break stereotypes and bring in innovations in the industry. One process innovation has been the structured support given to channel partners via our technology platform and telecaller and sales support. We have also brought in evolved branding methods through innovative site branding like building wraps and interactive outdoor branding through use of QR codes.

What are the current trends in upcoming projects in terms of amenities and layouts post pandemic?

Post Covid conditions have shifted the mind-set of a large segment of home buyers to a higher category. The buyers are looking forward to investing in real-estate but also looking for value of their money. They need luxury which is at their doorstep. Swimming pools, clubs, evening walk corridors, green-belts, recreation facilities etc. are all in high demand from the buyers. Buyers are also looking for some extra space within the accommodation which can have multipurpose use. And above all, they are looking for timely possession to address their home-loans and EMIs.
 
Which is a bigger selling point for a customer – location, pricing, amenities or reputation of developer? And why?

Currently location and pricing are the most important factors affecting the purchase decisions of homebuyers. Remote working practices are expected to increase the attractiveness of suburban markets. Suburban markets offer lower density environments and more spacious apartments at affordable rates. A healthy lifestyle has also become a key criterion for homebuyers. Thus preferences have tilted towards larger homes in self-contained complexes with facilities like gym, green open spaces, and access to daily necessities. Thus projects offering such amenities are preferred more by buyers.

How have developers evolved post pandemic as it’s a buyers market now? Are they open to new ideas such as technology advancements and new distribution strategies? 

The biggest change that developers have had to adapt to is the penetration of technology and the digital into every aspect of their business.
The rapid adoption of technology in Indian real estate is expected to continue with the COVID crisis expediting the entire cycle. As physical interactions were restricted, there has been a significant change in the way activities are carried out.

1. Digital marketing to become prime channel to market properties and generate leads
2. Online construction progress monitoring
3. Property videos will become a necessity instead of a luxury
4. Use of VR in processes such as site visits and closure of deals
5. Change in the way site visits happen; videos and virtual walk through to shortlist properties followed by site visits in the final stages of decision making

How has the traditional approach to selling real estate changed over a period of time? What are your observations as a marketer?

The uncertainty due to COVID-19 has created a significant disruption for developers, customers, financial institutions, and the associated eco-system. This has also presented a new opportunity and the way of working for the eco-system as a whole. Rapidly-evolving digital tools for real estate marketing have made it neither feasible nor practical to just rely on traditional media to reach the right audience.

1. Rise in demand for real estate has also led to fierce competition among industry players. Joining hands with and nurturing a large network of channel partners is one of the strategies that will give developers an edge over their competitors.
2. Aerial drone videos are a highly effective strategy especially when it comes to real estate. Drone videos are extremely useful to give an overview about the locality, nearby facilities, access to transport connectivity, and even a birds-eye-view of the project itself. They help your customers to get a clearer idea of the area where they would be staying or investing.
3. Content strategy is the future. A resource page or blog which regularly provides helpful information about the real estate domain can be extremely useful for prospects in their research phase. Over time you can deliver a lot of value, build a loyal readership base, and reap the benefits for a long time. Potential customers will see you as an expert in your domain, and when they are in the consideration stage to purchase a home, you will be on top of their mind.
4. In recent times digital marketing as a strategic tool has proven to be extremely useful for the real estate industry. With customers spending greater time online and, on their mobiles, millennials increasingly becoming home-buyers, and COVID-19 creating social distancing challenges, digital is demanding a lions share of the marketing budget. Efficient online infrastructures, like an SEO-optimized website and engaging social media channels on Facebook, Instagram, and LinkedIn, have successfully reaped the benefits of digital marketing.
5. A Customer Relationship Management tool is also a must for striking a balance between sales and inventory. It helps capture leads, track interactions, understand customer sentiments, schedule appointments and allows you to track the entire homebuyer journey and close more property sales.

In your opinion, how will the land shortage problem in Mumbai will be resolved?

Mumbai city is surrounded by sea on three sides, and since its configuration is linear, there is scarcity of land, compared to any other metropolitan areas in India.

1. Enhanced connectivity – The building of new bridges, tunnels, roads, and metros can help change a city’s density distribution, improving the way it runs. The capacity to move crucial infrastructure like this underground, as well as out to sea where possible, can also free up surface land for other uses and helps cities make the most of their connectivity. the 21-mile (33.5-kilometre) Mumbai Metro Line 3 (MML3), is part of a 172-mile (277-kilometre) metro network. Once complete, MML3 will increase the line’s existing capacity by about five times, carrying 1.6 million passengers per day, and Mumbai will be the world’s most crowded city to build an underground metro.
2. Historically Mumbai has been recycling land – from swamps in the past to now demolition of old structures – to put up new towers. In the process, land from the sea has been reclaimed, slums rehabilitated, and mill lands converted to prime real estate properties. This is a short term solution while a longer term plan of extending the city limits into satellite townships is in place.