WHO IS THE BRAND LEADER IN PATNA REAL ESTATE???


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The Patna real estate is very competitive with almost three hundred builders and developers, medium and small mushrooming the Patna realty market. The irony is none of them is a BRAND name which is recognized by Patnaites! And there is no national player from Patna, having headquarters in Patna.


BuySellRentPatna.in conducted a “Real Estate Brand Recall Survey” in the month of JULY 2018 in Patna. One thousand participants were asked questions from a “survey form” authored by our research team.


The participants were educated that they need to recall a real estate company which belonged to Patna. They were required to be told as most of them were naming National brands like DLF. Secondly they were told not to name the builder from which they have bought the flat; in case they reside in one. Though, we separately collected the facts about their flat and the builder. Total such collection was 576. We also asked why they bought the flat from a particular builder. The survey was conducted in the age group of 30 and above. 70% respondents were men and 30% were women. Out of the women population 60% were working. People working in real estate industry and media were excluded from the sample due to the bias they will bring because of the nature of work.


The results tell it clearly that there is NO BRAND in real estate Patna. 73% of Patnaites could not recall any real estate brand. The highest that any Company got was 0.014% (yes 14 people out of 1000 named this company or rather the project). The company (better say the project name is JALALPUR CITY. That’s it.

 

Out of the 576 people asked that why they bought the flat they are living; 62% said, it was in my budget and the other 17% bought because friends or relatives were buying.


When the same people were asked that why from the particular builder; 87% said that they or someone close knew the builder.


The survey clearly indicates that there is a BIG scope and GAP to be filled in Patna real estate. Till now it’s the personal credentials of the builder that is selling the flats, but for how long? As the project size gets larger, the company name will play a bigger role. The better will be that a reputed builder scales his company name too.

On the other hand when our team meets builders, which we do frequently ( It’s not easy to catch them though, and we have not being able to meet them all till now) everyone is conscious of the fact that the brand leadership is no more written large on the wall. And the sheer market size is not enough to intimidate the peer group in the sector.


As Patna real estate lacks the BRAND LEADER, therefore the story stops there and then. There is no potential challenger. And it also says that there is great potential and right time to create one.


Patna is not a brand conscious market such as Delhi or Mumbai. It is more consumer conscious market but still the dynamics are present to raise a brand locally. The developers in Patna have to sustain the consumer confidence to gain the momentum. Customer satisfaction with effective communication and media mix will carry it for long in Patna real estate. One can add corporate governance too to it. The builders in Patna should remember that with plethora of consumer grievances and cribbing buyers they could never be a serious claimant to be brand leader at Patna level.


The brand will help the developer in Patna to garner significant traction for its projects even at times when the market struggles. Godrej Properties is one such example on the National level.