People invest most of their life savings into buying a house and put in a tremendous amount of effort into making it their home. This is why the real estate handover process and the day of possession is one of the most important moments of buying a property.
Early days of real estate boom
When the real estate boom was at its peak during the period of 2009 to 2013, builders made efforts during the possession in creating a pleasant experience for home buyers. The standard procedure began with the Projects Team handing the project over to the CRM team. The CRM team prepared a snag list of each apartment, which contained a list of common defects in the apartments, such as a mismatch in tile color, seepage in walls, leakage and water flow disruption in washrooms and so on.
This procedure helped the team repair all damages before approaching or notifying the customer. Once the customer turns up, he will inspect the apartment and request changes he wants to make. If the changes were acceptable and feasible for the builder, he committed to get the work done within a specific timeline. The builder also requested the buyer to pay the outstanding balance and get the property registered.
Delay in real estate handover process of properties
Gradually, the concept of ‘lean period’ became a practice in real estate with builders defaulting on real estate handover process timelines, and with delays of as long as 4-5 years beyond the scheduled delivery date. After the implementation of the Real Estate Regulatory Authority Act 2016, the builders had a specific set of penalty clauses included in their BBA with the customers, which required the former to pay approximately Rs 10 per Sqft per month on an average, for every month of delay. At present, the developer is charging the same interest rate to the client for delay. But as the builder is already facing severe financial losses, he is not in a position to pay these and as a result, avoids interacting with customers. Thus, the process that the customer expects to be his best experience actually turns into a nightmare.
Despite this situation, most of the buyers are first-timers who have the burden of paying rent as well as EMI; they choose to settle down and take possession of the apartment, instead of confronting or registering legal complaints. This is a scenario faced by all the major developers in Delhi NCR.
Loyalie’s customer loyalty solutions
Loyalie is an advanced real estate marketing company that provides end to end solutions for homebuyers of developers. After keen observation of the hardships faced by homebuyers throughout the process of purchase, Loyalie has sought to bridge the gap; to connect developers and their customers and build a fruitful and long-lasting relationship between them. This relationship, in turn, will churn out quality leads and boost sales of the real estate developer.
Loyalie has secured tie-ups with various luxury and mass-market vendors. When you hire Loyalie, their team organizes deals & discounts for your home buyers.
In case of delay in possession, Loyalie provides your home buyers with exclusive offers from various PAN India brands. This creates a warm atmosphere, replacing the tension and stress of the home buyer; in turn, the developer earns a loyal customer who is more likely to refer.
Loyalie also provides deals from companies that aid in the moving in process. This helps smoothen out a hectic schedule for home buyers.
As an advanced marketing platform, Loyalie also organizes Engagement Events and Activations on behalf of developers, for their residents. Events include luxury day trips for wine tasting or amusement parks for children, cricket matches, concerts and much more.
Right from prospecting to moving in and beyond, Loyalie keeps home buyers engaged with events, loyalty offers and benefits. As a result of such programs, homebuyers develop a sense of trust and loyalty towards the developer. Thus in turn, the developer generates large number of quality referrals.
Loyalie helps to bridge the crucial gap that is present in the contemporary real estate market. Click here to increase your real estate sales!