Trends in Indian Realty Sector: A CRM Framework for a Real Estate Entities in the Changing Environment

Abstract

Real Estate sector in India is a capital and manpower intensive sector which contributes 5 to 6 percent of its GDP. It is transforming to be more organized in the recent past. The competition among the real estate players in India has been intense and the rising inventory levels have been of concern. However the demand for housing in the affordable segment has seen an upsurge. The Government initiatives to regulate the real estate sector have been welcomed by the customers as this would reduce the undue project delays and ambiguity in the industry. The interest of the Private equity players in the Indian realty sector has gone up and is indicated by   the recent capital infusions and investments made by them. The emergence of REIT in the Indian market has also opened up a new window of investment for the investors to participate the real estate growth story. The paper aims at highlighting the changing scenario of the real estate in India. The paper suggests the customer centric initiatives that the realty companies can adopt to stay competitive. The paper urges for the adoption of CRM practices by the Real estate entities. The Establishment of CRM systems need understanding of the CRM processes in the realty industry. It needs integrating of technology to the processes by making them efficient and effective. The paper attempts to outline the process models for CRM implementation in a real estate company and also creates a checklist to evaluate to the CRM and ERP for such entities. The paper attempts to address the areas which earlier researchers have not highlighted with respective to this industry in India.