Background: 1996-97 was not a good time for real estate market in India. And Mumbai being the commercial capital was affected by the same with greater elasticity. At this juncture, Subhash Oommen who was working with Madison made some strategies which helped Godrej sell its property without lowering its rate.
- Real estate market was under a downslide.
- All other Developers were lowering their prices.
- Selling the property was a challenge in itself. Solutions:
- Promoting Godrej properties as an investment option.
- Celebrity endorsement done in which the renowned celebrities shared their experience on investing in Godrej Properties.
- At that point of time the interest rate that was prevalent was 17% p.a., there was a tie up with a renowned bank which
- approved this property as a good investment option and provide loans at the rate of 7% p.a. Result:
- Godrej Property was able to make a brand in itself
- Sales increased without lowering the price at a difficult market situation