People Group has announced its plans to foray into the online real estate space with Makaan.com. The site, on a beta phase since August 15, 2007, has claimed to have more than one lakh property listings. Looking to attract the real estate broker segment, the portal has planned a bevy of marketing activities towards them, along with communications targeted towards the other two segments – developers and buyers. The media spends are expected to be upwards of Rs 5 crore, and Equus Red Cell will be handling the creative work for the website.
Commenting on the viability of this portal, Aditya Verma, Business Head, Makaan.com, said, “Most online businesses seen currently have been successful newspaper or print businesses till 4-5 years. We have seen the shift happening to the online medium in the matrimonial and jobs segment. Now, with Makaan.com we intend to tap the property listings space, which still has a great share in the print medium. For this, we intend to adapt the print model for the online medium.”
Talking about the marketing and promotional plans for the website, Verma explained that a three-pronged strategy would be deployed by them in the coming weeks. “We have three different strategies for promoting our site. One will be targeted towards the brokers, one towards the buyers, and one for the general audience.” While refusing to divulge specific activities planned, he noted that the media spends would be easily upwards of Rs 5 crore.
The portal intends to concentrate on classified listings and in turn, attract major property owners to display adverts on the site. Citing the uniqueness of Makaan.com, compared to similar websites, Verma observed that his website would be concentrating more on the brokers or middlemen, who comprised the major readers of property listings in India. Stressing that innovation was the key, Verma revealed that there would be multiple opportunities and products available for advertisers on the portal.