Page 18 - Arvind 2024

respected for the contrarian ability to graduate beyond cookie-cutter homes; it is being recognised for its capacity to create a market and then occupy the largest share.
The perceived value of the properties we developed was reflected in their occupancy. There has been a general trend
of such plotted developments
to be treated as second homes that arerarely visited by their owners, reducing them from to- be-lived-in assets to investable assets. The result is that most of such horizontal properties attract consumer traction at the outset only to be transformed into ghost towns thereafter.
41%
CAGR FY20-24 in bookings
The Company countered
this probable threat into an opportunity. The Company constructed world-class club houses first within its plotted developments, creating a traction for buyers (‘there is something
to do in the evenings in engage with others’). The Company opened membership of these clubs to external members
without ownership of the plotted properties, helping create a vibrant community. The result is that a number of our homeowners have made friends with other home owners; the external members have been impressed enough
to buy into our properties. The result is that every single of our properties has enjoyed a post- launch traction that has only grown; this has helped us liquidate available inventory; in turn, this has helped us generate progressively better realisations.
Stronger brand
If there is one thing that we have successfully achieved in the last few years, it is the recall that ‘This company is different.’ The result of this positioning is that our customers have become
our biggest brand ambassadors; they have been able to bring their friends and relatives to buy from us. In FY23-24, 22% of our bookings were through referrals.
What customers have told us is that we are not just another real estate development company releasing periodic inventory
in a crowded market: we are
being seen as a company that is willing to alter its product mix in response to changes in consumer preference. The Company promoted a vertical development before the pandemic, generating a majority of its bookings from this format; once social distancing and
Rhythm Of Life Clubhouse, Ahmedabad
16 | Arvind SmartSpaces Limited