A DISSERTATION REPORT ON

“A STUDY ON ENHANCING THE CUSTOMER ENGAGEMENT FOR

GODREJ PROPERTIES”

SUBMITTED TO

IAEER’S PUNE INSTITUTE OF MANAGEMENT STUDIES

BY

RONIT SHARMA

PGDM (Core-Marketing)

Batch 2022-2024

PRN: DM22A40
UNDER THE GUIDANCE OF

Dr. Riddhiman Mukhopadhyay

IAEER’S PUNE INSTITUTE OF MANAGEMENTSTUDIES

PIRANGUT, PUNE- 412115

 To whom so ever it may concern

This is to certify that the Dissertation Report “A STUDY ON ENHANCING

THE CUSTOMER ENGAGEMENT FOR GODREJ PROPERTIES” is an
authentic work carried out by Mr. RONIT SHARMA from PGDM (Core-
Marketing) of IAEER’s Pune Institute of Management Studies, Pune, as a
fulfillment of PGDM Course. He has worked under our guidance and
satisfactorily completed his/her project work.

Place: Pune Date:

Signature of Internal Guide Signature of HOD

Signature of Director Signature of Controller of Examinations

 DECLARATION BY THE STUDENT

I hereby certify that the work which is being presented in the present Dissertation
Report entitled “A STUDY ON ENHANCING THE CUSTOMER ENGAGEMENT FOR
GODREJ PROPERTIES” is for fulfillment of the requirement for the award of Degree of
Post Graduate Diploma in Management submitted in the Department of Marketing,
Pune Institute of Management Studies, Pune, India is an authentic record of my own
work carried out under the supervision and guidance of Dr. Riddhiman
Mukhopadhyay of Department of Marketing.

In keeping with the ethical practice in reporting scientific information, due

acknowledgements have been made wherever the findings of others have been cited.

Student Name and sign

 ACKNOWLEDGMENT

I express my deepest thanks to Dr. Riddhiman Mukhopadhyay, Assistant director of

Marketing for taking part in useful decision & giving necessary advices and guidance
and arranged all facilities to make life easier all throughout the dissertation report. His
valuable knowledge helped me gain a better grasp on Marketing which has helped me
understand Marketing Department in a better way.

It is my radiant sentiment to place on record my best regard, deepest sense of gratitude

to, for her careful and precious guidance which were extremely valuable for my study
both theoretically and practically.

Sincerely,

Students Name: RONIT SHARMA

Place: Pune

Date:
TABLE OF CONTENT
Dissertation Synopsis

“A STUDY ON ENHANCING THE

Project Title CUSTOMER ENGAGEMENT FOR
GODREJ PROPERTIES”

Student Name Ronit sharma

Student Roll No PGDM- CM-25

Project Guide Name (Internal Dr. Riddhiman Mukhopadhyay

Mentor)

Project Guide Designation (Internal Assistant director and HOD of

Mentor) marketing

Confidential Report (Yes/No) No

Executive Summary

This dissertation intends to explore and unmistakable approaches for uplifting the
customer engagement within Godrej Properties, one of the big players in the Indian real
estate industry. Customer interaction is one of the most important components of
marketing strategy, especially in the real estate sector where building a brand loyalty
with the customers is the key to business sustainability. The study will make use of a
number of different research methods such as data acquisition, analysis and
interpretation. It will be a study of the existing engagement practices currently used by
Godrej Properties and the review of their efficiency in the building of relationships,
contentment, and loyalty in between customers. The report looks at Godrej Properties
as a specific case study to ensure that it provides pragmatic measures and suggestions
on how to improve customer engagement strategies. Such recommendations could
include integrating the digital platforms, improving personalized communications and
implementing the innovative approaches which would improve customer experience
from the initial inquiry stage through post-sale support. The objective of this research is
to add value to the present marketing theory and practice, comprising primarily real
estate sector. The report can therefore offer specific direction on consumer engagement
for Godrej Properties and other real estate enterprisers who aspire to stay ahead in a
competitive marketplace through sustainable business growth.

1.To assess the current customer engagement strategies employed by Godrej

Properties, including digital marketing initiatives, customer service practices, and
community engagement efforts, in order to identify strengths, weaknesses, and areas
for improvement.

Evaluate the current customer engagement strategies utilized by Godrej Properties,

encompassing digital marketing initiatives, customer service practices, and community
engagement efforts, to identify areas of strength and opportunities for enhancement.

2.To explore the factors influencing customer engagement within the real estate
industry, including demographic trends, market dynamics, and evolving consumer
preferences, with a specific focus on understanding how Godrej Properties can tailor its
engagement strategies to better meet the needs and expectations of its target audience.

Explore the underlying factors influencing customer engagement within the real estate
industry, such as demographic trends, market dynamics, and evolving consumer
preferences, with a specific emphasis on tailoring engagement strategies to align with
the needs and expectations of Godrej Properties' target audience.
Introduction

The dynamic development of Indian real estate market shows that customer
engagement is nowadays the key driver of the future of companies working in this
industry. Actually, among them Godrej Properties stands out as one of these
competitors with its demonstrated passion for high quality and novelty. It aims to unravel
and decode customer engagement tactics that are suited to the context of the firm.
Identifying customers and establishing contact with them stands at the very core of the
marketing strategy map which is crucial in the field of real estate as brand loyalty drives
companies towards sustainability. To address this looming reality, the present research
intends to explore deeply the consumer engagement within Godrej Properties, reveal its
approaches, and examine the effectiveness of these approaches in creating sustained
ties with contented and loyal customers. Using a comprehensive research methodology
consisting of data acquisition, analysis, and interpretation, this research forwards into a
journey of discovering the current operation practices employed by Godrej Properties.
The objective of this study is to evaluate the efficiency of these strategies so as to
discover the features which are the area of strength, and weakness, and other
improvement that can be instituted. Godrej properties serves as a very practical
example chosen for the discussion which would lead to developing specific steps and
means to boost the effectiveness of customer engagements. Such recommendations
may come under the following categories, namely, integrating digital platforms,
meaningful personalization of communications, and the implementation of novel
approaches to enriching the experience of clients across the board, from the initial
inquiry phases to the support period after buying. The goal of this research extends
beyond the boundaries of Godrej Properties, striving to enhance the base of insights for
the field of marketing theory and practice with regard to the real estate sector.
Delivering the analysis of consumer engagement will be the study's objective; not only
Godrej Properties but also other real estate brands who wish to accomplish their
sustainability growth plans through profit will benefit.
Literature Review

Customer engagement has become one of the most important approaches over the
years, becoming a crucial factor in theory and practice for many different industries,
among them – real estate. When delving into the realm of theories and evidence that
revolve around customer engagement, putting forward strategies to advance the level of
engagement and stimulate brand loyalty becomes the thrust of the Godrej Properties
team.

Conceptual Framework of Customer Engagement:

Customer engagement is a complex concept in which cognition, affect, and behavior

play a role (Brodie et al., 2011). Its way is the way of involvement, interaction or
cooperation between customer and brand (Hollenbeck, 2011). Finally, Godrej Properties
can consolidate all these aspects of the conceptual framework and engage its
customers in order to build long-term connection thus reaching to the value creation and
business development goals

Importance of Customer Engagement in Real Estate:

In the real estate as in the rest of the industries, where purchases are important
decisions with high financial and emotional investments, then the engagement of the
customers becomes of importance as well. The studies state that an engaged customer
is more likely to be loyal, loyal advocates and more than willing to refer your brand to
others (Hennig-Thurau et al., 2010). Through the development of robust customer
relationships, real estate companies like the Godrej Properties can result into the
creation of satisfied and loyal customers who are ultimately profitable.

Digital Engagement Strategies:

The development of digital technologies, real estate firms are branched out their
communications on web platforms. Digital engagement is a vast concept that covers
any online activity like social media marketing, email campaign, and interactive websites
(Phua et al., 2017). Godrej Properties can rely on these platforms to broadcast
information, obtain opinion and make arrangements with prospective and existing
customers for meaningful touch-points on a regular basis.

Personalization and Customization:

In the real estate sector, tailored communication takes a center stage in client
engagement (Verkaik et al., 2010). Through personalization of content, products
offering and customer experience according to consumer personal choices and needs,
Godrej Properties is able to upgrade the interactions with customers, increase the
relevance, resonance and reciprocity. Personalization is a tool that can be used in
different areas from initial requests to actual room viewing; it even extends to post-
purchase assistance.

Innovative Engagement Approaches:

In the current cutthroat environment of real estate business, an organization must

envelop invention to ease itself from others in the market and to lodge in the mind of
their customers. Plannable established engagement strategies, such as recordings of
property tours, augmented reality mobile applications and gameplay strategies, provide
exceptionally fresh grounds for enhancing customers’ experience and increasing their
engagement with the company (Hsiao et al., 2016). Godrej Properties could be exposed
to such technologies as VR, 3D modeling, or digital interactive catalogs to create
engaging and unforgettable experiences which makes their customers delighted.
About the Sector

Residential sector in India is seeing an increase in demand for luxury housing as it enters more markets
and the nation has the fastest post-pandemic recovery. With the pandemic's effects starting to fade in
early 2020, India's residential market has experienced astounding development in recent years. Along
with a significant increase in property prices, 2022 saw record-breaking launches and sales.

According to a report published by JLL, in “Buyer preferences are reshaping India’s residential markets”:
that, despite economic challenges on the domestic and international fronts during the past two years,
there has been a marked increase in demand for luxury property across the nation. Interest in upper-
mid, premium, and luxury segments peaked across the nation during the rapid post-pandemic rebound
in residential real estate. In comparison to the years before to the pandemic, these three segments'
share of revenue and new product launches has increased during the past two years.

Figure 1 Definition of Price segments across cities

(Ganugu, 2023)

Prior to COVID, the share of upper-mid, premium, and luxury segments in new launches was around
20%; however, by 2021 and 2022, it had grown to 27% and 36%, respectively. The sales share of all three
divisions also increased significantly, from 15% prior to COVID to 20% in 2021, and then increased even
more to 25% in 2022. Given the revived interest in home ownership among purchasers across all income
levels in India, cheap and mid-segment housing continued to maintain significant traction in the
country's residential market despite the rapid spike in demand for premium housing.

Classification of new launches across segments

Figure 2 Classification of new launches across segments

(Ganugu, 2023)

Classification of sales across segments

Figure 3 Classification of Sales across segments

(Ganugu, 2023)

According to a data provided by CMIE: In the years 2023–2024, the real estate sector is anticipated to
record higher revenues and profits. The year-round demand for residential homes is expected to
support an increase in industry revenues. Additionally, developers are likely to raise their prices in
response to any increase in input costs. As a result, the industry's margins are probably going to
increase.
While residential sales are anticipated to increase in 2023–2024, the rate of expansion will be slower
than it was in 2022–2023. The current fiscal year's house sales are projected to be moderated as a result
of rising home loan rates and property values, a slowdown in hiring in important employment-
generating industries, and slower wage growth.

In order to control inflation, the Reserve Bank of India (RBI) began raising the short-term lending rate in
April 2022. The RBI has increased rates by a total of 250 basis points (bps) so far. In the March 2023
quarter, leading cities nationwide saw an increase in real estate prices of between 5 and 20 percent as a
result of developers raising prices to pass on the rise in input costs to consumers. Out of 50 cities, 43
have seen an increase in prices this quarter. According to the Housing Price Index (HPI) issued by the
National Housing Bank, property prices increased during the quarter across India's eight largest
residential markets, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and
Pune. (Shah, 2023)

Figure 4 Growth in Housing Price Movement in Mumbai, CMIE

(Shah, 2023)

Throughout the remaining months of 2023, we anticipate that home prices will continue to rise. This will
increase the cost of purchasing a property together with interest rates, which will have an effect on
housing demand. (Shah, 2023)

In a report published by CII and ANAROCK’s regarding the "Housing Market Boom (Navigating the
Residential Real Estate Landscape)” Despite issues with the world economy, such as layoffs by numerous
large and small firms, the bull run in the Indian real estate market persisted in the first quarter of the
year. The business remained booming, and intriguingly, numerous new trends were seen. (Chaturvedi,
2023) For instance, the first quarter of 2023 saw an all-time high in quarterly housing sales with over
1,13,770 units sold across the top 7 cities, largely due to an increase in demand for expensive properties
(>INR 1.5 Cr). (Chaturvedi, 2023)

• Compared to the approximately 99,550 units sold in Q1 2022, this is a 14% annual increase.

• The two western regions, MMR and Pune, accounted for more than 48% of all sales in the top 7
cities, with Pune experiencing an increase of more than 42% annually.

• As well as breaking the one lakh milestone, new launches in the top 7 cities had a 23% annual
increase, going from 89,140 units in Q1 2022 to over 1,09,570 units in Q1 2023.

Figure 5 ANAROCK: Real estate GDP contribution

(Chaturvedi, 2023)

In comparison to 89,100 units in Q1 2022 and 92,900 units in Q4 2022, the top 7 cities had new launches
of about 1.09 lakh units in Q1 2023, representing an increase of 18% from the previous quarter and 23%
on an annual basis.
Figure 6 Housing sector new peak 1 (Chaturvedi, 2023)

Figure 7 New Launch coming in cities (Chaturvedi, 2023)

Objective of the study

1. To assess the current customer engagement strategies employed by Godrej Properties, including
digital marketing initiatives, customer service practices, and community engagement efforts, in
order to identify strengths, weaknesses, and areas for improvement.

2. To explore the factors influencing customer engagement within the real estate industry,
including demographic trends, market dynamics, and evolving consumer preferences, with a
specific focus on understanding how Godrej Properties can tailor its engagement strategies to
better meet the needs and expectations of its target audience.

Research Methodology

Objective Method:

The objective method includes data gathering through the medium of such techniques
as direct observation or measurement exclusively without any potential bias or
judiciousness. In the research context of "A Study on Enhancing Customer Engagement
for Godrej Properties", which can be carried out with longitudinal qualitative data,
objective techniques can be employed to gather quantitative information related to
demographic, psychographic and behavioral factors that could affect the engagement of
the customers.

Demographic Data Collection: Collecting information related to demographic like

surveys, questionnaires, etc., can be an objective method used among Godrej
Properties’ customers. The participants may be requested to answer through a series of
questions which includes how old they are, their gender, their income, their level of
education, and their location (city, state, country).

Behavioral Data Collection: The first wave may comprise of objective methods, maybe
the traffic pages or the transactional records, which could be a tool for the collection of
behavioral data related to customers’ engagement Possible Obama is for this type of
metrics as it includes measurements such as website visits logged monthly, the
interaction on social platforms, and history of buying.
Survey Method:

The method, whereby data is collected from a sample by means of appropriate

questionnaire or interviews, is called the survey method. We can utilize survey
approach to collect customer opinions by both quantifying and qualitatively analyzing
how attached customers are to Godrej properties with regards to the research topic.

Quantitative Survey: Building structured the same questionnaire, this can provide the
quantitative data related to demographic, psychographic, and behavioral details of the
targeted group. Participants can be given an opportunity of ranking as to the level of
their agreement with statements in relation to their attitude, prevailing taste, and
conduct with Likert scale or multiple-choice questions defined.

Qualitative Survey: Conducting in-depth interviews or using open-ended survey

questions will help to gather the qualitative customer perspectives on his engagement
with Godrej Properties' practice. In turn, participants can be invited to elaborate in a
descriptive manner on their encounters with the brand, measures that they found
effective for engagement, as well as comment on what they would recommend for the
brand to do better.

Research Design:

This study will utilize a sequential mixed-methods research design, integrating both
exploratory and descriptive approaches to investigate the factors influencing customer
engagement within Godrej Properties.

Exploratory Phase:

Objective: To gain insights into the underlying factors and dimensions of customer
engagement within Godrej Properties.

Methodology:

Qualitative Research: In-depth interviews and focus group discussions will be

conducted with a diverse sample of Godrej Properties' customers. Open-ended
questions will be used to explore participants' perceptions, experiences, and motivations
related to engagement with the brand. Thematic analysis will be employed to identify
emerging themes and patterns.

Sampling: Purposive sampling will be used to select participants with diverse

backgrounds, demographics, and engagement levels with Godrej Properties.

Data Collection: Data will be collected through audio recordings of interviews and
transcripts of focus group discussions.
Data Analysis: Thematic analysis will be conducted to identify recurring themes,
categories, and sub-themes related to customer engagement.

Descriptive Phase:

Objective: To quantify and describe the demographic, psychographic, and behavioral

characteristics of customers engaged with Godrej Properties.

Methodology:

Quantitative Research: A structured survey questionnaire will be administered to a

larger sample of Godrej Properties' customers. The survey will include items related to
demographic information (age, gender, income), psychographic traits (attitudes, values),
and behavioral patterns (engagement frequency, purchase behavior).

Sampling: Stratified random sampling will be used to ensure representation across

different demographic segments.

Data Collection: Data will be collected through online surveys or face-to-face interviews.

Data Analysis: Descriptive statistics (mean, median, standard deviation) will be used to
summarize demographic data. Inferential statistics (correlation analysis, regression
analysis) may also be employed to explore relationships between variables.