Realtors play key role in developers' growth: Phoenix CMD

Hyderabad: Gopikrishna Patibanda, Chairman and Managing Director of city-based realty major Phoenix Group, on Sunday said that realtors and real estate consultants would always play key role in the growth of real estate developers.

Speaking at 11th NAR-India Annual Convention on the second day of the two-day event, Patibanda who prefers to maintain low profile said the developers would invariably depend on realtors.

"It is a different thing that we, developers, don't say it openly. But we are dependent on realtors and over 90 per cent of our sales come through realtors," he explained. Realtor is an American word for real estate broker or consultant.

"Everyone here looks for progress in his or her life. The progress is achieved through transactions as realtors are doing or through developing projects as we do. But we always relish progress," he said.

On the growing presence of women realtors, he said: "Over 50 per cent of his group's real estate transactions are being done by women. The presence of women realtors is good for the sector".

He further said real estate developers should keep learning new techniques and new technology. "Developers should learn new advancements in the construction space.

This is applicable to those in the construction of residential, commercial, retail, logistics projects. We can also learn a lot from realtors," Patibanda maintained.

Recalling his enriching interactions with realtors, he said his company made changes in various real estate projects following suggestions from realtors. "Realtors are the main link between developers and customers.

Customers generally look at developers as villains, but it is realtors who infuse confidence and trust about real estate projects among customers," Patibanda said.

On the changing dynamics in real estate market, he said developers started realising the need for customer-centric approach in the business.

"The earlier approach of 'we develop projects and people will automatically buy them' will no longer work. These days, we are building something which customers will be interested in buying," he said.

Pointing out that real estate accounted for 13 per cent of the country's economy, he said: "Real estate makes huge contribution to GDP. That means we are playing key role in the country's growth".

Further, he underlined the need for maintaining right ways and ethics while doing real estate business. "You might face problems with one or two developers if you follow ethics and right standards.

But majority of developers will like if you maintain proper etiquette and ethics," he said.

He has advised realtors to remember that they are not just selling four walls, a roof and a floor. "You are selling experience and ambience. The relationship with customer should last for life," he said.