Rima Kirtikar on the power of immersive experiences in real estate

In recent years, technological advancements have significantly reshaped consumer expectations in the real estate market, particularly with the rise of immersive digital tools. Globally, the market for AR and VR technology is projected to reach $1,110 billion by 2030. Nowhere is this technological potential more impactful than in real estate, where tools like virtual tours and augmented reality walkthroughs offer buyers a view into their future homes.

Alongside this digital evolution, the Indian real estate landscape is experiencing a surge in demand for luxury and ‘smart’ homes. According to Markets and Markets, the Indian smart home industry is forecasted to grow at an 18.4% CAGR from 2020 to 2025, reflecting a shift toward connected, tech-driven living spaces that cater to the modern, convenience-oriented lifestyle. This convergence of technology and luxury is driving developers to reimagine the home-buying journey, blending digital innovation with premium experiences to meet evolving consumer aspirations.

Runwal Realty is among the players adapting to this transformation, reshaping the home-buying journey through the integration of digital tools like augmented reality and immersive video experiences. Spearheading these efforts is Rima Kirtikar, Group Chief Marketing Officer, who has been instrumental in steering the brand toward a more interactive, experience-driven approach to real estate.

From the rising popularity of digital influencers to cutting-edge virtual tours, Kirtikar shares insights into Runwal Realty's growth journey, the brand’s strategic focus on family engagement, and the future of luxury real estate. 

Edited Excerpts:

Looking back at Runwal Realty's marketing journey, what have been some key highlights and pivotal moments that have shaped the brand's growth and positioning in the real estate market?

Real estate is a highly family-centric product, with decision-making often involving every family member, from children to grandparents. Recognizing this, we've redefined the home-buying journey to be as experiential as possible. 

Through immersive videos, AR, VR, and community-centered events like our Grand Ganesha Fest and the Audi Qdrive—a unique off-roading experience at our 25 Hour Life site—we offer customers a curated experience that brings them closer to the lifestyle Runwal Realty developments provide. These innovations have shaped our growth, solidifying our positioning as a brand that prioritizes family engagement and unforgettable home-buying experiences.

With a surge in consumer sentiment during the festive season and 65% of potential buyers considering real estate investments, what emerging preferences and demands are you noticing in the luxury segment?

In India, the festive season is synonymous with optimism and purposeful investment, especially in real estate. According to Knight Frank India, the luxury segment has experienced impressive growth—41% in the first half of 2024 alone. This surge is driven by rising disposable incomes and a shift in lifestyle aspirations with buyers increasingly drawn to branded developments offering spaciousness, exclusivity, and superior quality, along with a meaningful connection to the environment and a holistic living experience.

As Tier-II and Tier-III cities emerge as promising markets, driven by infrastructure development and more affordable property options, what strategies does Runwal Realty have for tapping into these regions? Are there specific expansion plans or initiatives in the pipeline?

Currently, our focus remains on Mumbai, Thane, and Pune, with a strategic emphasis on expanding within the luxury real estate market in South Mumbai. We are excited to further establish our presence in premium areas like Walkeshwar and Worli with upcoming projects, strengthening our reputation in luxury residential spaces. These projects represent our commitment to delivering exclusive, high-quality homes in Mumbai's most sought-after locations.

Why do you think there was a need for Runwal Realty to launch a new corporate identity? With the revamped identity, how is Runwal Realty positioning itself in the market, and what kind of messaging have you adopted for the same?

Over the years, our interactions with customers have shown that Runwal Realty stands for trust, quality, and a legacy that endures across generations. Recognizing this, we saw the need for a renewed corporate identity that not only reflects our evolution but also honors our foundational values. Our refreshed logo subtly builds on the original, symbolizing progress without compromising our core essence.

Through our new positioning—'sculpting timeless addresses that celebrate the pinnacle of living across generations'—we are reinforcing our dedication to creating spaces that embody excellence. This identity underscores our commitment to mastering every detail in real estate, from homes to offices and malls, and echoes the trust our customers have placed in us since 1978.

With the rise of digital influencers like Bhavesh Kaware and more, how do you think marketing is shifting in the real estate industry?

With consumers more engrossed in digital media than ever, digital influencers have become a vital part of real estate marketing. Influencers build authentic connections with potential buyers, particularly younger demographics, by showcasing real-world perspectives of luxury residences. This approach aligns with a broader shift toward trust-building and narrative-driven content, where immersive and personalized storytelling enables buyers to connect with brand values and project stories on a deeper level. It’s a significant shift that makes luxury more approachable and relevant for today’s digitally connected audience.

Technology is transforming the real estate sector, especially digital innovations like 3D home tours, online consultations, and e-commerce platforms. Can you share what impact these tools have on customer engagement and sales conversions?

Digital innovations have significantly impacted customer engagement and sales conversions. Tools like 3D home tours and online consultations allow buyers to visualize their future homes and everyday lifestyle, easing the decision-making process. With more clarity and personalization in these experiences, customers can make informed decisions faster, increasing the likelihood of conversion.

The festive period being one of the busiest periods for real estate, how did the real estate companies spend on advertising this year? Any interesting trends that you noticed in their spending patterns?

This year, advertising spends have been predominantly digital and outdoor-focused, with a clear emphasis on high-engagement content. Videos, influencer marketing, loyalty events, and community events drove customer interest and retention, reflecting a broader shift toward interactive, community-oriented content that builds lasting connections with buyers.

You started your professional journey in 2005, and a lot has changed since then in the marketing industry. What do you think are some of the most common skills for CMOs today?

Marketing has transformed from print and word-of-mouth to a digital-first, experience-driven landscape, with buyer attention spans shorter than ever. In this fast-paced environment, CMOs need agility, continuous research, and a willingness to innovate.Today’s CMOs must stay attuned to shifting consumer behaviors and be ready to explore new strategies to capture attention effectively.

Looking ahead, what are your short-term and long-term goals for Runwal Realty?

In the short term, our goal is to craft homes of unparalleled quality that stand the test of time. Looking ahead in the long-term, we aim to establish Runwal Realty as a transformative force in real estate, setting new benchmarks for excellence and innovation, and becoming a legacy brand for the future.