OFFERING “TRUE CUSTOMER VALUE” OF REAL ESTATE INDUSTRY IN SRI LANKA: A CASE STUDY IN MILLENNIUM CITY (ATHURUGIRIYA) AND NIVASIEPURA (JA-ELA) HOUSING COMPLEXES

Abstract

The real estate sector of Sri Lanka has shown a rapid growth due to the economic boom in the last two decades. This has prompted both local and foreign real estate companies to enter the market and tap its potential. Changes in the nuclear family system and the emergence of a new urban middle class in Sri Lanka have further increased the demand for convenient accommodation for the living. But most of the families who enjoy the facilities offered through this convenient real estate, have expressed their general dissatisfaction on many occasions and that has led to create a poor image on the real estate industry in Sri Lanka. Having considered this background, this study attempts to assess the level of priority given by Sri Lankan Real Estate sector to “true customer value” in providing convenient accommodation. The study is facilitated with qualitative research methods using primary data which was gathered through discussions and observations in selected sample as a case study method.  The study revealed that most of the companies in this sector follow traditional marketing concepts. Further, it revealed that there should be a new path for real estate companies to apply new marketing strategies to make a shift to the new marketing paradigm. Hence, this paper suggests that Sri Lankan Real Estate Companies have to put aside the traditional customer value concept and apply a new paradigm of value to sustain and manage the status quo of the real estate sector.

Keywords: Real Estate Development, Customer Value

For full paper: fmscresearch@sjp.ac.lk