Great question Shabbir. We are seeing a large number of real estate companies using digital marketing for lead generation & brand building including reputation management. Your choice of digital media will be a function of your target audience. You should begin by segmenting your prospects based on various parameters especially location, age, gender, profile. If you are looking at relatively quick results, you should consider following channels:
Google Adwords including search, display & video ads
Facebook Ads: you can target using age, gender, profile along with location
LinkedIn Ads: you can target using age, gender, profile along with location
If you have a long term view and can spend creative resources, you can consider SEO & content marketing especially blogging, twitter, participation on relevant discussion forums/groups. It's also a function of what kind of property are you promoting. If your property offers unique experience then the opportunity of content marketing is even higher.