A PROJECT REPORT ON

Users Preference for New Projects for second home buying.

ForProf. Sunil PatelBYBHAUMIK DAVE

Executive- Post Graduation Diploma in Business ManagementSPECIALIZATION IN REAL ESTATE MANAGEMENTSHANTI BUSINESS SCHOOLAHMEDABAD

Abstract

Survey on Users Preference for New Projects:

A survey onUsers Preference for Second Homeswas carried out. The aim of the survey was to know more about users preference for purchasing a second home. A great response was received from valued users. The Survey was taken by 665 respondents.

Survey brought out some interesting findings, which we believe are representative of a vast number of Indian property seekers and buyers.

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This quarterly report measures the ability of a family earning the median income to purchase a median-priced home.

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Home-Price Growth Slow in Many Metro Areas:

Teachers Can Afford Only 17% of Calif. Homes Metro Area Prices & Affordability Q4 2013 Rising Prices Chip Away at Housing Affordability

Contents

I. Introduction

Introduction Aims of the study Study methods

II. Location, location, location and price

Findings from previous studies New evidence from this study The big picture preferences and trade-offs of buyers

III. Conclusions

Research Methodology

Questioner Survey Method Open-Ended QuestionsBy Telephone

EXECUTIVE SUMMARY

Users Preference for New Projects for second home buying.Started on : 01/08/2014 to End on : 05/08/2014Place : West AhmedabadPrepared by: BHAUMIK DAVE

No. of Days 5 Days

Total Feedbacks 48

1)Are you Looking to buy Second Home?No. of Response% Distribution

YES2790.8

NO39.2

TOTAL30100

There are 90.8 % People out of 30 Response those looking for Second Home. Only 3 Respondent Reply that they are not looking for second home. 2)What is your purpose of buying a second home?No. of Response% Distribution

Investment1032.2

Rental Returns619.6

Holiday / Weekend get away14.9

Long Term Self use1033.8

Expansion of Family39.5

TOTAL30100

Out of total respondents, around 34% are interested to buy second home for their self use. Around 32% wants to buy for investment purpose. Around 20% wants to buy for generating rental income by giving them on rent. Around 10% wants to buy due to expanding family and remaining 5% wants to buy for luxury and holiday purpose3)What is your budget for second home?No. of Response% Distribution

Less than 20 Lac516.5

20-40 Lac928.4

41-60 Lac724.2

61-80 Lac413.7

81 Lac - 1 Crore38.8

More than 1 Crore28.5

TOTAL30100

Out of total respondents, around 28% has the budget of Rs. 20-40 lacs for buying second home. Around 24% have budget of Rs. 41-60 lacs. Around 17% of the respondents budget is Rs. 20 lacs and less. Around 14% respondents budget is Rs. 61-80lacs. 8% of the respondents budget is around Rs. 81 lac to 1 crore and more.4)Where would you like to buy a second home?No. of Response% Distribution

Within the city limits1653.1

In the Suburbs826

Other City(May be a holiday Destination)311.1

Another established secondary market39.8

TOTAL30100

53% of the total respondents would like to buy second home within their city limits. 26% would prefer in the suburbs. 11% wants to buy their second home in other city for holiday purpose. And around 10% are open to any other established secondary market area. 5)In which area you would like to buy your second home?No. of Response% Distribution

Ambawadi311

Ellis Bridge28

Mem Nagar39

Naranpura412

Prahladnagar930

Paldi515

Vastrapur415

TOTAL30100

30% of the total respondents are interested to buy second home in Prahladnagar area. 15% respondents are interested to buy home in Paldi and Vastrapur areas 12% prefer to buy second home in Naranpura area. 11% are interested in Ambawadi area. Around 8%-9% are interested in Ellisbridge and Memnagar area. 6)Would you go for a larger or smaller home as compared to your present one?No. of Response% Distribution

Larger than present one1034.5

Smaller than present one516.2

Same size413

Depend on Budget, Size, etc1136.3

TOTAL30100

35% of the respondents wants to go for a larger house than their current one. Around 36% would like to take decision depending on their budget. Around 13% prefer same size house as current one. 16% wants the smaller sized house as compared to current one. 7)What type of second home would you opt for?No. of Response% Distribution

Apartment1963.7

Duplex25.2

Villa39.8

Independent House/Residential House621.4

TOTAL30100

Around 63% respondents want apartment. Around 21% respondents want their independent residential house. Around 9% prefer villa. 5% wants to have duplex house. 8)When did you purchase your first home?No. of Response% Distribution

Less Than 5 Year Back1033.5

5-9 Years Back931.2

10-15 Year Back517.3

16-20 Year Back25.7

More Than 20 Year Back412.4

TOTAL30100

Around 34% of the respondents purchased their first home 5 years back from now. Around 31% respondents purchased around 5-9 years back. Around 17% purchased 10-15 years back. Around 12% purchased more than 20 years back. And around 5% purchased 16-20 years back. 9)What type of home do you own currently?No. of Response% Distribution

Apartment2067.5

Duplex11.5

Villa14.1

Independent House/Residential House826.8

TOTAL30100

Around 68% respondents live in apartment presently. Around 27% live in independent house like bungalow. Around 4% lives in villa. And around 2% lives in duplex currently.

10)Your Age Group?No. of Response% Distribution

25-30516

31-35518

36-40721.1

Above 401344.8

TOTAL30100

Around 45% of the respondents are of 40years and above. Around 21% are of 36-40 years of age. 18% are in the age group of 31-35 years. 16% are in the age group of 25-30years. 11)Currently living in which zone of Ahmedbad ?No. of Response% Distribution

EAST620.5

WEST721.6

NORTH930.6

SOUTH827.3

TOTAL30100

Around 31% respondents live in northern zone in Ahmedabad. Around 27% live in southern zone. Around 22% live in western zone. And around 21& live in eastern zone. 12)Your Occupation?No. of Response% Distribution

Employed in PVT Firm1756.4

Government Employee411.6

Self Employed / Business621.6

Any other310.3

TOTAL30100

Around 56% of the respondents are employed in private firms. Around 21% are self employed and doing business. Around 11% are government employees. And 10% engaged in other ways. 13)What are the factors you would consider while investing in a second home?No. of Response% Distribution

Budget2066.8

Location722.5

Expected return on investment/Rental1551.3

Developer's Reputation1033.8

Distance from your first home618.6

TOTAL58193

Around 67% respondents give importance to budget while deciding to buy second home 22% takes into account location factor. 51% gives importance to expected return on their investment in form of rent. 34% takes into account developers image and reputation. 18% takes into account distance from their first home.

Conclusion: With the above Survey findings, we have gained an insight in the average Indian property buyers mind, especially when it comes to buying a second home.

90.8% of respondents are interested in buying a second home

68.8% stated Location as the most important factor when considering buying a second home.

63.7% would like to buy an apartment as their second home.

Space and space standards Location preferences and urban renaissance

Design standards and choice

Construction standards and customer care

Conclusions and further directions