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International Journal of Research in Economics and Social Sciences (IJRESS) Available online at: http://euroasiapub.org Vol. 8 Issue 4, April - 2018 ISSN(o): 2249-7382 | Impact Factor: 6.939 |
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
617
Consumer Behaviour for Real Estate Sector in Pune
Prof. Kavita Kamath Dr. Madhura Jagtap
Abstract
Shelter is one of the most basic human needs. The real estate sector helps in fulfilment of this need
by offering built up houses, offices, spaces as per he needs of consumers. It is one of the fastest
growing sectors in India, owing to the fast growing population, increasing income levels, growing
number of nuclear families, etc.
This sector is benefitted by the various initiatives of the Government like Pradhan Mantri Awas
Yojana, Pradhan Mantri Gramin Awaas Yojana, Rajiv Awas Yojna, etc. aiming at providing a house
to all citizens. It is thus, important for the companies in this sector to identify the buying behaviour
of customers looking to buy flats.
This study involves study of consumer behaviour in real estate sector in Pune region. It tries to
gain a complete understanding of buying behaviour in Pune’s real estate sector.
The study is primarily based on primary data collected by distributing questionnaires to walk-in
customers at real estate offices in Pune.
Key words:
Consumer Behaviour, Real Estate, Construction.
Introduction
The real estate sector is one of the most globally recognized sectors. In India, real estate is
the second largest employer after agriculture and is expected to grow at 30 per cent over the next
decade. The real estate sector comprises of four sub sectors - housing, retail, hospitality, and
commercial. The growth of this sector is also affected positively by the growth of the corporate
sector and the demand for office space as well as urban and semi-urban accommodations.
The construction industry ranks third among the 14 major sectors in terms of direct,
indirect and induced effects in all sectors of the economy. It is also expected that this sector will
incur more non-resident Indian (NRI) investments in both the short term and the long term.
Real estate is "property consisting of land and the buildings on it, along with its natural
resources such as crops, minerals, or water; immovable property of this nature; an interest vested
in this (also) an item of real property; (more generally) buildings or housing in general. Also: the
business of real estate; the profession of buying, selling, or renting land, buildings or housing."
The fact that major real estate companies in India are going public proves the potential of the
Indian property market. Starting from infrastructure development to residential complex,
commercial real estate to retail space development, the property market in India is booming with
all kinds of activities. Due to the Government approval of 100% FDI in India, real estate
development and steady capital market, some major investments are being made in the real estate
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
618
sector. Buyers from all across the world are showing interest in Indian property and it now
features at the top of the list of the international real estate investors.
Pune Real Estate- Pune’s real estate market over the past few years has been witnessing a steady
slowdown. The market, which normally sees absorption of around 20,000-22,000 units every six
months, has been witnessing absorption of lesser than 15,000 units on a half-yearly basis. While
realtors blame the wait-and-watch policy of buyers and the global slowdown for the trend, buyers
on the other hand blame artificial inflation in the market for deferring their investments.
Most new launches are concentrated in the newly developed and fringe areas of the city such as
Chakan, Pashan, Susgaon, Bavdhan, Talegaon, Khed-Shivapur, Yavat, Pirangut, Lavale, Moshi,
Hinjewadi and Dehu Road.
Literature review
Engel et al. (2005) defined consumer behaviour as ‘those activities directly involved in
obtaining, consuming and disposing of products and service, including the decision processes that
precede and follow these actions’. Moreover, Schiffman and Kanuk (2010) mentioned that
consumer behaviour is ‘the behaviour that consumers display in searching for purchasing, using,
evaluating and disposing of product, service and idea which they expect will satisfy their needs’.
Therefore, knowing the factors which influence the buying behaviour for a product could increase
the sales volume. Same holds true for residential apartments.
In the paper, “Consumer Behavior Applications To Real Estate”, presented at the American Real
Estate Society Meeting April 1998, by Prof. Karen M. Gibler and Prof. Susan L. Nelson, Mercer
University Drive Atlanta, it is stated that, Most real estate study is based on neoclassical economic
theory that assumes that people make rational decisions about renting and buying real estate as
part of their attempt to maximize utility. The study of consumer behavior is the study of
individuals, groups, or organizations in the selecting, purchasing, using, and disposing of goods
and services to satisfy needs and desires.
Decision making are a function of both internal and external influences on behavior, this paper
studies the Internal Determinants of the Consumer Behavior like; Motivation, Perception,
Knowledge and Learning, Attitudes, Self-Concept, Personality and Lifestyle and External
Determinants of the Consumer Behavior like Reference Groups, Culture, Subculture, Social Class
and Family, which influences the demand for different housing Types.
The authors have concluded that, Appraisal attempts to estimate the value of property to
consumers. Market analysis attempts to predict consumer demand for real estate services.
Investment analysis examines the required and expected rate of return to an investor, and finance
analyzes consumers’ mortgage choices and likelihood of repayment. The study of consumer
behavior involves trying to understand complex human beings and the reasons they act the way
they do in the marketplace. It recognizes that consumer decisions take place inside a person who
is distinctive in his personality and attitudes, yet similar to other consumers who have been
exposed to the same external influences of culture and society.
In the article, “What Drives Consumer Behaviour Online in the Real Estate Industry?”(2015) by
Sarah Smith, it is mentioned that, In order to attract a wide audience, real estate agents need to
offer a unique combination of practical and emotional marketing. Purchasing a home isn’t just a
financial investment; it’s a highly emotional one as well.
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
619
One key way that real estate agents appeal to a wide range of consumers is through their emotions.
Families who want to experience a healthy, safe environment will respond to marketing ideas that
include nostalgia, commitment, humour, and happiness. Research reveals that 65 percent of all
consumers regarding the real estate industry are actually married.
Considering this fact, advertisements are specifically designed to connect to a buyer on a
psychological level by showing a happy, healthy family that’s living the quintessential American
dream. In general, most people desire what a home represents, such as security, health, and
general well-being.
But, many potential home buyers are more focused on the practical features of a home. They
generally want to save both time and money along with having easy commutes as well as buying
an energy efficient home and living in a highly-desirable neighbourhood. When developing
advertisements for people in general, real estate agents have to present efficiency and minimalism
in order to be effective.
The findings of the report, ‘Consumer buying behaviour in real estate industry’, conducted by
Vibhor Jain(2017), states that, Maximum number of respondents stays on rental basis and less on
ownership basis. Consumers mostly consider price and location while purchasing the property.
Brand name, facilities and quality of the construction are the main parameters consumers
consider while selecting the residential properties.
The research paper titled, “Consumer perception and buyer behaviour for purchase of residential
apartments in NCR”, published in International Journal of Indian Culture and Business
Management 6(1):56 – 68, (January 2013), by Mansi Misra, Gagan Katiyar and Ajoy Kumar Dey,
represents the motivation for the research was to identify the external and internal factors
considered by buyers of residential apartments in National Capital Region of Delhi (NCR). Internal
factors refer to the specifications and facilities offered by the builders within a township, whereas
external factors refer to easy availability of loan, payment plans, discounts, brand name of builder,
etc. This research also helps in analyzing the differences in perceptions of buyers about the three
important locations for residential apartments in NCR, viz. Gurgaon, Noida and Greater Noida
based on parameters such as business opportunities, law and order situation,
medical/educational facilities, etc. The research further analyze the differences in perceptions
about three major real estate players operating in the area, namely Unitech, Jaypee Infrastructure
and Omaxe group.
The study highlights the gap in the present offerings and helps the builders to design their
offerings according to the changing needs and wants of the customers which will help them to
provide a competitive edge.
In the article, ‘Marketing Real Estate’ the Psychology of Marketing Real Estate is represented in
the following table:
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
620
Brand and
Commercial
Explanation of
Advertisement Demographics Psychological Response Elicited
Coldwell Banker
"The Value of a
Home"
While showing
pictures of homes and
families, a
commentator shares a
formula for a home's
value that includes the
smell of pancakes and
100,000 smiles.
Parents, ages
25-40 years
Comfort and belonging – People
will watch the heart-touching
commercial and think about their
own family. Coldwell Banker is
associated with warm feelings and
the family unit.
Century 21 "The
Path Home"
An animated
commercial that
describes real estate
agents as
“expressways to
tomorrow” and
“internet- listing
gurus”.
Young
professionals,
ages 25-35
years
Trust – This commercial uses a
unique style that appeals to young
professionals. You trust what the
commercial is saying and know
Century 21 will lead you down the
right path.
Remax "What
Moves You?
Empty Nest"
Parents saying
goodbye to their
college-bound son in
front of a large home.
Parents, ages
40-60 years
Achievement – Aging families relate
to this lifestyle change. They have
raised their children and look
forward to the next step. RE/MAX is
there to help.
The research paper, ‘Consumer Behaviour in Real Estate, in India, by Sundrani Deepak, presented
in 21st Annual European Real Estate Society Conference. Bucharest, Romania, (2014), says, An
identical house in a different location is not priced the same. This is because a home-buyer does
not pay only for the physical construction but for a lot of externalities like location, amenities, etc.
Many authors have pointed out that most home-buyers have to make a trade-off, such as location
for the size of the house, etc. In this paper, the researcher has tried to explore which segment of
the urban home-buyers, give priority to which factor. The Hypotheses are that Price is the most
important influencing factor for buyers of a small house ( 1 Bedroom + Hall + Kitchen), Location
is the most important influencing factor for a moderate size house ( 2 Bedrooms + Hall + Kitchen)
and Amenities is the most important influencing factor for a large house ( 3 Bedrooms + Hall +
Kitchen). The study was carried out in Pune ( in India). A sample of 600 home-buyers (200 of 1
BHK, 200 of 2 BHK and 200 of 3 BHK, who had recently purchased a house were administered a
structured questionnaire and the empirical analysis proved that for 1 BHK and for 2 BHK, the
hypotheses were proved correct, but for 3 BHK the Product characteristics were the most
important influencing factor instead of the amenities.
Kotler and Amstrong (2005), Mowen (1995) and Engel et al. (2005) suggest that there is
a generic decision-making process. Rossi (1980), Law and Warnes (1982) and Livette (2006) have
used the same model of decision-making process for evaluating housing options. The buying
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
621
behaviour is influenced by both internal and external factors. Internal factors such as: motivation,
perception, consumer resources, knowledge, attitudes, personality, values and lifestyle exercise
significant effect. Cultural background, social class, personal influence, reference group and
situation also influence the decision.
Connie and Fernando (2001) considered the effects of factors on residential development
in PT Delta, Comoro Permai, and Dilly as a case study. They included following 20 factors that
might influence buying behaviour of a residential dwelling unit: building quality, design, price,
building area, land area, affordable down payment, interest rate, payment period, clean, safe,
aesthetic, electricity, water, telephone, linkage to the working place, accessibility to the market,
short distance to the school, place for worship, sport facilities, investment and public transport.
Martin (2006) found that the majority of retirement housing purchasers undertake
limited decision-making: they consider only the scheme in which a property is eventually bought,
and they are very satisfied with their purchase.
He also identified the reasons given by elderly people for deciding to move from the
former home as: garden difficult to manage, too big, to be close to family and friends, difficult to
maintain, bereavement, stairs difficult to climb, expensive to run, shops too far away, loneliness,
to make new friends, to release equity, something new or different, crime/vandalism in area, lack
of public transport, to live in a better area, health, security, spouses illness, retirement and
distance from doctor. There is a belief among some commentators that because sheltered and
retirement housing can be used in the delivery of care services, the purchaser’s decision and
choice is about housing and care rather than housing alone.
Profile of Pune City
Pune has become one of the most sought after cities in the realty market. It has the
advantages of being a stable market with consistent demand coming from a number of strong and
dependable business sectors.
The main reasons for growth of real estate sector in Pune are:
Proximity to Mumbai, the commercial capital of India.
Relatively cheaper rates.
Forthcoming infrastructure (Metro rail, international airport, etc)
Preferred IT/ITES hub.
Significant presence of both manufacturing & service sectors.
Reputed educational institutes.
World class medical & healthcare facilities at economical rates.
One of the greenest urban areas in India.
The following are the major locations within Pune:
The real estate space in Pune can be classified into five distinct zones – Central Pune, North
Pune, East Pune, West Pune and South Pune.
Central Pune: Apte Road, Bhosale Nagar, Deccan, Model Colony, Prabhat Road, Shivaji
Shivaji Nagar
North Pune: Akurdi, Bhosari, Chakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaon
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
622
East Pune: Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Manjri, Wagholi, Viman
Nagar
West Pune: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, Pimple-
Saudagar, Wakad
South Pune: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati,
Salisbury Park, Sinhagad Road, Warje, Wanowrie.
SIGNIFICANCE OF THE STUDY
The study of consumer behaviour (CB) is very important to the marketers because it
enables them to understand and predict buying behaviour of consumers in the marketplace.
Consumer behaviour is concerned with what customers buy, how they buy it, where they
buy it, why they buy it and from whom they buy it. It also studies how they consume and dispose
of the products. Consumer behaviour is studied by focusing on every phase of the consumption
process: before the purchase, during the purchase, and after the purchase. Research shows that
different buyers buy the same product for different reasons; pay different prices, use it in different
ways, have different emotional attachments towards the things and so on.
According to Professor Theodore Levitt of the Harvard Business School, the study of Consumer
Behaviour is one of the most important in business education, because the purpose of a business
is to create and keep customers. Hence, knowledge & information about consumers is vital for
developing successful marketing strategies because it helps in creating and maintaining
customers and building customer relationships.
OBJECTIVES
To study customer behavior towards purchase of flats in Pune.
To understand what are the customer preferences while purchasing property.
To understand the buying process for property.
The main objective of this study is to know the perception of customers about various factors
affecting their choice of residential apartments. This study will help real estate developers and
agents to focus on the parameters demanded by the buyers for enhancing the buying appeal for
the properties. It will also help them in deciding which factors to be highlighted while promoting
residential apartments in Pune.
RESEARCH METHODOLOGY
1. Research Method – Descriptive Research design
2. Sampling :
a. Sample size- 50
b. Sampling method- Convenience method
3. Data collection :
a. Primary data- Data was collected from respondents who came to the sites for
buying process.
b. Secondary data- Website, journals, company brochures etc.
4. Tools of data collection :
a. Primary data - Structured questionnaire
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
623
b. Secondary data – Internet
5. Data Analysis: Tables, graphs & charts were used to analyze the data.
DATA ANALYSIS
General information-
Interpretation: Out of 50 respondents, 28 are male & 22 are female.
Interpretation: Out of 50 respondents, 10 families are having 1 kid, 18 families are having 2 kids,
No family is having 3 & 4 kids, & 22 families are having no kid.
28
22
0
5
10
15
20
25
30
Male Female
Gender
0
5
10
15
20
25
1 2 3 4 No
Children in Family
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
624
Interpretation: Most of the customers were looking for flats for over 3 months, followed by 2-3
months, 1-2 months respectively. Very few had started looking from one month or so. This shows
that decision making process or searching for a good flat is a lengthy process and may take time.
This is especially true as Flats are specialty products.
Interpretation: Nearly half the respondents were living in owned house, 16 lived in rented & 10
lived in Family house.
0
5
10
15
20
25
up to 1 month 1-2 months 2-3 months 3+ months
Period Since When Customer Has Been Looking For Flats
0
5
10
15
20
25
30
Owned Rent Family Other
Ownership Status of Current Residence
23
23.5
24
24.5
25
25.5
26
26.5
Yes No
Flat Purchased for the First Time
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
625
Interpretation: Half of the respondents were purchasing flat for the 1st time. Remaining had
already purchased property before.
Interpretation: Most of the respondents were purchasing for flat for residence purpose, few were
looking for investment purpose & only 1 respondent was looking for other purpose (e.g. resale).
Interpretation: 35% respondents selected the particular location due to proximity to work, 38%
respondents selected it due to good investment opportunity, 10 % respondents selected the
location due to low rates, 17 % respondents selected the location due to convenience to family.
0
10
20
30
40
Residence Investment Other
Purpose Behind Purchasing Flat?
Proximity to Work
Good Investment Opportunity
Low Rates
Convenience to Family
Reason for Selection of Particular Location for the Flat
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
626
Interpretation: 36% respondents were expecting ready to move possession, 32% wanted
possession within 6 months & 28% respondents were expecting possession after 1 year & 4%
respondents were expecting possession after more than 1 year.
Interpretation: Most of respondents wanted Swimming pool & Club house in amenities followed
by Pathways, Some of respondents wanted Amphitheater followed by guest parking. Also some
of respondents didn’t want any amenities as their purpose was investment only.
18
16
14
2
Ready to move Within 6 months After 1 year Others
Expected Time For Possession Of Flat
0
5
10
15
20
25
Amenities Preferred
Series 1
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
627
Interpretation: Most of the respondents arrange finance with self-capital + loan, followed by old
property. Some respondents prefer loan & some of them prefer self capital.
0
5
10
15
20
25
30
Self Capital + OldProperty
Loan+Self Capital Loan Old Property
Arrangement of Finance
19%
47%
19%
15%
9. Which bank loan do you prefer?
International
Public
Co-operative
Bank tie-up with builders
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
628
Interpretation: 47% respondents prefer Public bank, 19% respondents prefer co-operative
bank, 15% respondents prefer bank having tie-up with builder, 19% respondents prefer
International bank.
Interpretation: Most of the respondents (30%) collected information about project through
Internet, 3% respondents collected information about project through Agents, 22% respondents
collected information about project through Hoarding, 16% respondents collected information
about project through Newspaper ads, 13% respondents collected information about project
through Property Exhibition, 16% respondents collected information about project through
friends or family.
Public Bank
Cooperative Bank
Private Bank
International Bank/Finance
Companies
Preferred Bank for Home Loan
Internet
Agents
Hoardings
Newspaper
Property Expos
Friends, Family etc.
Source of Information
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
629
Preference while Purchasing Flats
Interpretation: Most of the respondents preferred Proximity to work or school while selecting
property followed by connectivity & rates. Some respondents preferred commercial availability
& size of apartment also some respondent preferred others i.e. Quality or Builder while selecting
property.
FINDINGS
It was found that out of 50 respondents looking for property, 28 were males & 22 females.
Out of those looking for flats, 10 families were having 1 kid, 18 families were having 2 kids,
No family is having more than 2 kids, & 22 families were having no kid.
It was found that maximum respondents were looking for property from more than 3
months.
It was found that maximum respondents live in Owned house (either bought on their own
or inherited) yet want to buy a new house.
It was also found that maximum respondents were purchasing flat for the 1st time.
It was found that most of the respondents were looking for flat for residence purpose.
It was found that respondents selected Baner location due to proximity to work & good
investment opportunity.
It was found that more no of respondents are expecting ready to move possession whereas
others are ready t wait for a longer duration for getting possession of the flat.
Swimming pool & Club house were the most sought after amenities followed by Pathways,
Some of the respondents wanted Amphitheater followed by guest parking. Also some of
respondents didn’t want any amenities as their purpose was investment only.
It was observed that most of the respondents opt for loan along with self-finance, i.e. some
amount of the price is raised on their own, and they opt for a home loan for the remaining
amount. This is followed by old property capital, wherein old property is sold to raise
0
5
10
15
20
25
30
35
40
Proxmity towork/School
CommercialAvailability
Connectivity Sze ofapartments
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
630
capital for buying new property. Fewer respondents prefer to not take loan at all and use
capital from own funds and old property together. The least number of respondents
depend on only loan without any sort of self-financing. They may take home loan for major
part of the amount, and personal or mortgage loans for the remaining amount.
It was observed that respondents preferred Public banks. However, those without TP
Certificate(Town Planning) or proper documents have to opt for other banks.
It was observed that Internet was the largest source of information while searching for
properties, followed by Hoardings, Friends and family and newspaper advertisements,
property exhibitions and agents respectively.
It was observed that most of the respondents preferred Proximity to work or school while
selecting property followed by connectivity & Rates.
CONCLUSION
It can be concluded that most of the customers purchase flats for residence purpose. Some also
purchase for investment reasons. They prefer taking loans from public sector banks. After they
realize the need for a flat, information is collected, internet being the main source of information.
The parameter which is considered most important is the size of the flat. While shortlisting the
location, proximity to work is the main reason considered followed by connectivity & rates.
Customers expect various amenities like Swimming pool & Club house in amenities followed by
Pathways, Some of the respondents wanted Amphitheater followed by guest parking. Some
customers don’t expect amenities as they purchase flats for investment purpose.
Builders and Real Estate companies should therefore make use of the Internet to reach the
customers and advertise their products. They should tie up with Public sector banks which are
preferred by customers. They should also focus on amenities desired by customers and offer these
to the customers.
REFERENCES
1. Connie, S. and Fernando, B.A. (2001) ‘Motivation and perception factors influence buying
home behaviour in Dilly, East Timor’, PRRES 7th Annual Conference
2. Howard, J. and Sheth, J.N. (1969) The Theory of Buyer Behaviour. New York, NY: Wiley.
3. Hoyer, W.D. and MacInnis, D.J. (1997) Consumer Behaviour. Boston: Houghton Mifflin,
ISBN 0395665922.
4. Philip Kotler Marketing Management
5. Aaker (1991) Building Strong Brands
6. C.R.Kothari (1985) Methods of Data Collection: Research Methodology- Methods &
Techniques.
7. Wikipedia and internet
8. Real Estate-Peter J. Danaher
9. Friedman, J. (1980) ‘A conditional legit model of the role of local public services in
residential choice’, Urban Studies, Vol. 18, pp.347–258.
10. Karen M. Gibler, Consumer Behavior Applications To Real Estate, Paper presented at the
American Real Estate Society Meeting, April 1998.
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.198.6732&rep=rep1&type=
International Journal of Research in Economics and Social Sciences (IJRESS)
Vol. 8 Issue 4, April- 2018
ISSN(o): 2249-7382 | Impact Factor: 6.939
International Journal of Research in Economics & Social Sciences
Email:- [email protected], http://www.euroasiapub.org (An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal.)
631
11. Consumer perception and buyer behaviour.
https://www.researchgate.net/publication/264837304_Consumer_perception_and_buy
er_behaviour_for_purchase_of_residential_apartments_in_NCR.
12. http://www.marketing-schools.org/consumer-psychology/marketing-real-estate.html
13. Mansi Misra, Gagan Katiyar and Ajoy Kumar Dey, Consumer perception and buyer
behaviour for purchase of residential apartments in NCR”, International Journal of Indian
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