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A

DESSERTATION REPORT
ON
A STUDY OF CUSTOMER PREFERENCE IN REAL ESTATE
SECTOR WITH REFERECE TO SUYOJIT INFRASTRUCTURE
NASHIK.

SUBMITTED TO
SAVITRIBAI PHULE UNIVERSITY

IN THE PARTIAL FULFILMENT OF


THE DEGREE
MASTERS IN BUSINESS ADMINISTRATION.

SUBMITTED BY
MR.GANESH BAPU BAHIRAM.

PROJECT GUIDE
MR.SMITA KACHOLE

GOKHALE EDUCATION SOCIETY’S

JDC BYTCO INSTITUTE FOR MANAGEMENT STUDIES AND


RESEARCH.

FOR THE ACADEMICYEAR


2019-2020.
ACKNOWLEDGEMENT
The special environment at JDC BYTCO INSTITUTE FOR MANAGEMENT AND
RESEARCH, Nashik that always supports educational activities, facilitated my
work on this project.
I acknowledge the support, and encouragement, extended for this study by
Director, Mrs. Sarita Aurangabadkar.
I am very much thankful to Mrs. Smita Kachole for his encouragement and
guidance for this project work. It would not have been possible for me to complete
this work without his suggestions on every part of this work.
I acknowledge the authors’ whose works gave me insight and information related
to the subject.
I am thankful to the library staff and administrative staff of the JDC BYTCO
IMSR, who directly or indirectly, have been helpful in one way or other.
I thank my parents who encouraged me to extent my reach with their help and
support. I have been able to complete this work.

GANESH BAPU BAHIRAM.


DECLARATION
I hereby declare that the project work entitled “A STUDY OF CUSTOMER
PREFERENCE IN REAL ESTATE SECTOR WITH REFERECE TO SUYOJIT
INFRASTRUCTURE NASHIK” submitted to SAVITRIBAI PHULE PUNE
UNIVERSITY, is a record of an original work done by me under the guidance of
Mrs. Smita Kachole, teacher of “J.D.C Bytco Institute of Management and
Research, Nashik” and this project work is submitted in the partial fulfillment of
M.B.A. course.
The result embodied in this thesis has not been submitted to any other University
or Institute for the award of any degree or diploma.

Date: / / 2019

Place: NASHIK BAHIRAM GANESH BAPU


EXECUTIVE SUMMARY
This project is an elaborative ‘study of the customer buying behaviour towards the
residential properties in Nashik’
The real estate and especially the residential sector is at a boom in the developing
cities like Nashik which are closer to metro cities like Mumbai. There is a lot of
potential in the residential market and the demand for high class luxury residences
and townships have been increasing day by day in the city.
This study would help understand the overall behaviour of the consumer and what
he exactly wants and what are his needs and preferences towards the products
offered in the real estate market.
There are many factors and elements because of which the consumer buying
behaviour is affected and their decisions are based and influenced because of these
factors, they maybe geographical, political, financial, facilities related, product
related, etc.
Outline of the problem:
The study is being conducted for the survey of the overall residential property
market in the developing city of Nashik, and how the consumer buying behavior is
towards the various properties and what all factors influence and affect the buying
decisions of the general individuals while choosing a residential property.
There are various residential projects inaugurated in Nashik and even more
projects are going to be started, along with numerous number of projects going on.
And all of these projects are mostly successful and the demand is growing.
This study would help understand the core needs of the consumers and what
exactly they search in a property and what are their true requirements.
Objectives:
1) To understand the consumer buying behavior towards residential property in
Nashik.
2) To understand the choices of the consumers and the current trends in the
residential properties which attracts the general consumer.
3) To know what is more important to a consumer amongst various factors
affecting the consumer buying behavior
4) To test the general knowledge of the consumer about the basic concepts in the
residential properties and how that would affect the buying decision.
5) To understand what a general consumer would like in a residential property and
would meet his demands and needs.
Scope:
The study would help various real estate companies understand what actually their
consumers need.
It would help them frame their further strategies accordingly and plan their future
ventures according to the current consumer wants and trends in the markets and
meet the demands of the customers.
Limitations:
The study is limited to the locality of only Nashik, it cannot be exactly applied to
any other location, and it would be a total different opinion and behaviour in
different city area.
Conclusion:
There are new potential consumers and having lower age groups which can be
effectively targeted and then converted into sales.
There are consumers already having a property and then they can be further
targeted for maybe investments or for giving on rental income.
The pent houses and bungalows along with flats in residential properties are mostly
preferred and such projects should be undertaken, having an area of more than
500sqft and more than 2bhk or even penthouses of more than 1800 sqft have
demand in the market with proper vastu design, having good ventilation and
spacious rooms, the consumers are even ready to pay floor rise for higher floors.
And all these variants would be more demanded if they are in a township project
having high class amenities good greenery and constant water supply, with decent
rates and flexible payment options available and extent of financial cover
applicable, mostly in the areas of Gangapur road, college road or serene meadows,
which would be near to the prime areas and is the core area of the city.
INDEX

CHAPTER PARTICULARS P NO
1 Introduction to the Topic. 01
2 Literature Review 12
3 Industry Profile 15
4 Research and methodology: 22
4.1: Outline of the Problem.
4.2: Selection of the Topic.
4.3: Objectives of the Study.
4.4: Scope of Study.
4.5: Limitations of Study.
5 Data Analysis and Interpretation. 27
6 Findings 53
7 Suggestions 55
8 Conclusions 56
Annexure
LIST OF TABLES AND GRAPHS.

SR NO PARTICULARS PAGE NO
1 1.1: Consumer Buying Process 8
2 5.1 5.2 Gender Age 27
3 5.3 Residence 28
4 5.4 Occupation 29
5 5.5 Property 30
6 5.6 Preferred Property 31
7 5.7 Type of Property 32
8 5.8 Purpose 33
9 5.9 Property at 34
10 5.10 Location 35
11 5.11 Possession 37
12 5.12 Financing Option 38
13 5.13 Investment 39
14 5.14 PMAY 40
15 5.15 Flat Type 41
16 5.16 Size 42
17 5.17 Awareness 43
18 5.18 Vastu 44
19 5.19 Preferred Floor 45
20 5.20 Floor Rise 46
21 5.21 Location Preference 47
22 5.22 Needs in a Project 48
23 5.23 Parking 49
24 5.24 Needs in a flat 50
25 5.25 Cost factors 51
26 5.26 Qualities of Developer. 52
QUESTIONNNAIRE
To study consumer buying behavior towards residential property in Nashik

1] NAME
2] GENDER
a) Male
b) Female
3] AGE GROUP (in years)
a) 18 - 25
b) 26 – 35
c) 35- 50
d) 50+
4] CURRENT RESIDENCE
a) Nashik
b) Pune
c) Mumbai
d) other:
5] OCCUPATION
a) Business/ Self-Employed
b) Private Service
c) Government Service
d) Agriculture Sector
e) Artist
f) Politician
g) Student
h) other:
6] MOBILE NUMBER
7] MAIL ID
8] HOW MANY PROPERTIES DO YOU OWN IN TOTAL?
a) 0
b) 1
c) 2
d) 3
e) 4+
9] WHICH TYPE OF PROPERTY ARE YOU INTRESTED TO INVEST IN?
a) Residential Property
b) Plots or agriculture land
c) Shops or commercial spaces
10] WHICH RESIDENTIAL PROPERTY WOULD YOU PREFER TO PURCHASE?
a) Flats
b) Row-Houses
c) Bungalows
d) Pent-House
11] WHAT IS YOUR PURPOSE FOR BUYING THE RESIDENTIAL PORPERTY?
a) Self-Occupying
b) Investment
c) For gaining rental income
d) For friends/ relatives
12] WHERE WOULD YOU PREFER HAVING YOUR RESIDENTIAL PROPERTY AT?
a) Stand-Alone Buildings
b) Township Projects
13] IN WHICH LOCALITY OF NASHIK DO YOU WANT TO BUY YOUR RESIDENTIAL
PROPERTY?
a) College Road
b) Gangapur Road
c) Serene Meadows
d) Govind Nagar
e) Indira Nagar
f) Rane Nagar/ Pathardi Phata
g) Nashik Road/ Jail Road
h) Deolali
i) Cidco
j) other:
14] WHAT TIME WOULD YOU WANT TO PURCHASE THE PROPERTY?
a) Ready Possession
b) in 3-6 months
c) in 6 months - 1 year
d) after 1 year
15] WHAT TYPE OF FINANCING OPTION WOULD YOU OPT FOR?
a) Self-Financing
b) Bank Loans
c) Personal Loan from friends/ relatives
16] HOW MUCH INVESTMENT ARE YOU READY TO PUT IN YOUR PROPERTY?
a) Up to 20 lakhs
b) 20 lakh to 50 lakh
c) 50 lakh to 75 lakh
d) 75 lakh to 1 Cr
e) 1 Cr +
17] ARE YOU AWARE OF THE PMAY?
a) Yes
b) no
c) Somewhat
18] WHICH TYPE OF RESIDENTIAL PROPERTY DO YOU REQUIRE?
a) 1bhk
b) 2bhk
c) 3bhk
d) Terrace attached Flat
19] HOW MUCH SIZE DO YOU REQUIRE FOR THE FLAT?
a) Upto 500 Sq.Ft
b) 500 Sq.Ft - 1000 Sq.Ft
c) 1000 Sq.Ft - 1800 Sq.Ft
d) 1800 Sq.Ft +
20] ARE YOU AWARE ABOUT THE DIFFERENCE BETWEEN CARPET AREA AND
BUILT-UP AREA?
a) Yes
b) No
c) Somewhat
21] DO YOU PREFER PROPERTIES MADE ACCORDING TO CORRECT VASTU?
a) Yes, Strictly
b) Maybe a little
c) No, not a concern at all
22] WHICH IS YOUR MOST PREFERRED FLOOR IN A NORMAL 7 FLOOR BUILDING?
a) 1st floor
b) 2nd to 4th floor
c) 5th or 6th floor
d) 7th floor/ Top floor
23] ARE YOU AWARE OF THE FLOOR RISE? ARE YOU READY TO PAY HIGHER
AMOUNT FOR HIGHER FLOORS?
a) Yes
b) No
c) Maybe
24] WHAT ARE YOUR MOST PREFERRED CRITERIA'S WHEN IT COMES TO THE
LOCATION OF THE PROPERTY?
a) Near the core city areas
b) Easy access to public transport
c) Closer to friends or relatives home
d) Near river-sides
e) Easy access to Universities and Colleges
f) Closer to MIDC areas
g) Prime Locations/ Premium colonies
25] WHAT ARE THE MAIN FACTORS YOU SEEK IN A RESIDENTIAL PROJECT?
a) High class amenities and Club house
b) Greenery and Eco-friendly constructions
c) Ample children play area and Gardens
d) Security and safety
e) Quality of raw materials used
f) 24 hour water supply
g) Solar power and rainwater harvesting plans
h) Decent class of neighbors
26] WHICH TYPE OF PARKING OPTION DO YOU PREFER?
a) Allotted and Uncovered
b) Allotted and Covered
c) Common Area
d) Doesn't matter
27] WHAT FACTORS DO YOU CONSIDER MORE IMPORTANT WHILE CHOOSING A
FLAT?
a) Good Ventilation
b) Spacious room sizes
c) French Windows
d) Attached Washrooms
e) Utility Space
f) Garbage Shoots
g) Concealed electrical wiring
h) Gas pipeline facility
28] WHICH FINANCE AND COST RELATED FACTORS ARE YOU CONCERNED
ABOUT THE MOST?
a) Per Sq.Ft Rate
b) The government ready-reckoner rate
c) The maintenance charges
d) Percent of finance cover for the property
e) Applicability of PMAY scheme
f) GST benefits
g) Flexible Payment options
29] WHAT QUALITIES DO YOU SEEK IN THE PROJECT DEVELOPER (BUILDER)
BEFORE FINALIZING A PROPERTY?
a) Brand Name of the builder
b) Transparency in working
c) Trustworthiness
d) Goodwill and experience
e) In time project completion
f) Professional and Systematic
g) Of Non-Political Background
h) member of CREDAI Nashik.
BIBLIOGRAPHY
http://consumerbehaviourr.blogspot.com/2017/03/consumer-behaviours-nature.html
https://www.britannica.com/topic/marketing/The-consumer-buying-process
https://www.business2community.com/consumer-marketing/six-stages-consumer-buying-
process-market-0811565
http://www.yourarticlelibrary.com/products/5-factors-influencing-consumer-behaviour-
explained/22163
https://www.ibef.org/industry/real-estate-india.aspx
https://www.99acres.com/ask-what-is-the-meaning-of-ready-reckoner-rates-313177.html