A PROJECT REPORT

ON
BUYING BEHAVIOR AND CONSUMER PREFERENCES IN THE RESIDENTIAL REAL
ESTATE INDUSTRY IN PUNE
AT
WISTERIA REAL VISION PVT. LTD
SUBMITTED BY
SUDHANSHU ANANT PAI
MBA-II Year (2020-2022)

UNDER THE GUIDANCE OF

PROF. Dr. SUDARSHAN PAWAR

SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY
IN PARTIAL FULFILMENT OF TWO YEAR FULL TIME MASTERS DEGREE IN BUSINESS
ADMINISTRATION [MBA]

JSPM’s
JAYAWANT INSTITUTE OF MANAGEMENT STUDIES,
TATHWADE PUNE 411033

1
 JSPM’s

JAYAWANT INSTITUTE OF MANAGEMENT STUDIES

(Approved by AICTE, New Delhi, Recognised by Gov, of Maharashtra & Affiliated to Pune
University)

S. No. 80/2, Pune-Mumbai Bypass Highway, Tathawade, Pune -

411033.Phone: +91-20-64731454/55 Telefax: +91-20-
22933424.
E-mail: [email protected] Website: www.jspm.edu.in

Dr. Prof. T. J. Sawan Dr. Priyanka A. Singh

B.E.(Elec.), PGDM, Ph.D. B.Sc. (Hons), MBA,

Ph. D. Director

Founder- Secretary Director

CERTIFICATE

This is to certify that the Project Report titled

, is a bonafide work carried out by Ms./Mr.

of MBA- II of JSPM’S JAYAWANT

INSTITUTE OF MANAGEMENT STUDIES, PUNE 411033 as a partial fulfilment of

Master of Business Administration, Degree of Savitribai Phule Pune University.

He / She has worked under our guidance and satisfactorily completed his/her summer

internshipproject work.

Place: Dr./Prof. Dr. Priyanka Singh

Date: Project Guide Director

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 DECLARATION

I, the undersigned, hereby declare that the project Report entitled "A Study Market Analysis of Factors
affecting on buying decision process for real estate property" Written and submitted by me to the Savitribai
Phule Pune University, in partial fulfilment of the requirement for the award of degree of Master of Business
Administration under the guidance of "Prof SUDARSHAN PAWAR" is my original work and the conclusion
drawn therein are based on the material collected by myself.

Place: Pune
Date:

Research Student
Sudhanshu Pai

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 ACKNOWLEDGEMENT

Words are indeed inadequate to convey my deep sense of gratitude to all those who have helped me in
completing this summer project to the best of my ability. Being a part of this project has certainly been a
unique and a very productive experience on my part.

I am really thankful to Mr. Siddharth Lodha and Mr. Rishabh Jain (Directors) for making all kinds of
arrangements to carry the project successfully and for guiding and helping me to solve all kinds of quarries
regarding the project work. His systematic way of working and incomparable guidance has inspired the pace
of the project to a great extent.

I am very grateful to Prof. Sudarshan Pawar & Dr Priyanka Singh, who has given me the opportunity to do
this project in the Wisteria Real Vision Pvt Ltd. and very thankful to all teachers for their useful guidance and
advise.

Last but not least I would like to thank all the employees of Company who have directly or indirectly helped
me with their moral support for the completion of my project.

Sudhanshu Pai

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EXECUTIVE SUMMARY

Indian real estate has been a mixed bag of growth and decline in residential constructional zone. The population
growth and migration from rural to urban areas has considerably changed the outlook of realty in urban and
its adjoining areas. The objective of the research is to study the Factors affecting on buying decision process
for real estate property. Most real estate study is based on neoclassical economics. Consumers are expected to
make real estate decisions that maximize their utility and wealth given price and income constraints.

Tastes and preferences are taken as given. The outcomes of consumer actions are used to infer these
preferences. The study of real estate would benefit from an expansion to include consumer behavior concepts
from sociology and psychology as synthesized through marketing. Inclusion of these concepts in real estate
education will help real estate analysts better explain and predict the behavior of decision-makers in real estate
markets. This paper will present a review of the consumer behavior literature relevant to real estate and suggest
how these concepts could expand real estate study

In this study, Purposive sampling (Non-random sampling) type of sampling technique has been used. Keeping
in mind the aims, objectives and the fact that all the respondents for the study were educated, structured
questionnaire is used for data collection. The questionnaire consisted various aspects like open ended, close
ended, multiple choice etc.

The objective of the project report was to find out the factors that customers consider while they purchase a
real estate property. Real estate property buyers evaluate the home on the basis of neighbourhood
characteristics, job accessibility and specific house characteristics.

The study concluded that consumer have become very much decision maker they took into consideration so
many aspects like the brand of the developer, price of the property, location of the property, future expectations
of the property. Income level of the buyer plays an important role in buying decision

Purpose: The main objective of this study is to find the relative importance of the various criteria that home
buyers consider while evaluating the available alternatives. This study also attempts to categorize these
variables into factors.

Methodology: This is a descriptive research in which non-disguised and structured questionnaire having
closed-ended questions. It was administered to collect data from the respondents.

Findings: It was found in the study that financial factors are given the highest consideration while evaluating
the alternatives by the residential property buyers. The variables could be grouped into six factors.

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 INDEX

Sr. No: Particular Page no:

1 Introduction 07-09

2 Company Profile 10-12

3 Industry Profile 13-17

4 Objective and Scope 18-20

5 Theoretical Background 21-28

6 Research Methodology 29-31

7 Data Analysis and Interpretation 32-43

8 Suggestion and Recommendation 44-45

9 Findings 46-47

10 Conclusion 48-49

11 Learning Through Project 50-51

12 Limitation 52-53

13 Bibliography 54-55

14 Annexure 56-60

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 CHAPTER 1

INTRODUCTION

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The purchase of a real estate property is a high-involvement purchase and the buyer goes through a complex
buying decision-making process. In a complex buying decision-making, the buyer goes for extensive
information search from various sources and almost all family members participate in buying decision and
the time taken for final decision-making is also high (Sciffman & Kanuk, 2004). Own house is a vital need
for humans. It is a basic need and considered an element of the standard of living. The house gives safety,
privacy and independence. Homeownership provides stability to family life and it is also used as an
investment (Rahman, 2010).

Economists characterized housing as a bundle of attributes (MacLennan 2002). Some of these attributes are
internal characteristics of the housing unit itself, such as, whereas external are access to utilities, services and
facilities and location. Very little research had been carried out in the UK to understand consumer needs and
wants in regards to housing preferences and interest (Mills, 2000). Due to this, there is a significant gap
between developers’ perceptions and consumers’ expectations, which resulted in customer dissatisfaction
(Swartz & Brown, 1989). So, Ozaki (2002) tried to bridge this gap by calling researchers to study this issue.
It is now very important to study the factors affecting buyer behaviour regarding residential property. It will
help residential property developers in fulfilling the needs of customers of residential real estate products
(Opoku & Abdul-Muhmin, 2010).

Residential property market studies have found increasing recognition and the importance of buyers’
behaviour, among researchers and the property industry. There is a high acceptance of need of studying the
consumer behaviour in real-estate products (Gallimore, 1999). Most studies in this area have investigated the
behavioural concepts that affect the price-setting processes and market’s search. It is important to understand
the buying decision-making process as the value of the residential property is determined by the demand
(Almond, 1999).

The term real estate comes from the Spanish word real, which means royal. So real estate literally translates
into royal estate. This is because during Agrarian Age, there really were two classes of people, royalty and
peasants. The royals owned the land and the peasants lived on and worked the land. There are five types of
Real Estate, namely Residential (housing), Commercial (offices, shops, theatres, hotels, car parks), Industrial
(warehouses, factories, power plants) Agricultural (farms, orchards, etc.) and Special purpose (hospitals,
schools, etc.)

Real Estate covers private lodging, business workplaces, and retail outlets, exchanging spaces, for example,
theatres, inns and eateries, mechanical structures, for example, manufacturing plants and government
structures. It includes the buy, deal, and advancement of land and also private and non-private structures. The
exercises of the land division envelop the lodging and development segments moreover. The Real Estate in
India are the home designers, estate manufacturers, Apartment engineers, township engineers who are
assuming a noteworthy job in building nation's framework. Under the genuine endeavours of these land
designers, urban communities in India have seen a fast development in the development of private and business
ventures. It is because of the inventive endeavours and exquisite developments of these land manufacturers,
Major urban areas in India have seen excellent facelift. Regardless of whether it is a private property or
business property the Indian land firms are dependably up with new imaginative thoughts and plans, which
can grab the eye of financial specialists over the globe.

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The house gives safety, privacy and independence. Homeownership provides stability to family life and it is
also used as an investment (Rahman, 2010). Economists characterized housing as a bundle of attributes
(MacLennan 2002). Some of these attributes are internal characteristics of the housing unit itself, such as,
whereas external are access to utilities, services and facilities and location. Very little research had been carried
out in the UK to understand consumer needs and wants in regards to housing preferences and interest (Mills,
2000). Due to this, there is a significant gap between developers’ perceptions and consumers’ expectations,
which resulted in customer dissatisfaction (Swartz & Brown, 1989). So, Ozaki (2002) tried to bridge this gap
by calling researchers to study this issue. It is now very important to study the factors affecting buyer behaviour
regarding residential property. It will help residential property developers in fulfilling the needs of customers
of residential real estate products.

Indian cities are normally categorised into three tiers:

Tier I comprise the Delhi, Mumbai and Bangalore. Tier II consists of Hyderabad, Pune and Chennai, the cities
targeted by companies as alternative off shoring destinations and which now possess a well-trained pool of
skilled labour. According to a Research the cost advantage of Tier II cities over those in Tier I is estimated at
15% to 20%. Tier III cities: But given the rising costs in Tier II cities in recent years, companies are
increasingly eyeing Tier III cities. These are cities with populations of more than a million (10lakhs) are not
yet completely established as outsourcing and off shoring destinations. Their absolute cost advantage over
Tier I cities is estimated at between 15% and 30% by the same DB Research.

As real estate construction and values have expanded in India — buoyed by healthy economic growth, and
coupled with a series of IPOs by property firms — so in recent years has India's property sector changed
substantially. These trends of growth and modernisation are set to continue, with some market participants
forecasting that real estate development in India will grow from US$12 billion in 2017 to US$90 billion by
2020. In addition, international capital has become more interested in Indian property and is seeking
transparent and liquid ways to invest. Furthermore, with a more global property market, the level of
competition in the Indian property business is rising, while the need for property firms to strengthen their
operational infrastructures, personnel and finances to better compete is also becoming more acute. India's GDP
growth rate has averaged more than 8% over last few years, up from an average of around 6% during the 1990s
and has touched the 9% last fiscal. India emerged as a land of opportunities. The principle drivers of India's
GDP are changing demographics, rising levels of foreign investment, a vibrant services sector powered by the
IT and ITES sectors and buoyant exports.

Notwithstanding concerns over lack of structural reform, these factors are likely to be sustained in the
foreseeable future, resulting in continued strong GDP growth. This economic growth has, in turn, stimulated
demand for property to help meet the needs of business, such as modern offices, warehouses, hotels and retail
shopping centres. It has also boosted housing demand as a wealthier populace seeks upgraded accommodation.
Moreover, shrinking household size and improved access to housing finance have boosted the demand for
residential property. Tax incentives have also been granted to interest and principal paid on home loans, which
has made owner-occupied property more attractive.

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 CHAPTER 2

COMPANY PROFILE

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Company Profile: Wisteria Properties

Wisteria Properties is a leading real estate company which has been serving in Residential, Commercial and
Industrial sector (Sale/Purchase/Renting) in Pune. We are one of the growing real estate company in Pune, we
cater to your entire range of real estate brokerage needs.

Wisteria Properties is an established name in real estate industry in Pune set up by Mr. Rishabh Jain and Mr.
Siddharth Lodha few years back. As a real estate company, we believe that in today's professional scenario a
consultant's job is not just limited to showing the sites, arranging meetings and signing the deal. We as a
company ensure full team support and coordination till the possession.

We are the most trusted Real Estate Consultants in Pune. We endeavour to ensure that our prospective clients
get the opportunity to select from the vast variety in the properties offered to choose as per their requirements
the best suited for them and then purchase rent the same with our expert guidance to support them. Even while
selling a property we ensure that our client gets the best deal. Not to mention that when we manage our client’s
property we take away all the hazels of managing a property from them Our success is due to the simple fact
that we treat every landlord and tenant as a person, not a number, each with their own individual needs. In
order to establish trust, before doing business with us, we can provide you genuine references. You can contact
them and get real and honest feedback. If you are happy with references, only then you can do business with
us. Check out testimonials of some of our satisfied client.

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MISSION

To make the buying and selling of real estate as cost effective as possible while maintaining the highest level
of service. To provide accurate and up-to-date information, skilled analysis and sound real estate advice.

VISION

To be the most trusted partners to take care of our client's property. This will ensure that their asset's gives
them long term and short term returns without any day to day hassles.

Rent/Buy/Sell

Why Buyers Choose Wisteria Properties

If you are buying a home in today’s market, you need someone with the expertise and attention to detail to
guide you through the process. The Wisteria Properties team has developed a level of home buying expertise
unmatched in the Pune and PCMC area to meet these needs.

At Wisteria Properties, our goal is to help homebuyers and investors purchase the best property available at a
price that is right.

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 CHAPTER 3

INDUSTRY PROFILE

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Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors - housing,
retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the
corporate environment 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.

In India, the real estate sector is the second-highest employment generator, after the agriculture sector. It is
also expected that this sector will incur more non-resident Indian (NRI) investment, both in the short term and
the long term. Bengaluru is expected to be the most favoured property investment destination for NRIs,
followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

Market Size

By 2040, real estate market will grow to Rs. 65,000 crores (US$ 9.30 billion) from Rs. 12,000 crores (US$
1.72 billion) in 2019. Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up
from US$ 200 billion in 2021 and contribute 13% to the country’s GDP by 2025. Retail, hospitality, and
commercial real estate are also growing significantly, providing the much-needed infrastructure for India's
growing needs.

As per ICRA estimates, Indian firms are expected to raise >Rs. 3.5 trillion (US$ 48 billion) through
infrastructure and real estate investment trusts in 2022, as compared with raised funds worth US$ 29 billion
to date.

The office market in top eight cities recorded transactions of 22.2 msf from July 2020 to December 2020,
whereas new completions were recorded at 17.2 msf in the same period. In terms of share of sectoral occupiers,
Information Technology (IT/ITeS) sector dominated with a 41% share in second half of 2020, followed by
BSFI and Manufacturing sectors with 16% each, while Other Services and Co-working sectors recorded 17%
and 10%, respectively.

According to Savills India, real estate demand for data centres is expected to increase by 15-18 million sq. ft.
by 2025.

In 2020, the manufacturing sector accounted for 24% of office space leasing at 5.7 million square feet. SMEs
and electronic component manufacturers leased the most between Pune, Chennai and Delhi NCR, followed
by auto sector leasing in Chennai, Ahmedabad and Pune. The 3PL, e-commerce and retail segments accounted
for 34%, 26% and 9% of office space leases, respectively. Of the total PE investments in real estate in Q4
FY21, the office segment attracted 71% share, followed by retail at 15% and residential and warehousing with
7% each.

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According to JLL India, in the third quarter of 2021, India's net office absorption reached 5.85 million sq. ft.,
up 8% YoY in key cities. Three cities—Delhi-NCR, Mumbai and Pune—accounted for ~62% of the total
volumes recorded in the quarter.

Between July 2021 and September 2021, a total of 55,907 new housing units were sold in the eight micro
markets in India (59% YoY growth).

In the third quarter of 2021 (between July 2021 and September 2021), new housing supply stood at ~65,211
units, increased by 228% YoY across the top eight cities compared with ~19,865 units launched in the third
quarter of 2020.

In 2021-22, the commercial space is expected to record increasing investments. For instance, in October 2021,
Chintels Group announced to invest Rs. 400 crores (US$ 53.47 million) to build a new commercial project in
Gurugram, covering a 9.28 lakh square feet area.

According to the Economic Times Housing Finance Summit, about 3 houses are built per 1,000 people per
year compared with the required construction rate of five houses per 1,000 population. The current shortage
of housing in urban areas is estimated to be ~10 million units. An additional 25 million units of affordable
housing are required by 2030 to meet the growth in the country’s urban population.

Investments/Developments

Indian real estate sector has witnessed high growth in the recent times with rise in demand for office as well
as residential spaces. According to Colliers India, a property consultant, institutional investments in the Indian
real estate sector are expected to increase by 4% to reach Rs. 36,500 crore (US$ 5 billion) in 2021, driven by
rising interest of investors towards capturing attractive valuations amid the pandemic. According to a recent
report by Colliers India, private equity investments in Indian real estate reached US$ 2.9 billion in the first
half of 2021, which was a >2x increase from the first half in 2020.

Exports from SEZs reached Rs. 7.96 lakh crore (US$ 113.0 billion) in FY20 and grew ~13.6% from Rs. 7.1
lakh crore (US$ 100.3 billion) in FY19.

In July 2021, the Securities and Exchange Board of India lowered the minimum application value for Real
Estate Investment Trusts from Rs. 50,000 (US$ 685.28) to Rs. 10,000-15,000 (US$ 137.06 - US$ 205.59) to
make the market more accessible to small and retail investors.

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According to the data released by Department for Promotion of Industry and Internal Trade Policy (DPIIT),
construction is the third-largest sector in terms of FDI inflow. Construction is the third-largest sector in terms
of FDI inflow. FDI in the sector (including construction development & activities) stood at US$ 51.5 billion
between April 2000 and June 2021.

Some of the major investments and developments in this sector are as follows:

Between January 2021 and September 2021, private equity investment inflows into the real estate sector in
India stood at US$ 3.3 billion. Home sales volume across seven major cities in India surged 113% YoY to
reach ~62,800 units in the third quarter 2021, from 29,520 units in the same period last year, signifying healthy
recovery post the strict lockdown imposed in the second quarter due to the spread of COVID-19 in the country.
In the third quarter of 2021, the Institutional real estate investment in India increased by 7% YoY. Investment
registered in the first nine months of 2021 stood at US$ 2,977 million, as against US$ 1,534 million in the
same period last year.
In November 2021, Ascendas India bought Aurum Ventures’ 16-storey commercial tower in Navi Mumbai
for Rs. 353 crores (US$ 47 million), making it the largest deal of a standalone commercial tower by a global
institutional investor during the past few years.
REA India-owned online real estate company Housing.com tied up with online legal assistance start-ups
LegalKart, Lawrato, Vidhikarya and Vakil in 2021 to offer legal advice and assistance to homebuyers.
Top three cities—Mumbai (~39%), NCR-Delhi (~19%) and Bengaluru (~19%)—attracted ~77% of the total
investments recorded in the third quarter of 2021.
India's flexible space stock is likely to expand by 10-15% YoY, from the current 36 million sq. ft., in the next
three years, according to a report by CBRE.
To establish an investment platform for the Indian retail-led mixed-use assets, in June 2021, GIC announced
to acquire a minority stake in Phoenix Mills’ portfolio (worth US$ 733 million).
In May 2021, Blackstone Real Estate acquired Embassy Industrial Parks for Rs. 5,250 crores (US$ 716.49
million) to expand its presence in the country.
To expand into the Indian real estate market, SRAM & MRAM Group collaborated with Area CAS Developers
and Infrastructure Private Limited (Area Group), and Gupta Builders and Promoters Private Limited (GBP
Group) of India. It plans to invest US$ 100 million in the real estate sector.
According to Anarock, housing sales in seven cities increased by 29% and new launches by 51% in Q4 FY21
over Q4 FY20.
Private market investor, Blackstone, which has significantly invested in the Indian real estate sector (worth
Rs. 3.8 lakh crore (US$ 50 billion), is seeking to invest an additional Rs. 1.7 lakh crore (US$ 22 billion) by
2030.
In 2021, working remotely is being adopted at a fast pace and demand for affordable houses with ticket size
below Rs. 40-50 lakh is expected to rise in Tier 2 and 3 cities, leading to an increase in prices in those
geographies.

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In April 2021, HDFC Capital Advisors (HDFC Capital) partnered with Cerberus Capital Management
(Cerberus) to create a platform that will focus on high-yield opportunities in the residential real estate sector
in India. The platform seeks to purchase inventory and provide last-mile funding for under construction
residential projects across the country.
In March 2021, Godrej Properties announced it would launch 10 new real estate projects in Q4.
In March 2021, Godrej Properties increased its equity stake in Godrej Realty from 51% to 100% by acquiring
equity shares from HDFC Venture Trustee Company.

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 CHAPTER 4

OBJECTIVE AND SCOPE

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OBJECTIVE OF THE STUDY

Project has mainly following objectives:

• To determine the customer's buying behaviour about residential real estate company.

• To determine the customer's expectations from real estate company.

• To determine the problems or difficulties faced by the customers while buying a house or flats.

• To determine customer awareness, preferences and satisfaction toward Wisteria Properties Pvt Ltd.

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SCOPE OF THE STUDY

The project undertaken makes me able to improve my professional skills and expertise. It helps me in getting
an idea of Real Estate industry and its importance in our life. It increases my confidence on professional
ground by dealing with high profile corporate that are very hard to convince. As for as company's benefit is
concerned, this project helps company to know its market condition and level of competition.

Also, it helps in creating awareness to consumers regarding property documents and in promotion of their
services. In order to accomplish the objectives of the project a survey has been conducted amongst
customers of the real estate market.

The survey is based on questionnaire filling method and limited to some parts of waked and telegram region.
The survey is restricted to the information needed to show legal, technical and financial transparency
between project developer and customer.

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 CHAPTER 5

THEORETICAL BACKGROUND

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"Marketing is a social and managerial process through which individual and groups can obtain what they need
and want through creating offering and exchanging product of value with others."
-Philip Kotler

Marketing is a process of planning and executing the conception, pricing, promotion and distribution of ideas
of goods and services to create exchange that satisfy individual and organizational objectives.

Marketing is comprehensive term marketing is a management function to plan promote and deliver product to
the customers. A successful marketing strategy has better marketing tools by which the firm may overcome
existing competition. We have to be strong either on one front as all other fronts, which create a demand for
our products. At any time, there may be no advertisement adequate and marketing management must find
ways to deal with marketing different demand status.

CUSTOMER SATISFACTION

A Customer is a person who brings up his wants. It is our job to handle them profitably to him and to ourselves.
A customer is not depending on us, we are dependent on him.

As organizations become increasingly customer focused and driven by demand, the need to gain customer
loyalty and retain their loyalty is critical. Customer satisfaction is the most effective way to achieve customer
loyalty. Customer satisfaction and customer loyalty share many similar traits. Customer value is the customer's
perception of the ratio of benefits to what he or she gives to obtain those benefits. The customer Value Triad
is a framework used to understand what it is that customers want. The framework consists of three parts:

The frame work consists of three parts:

• Perceived product quality.

• Value based pricing.

• Perceived service quality.

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Customers are satisfied, when value meets or exceeds expectations. If their expectations of value are not met,
there is no chance of satisfying them. Figuring out what the customers want, however, is a difficult and
complex process. To be able to create and deliver customer value is important to understand its components.
On the most basic level, value from a customer's perspective is the ratio of benefits to the risks being taken
while buying the product.

According to Harold E. Edmondson: "Customer satisfaction seems to appear in print more frequently than
any other catch phrase used to describe a new-found magic for industrial success. Before we proceed in to the
study of the dynamic of customer satisfaction it is important to know about, who a customer is and what
satisfaction is really means."

Who really is a Customer?

The question of defining who your customers are seems fairly easy particularly if you have segmented your
market properly and understand who you are trying to satisfy. However, subtlety that frequently goes
undetected by many firms is that is that customer set can be divided into two parts, the apparent customer and
the user. The apparent customer is the person or group of people who decide what product to buy and basically
have control over the purse strings. The user is a person or group who physically uses the product or is the
direct recipient of a service. What does satisfaction really mean?

As in defining customer above, defining satisfaction also appears simple. However as with customer there is
a subtlety that needs addressing. Satisfaction by most definitions simply means meeting the customer's
requirement.

Customer satisfaction is a concept that more and more companies are putting at the heart of their strategy, but
for this to be successful they're needs to be clarity about, what customer satisfaction means and what needs to
happen to drive improvement. Without this, there is a risk that customer satisfaction becomes little more than
a good intention, with confused objectives failing to address the real issues. for customers, one helpful way to
look at the problem is to rephrase the objectives: set the sights on helping the customers meet their goals.

Customer satisfaction can be defined in many different ways. Finding the right way for a company depends
on understanding your customer and on having a clear vision of the role that customer satisfaction is to play
in the strategy. For example, a focus on customer satisfaction can work alongside existing segmentations to
support revenue generation from high value customers or it can be a company-wide objective rooted in the
brand values. For the former, it may be sufficient to focus on improving customer service, but for the latter a
broader definition of customer satisfaction is necessary, closer akin to corporate reputation.

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Whatever the strategy for customer satisfaction, it must at least include getting the basics right. Failing to
achieve this can destroy the reputation as well as losing valuable customers. Every customer, regardless of
their economic worth to the business, has the power to influence positively or negatively - a company's
reputation. Once the objectives for the customer satisfaction strategy are defined there are a number of steps
we can take to make sure the focus on customer satisfaction is effective.

CUSTOMER PERCEIVED VALUE:

Consumers are more educated and informed than ever, and they have the tools to verify company's claim and
seek out superior alternatives. The customers are tending to be value maximizes, within the bounds of search
costs and limited knowledge, mobility and income. Customers estimate which offer lives up to the expectations
affects customer satisfaction and probability that the consumer will purchase the product again.

Customers' perceived value is the difference between the prospective customer's evaluation of all the benefits
and all the costs of an offering and the perceived alternatives.

A COMPANY AROUND CUSTOMER SATISFATION

Wisteria Pvt Ltd. focus on customer satisfaction as well as profit margin. In these top management uses
consultative, participative and supportive management styles for satisfying their customer.

The staffs focus all of its attention on satisfying the customer's needs. However, the management's job is to
provide staff with support necessary to achieve these goals. The other department and staff in the company
that do not contact with the internal customer deal exclusively with internal customer.

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MARKETING STRATEGY

A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning
them into customers of their products or services. A marketing strategy contains the company’s value
proposition, key brand messaging, data on target customer demographics, and other high-level elements.

Marketing strategy of Wisteria is quite different as compare to other private players they are not only put
emphasis on promotion but also sales and after services. Its marketing strategy is completely in boundary they
are only doing marketing in domestically. So, it is not following current trend of marketing.

Its product is USP and features of its products are also unique in the nature and less barrier as compare to
others. Its product price is also reasonable as compare to others company. It also gives hard competition to
their competitors in terms of product, price, feature, spares and after sales services.

Marketing department also give advertisement in Newspaper and Magazine. Marketing department is one of
the most significance departments and with the help of proper marketing strategy company get lot off
advantages.

There are four elements that make up the marketing mix, in which the 4ps of marketing are found to shape the
crucial strategies to generate profits in the company and boost sales:

• Product strategies
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 • Pricing strategies
• Distribution strategies
• Promotion strategies

MARKET SEGMENTATION

At its core, market segmentation is the practice of dividing your target market into approachable groups.
Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests,
and other psychographic or behavioural criteria used to better understand the target audience.

Market segmentation is a process of dividing the market into distinct sub groups of consumers with distinct
needs, characteristic or behaviour who might require separate product a marketing mix.

It helps in comparing market opportunities, timing of marketing, media selection, designing the product and
fixing the prices and effective use of resources and better quality to customers. It is been engaged mainly in
the business of manufacturing of automobile products consisting of commercial and passenger vehicles in one
single primary segment.

Market segmentation can help you to target just the people most likely to become satisfied customers of your
company or enthusiastic consumers of your content. To segment a market, you split it up into groups that have
similar characteristics. You can base a segment on one or more qualities. Splitting up an audience in this way
allows for more precisely targeted marketing and personalized content.

26
Market segmentation allows you to target your content to the right people in the right way, rather than targeting
your entire audience with a generic message. This helps you increase the chances of people engaging with
your ad or content, resulting in more efficient campaigns and improved return on investment (ROI).

MARKETING MIX

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often
refers to a common classification that began as the four Ps: product, price, placement, and promotion.

Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps
reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain
focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic
decisions when launching new products or revising existing products.

Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objective in the target
market.

It is the sum total of 4 p's which are directed as prospect which helps to succeed and survive in competitive
business to succeed there must be a proper combination of marketing mix.

What is the importance of the marketing mix?

All the elements of the marketing mix influence each other. They make up the business plan for a company
and handled right, can give it great success. But handled wrong and the business could take years to recover.
The marketing mix needs a lot of understanding, market research and consultation with several people, from
users to trade to manufacturing and several others.

Marketing Mix is a set of marketing tool or tactics, used to promote a product or services in the market and
sell it. It is about positioning a product and deciding it to sell in the right place, at the right price and right
time. The product will then be sold, according to marketing and promotional strategy. The components of the
marketing mix consist of 4Ps Product, Price, Place, and Promotion. In the business sector, the marketing
managers plan a marketing strategy taking into consideration all the 4Ps. However, nowadays, the marketing
mix increasingly includes several other Ps for vital development.

27
Understanding Marketing Mix
The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by
marketing professor and author E. Jerome McCarthy.1 Depending on the industry and the target of the
marketing plan, marketing managers may take various approaches to each of the four Ps. Each element can be
examined independently, but in practice, they often are dependent on one another

• Product:
It is anything that is offered to market for attention, acquisition, consumption that can satisfy a need or
a want.

• Price:
It is the exchange value of product at which the seller is willing to sell and buyer is willing to buy. It
also has a vast impact on the global market.

• Promotion:
It is required to communicate and convince the buyers to buy products or services.

• Place:

28
It refers to placing the product in the hands of the buyer’s place, involve distribution channel and
physical distribution market motivate and manage the channel through which the product reach to
customer and distribution channel creates time, place, possession and firm utility.

29
 CHAPTER 6

RESEARCH METHODOLOGY

30
RESEARCH METHODOLOGY

❖ MARKETING RESEARCH

Research is a careful investigation or enquiry especially through search for new facts in any branch of
knowledge. Marketing research plays an important role in the process of marketing. It helps the firm
to acquire a better understanding of the consumers, the competition and the marketing environment.

DEFINITION:

“Marketing research is a systematic gathering, recording and analysis marketing problem to facilitate decision
making."
-Coundiff & Still

"Marketing research is a systematic problem analysis, model building and fact finding for the purpose of
important decision making and control in the marketing of goods and services."
-Phillip Kotler.

❖ ROLE OF RESEARCH

Research is defined as the systematic and objective search for and analysis of information relevant to the
information and solution of any problem.

Research is a systematic collection and analysis of information that is ultimately used in evolving decision.
All the stages in research must be carried out in logical number. It should also ensure objectivity in every step.
Research must not be a mere collection of statistical information. One must justify the choice of methodology
of data collection and analysis. And research must not be too preoccupied with techniques, but instead convey
the meaning of the results in marketing terms even when some advanced sophisticated or advanced tools is
used.

31
 ❖ TYPES OF RESEARCH:

1) Descriptive Research: current research study was conducted considering descriptive research design
that includes surveys and fact-finding enquiries of different factors affecting purchase decision of real
estate property.

RESEARCH TOOL: - Questionnaire

DATA COLLECTTION METHODS:

1) Primary data is collected through questionnaire method which is design to keep in view the objective
of the study.

2) Secondary data is collected through internet sources, research papers, and published reports by various
institutions.

SAMPLE DESIGN:

Study of the geographical area comprising of Waked, Banner, And, Pimpri, Chinchwad, Hinjewadi, Balewadi
were undertaken. It has tried to cover corporate offices of different industries in these regions.

Sampling Technique: - Purposive sampling (Non-random sampling)

Sampling Unit: The sampling unit for this study is real estate sites and their customers.

Sample size: 100 Respondents (Customers) were approached to collect the data.

32
 CHAPTER 7

DATA ANALYSIS AND INTERPRETATION

33
Q1. What resources have you been using to look for homes?

Table no. 1
Particular No. of Responses
1. Internet 35
2. Direct Walk-in 15
3. Channel Partner 30
4. Hoarding, Flex 13
5. TV ads 07

Graph no. 1

40

35

30

25

20

15

10

0
Internet Direct Walk-in Channel Partner Hoarding, Flex TV ads

Interpretation:
In the above analysis, it is observed that there are 35 respondents preferring internet, 15 are in direct walk-in,
other 30 in Channel Partner, 13 in Hoarding and Flex and 07 are for TV ads.

34
Q2. Is there a particular location in the city you prefer?

Table no: 2
Particular No. of Responses
1. Wakad 25
2. Hinjewadi 12
3. Tathawade 08
4. Punawale 05
5. Baner 10
6. Aundh 17
7. Dhanori 03
8. Balewadi 10
9. Kothrud 06
10. Ravet 04

Graph no. 2

LOCATION
30

25

20

15

10

Interpretation:
The graph no.2 and table no.2 reveals that 25 respondents prefer the property in Wakad, 12 respondents are
looking for Hinjewadi, 08 respondents for Tathawade, 05 respondents for Punawale,10 respondents for Baner,
17 repondents for Aundh, 03 respondents for Dhanori, 10 respondents for Balewadi, 06 respondents for
Kothrud and 04 for respondents.

35
Q3. What budget would you like to stay within?

Table no. 3

Particular No. of Responses

1. 50 – 70 lacs 30
2. 70-90 lacs 45
3. 90 – 1 cr 13
4. 1 – 1.20 cr 07
5. 1.20 – 1.40 cr 05

Graph no. 3

Budget
50
45
40
35
30
25
20
15
10
5
0
50 – 70 lacs 70-90 lacs 90 – 1 cr 1 – 1.20 cr 1.20 – 1.40 cr

Interpretation:
The graph no. 3 and table no. 3 show client budgeting,45 no of respondents prefer 70-90 lacs, 30 Respondents
prefer 50-70 lacs, 13 Respondents prefer 90-1cr, and 7 & 5 Respondents prefer 1-1.20cr and 1.20-1.40cr
simultaneously.

36
Q4. How soon do you need to move?

Table No. 4
Flats available on No. of responses
1. Ready Possession 60
2. In 2-3 Years, Possession 25
3. Early Possession 15

Graph no. 4

FLATS AVAILABLE ON

Ready Possession In 2-3 Years, Possession Early Possession

Interpretation:
The graph no. 4 and table no. 4 states that 60 of them clients move for ready possession, 25 wait 2-3 years for
possession and 15 prefer early possession.

37
Q5. How many bedrooms do you need?

Table No: 05
Size of Flat No. of Responses
1. 1 BHK 25
2. 2 BHK 55
3. 3 BHK 20

Graph no. 05

SIZE OF FLAT

1 BHK 2 BHK 3 BHK

Interpretation:
The graph no. 5 and table no. 5 indicate that 25 respondents have preferred 1BHK, 55 respondents prefer 2
BHK and 20 respondents prefer 3BHK size of Flats.

38
Q6. Approximately what size house are you looking for (square footage)?

Table no. 6
Areas of flat No of responses
1. 650-850 10
2. 850-1050 45
3. 1050-1250 25
4. 1250-1450 15
5. 1450-1650 05

Graph no. 6

Area of Flat
50
45
40
35
30
25
20
15
10
5
0
650-850 850-1050 1050-1250 1250-1450 1450-1650

No of response

Interpretation:

As per my survey I have seen that most of the flats that is of high sell is of 2 BHK
In the Table no.6 and graph no.6 indicates that 100 out of 10 respondents choose 650-850 sqft flat size and 45
respondents choose 850-1050 sqft flat size, around 25 respondents choose 1020-1250sqft, 15 respondents
choose 1250-1450sqft, 5 respondents choose 1450-1650 sqft. Maximum respondents choose 850 to 1050 sqft
because it is 2 BHK and value for money for them.

39
Q7. How many stories do you prefer?

Table no. 7
Particular No of responses
1. 5 07
2. 10 13
3. 15 20
4. 20 25
5. 25 35

Graph no. 7

Stories
40

35

30

25

20

15

10

0
5 10 15 20 25

Interpretation:

In the table no. 7 and graph no. 7 indicates that 100 out of 07 respondents choose 05 story building, 13
respondents choose 10 story building, 20 respondents choose 15 story building, 25 respondents choose 20
story building and 35 respondents choose 25 story building. Most of the customer now preferring high rise
towers above 20 floors

40
Q8. Do you want amenities or not?

Table no. 8
Particular No of responses
1. With amenities 65
2. Without amenities 35

Graph no. 8

With/without amenities

with amenities without amenities

Interpretation:
In the table no. 8 and graph no. 8 data indicates that 100 out of 65 respondents choose apartments with
amenities and 35 respondents choose without amenities apartment.
Every flat has its own amenities, most of them are garden specially. And rest of the societies have the amenities
but very less. It has seen by me that every societies due to the space only have garden rather than gymnasium,
pool or any other amenities.

41
Q9. What will be your mode of payment?

Table no.9
Particular No of responses
1. By Cash 10
2. By Cheque 25
3. By Loan 65

Graph no. 9

Payment Mode

By Cash By Cheque By Loan

Interpretation:
In the table no. 9 and graph no.9 data indicates that 100 out of 10 respondents make payment by cash, 25
respondents make payments by cheque and 65 respondents take loan for payment.
Most of the customers prefer to take loan due to of huge amount, and make other payment by cheque or online
transfer.

42
Q10. How much money you are paying in advance?

Table no. 10
Advance Payment No of responses
1. 5-10% 30
2. 10-15% 20
3. 15-20% 50

Graph no.10

Advance Payment

5-10% 10-15% 15-20%

INTERPRETATION:
In the table no. 10 and graph no. 10 data indicates that 100 out of 30 respondents make 5-10% payments,20
respondents make 10-15% payment and 50 respondents make 12-20% payment.
Some advance money or we can say taken money is required to book the flats of every specification.
Normally many builders are taking some booking amount to book the flats and also this money helps them
as a working capital to build their project.

43
Q11. If we can find the right property, are you prepared to decide now?

Table no.11
Particular No of responses
1. Yes 40
2. No 60

Graph no.11

Column1

Yes No

Interpretation:
In the table no. 10 and graph no. 10 data indicates that 100 out 40 respondents make decision in less time and
60 respondents take more time to decide for purchase. Buying property is very big decision for anybody so it
is time taking buying process.

44
 CHAPTER 8

SUGGESTIONS

45
 SUGGESTIONS

On the basis of my findings, I want to make certain recommendations as follows:

Recommendation to Wisteria Properties Pvt Ltd.-

First and foremost, the database generated through the project shall be put to effective use through continuous
follow-ups to the potential customers.

• Company shall provide information according to people's need and necessity. And for that they can
open daily polling on their web portal.

• Company shall not always try to attract the new customers only, but should also take feedbacks from
existing once, and try to remove them problems and learn from their experience.

• Customer friendly staff well equipped with necessary on the basis of my findings, I want to make
certain recommendations as follows –

Recommendation to customer

• Customers shall check all the legal and technical documents and not only the marketing details of the
builders/project, before buying or searching house.

• Customers shall go through all the terms and conditions of the project
developed

• Customer shall be aware of the government's policy related to 'Real Estate'.

Recommendation to Project Developer (Builder)

• Builders shall show their legal and technical documents to the customers, to make them satisfied
because most of the customers want to check it and this also helps in creating a unique identity of the
developers.

46
 CHAPTER 9

LEARNING THROUGH THE PROJECT

47
 LEARNINGS

• The research study shows that advertising is most important factor for every organization.

• Every individual has a different perception regarding different issues.

• By providing customer value and good services can create a good image in the mind of customers.

• For every industry research is a major tool for improving their services and finding problems which is
obstacles for their organization.

• Customer perception about organization sometimes creates a profit for organization or loss.

48
CHAPTER 10

FINDINGS

49
 FINDINGS

• Most of the people dissatisfied from the Real estate marketing information provided by the real estate
companies.

• 89% people are checking legal status of construction while buying/ searching a house.

• Some of the people check delayed delivery penalty clause while buying a property.

• 70.7% people want to check details of booking before buying or searching houses.

• Most of the people have chosen PRINT MEDIA & BROKERS as a source of information while buying
or Searching for a property.

• People who have chosen internet, print media, brokers, and personal reference as a source of
information for searching house or property are more satisfied compare to the other sources of
information.

• There is great demand of 2, 3 BHK house in near future in PUNE and PCMC region.

• Most of the people chose information related to the property documents as their first preference
compared to the marketing details of the project, past record of builder and new policies of govt. related
to real estate sector.

• Most of the people wanted the government to make policies in terms of legal, technical and financial
aspects which could create transparency in real estate sector.

• Most of the people know only the names of few property documents and they check only these
documents while searching a property.

50
CHAPTER 11

CONCLUSION

51
 CONCLUSION

• Now a day's people who go for buying and rental house have become more aware. Majority of the
people are still unaware of the documents which they should look for before going to buying a house.

• People need to be more aware of all the documents, the total legalities, and collect as much as
information from the builders.

• They can do their investment with a free mind. with a free mind.

• There is a need to create awareness among the customers as well as project developers to give the
customers the complete information and the role of TRUSTED PROPERTY to educate people.

52
CHAPTER 12

LIMITATIONS

53
 LIMITATIONS

• Due to limitation of time a sample size of only 100 respondents chosen

• The survey was carried through questionnaire and the questions were

• Based on perception.

• The sample for research was chosen only from a limited area.

• Some of the respondents may be biased in giving responses.

• Complete data was not available due to company privacy and security.

• This conclusion and recommendation made are based on a very less experience of researcher in this
field.

54
 CHAPTER-13

BIBLIOGRAPHY

55
 BIBLIOGRAPHY

Referred Books:

• Kothari C.R.- "Research Methodology" New Delhi Tata McGraw Hill in (page no. 95-102)

• Schiffman Leon G.& Kanuk Leslie Lazar, "Consumer Behaviour", Prentice Hall of India "6th edition

• Singh Harpreet "Research Methodology"-Kalyani Publishers. (page no. 1-8, 68-102)

Referred Websites:

• www.wisteriaproperties.com

• www.trustedproperty.org

• www.indianrealestateforum.com

• http://www.scribd.com/doc/25549169/real-estate-project

• http://etd.lsu.edu/docs/available/etd-07032010194437/unrestricted/BonillaThesis.pdf

56
CHAPTER-14

ANNEXURE

57
Now a day's people who go for buying house have become more aware about what they should look
for and the information they should Now a day's people who go for buying house have become more
aware about market.

QUESTIONNAIRE FOR WISTERIA REAL VISION PVT LTD. TO KNOW ABOUT THE
PRODUCT AVAILABILITY IN THE MARKET ON NEW

SALE, SOLE SELLING AND RENT BASIS:

NAME:

SOCIETY/AREA:

CONTACT NO:

1) FLATS AVAILABLE ON:

i. READY POSSESSION

ii. NEXT YEAR POSSESSION

iii. AFTER SOME MONTHS

2) HAVE YOU EVER DONE DEAL WITH OUR COMPANY?

i. YES

ii. NO

3) SPECIFICATION OF FLATS:

i. 1BHK

ii. 2BHK

iii. 3BHK

iv. BANGLOW

v. COMMERCIAL FLATS

58
4)TOTAL AREA OF FLAT LOOKING FOR:

i. 650-850

ii. 850-1050

iii. 1050-1250

iv. 1250-1450

v. 1450-1650

vi. 1650-1850

4) FLATS ARE AVAILABLE WITH TERRACE:

i. YES

ii. NO

5) WHICH TYPE OF PARKING YOU HAVE:

i. UNDER COVER

ii. UNDERGROUND

iii. PERSONAL

iv. OPEN

v. SEMI-OPEN

6) TYPE OF AMENITIES:

i. NOT AVAILABLE

ii. CLUB-HOUSE

59
 iii. GYMNASIUM

iv. GARDEN

7) DO YOU HAVE ANY BROWSERS FOR PLAN LAYOUT?

i. YES

ii. NO

8) TOTAL AREA OF THE SOCIETY?

9) WHAT IS THE TOTAL COST OF THE WHOLE PACKAGE?

10) MODE OF PAYMENT FOR NEW FLATS?

i. BY CHEQUE

ii. BY CASH

11) MODE OF PAYMENT FOR RENTAL FLATS?

i. BY CHEQUE

ii. BY CASH

13) HOW MUCH TOKEN MONEY IS REQUIRED IN ADVANCE?

14) HOW MUCH TIME WILL YOU TAKE TO COMPLETE THE AGREEMENT?

15) WHO WILL PAY THE AGREEMENT COST?

i. CLIENTS

60
 ii. OWNER

iii. COMPANY

61