“Analysis of the consumer’s perception and Expectations while buying a house”

SUMMER PROJECT 2009 Submitted for the partial fulfillment of the requirement for the award Of POST GRADUATE DIPLOMA IN MANAGEMENT

SUBMITTED BY ABHISHEK KUMAR RAI
Roll. No. - 8002

UNDER THE GUIDANCE OF Internal Guide: Dr. Siddharth Varma External Guide: Mr. Ajay Raj Singh

Department of Management INSTITUTE OF MANAGEMENT EDUCATION, SHAHIBABAD

DECLARATION

I hereby declare that the project report titled “Understanding the Customer’s perception and Expectations while buying a house” submitted for the Post Graduate Diploma in Management is my original work and the project report has not formed the basis for award of any degree, diploma, associate ship or other similar titles.

Date: 9/7/09 Place: Sahibabad.

Submitted by: Abhishek Kumar Rai

INSTITUTE OF MANAGEMENT EDUCATION G.T.ROAD,SAHIBABAD,GHAZIABAD(U.P)

DEPARTMENT OF MANAGEMENT

This is to certify that Abhishek Kumar Rai has worked on the project entitled “Analysis of the consumer‟s perception and expectations while buying a house” for the partial fulfillment of the requirements of PGDM (batch 2008-10) for period of 45 days from 19th May 2009 to 3rd July 2009. This bonafied work has been done by him under our supervision.

Signature of the guide

First of all I would like to convey my thanks to Dr. Ms Sudeep Khurana (Deputy Manager) .without their support I could not complete this project. . I would also like to thank Mr. Faculty IME) for his constant suggestions which have resulted in successful completion of project I would like to express my sincere gratitude to Mr. Subham Rastogi (Deputy Manager).O. UDYAN GIRI (Manager) and Mr.) for giving me the opportunity to work and learn with APEKSHA GROUP. The successful task would be incomplete without the mention of the people whose constant guidance and encouragement crown all efforts with success.ACKNOWLEDGEMENT I take this opportunity to express my sense of gratitude to all those who helped me in completing this project. The individual and personal efforts of everyone concerned were memorable and I am once again sincerely thankful to the whole team of APEKSHA GROUP and IME for their cooperation and providing me the required information and resources and helping me throughout for the successful completion of this project. Deputy Manager) who extended to me all the support and cooperation I required during working in the field in various areas from time to time. SIDDHARTH VARMA (Internal Guide. Mr. AJAY RAJ SINGH (External Guide. Ms Pallvi Datta (Deputy Manager).O. I would also like to extend my heartiest thanks to Ms Anjali Chauhan (Deputy Manager). SAMI KHAN (C.

ABHISHEK KUMAR RAI TABLE OF CONTENTS CHAPTER 1: 1.1) OBJECTIVE OF THE STUDY 3. 1 7 .3) APEKSHA GROUP’S CONCEPT TRUSTED PROPERTY 2.0) RESEARCH METHODLOGY 3.1) REVIEW OF LITERATUR CHAPTER 2: 2.5) WHY SHOULD PEOPLE LOOK FOR TRUSTED PROPERTY 2.2) SERVICES OF APEKSA GROUP 2.7) FUTURE PROSPECTS OF APEKSHA GROUP CHAPTR 3: 3.3) DATA COLLECTION METHOD 3.4) REQUIREMENT & NEED OF TRUSTED PROPERTY 2.0) INTRODUCTION TO THE COMPANY 2.2) SCOPE OF THE STUDY 3.5) DATA PROCESSING 28 28 28 29 30 30 23 23 25 25 26 26 27 27 PAGE NO.1) COMPANY PROFILE 2.4) SAMPLE DESIGN 3.0) I NTRODUCTION OF THE SUBJECT 1.6) OBJECTIVE OF TRUSTED PROPERTY 2.

1) FINDINGS 5.0) QUESTIONNAIRE 52 53 54 51 49 50 31 .2) CONCLUSIONS CHAPTER 6: 6.0) DATA ANALYSIS AND INTERPRETATION CHAPTER 5: FINDING AND CONCLUSION 5.0) LIMITATIONS BIBLOGRAPHY 8.CHAPTER 4: 4.0) RECOMMENDATION CHAPTER 7: 7.

People are not aware about the process of buying a house /property. I collected data from Delhi and NCR region. I collected the data of 300 people which has helped me to find out their perception and expectations. For that I targeted to meet people who were doing jobs at top levels in various organizations. . Finding all the solution to their perceptions and expectations. People are not aware of the legal and technical documents which they shouldcheck while buying or searching house/property. First of all I prepared the questionnaire according to the job given to me. The objectives of my questionnaire are as follows – Finding the consumer‟s perception while he goes to buy a house.EXECUTIVE SUMMARY I started my project on 20th may 2009 in Apeksha Group (A Real Estate Consultancy Company) and was asked to study „The consumer‟s perception and Expectations while he goes to buy a house‟. I started my survey from PRAGATI MAIDAN New Delhi. Builders not selling their project directly to END User. Whatever information builder provide to customer in there broachers are condition based and customer does not understand it in same way. I was asked to collect the information related to real estate and the information needed to buy or search property from the educated people who can really have experience of purchasing property or want to buy house or property. Finding the expectations of a consumer when he goes to buy a house. A secondary objective was to gather information about what customers want from real estate developer and Regulatory body working in Real estate sector. People do not know much about the Real Estate sector. Few of them are as follows People do not have a well defined expectation from the Developers.

1. to be around US$ 12 billion. Almost 80 % of real estate developed in India. housing. namely suitable amendments in the Foreign Direct Investment (FDI) guidelines in townships. is residential space and the rest comprise office. built-up infrastructure and construction – development projects as well as abolition of Service Tax on the construction . The future of the real estate sector in India is going to be guided by two important factors. Real estate companies would also do well to maximize their own performance and operational efficiency. including high-end technology consulting. This double-digit growth is mainly attributed to the off shoring business. This figure is growing at a pace of 30% for the last few years.1 Real Estate Industry in India: The size of the real estate industry in India is estimated by FICCI.1. hotels and hospitals. shopping malls. is estimated to have accounted for more than 10 million square feet of real estate development. This is the ideal time to invest in the country as policy makers have begun to emphasize on developing adequate infrastructure for the country. OVERVIEW OF REALESTATE INDUSTRY IN INDIA. call centres and software programming houses which in 2003-04.

This Sector is already overburdened with taxes.T. can be gauged from the fact that it is the second largest employer next only to agriculture and its size is close to US $ 12 billion and grows at about 30% per annum.enabled services along with the BPO boom. Hyderabad and Pune.2 million new jobs over a decade. ft. and I. One Rupee invested in this sector results in 78 paise being added to the GDP of the State. any further imposition of taxes in any form would adversely affect the growth of this sector of the economy. Five per cent of the country‟s GDP is contributed by the housing sector.enabled services especially in the cities like Bangalore.T. this sector has witnessed a spurt in demand not just in residential property but also in commercial property. and I. as an engine of the nation‟s growth. FICCI would like to submit the following 10 points for consideration: .T. In the next three or four or five years this contribution to the GDP is expected to rise to 6%. If the economy grows at the rate of 10% the housing sector has the capacity to grow at 14% and generate 3. Chennai. Conversely. A unit increase in expenditure in this sector has a multiplier effect and the capacity to generate income as high as five times. A fast growing area is the I. Estimates worked out show that 42 million sq. To achieve the much desired growth and development in the Real Estate Segment. only in I. The importance of the Real Estate sector.T. which is also now gradually shifting to North India. The Real Estate Industry has significant linkages with several other sectors of the economy and over 250 associated industries. Furthermore. if the abolition per se is not possible then drastic modifications in the existing Service Tax norms is the need of the hour. of space will be required every year till 2008.industry especially the housing sector.

15 % of the value of the transaction. be it the initial transfer purchase of land or on further sale of the same land after development or any other succeeding transaction. etc. Real Estate Mutual Funds: The Government should consider setting up of Real Estate Mutual Funds/ Investment Trusts to provide the much needed support to the cash starved housing sector. USA. Astonishingly in the Indian context. there should be a mechanism in the law. Hong Kong. similar to the structures adopted for Estate Mutual Funds/ Investment Trusts in developed real estate markets such as. if the above suggestion is not acceptable then if stamp duty has already been paid on one transaction. Singapore. this should ideally be further brought down to 2-3 % and made uniformly applicable across all states. . but also the levy of Stamp Duty is applicable in every subsequent transaction. VAT. This will enable easier access to low cost institutional funds as also allow the sector to tap long term funds. whereby there is a provision for concession or a system of credit for any subsequent transactions. The concept of credit for taxes paid on subsequent transactions already exists in other statutes such as CENVAT. Stamp Duty: In some States the Stamp Duty is as high as 14. etc. Real Estate Mutual Funds/ Investment Trusts would be an efficient mode for providing equity financing as against debt. However. Opportunely some states have brought the Stamp Duty down to between 6-8 %.Infrastructure Status to Housing: Infrastructure status should be provided to housing sector. which is currently the norm for financing real estate developments in India. This would avoid the resultant cascading effect of Stamp Duty. not only are the rates high. Minimum Alternate Tax (MAT). thereby reducing the cost of a property.

till the environmental clearance has been sought. sewerage. transport and electricity. In cases where approval has already been granted it is suggested that construction activities should be allowed. In the intervening period the builder / developer can obtain the environmental clearance certificate. which must be repealed in all the States. Foreclosure Laws: The existing foreclosure laws are cumbersome as well as time consuming and make it practically impossible for Housing Finance Institutions (HFIs) to repossess a dwelling unit financed. inspite of the approval of plans by the Competent Authority.Public Private Partnership: There is a need to evolve a regulatory framework that encourages participation of the private sector in bringing technical and managerial expertise in formulating and delivery of basic amenities like water. in the case of future proposed projects the . Amendment of (National Housing Board) NHB Act has already been initiated. In the case of the environmental clearance certificate being denied then appropriate action if necessary and warranted can be taken against the developer / builder and builder be given time to get clearance before he applies for completion certificate. Archaic Laws: Availability of land for housing projects has been constrained by a variety of laws like the Rent Control Act and Urban Land Ceiling and Regulation Act. The implementation process needs to be expedited to bring in the required changes. HFIs are reluctant to take risk and continue to land primarily on salaried urban borrowers. A necessary legal and policy framework has to be put in place to restrict growth of slums and at the same time to re-develop the slums into hygienic and livable. Environmental Impact Assessment Notification: The notification specifies that no construction activity to be taken up. sanitation. otherwise the completion certificate will not be given Furthermore.

Service Tax: Service tax in relation to construction of residential complexes having more than 12 houses have been proposed to be introduced as a new service. then Agriculture Land Ceiling Act should not apply and builders should be permitted to acquire lands as per their requirements. clarification on the basic definition of “built-up area”. This aspect has been discussed in detail in Section II of this paper. Land Acquisition: The Land Acquisition Act of 1894.environmental clearances should be taken by the States themselves or by the planning bodies and not b individual builders. a builder is governed by “Agriculture Land Ceiling Act” even after the land have been urbanized in the zonal plans / master plans. With the changing investment scenario it has become necessary to review the existing law. However. . This makes builders to create several companies in order to circumvent the archaic laws. to a large extent. Today. governs the procurement of raw land. Foreign Direct Investment (FDI): Suitable modifications in the FDI guidelines are required. which may not form part of „residential complexes‟. no rationale has been provided for exclusion of services in relation to construction of residential bungalows. for the development of townships. It is submitted that once the land has been urbanized and incorporated in the master plan. in order to ensure that private developers and colonizers procure the land directly from farmers and land owners without putting undue financial burden on State/ Central Governments on land acquisition for public purposes. still. particularly in repatriation of funds. streamlining of Clearance procedures as well as the opening up of the Retail Segment to FDI.

which place. he is very confused. . So at that time what is there in the mind of the consumer and what all things he is expecting from the builders. that builder. At that time he doesn‟t have a clear cut vision of. genuine price and various other factors. Q) Why study of consumer perception and expectations? Real estate sector is a vital section of Indian market structure. Then at this junction the understanding of perception and knowing the expectations become very much important. etc. So after finding the reason of all these we can provide maximum satisfaction to customer. Since a lot of opportunities are available in the real estate sector so there are a lot of companies and Project developer are operating in Indian real estate sector. whether to go for this builder.SUBJECT MATTER OF THE PROJECT : Q) What is the meaning of customer’s perception & expectations while buying a house? Whenever a person goes to buy a house.

etc. transparency and opportunities for growth.the same story.Does our constitution really needs the law. this includes monetary rewards in recognition of excellent work. A question arises that. It Raises a question . Clothing & shelter . and since builder are big gun so very few people get justices against builder.Roti. dedicated and committed to their jobs. You know the real cause of recession... It‟s a different issue that 70% of the people get affected due to share market result. employees will perform to their fullest potential and will be sincere. Similarly in today's real estate may be 50% of Indians get affected directly but 90% indirectly.2 REVIEW OF LITERATURE: NEED OF REGULATORY BODY IN REAL ESTATE Now a days many people are cheated by builder. Three basic needs – Food..Q) Why did I choose Apeksha Group? The work culture at APEKSHA GROUP is based on the fundamental belief that employees are its most important asset. Actually we need to understand where a regulator is needed and where not. Respect and genuine concern for each employee in the organization is the basic principle on which the organization functions. Kapda and Maakan.. APEKSHA GROUP offers to their employees a wide range of benefits to make work and life more enjoyable.. trust.Do we need RBI or SEBI.so . NO!! We already have unlawful Activities (Prevention) Act 1967 and TADA in 1987. may be 40% maximum.. Nobody cares/dares it. Now everybody knows Regulatory body in Food and Beverage is really important (not in India . How many people (individuals) participate in investing or reaping money from shares/bonds/MF. It‟s again the same real estate sector in The US and of course some mortgage problem. They believe that by giving mutual respect. recognition. `Similarly we have laws but.. 1. open communication.

.really more important to any man than running after some credit card inflated bill or some inflated charges taken by Big Bazaar . After IT and ITES industry. prices of a commodity. what is map approval. probably everyman directly or indirectly is associated with real-estate sector (see the investments in Infrastructure bonds only). what I mean to say is that MAKAAN is no lesser important.. What to do if you are at problem with your builder. The interest of the consumer in the real estate lead to heavy .. 1st world countries do have)....poor us.. You invest once and that‟s huge. and credit cards and. Fallout of real estate boom: The boom in the real estate saw emergence of many builders. . About home. it takes whole life to get a home.. and share-holders) if moderated by a central agency like RBI (I name it RERBI .. commercial space etc... they have). After 2001... But I haven't seen this effort to educate people about real-estate aggressively.. real-estate sector comes next in terms of people employed..... and problems with auto.Real Estate Regulatory Body of India).e. The value of stake holders in this sector is no lesser than 90%.. Money market is needed to be regulated because it is the backbone of our economic system. advertises about checking food quality. Govt. This is really BIG.. The involvement of more than 50% of the population (public representatives) makes a govt.. We don't have as such a proper regulatory authority for Clothing (as it is cheaper here look at any 1st world country. what is mutation. who played upon the emotional side of human nature to own one's own dream house. People within (i.sort of problems. electrical equipments..... It doesn't mean that earlier two is less important. how can a common man get it. 65% of Indians have their own home at age of 62. employees) and outside (investors. why is it important. buyers. Comparing with a shirt or a burger.Pepsi and Coke are doing business .... then life for everybody in INDIA might be safer..... a dream of every man whether rich/poor black/fair. The amount of business real-estate industry is generating can't be no-longer ignored... Besides the ever rising prices of the houses/flats etc attracted many to invest in the real estate with a hope that their money will give the best returns if invested in the real estate sector. Why not a industry..

if any. innovation of the concept of pre-launch bookings. state commission and National Commission. district forum. A consumer court is divided into three forums namely. Where the value of the property is less than twenty lakhs. the promises of the builders have gone for six. some of them also promised assured returns by way of rent. A cheated customer can lodge a complaint with the consumer forums pointing out the deficiency of services by the builder. needless to say. The consumer never bothered to check the credentials of the builder. One Crore the complaint will have to be filed in the National Commission. 1986. The promising builder has vanished or has started avoiding calls. the complaint will be filed in the District Forum. What do poor and harassed consumers do in such circumstances. Instead some builders have the audacity to demand more money on account of alleged escalation cost with a remote possibility of possession being handed over to them. The purchaser/consumers have paid the entire sale price/major consideration and they are under debt of bank/financial institutions. delivery of possession is unheeded. savings have evaporated and there is no sight of completed building. Instead the consumers were led by alluring advertisements issued by the builders. . He should fight for his right. request for refunds. will come to the rescue of such erring builders and will force the builders to pay compensation to the consumer. promising delivery of possession of constructed building/flat within the stipulated time. the flats/commercial space were sold while at the drawing board stage. hand over the possession of the flat booked/alternative flat in the same locality and will ask to builder to bear the cost of escalation. After the bubble has burst.bookings of the buildings. The purchaser/buyer is a consumer within the meaning of the above mentioned Act and failure of the builder to hold on to the promise made at the time of booking in delivering possession etc would constitute deficiency of service. on account of rise in price of constructing a building. Where the value of the property is more than twenty lakhs but less than One Crore the complaint will be filed before the State Commission and where the value of the property is in excess of Rs. The builders promised refund of money immediately on cancellation. I need to emphasize consumer is not helpless and should not allow the builder to run over him. sanctions by the competent offices etc. the law of land supports him in this regard. The Consumer Protection Act.

escalation cost is required to be borne by the builder. .In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood. It was held that it was the duty of the state commission to direct the builder to deliver the possession of the same flat or flat of similar size to the consumer with compensation for delay in delivering the possession. The Honorable National Commission observed that it is unfair trade practice on the part of the builder to collect money from the prospective buyers without obtaining the required permissions such as zoning plan. The builder taking advantage of the order refunded the money. reported as III (2007) CPJ 185(NC). In the alternative. adequate compensation ought to have been given so that the complaint could purchase a new flat of the same size at the prevailing market rate. because of the rise in the prices of the immovable properties. the National Commission set aside an order of the State Commission. wherein the builder was directed to refund the money to the consumer along with the interest @ 13%. In another matter titled as Veena Khanna Vs Ansal Properties and Industries limited. The consumer was further burdened with the escalation cost due to such delay. and thereafter recover the consideration money from the purchaser of the flat/buildings. It was further held that it is the duty of the builder to obtain the requisite permissions or sanctions for construction etc in the first instance. The National Commission further observed that if there is any express promise that the premises would be delivered within the stipulated time and if it is not done so. the builder contended that government permissions. such as approval of zoning plan. Mere payment of interest is not an adequate compensation. layout plan etc. the National Commission. wherein the consumer was led by the advertisement of the builder of delivery within stipulated time and consequently on the failure to deliver. Or in any circumstances. reported as MANU/CF/0069/2007 was faced with a situation. layout plan and schematic building plan were not given. It was noted that because of the delay in construction and delay in deciding the matter it is practically impossible for a consumer to purchase a flat at the market price. the order of refund with interest will not come in operation. it was directed that if the builder chooses to hand over the possession of the flat. thus the delay in construction should not be a ground for grant of compensation to the consumer. The National Commission observed that refund of money with interest at bank rate does not mean that the complainant is adequately compensated for delay in construction of flat by the builder and not delivering the possession of the flat.

know exactly what you are buying and what the costs will be after you own it. How far will you have to commute? What is the traffic like? How does the neighborhood look? What services are available? How good are the local schools? Will you be able to get your children into them? What is the crime rate in the area. If you buy a home that has a homeowner's association. Look at and compare many houses in different areas. and what types of crimes have occurred in the past couple of years? Visit the home on multiple occasions and at different times of the day. location. assess its location. and that you inquire as to whether there are any assessments scheduled to be placed on the property in the future. in addition to the monthly principal and interest payments that you will have to finance the purchase of your home. you will need to budget for utility bills. and insurance and maintenance costs. Make sure that you ask the seller for copies of the past years" bills for these services. Once you have seen something you like.Complete information of how to buy a home or property: 1. . It's one of the biggest factors in setting the price of the home. Remember: location. buying a house is one of the most complicated and expensive purchases you will ever make. you will also have to pay association fees. property taxes. location. As with most other things. Before you make a written offer. Some homes have special assessments in addition to the regular property taxes. you get what you pay for. For example. How do I buy a house? Be an informed consumer.

and in closing the escrow. dryers. and some roof repairs. The agent who helps you find the home is called the buyer's agent. He or she will also have information about the home and area that an outsider would never find just by looking at the particular home. learning about the community. Usually you will not have to pay your agent a fee for the time and energy he or she spends in finding the home and assisting you in closing the sale. The seller's agent represents the seller. inspecting the home. Do I need a real estate agent or an attorney? An experienced local real estate agent can assist you in finding a home that meets your particular needs. This must be disclosed to you before you make an offer. the home warranty company will insure that the house and the appliances are in working condition. It is advised that you proceed carefully in this situation. In some instances. check the condition of the house and any appliances. pools and pool equipment. An attorney can help you with legal and tax questions that come up during the purchase of the home. Many companies will provide coverage for washers. window coverings and other items that you want included in the sale. For a minimum fee. since your agent will be working for both the seller and you at the same time. Your real estate agent will also assist you in negotiating the price. The buyer's agent's fee will be paid by the seller when you complete the purchase of the home. Consider purchasing a home warranty. Your agent or escrow holder can provide you with information on these policies. it is advisable to see an attorney who is experienced in the purchase of residential real estate. a real estate agent can represent both the buyer and the seller. air conditioning. If you are not sure that you understand all of your rights and responsibilities. obtaining a loan. and can assist you in . Most homes are listed for sale by a real estate broker who is referred to as the seller's agent.Also. 2. This is referred to as a dual agency.

What information must the seller provide us? In most cases. some sellers will require a written acceptance of the conditions contained in the statement.reviewing all of the documents and reports that will be provided to you in the process of purchasing the home. order a free copy of the State Bar pamphlet How Can I Find and Hire the Right Lawyer? To find out how to order a free copy of this pamphlet and other State Bar consumer education pamphlets. This is a pre-printed form that lists many features or conditions about the home. zoning and building violations. call 415-5382280. you will have a limited period of time to decide whether you wish to proceed with the purchase despite the stated disclosures. for example. Depending upon your purchase agreement. rights of others to control how you use the property. The seller's agent must visually inspect the home and report all facts that he or she feels might affect your decision to buy this property. The pamphlets also can be ordered in bulk. nonfunctioning equipment. If you want information that is not covered in the Real Estate Disclosure Statement or additional information that is disclosed. environmental problems. This includes. and the area where the home is located. easements. and special assessments.ca. when you are preparing to buy a home. Other sellers will consider your silence as acceptance of all of the conditions contained in the Disclosure Statement. The seller must list on this form any possible problems he or she is aware of that might affect your willingness to purchase the home. the land. 3. For more information on how to locate a qualified attorney. You should review the Disclosure Statement immediately and carefully. . the seller must provide you with a Real Estate Transfer Disclosure Statement. as well as information on ordering them. In most instances. Or visit the State Bar's web site(www.gov) where you'll find the bar's consumer education pamphlets.calbar. put your questions in writing and ask the seller to respond in writing.

You can also get information on home sales in your area by visiting a host of Internet sites provided by professionals in the industry. You should also ask to see the past minutes of the association board meetings. All of which would affect the value of what you are buying. For example. At a minimum. and must inform you if there are any unpaid assessments. it is advisable to have it inspected by trained specialists. you need to make a deposit (called earnest money) to show . in a hillside area. The kinds of inspections you need depend on the location and condition of the property. for this reason. The real estate agent can advise you about additional inspections that might be warranted under the circumstances. Once you have found the home of your choice and have determined how much you are willing to pay. you might want a soil stability inspection. and a natural hazards inspection to see if the home is located in an area subject to fire. and financial statements.If you buy a condominium. 4. you should seriously consider an inspection for lead-based paint. If you are buying a home built before 1978. How do I make an offer on a house? Most homes are sold through real estate agents who have expertise in valuing homes. earthquakes or flooding. 5. Should the house be inspected? Before buying any property. he is not insuring the quality of the house. Keep in mind that while the seller has to tell you about anything he is aware of that is wrong with the house. the seller must give you copies of the homeowners association's rules and bylaws. You might find that there are pending or future lawsuits or defects in the construction of the complex being discussed in these meetings. a pest control inspection to see if the house has been infected by termites or dry rot. you should have the home inspected to determine if it is structurally sound. or by reading the real estate section of your local newspaper. and an inspection is a good idea.

check or wire transfer. title reports. document preparation. in most cases. In some instances you may have to increase your deposit or increase your offer. upon acceptance by the seller. 6. This will give you an idea of some of the additional costs you will incur in purchasing your home. It should state the exact purchase price. This agreement should also list any conditions that may allow you to back out of the contract. You do not want any surprises. be less than the amount you will need to purchase the home. the amount you will pay in cash.the seller that you are serious about buying the house. This form sets out the terms upon which you are willing to purchase the property. escrow fees. You may also need a condition that allows you to cancel the sale if you cannot sell your current . it should include a complete description of the property and of any personal property that will be sold with the house. The deposit is considered a down payment on the price of the home. washers and dryers. kitchen appliances. There will be expenses incurred in purchasing the home that will have to be paid by either the buyer or the seller. such as window coverings. and notary fees. especially if there are multiple offers on the home. The deposit is usually deposited in escrow upon the acceptance of your offer. any increases in that deposit. What is a Residential Purchase Agreement and Receipt for Deposit? This agreement is an offer which. local taxes. You submit a written offer on a form known as the Residential Purchase Agreement and Receipt for Deposit. It should cover all of the important terms of the sale. fees for inspections. and the amount you will need to finance to complete the purchase price. Ask your agent or escrow officer to provide you with an estimated closing statement. These include. recording fees. You will want a condition that allows you to cancel the contract if you cannot obtain a loan on favorable terms or if the inspections reveal substantial defects or problems with the home. results in a binding contract. including the amount of your initial deposit. for example. For example. The price you offer on a home will. homeowner's insurance.

7. If your offer has already been accepted by the seller. The liquidated damages provision can result in you losing most if not all of your deposit (up to 3 percent of the contract price) in the event you elect not to complete the purchase price. Can I change my mind? You should not make an offer to purchase a house unless you are serious about buying it. and your election is without good cause. and how the brokers will be paid. the more conditions you have. 8. Take the time to go over each and every term of the agreement with your agent before you sign the agreement. however. There is no provision in the standard contract for liquidated damages in favor of the buyer in the event the seller wrongfully refuses to go through with the sale. You do not have to agree to this provision. This revocation should be in writing. Please understand. you may be able to terminate or revise your offer if you are unhappy with what your inspections reveal or if other conditions of the offer are not met. How can I get a loan? . The agreement should also indicate whether you are purchasing the property in "as is condition" or the seller is warranting the condition of the property. There is a mediation provision. Carefully discuss the pros and cons of initialing this provision with your agent or attorney. You can.home. This agreement should also set forth what will happen to your deposit if you cancel the sale. the less likely the seller is to accept your offer. however. The Residential Purchase Agreement and Receipt for Deposit contains several provisions that discuss what will happen in the event the sale does not go through. an arbitration provision and a liquidated damages provision. revoke your offer before it is accepted by the seller. what will happen if you and the seller have a disagreement over the terms of the sale.

savings and loan associations. pension funds and investment trusts. Some lenders will charge you a loan application fee. Lenders charge different fees and offer different interest rates so it pays to shop around. the lender will check your credit rating and review your past employment. You should discuss these fees with your lender before you submit your application. easements and other conditions will be superior to its loan. and credit unions. This will include an appraisal or estimate of the fair market value of the home. Sometimes a seller will offer a seller-financed or carry back deed of trust. He or she is best qualified to determine if the loan documents and agreement meet all legal requirements. Your agent will be able to recommend lenders in your area. 9. you agree to pay interest and to make payments over a period of time. finance lenders. and credit and debt obligations. document preparation fee. income history.Most home loans are made by financial institutions such as banks. The terms of these loans should be discussed with your agent or attorney. and a review of any taxes. Most loans . appraisal fee and other fees to consider or close the sale. What types of home loans are available? In exchange for cash from the lender. you can "assume “a loan or take over a loan that the seller has been paying off. This financing method is often used when a seller wants to receive income over a period of time or when lenders are stringent in their loan requirements. Other sources of loans are insurance companies. the property you purchase will be security for repayment of the loan. mortgage bankers. a review of the preliminary report prepared by the title insurance company to determine what liens. In most instances. assessments and zoning regulations that affect the property. Occasionally. You should be careful in assuming any loan. mortgage loan brokers. When you apply for a home loan. It will also obtain information about the property that will be security for the loan.

A fixed rate loan offers a set interest rate. sometimes called an ARM. ARMs can be complicated. new mortgage plans become available that are intended to meet specific needs of a community. get in touch with a local office of the California Department of Veterans Affairs. a person or company that has . This means that the lender can demand that the seller's loan be paid in full when the property is sold. These loans usually have interest rates that are lower than the fixed rate loan interest. These loans usually have a lower interest rate and require smaller down payments. Some indexes used are the Cost-of-Funds Index published by the Office of Thrift Supervision. Another type of loan that is available is an adjustable rate mortgage loan. 10. Department of Housing and Urban Development (HUD). These include loans for first-time homebuyers. so that your monthly payment never changes. Check with your local consumer affairs office and housing departments for up-to-date information on these types of loans. Some fixed rate loans are federally insured or guaranteed. For more information on these loans. such as a Veteran's loan or an FHA loan.S. If you wish to assume a loan.S. An ARM is a mortgage loan which provides for adjustment of its interest rate as market rate interest rates change. Make sure that you understand all of the terms of these loans before you agree to accept one. Veterans Administration or the U. the U. Most home loans that are available to Californians offer one of two interest rate structures. Occasionally. The ARM's interest rate is tied to an index that reflects changes in the market rates of interest.have an acceleration or due on sale clause. What occurs when I "close" on a home? For the protection of the seller and the buyer. and the Federal Reserve Discount Rate. and loans for teachers. you should have your agent or attorney review all of the seller's loan documents and make approval by the lender a condition to your offer.

the escrow instructions may be considered your final agreement as to the terms of the purchase. How should the title to the home be held? . He or she will also coordinate all of the activities of the broker. Its only job is to carry out the terms of the escrow instructions. the lender and the title insurance company. all of the costs incurred by you in purchasing the property. a lawyer or an advisor. This document will show you. If you have any questions or concerns about the charges you incurred. They are modified throughout the course of the escrow as the agreement between the buyer and seller change. as the buyer. This procedure is called escrow. and the escrow holder. banks. the escrow holder will provide you with a Settlement Statement.no connection with you or the seller holds the money and papers involved in the purchase. Escrow services can be provided by title companies. 11. The escrow holder will deliver the deed to the county for recording when it can pay the seller the money. Many of these costs may be deductible from either your state or federal taxes. escrow instructions are executed just prior to the close of escrow. If you are uncertain as to what the instructions say. If they do conflict. The escrow holder is required by law to remain neutral. your lawyer. After the close of escrow. contact the escrow holder immediately and ask for an explanation. independent escrow companies. savings and loan associations. In Northern California. realtors or lawyers. discuss them with your agent. You should review this document carefully and save this statement for later. In Southern California. Make sure your Purchase Agreement does not conflict with your escrow instructions. The escrow holder's job is to make sure that all of the terms and conditions of the agreement are met. These instructions should be clear and certain as to the intentions of the parties and the duties of the escrow holder. The escrow holder does not act as a mediator. escrow instructions are signed when the escrow is opened.

You should discuss your options with a tax specialist and your agent before you make your selection. Trust and Probate Law Section. California. especially . see the State Bar pamphlet Do I Need Estate Planning? To obtain a complimentary copy of this pamphlet. In many instances. It also will affect whether certain taxes will be incurred or whether a probate of the estate will be necessary. the escrow holder will ask you how you wish to hold title to your new home. San Francisco. however. with your spouse. This decision should be based on the local office's expertise. You should also discuss with your agent the need for a survey of the property and title insurance coverage for boundary line disputes. 94105-1639. as the buyer. mail a self-addressed envelope (with 55 cents in postage) to the Estate Planning. not a guarantee that problems will not arise after the close of escrow. as joint tenants or tenants in common. 180 Howard Street. 12. or with your spouse or a third party. and the company's record for fairly handling claims under its policies. Once you have chosen a company. For information on ordering multiple copies. call 1-888-4607364. have the right to choose the title company. You should discuss these issues with your agent. For more information on the different forms of ownership. It is. When you make an offer to buy a home. as community property. Do I need title insurance? Title insurance is necessary for your protection when you buy a home. You can also hold title to the property in a family trust. as separate property.Prior to the close of escrow. You can hold title to the home by yourself. the title to the property will be free from liens. you should make one of the conditions of the close of escrow clear title to the property. judgments and other claims that you have not agreed to accept. "Clear title" means that when the sale to you is completed. The State Bar of California. How someone holds title will affect what will happen to the property in the event of the death of one of the owners. you.

It will also search the public records for claims against the property. zoning violations. in most instances. For an additional one-time cost or no charge at all. unrecorded liens. boundary lines are not where they should be. keep .in rural areas. the day of closing should be a cause for celebration. Before a title company issues an insurance policy. There are different kinds of title insurance available. prescriptive easement claims. You should carefully review this report to determine if it describes all of the property you are interested in buying. If you are uncertain as to what the report says. utilize their services throughout the process leading up to the day of closing. not the best policy available. called preliminary report. Ask questions. And since a portion of your purchase price is paying for the agents and the escrow holder's expertise. Request copies of any documents you do not understand. Discuss with your agent and the escrow holder what policies are available in your area and the differences in prices on each of the policies. A survey and survey coverage can help eliminate future disputes with your new neighbors. 13. the escrow holder and/or your attorney. it will make an investigation to find out if anyone besides the seller claims to own the property. you can obtain protection for losses resulting from illegal construction. Be aware that different companies charge different rates. You should also review this report and determine what items you are willing to accept when you purchase the property and what items you wish removed or taken care of as a condition of the close of escrow. ask for an explanation of any item you do not understand. and post policy forgeries. "Basic" or "Standard" coverage is. you should discuss the matter with your agent. The title company will provide you with a report. Congratulations! Whether you are purchasing a home for the first time or for the fourth time. Often the difference in cost for the better policies is nominal.

copies of all documents relating to the purchase of your home.1 Company Profile (Apeksha Group) : APEKSHA GROUP has early established their corporate office in Chandra Nagar Ghaziabad and it deals in Real Estate sector. Apeksha build home Pvt.trustedproperty. seek advice from a qualified real estate attorney or tax advisor. where a developer can demand right price for their product. APEKSHA GROUP is a team of professionals having technical expertise.org . aims to create transparency in real estate sector. And. Apeksha Media Network. It is founded by Mr. where update of developers project available regularly. where investment risk is minimal. INTRODUCTION TO THE COMPANY : 2. Apeksha Property Serve Pvt. Trusted Property aims to create a system where a Developer can be differentiated with unknown developer. In a simple language I can say that Apeksha build home Pvt. . media management and engineering. Generally APEKSHA GROUP runs three kinds of business – 1. 2. Finance. finance. Ltd. Ltd. 2. OBJECTIVE: Provide cost effectiveness to customers with innovation in marketing. Has a concept Trusted Property to show case certified Residential Projects or residential Properties on a portal named www. if necessary. Apeksha Build Home Pvt. Where information available for all people. Ltd. Project Audit and Media for Real Estate Sector. 3. past experience in the field of Marketing. Sami Khan. Asking questions during the purchase of your home will help insure that you and your family will enjoy your new home for many years to come. Ltd.

for retrofitting of buildings against earthquake Indian Building Congress Mr.) .. Satsimar Singh M. UK Mr. expert comm. Rajeev Rai B.BOARD OF ADVISOR’S – Mr. He is credited with having pioneered a number of path.Tech (Civil Engg. –Management & Marketing From London .Tech.breaking financial innovations in the Indian capital markets.) . Shri Sami Khan is the chief operating officer of Apeksha Group. Praveen Singh HR in International Business Chief Operating Officer’s Profile – Regarded as one of the foremost corporate leaders of contemporary India.(Structural Engg. He worked as a finance and marketing consultant for than 18 years and involved into real estate companies as a General Manager for the last six .IIT Roorkee M.sc. Sami Khan COO & Consultant MBA – Marketing & Finance On penal of different banks as a Financial Consultant Mr. IIT Delhi Member.

2 SERVICES OF APEKSHA GROUP : Apeksha group provide following services to customer –       Marketing consultancy Project management Finance advisor and Project financing Engineering and Design consultant Media advisor services Selling/ under writing of new projects 2. A Property with better future Appreciation. Surya Roshni etc. . A Property easily saleable. He has used number of tools and techniques in real estate sector. to show case Certified Residential Projects or Residential Properties on the internet Site. A Property where Customer can take fast action without wasting time in due diligence. What is a Trusted Property?       A Property with Clear Title. A Property Developed by a Certified Developer.years. Clear Status & Surety of finance / Home Loan. a concept designed by APEKSHA Group. Moserbaer.trustedproperty. 2. Usha Group. Approved Maps & Finance-able. Prakash. He worked as a financial consultant for many reputed companies like LML.3 APEKSHA GROUP’S CONCEPT-----“ TRUSTED PROPERTY” (www.org) Trusted Property.

Fresh availability & Etc.  An Opportunity to Show-case all your projects on internet.4 What is the requirement of TRUSTED PROPERTY for Real Estate Developers?  For the following reason need of trusted property for real estate developer STAND OUT in CROWD as real Developer of Real Estate.  Another additional advantage for real estate developer –  Easy Information Available not only to Customers but to Bankers.  To Encourage Healthy Competition.  No Need to give papers to HFC ( Home Finance companies).  One Stop Source to judge the available opportunity for purchase of house/flat/land. Special Facilities. 2.  A unique concept to understand and perform the right of customers. corporate investors.  Extend Help to Customers to take Right Decision  Project Information & Documents available on 3rd Party site.  A system to Create Image of your Company.  Get Recognition / Appreciations from Customers.2. Security and Surety of Investment. Investors and also from GOVT.  Authenticity of Property of a developer from the 3rd party. Financial institution. Bankers.  VALUE for MONEY.5 WHY SHOULD PEOPLE LOOK FOR TRUSTED PROPERTY?  For the following reason there is need of trusted property for people One Stop Source for Legal.  Construction stage.  Continuous watch on the project. Home Loan availability. Technical & other information of the Project of the Developers.  Safety. Price Movement.  Platform to share problems and find solutions. Venture Capitalist & Others. .

growth in consumer base of rural sector. improvements in technology.  One stop Awareness site for Real Estate.  Where information available for all. RESEARCH METHODOLOGY: What is research? Research can be defined as a scientific and systematic search for pertaining information on a specific topic. analysis and reporting of data and findings relevant to a specific . reduction in bank loan rate. hardworking employee shows very bright future of Apeksha Group. emergence of double-income families.  Where investment risk is minimal. We define research as the systematic design. government support regarding transparency in real estate. 2. fall in prices due to increased competition. smart management decision. growth of media. 2.  Developer can demand right price for their product.  Get help in case of problem with the developer. Customer Forum for each project. 3.7 FUTURE PROSPECT OF APEKSHA GROUP : With easy availability of finance.6 OBJECTIVE OF TRUSTED PROPERTY –  Create a system where a Developer can be differentiated with unknown developer. collection. increasing awareness of people regarding property documents.  Where Customer cannot be cheated. availability of disposable incomes.  Where update of project available regularly.

TYPE OF RESEARCH: . As for as company‟s benefit is concerned. technical and financial transparency between project developer and customer. In order to accomplish the objectives of the project a survey has been conducted amongst customers of the real estate market. 3. 3. To determine the problems faced by the customers while buying a house. 2. It helps me in getting an idea of Real Estate industry and its importance in our life. exploratory research often concludes that a perceived . To determine the customer‟s perception.2 SCOPE OF THE STUDY : The project undertaken makes me able to improve my professional skills and expertise.Exploratory and Descriptive. Also it helps in creating awareness to consumers regarding property documents and in promotion of their services. The survey is based on questionnaire filling method and limited to some parts of Delhi and NCR region. The survey is restricted to the information needed to show legal.1 OBJECTIVES OF THE STUDY Project has mainly three following objective1. To determine the customer‟s expectations. Given its fundamental nature.situation facing the company. this project helps company to know its market condition and level of competition. The main aim of research is to find out the truth which has not been discovering yet. data collection method and selection of subjects. 3. It increases my confidence on professional ground by dealing with high profile corporate that are very hard to convince. Exploratory research helps in determine the best research design. Exploratory research is a type of research conducted because a problem has not been clearly defined.

what type of documents they check while buying or searching property. 3. 3. Secondary data is collected through internet sources. I interact with personally to people through questionnaire filling method. RESEARCH DESIGN :A survey research method was the basic research design. Primary data are collected through questionnaire method which is design to keep in view the objective of the study. Its seeks to find out how people get along in the setting under question. Questionnaire is having questions regarding the respondent‟s basic information such as contact details. 2. Gurgaon. Ghaziabad. Faridabad were undertaken. and published reports by various institutions. research papers.4 SAMPLE DESIGN:Study of the geographical area comprising of Delhi.problem does not actually exist. The sample size consisting of 300 employee of these region.5 DATA PROCESSING:- . Generally I met with the employees related to the top management of the companies. what meaning they give to their actions. what type of information they want from real estate project developer and Government. designation. and what issues concern them. The goal is to learn what is going on here? On the other hand Descriptive research is aimed to find the complete description about an existing problem or phenomenon. Noida. It has tried to cover corporate offices of different industries in these regions.3 DATA COLLECTTION METHODS :1. 3.

3 .0 V ali d private busines s govt.0 Cumulativ e Percent 86.3 .3 .3 100.3 89.3 .0 . 4.Daily data was entered into MS-Excel sheets..0 3.3 100.DATA ANANLYSIS AND INTERPRETATION :Q) The professions of the people I met…….0 10.3 100.7 . The data sheets mentioned here are attached in the annexure of the report. After the exhaustion of the specified geographical area this data was analyzed using SPSS () graphical and tabulation techniques.0 10.0 3.3 99. profe s sion type V alid Percent 86. ow ner Total Total Frequenc y 258 9 31 1 1 300 300 Percent 86.0 100.

. I met with total 300 people out of which 10. 86 %(258) people are doing Private services and 3 % (9) people are doing business.ow ner govt. business private During the survey I visited many Government and Private Offices to meet with people who can give me proper response of my questionnaire. My target was to meet service class people because they are educated and they are having capability of buying house or any experience of buying house or any property.3% (31) people are doing Government services .

7%. Q: How much are you satisfied from real estate marketing information provided by real estate companies? .Because they have bought house or they are in process of buying any house.People are in age group 41-50 years and more than 40 years are having 22%. The people I have met most people belong to age group of 30 to 40 years and having 71% and people belonging to age group 25 to 30 years having (least) 5.300 200 100 Count 0 20-25 25-30 30-40 41-50 age of a person I met with people having different age. But generally I choose to met people having age more than 30 years .

0 100.they were saying that Real estate companies does not want to share each marketing detail but also some real estate companies does not want to hide any marketing detail if customers asking about them.3 53.3 42.0 31.0 31.0 21.3 highly dis-satisfied highly satisfied satisfied dis-satisfied neutral With the help of above pie chat and table it is clear that majority (42%) of people are dissatisfied and very less proportion (1%) of people are highly-satisfied with the marketing information provided by the real estate companies .3 100.7 100.0 21.3 32.3 100.0 4.3% people are neutral.3 .0 V alid Percent 1.Frequenc y V alid highly satisf ied satisf ied neutral dis-s atisf ied highly dis-s atisf ied Total Total 3 93 64 126 13 1 300 300 Percent 1.0 Cumulativ e Percent 1.0 .3 42. Many people who are satisfied with the marketing information provided by developer .3 .0 4.7 95. 21. 31 % people are satisfied .

3 28.  Marketing information provided by real estate developers is condition based.3 48.  The paper work is a bit different from that of the actual work.0 Total .0 5. By making the people aware of all the legal and technical documents which are needed while going to buy a house.0 84. 2.3 53. Q: What source of information do you prefer while buying/ searching for a property? Frequenc y V alid print media tv & radio internet outdoor add personal ref erenc e broker Total 124 21 16 7 86 46 300 300 Percent 41.0 5.3 2.3 100.3 7.7 100.0 Cumulativ e Percent 41.and 4.3 100. The reason of this strange result in simple languages is as follows Builders do not give complete marketing information in their broacher.3 2.3 % people are strongly dissatisfied from the marketing details provided by the real estate companies.0 100.3 28.0 V alid Percent 41.  In the marketing information broacher. We can make most of the customers satisfied by – 1. 3.7 15. By asking the developers to provide each (negative and positive) marketing detail without any terms and conditions in their broacher.3 7.7 15. Creating awareness about all the marketing details. developers do not share the negative side of project.7 56.

140 120 100 80 60 40 Count 20 0 print media tv & radio internet personal reference outdoor add broker what source of information do you prefer while searchin for a property The above Table and chart shows that most of the people prefer Print media (41. QUS.3 %.7 %) for searching house or property.3% respectively. Outdoor advertisement are having 5. Because in a single click they can reach to a number of builders and their projects. 15. They were saying that mostly internet property web portal shows only marketing detail of projects but if they will show legal and technical document of project so searching property through internet become more beneficial. Many people were saying that buying or searching house or property through broker is not safe because of their dual nature . 7%. Some people say that print media is better way of searching property because it is easily available at every where any time and also gives information about current status of project with marketing details. And other sources like Internet.Generally they are making hype of the developers‟ project and hide negative side of the project. Broker. and 2.3 Choose your preferable location and types of house you want to purchase? .3 %) and personal reference (28.3%. Many people say that search of property through internet is very comfortable. TV & Radio.

0 .7 3.3 27.3 6.3 100.3% respectfully.3 . Gurgaon stands fourth .3 99.3 .3%).0 16.0 .3 100.3 99.0 100. of Ghaziabad and Noida with 27% and 16.0 Valid new delhi ghaziabad noida gurgaon others faridaba new delh Total Total Frequenc y 139 81 49 20 9 1 1 300 300 Percent 46.0 Cumulativ e Percent 46.3 27.7 96.3 73.0 160 140 120 100 80 60 40 Count 20 0 new delhi ghaziabad noida gurgaon others faridaba new delh area of preference Majority of the people prefer Delhi as the location (46.7 3.3 89.3 6.ar ea of pre fere nce Valid Percent 46.0 16.7 100. then comes the no.

7 100. past record of builders.3 100.7 100. Q: Consumers preference of information related to property document from Real Estate web portal.0 Cumulative Percent 91.3 96.  The demand for 2 BHK is bit less and varies from 15-20 lakhs.  Most of the people want 3 BHK in NewDelhi area with price ranging from 35 to 55 lakhs.  There is not great demand of Penthouses and villas in Delhi and NCR region.0 Frequency Valid property documents marketind details past rec ords Total 274 15 11 300 300 Percent 91.0 3.3 5.0 Total . The choice of area depends on the monitory condition and the facilities available to people at a particular area.7%. and marketing details- priorior ity am ongst the thr ee Valid Percent 91.  People want 4 BHK in the range of 55 to 60 lakhs.0 3.3 5.0 100.  The demand for 1BHK is not much.  Most of the people who are doing job or having business who want to purchase 3 BHK or 4 BHK prefer luxury house.with 6.

Q: Is there any need for any regulating body in the real estate? can't say no 11 yes .3% of the total responses.300 200 100 Count 0 property documents marketind details past records prioriority amongst the three From the above we can conclude that before going to buy a house people generally look for the property documents which comes up to 91. then the marketing details and the past records come.

0 100.3 100.4: Do the Real Estate developers give possession timely? Valid Percent 35.7 100.In this question.0 can't say yes no The answer of majority was not in favor.0 12.156 said „no‟ to this comprising of 52% of the whole population. Very less people say the answer as „No‟. QUS. and least no of people have „No reply‟. majority of the people have a view that there is a need for some regulatory body which can have a continuous eye on the real estate sector. .7 87. Out of 300 people.0 12.7 52.0 Valid yes no can't say Total Total Frequenc y 107 156 37 300 300 Percent 35.3 100.7 52.0 Cumulativ e Percent 35. Whereas 106 said „Yes‟ and Rest were in two minds.

Q.0 100.3 18.0 100.0 Valid yes no can't say Total Total Frequenc y 98 148 54 300 300 Percent 32.7 82.0 Cumulativ e Percent 32.7 49.3 18.7 49. .Q: Do you think govt.0 can't say yes no Majority said „No‟ when asked this question and comprised of 49.0 100. 32% said yes and 18% didn‟t knew where to go. takes necessary steps to provide house to the common man? Valid Percent 32.0 100.3% of the total answers. Cross Tabulation of the Place of preference & the Type of House which a person likes to have.

Count new delhi 4 24 84 15 2 129 78 place of preference of a person ghaziabad noida gurgaon faridabad 2 5 1 25 15 7 3 42 27 12 1 9 3 5 2 1 51 25 6 11 others 3 6 2 Total 12 77 172 36 3 300 type of house a customer prefers 1BHK 2BHK 3BHK 4BHK PENT HOUSE Total 100 80 place of preference 60 new delhi ghaziabad 40 noida gurgaon f aridabad 0 1BH K 2BH K 3BH K 4BH K PEN T H OUSE ot hers 20 Count type of house a customer prefers When the places of preference were cross tabulated with the types of houses the consumers want then the result came out to be that: .

 Majority of the public want 3BHK houses (i.e. 172) and that too the demand is the most in Delhi (82).  The least is the demand of the Pent Houses (total-3), which were in Delhi and Noida region.  There is very less demand of 1BHk houses in the NCR region which is evenly distributed throughout.  The demand for 2BHK houses comes second in the list with 77 out of 300 going for it. This is mainly concentrated in Delhi and Ghaziabad area.  According to my survey, no one demanded Villas.

Q. Cross tabulation of the place of preference and the amount which a person is willing to pay.
Count 10-15 place of new delhi preference ghaziabad of a noida person gurgaon faridabad others Total 5 4 5 1 AMOUNT WILLING TO PAY in LAKHS 16-25 26-35 36-45 46-55 18 60 36 8 17 32 17 7 13 20 10 1 6 10 7 1 2 1 1 1 4 6 1 56 127 77 19 above 55 2 1 2 1 6 Total 129 78 51 25 6 11 300

15

The graph below is self-explanatory:

70

60

50

place of preference
40 new delhi ghaziabad noida 20 gurgaon

30

Count

10 0 10-15 16-25 26-35 36-45 46-55 abov e 55

f aridabad others

AMOUNT WILLING TO PAY in LA KHS

According to the cross tabulation of the amount a person is willing to pay at a particular place the results came out to be:  Maximum people wanted to pay the amount ranging from 26-35 lakhs.  The situation is same at all the places.  Then comes the range between 36-45 lakhs. This trend is mainly at the places like New Delhi, Ghaziabad, Gurgaon and other places. At Noida and Faridabad areas people prefer 16-25 lakhs range. Q Tabulation between the type of house a person is willing to buy and the amount he is willing to pay.. Cross

Count 10-15 10 2 3 AMOUNT WILLING TO PAY in LAKHS 16-25 26-35 36-45 46-55 1 1 43 20 11 1 12 107 45 5 21 11 1 15 56 127 77 19 above 55 Total 12 77 172 36 3 300

type of house a customer prefers

1BHK 2BHK 3BHK 4BHK PENT HOUSE

4 2 6

Total

The Cross-Tabulation of the types of Houses and their range shows the following things:  The demand for 3BHK houses with price range in between 26-35 lakhs is the most.  3BHK is also in demand in the range in between 36-45 lakhs.  The demand for 2BHK houses comes 2nd with the price range of 16-25 lakhs.

 The demand for 2BHK houses is also there in range between 26-35 and 3645 lakhs and mainly in cities like New Delhi and Noida.  Also the majority of people want to live in Delhi.120 100 80 type of house a cust 60 1BH K 40 2BH K 3BH K 20 Count 4BH K 0 10-15 16-25 26-35 36-45 46-55 abov e 55 PEN T H OUSE AMOUNT WILLING TO PAY in LA KHS Analysis of the three cross-tabulations:  Majority of the people wanted 3BHK houses with price ranging from 26-45 lakhs in New Delhi.  The demand for 2BHK houses comes next with price ranging from 16-25. .  The demand for Penthouses is very less. and 26-35.

They wanted Transparency. Q: What are your expectations from the web portal? The responses to this question were varied.C. While survey generally people gave name of fallowing property document –             Link chain ownership document.O. but since most of them do not know the all property document required to check that‟s why there is need to create awareness about property document and builders should show the entire property document to customers themselves. Some said they want the timely information.Q. They Wanted the Web portal to provide the complete information. .10: What all documents you should look before buying house? Peoples are now very conscious about property document.  Some even wanted all the legalities to be cleared by the Web-portals and then displayed on it. Registry Map approval doc.) Acquisition letter Payment receipts Power of attorney of land. Some wanted the Web portal to highlight the full information of the Developer. like people said they      They didn‟t know. They were saying that while buying or searching property they check property document.Khatauni Sale deed Intakhap paper Paper shows approval from government authority Paper of agreement between buyer and seller No objection certificate (N. Kheshara.

 Almost all of the people wanted that the Developers should show transparency and provide them with each and every form of information which they wanted.Q: What Problems have you faced while Dealing with the REAL ESTATE DEALERS……….  Some wanted to get rid of the false promises.  There were people who wanted Hidden costs to be absent.  Some said they wanted the Developers to display their complete information on line and to the customers. .?  There were varied Responses to this question  Majority said that they wanted to get rid of the brokers..

Threats –  Tough competition among web portal segment of real estate. In recent years.SWOT Analysis of Apeksha Group –     Strengths – Team of professional having technical expertise. Increasing trust of people on real estate web portal.  Government policy.  Some illegal services provided by the Broker. Project audit and Media for real estate sector. Finance. A wide range of services on web portal compared to the other web portals. Weakness –  Failure to curve the activities of the un-organized sector. past experience in the field of marketing. By creating awareness regarding the Marketing details. organized sector has increased its share in the market unorganized sector. .  Lack of project developer‟s support in providing the legal and technical documents. legal and technical document of the project make consumer more satisfied. Rapid urbanization. People are becoming more aware. Opportunities    The growing population of India.

7% people want to check details of booking before buying or searching house.  Some of the people check delayed delivery penalty clause while buying a property. .  89% people are checking legal status of construction while buying/ searching a house.  70.  A number of builders do not want to show the property documents to the customers.  Most of the people know only the names of few property documents and they check only these documents while searching a property. 3 BHK house in near future in DELHI and NCR region. but very few people are strongly satisfied. FINDINGS AND CONCLUSION:- 5.5. print media.  Most of the people wanted the government to make policies in terms of legal.  Most of the people have chosen PRINT MEDIA & BROKERS as a source of information while buying or searching for a property. past record of builder and new policies of govt.  Most of the people chose information related to the property documents as their first preference compared to the marketing details of the project.1 Findings:  Most of the people are dissatisfied from the real estate marketing information provided by the real estate companies. and personal reference as a source of information for searching house or property are more satisfied compare to the other sources of information. brokers. related to real estate sector.  There is great demand of 2.  People who have chosen internet. technical and financial aspects which could create transparency in real estate sector.

Thus because of the above reasons 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 is appreciated in this regard. and collect as much as information from the builders. Here I have collected the perception and analyzed the expectations of the general public as a whole. and are more concerned about the selection of the right type of house for them.5.2 CONCLUSION:- Now a day‟s people who go for buying a house have become more aware about what they should look for and the information they should seek. But majority of the people are still unaware of the documents which they should look for before going to buying a house. the total legalities. . and then only they can do their investment with a free mind. The conclusion thus is that people need to be more aware of all the documents.

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. the database generated through the project should be put to effective use through continuous follow-ups to the potential customers.  Company should not always try to attract the new customers only. .6.  Customer should be aware of the government‟s policy related to „Real Estate‟. Ltd.SUGGESTIONS: On the basis of my findings. Recommendation to Project Developer (Builder) –  Builders should show their legal and technical documents to the customers. before buying or searching house. –  First and foremost.  Company should provide information according to people‟s need and necessity.  Company should make more contact with contractors and Architects to tap more builders. and try to remove their problems and learn from their experience.  Customers should go through all the terms and conditions of the project developed. but should also take feedbacks from existing once. And for that they can open daily polling on their web portal. A follow-up should be made on the industry potential as a whole as well. Recommendation to customer –  Customers should check all the legal and technical documents and not only the marketing details of the builders/project. I want to make certain recommendations as follows – Recommendation to Apeksha build homes Pvt.

Although appointments were made and followed up where possible but still there were instances where the desired people were either unavailable or unwilling to meet. Thus affecting the scientific accuracy. .  This project is completed in six weeks. so due to time constraints it was not possible to cover all the area of Delhi and NCR region and mainly Delhi area was covered followed by Noida . Some of them ignored the questions which were supposed to be filled by them. thus a few target persons were left uncovered.LIMITATIONS: Un-availability of the desired personnel was the biggest constraint to this study.  No prior information regarding the addresses or other details of the offices to be visited was provided. Ghaziabad and Gurgaon.  Some dealers were hesitating to give supportive data.  Since the data is not evenly collected from the NCR region hence there is a chance of biasness.

com  www.indiatimes. 68-102) Referred Websites:  www.com  www.com  www.com  www.BIBLIOGRAPHY Referred Books:  Kothari C.com  www.propertywala.co.com .buisnessstanderd.economicstimes.trustedproperty.apekshagroup. planning implementation and control.org  www.indianrealestateforum.  Schiffman Leon G. Prentice Hall of India “6th edition  Singh Harpreet–“Research Methodology”-Kalyani Publishers.R.google. 1-8.(page no.com  www.“Research Methodology” New Delhi Tata McGraw Hill In (95-102)  Kotler Phillip –“Marketing management “analysis.in  www.& Kanuk Leslie Lazar. "Consumer Behavior"..scribd.

Age (in yrs) 25 to 30 30 to 35 35 to 40 More than 40 1) Rank the following detail according to their importance at the time of purchasing a property? (Rank1 to the most important. Service Business Profession- Designation………………………………Name of organization/Company……………………………….(NOTE-All the information taken from you is only used for research purpose) TOPIC-Understanding the Consumer’s Perception & Expectations while buying a House. 3 to least) a) Property documents b) Marketing details of builder c) past record 2) Tick the options which match your preferable location and types accordingly? Type 1 BHK 2 BHK 3 BHK 4 BHK Penthouses Villas Location New Delhi Ghaziabad Noida Faridabad Gurgaon Others . Contact No. service Pvt. Email……………………………………………………………. Name………………………………………………………………………………………………… Govt. +91-……………………….

201011.P). 4) Do you think real estate developers give possession timely? a) Yes b) No c) Can‟t Say 5) How much are you satisfied from real estate marketing information provided by real estate companies? a) Highly Satisfied d) Dissatisfied b) Satisfied e) Highly dissatisfied c) Neutral 6) Do you think the govt. 0120-4166001 .V. Ghaziabad(U. Devika Towers. Chander Nagar. Phone No. and Radio e)Personal Reference c) Internet f) Broker 8) Do you think real estate web portal bridges the information gap between real estate developer and customer? a) Yes b) No c) Ca n‟t Say 9) What all documents you should look for before buying a house? ……………………………………………………………………………………………………………… 10) What is your Expectation from the web portal? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… 11) What problems have you faced while dealing with the „real Estate‟ dealers? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… Thank you for sparing your precious time TrustedProperty. b) T.org 710-711. takes necessary steps to provide house to the common man? a) Yes b) No c) Can‟t sa y 7) What source of information do you prefer while buying /searching for a property? a) Print media d) Outdoor Add.3) For the above chosen option how much are you willing to pay? …………………………………………………………………………………………………………….

Sign up to vote on this title
UsefulNot useful