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Nehal Project Report PDF
Nehal Project Report PDF
REAL STATE
BY
NEHAL
IV SEMESTER
ROLL NO. 520834361
DECLARATION
I hereby declare that the project report titled Understanding the Customers
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: 17/2/10
Place: New Delhi.
Submitted by:
Nehal
This is to certify that MR.NEHAL has worked on the project entitled Analysis of
the consumers perception and expectations while buying a house for the
partial fulfillment of the requirements of MBA (batch 2008-10) for period of 60
days from 5th Aug 2009 to 3rd Oct 2009. This bonafied work has been done by him
under our supervision.
Ahuti Bhargava
( Faculty of Marketing)
ACKNOWLEDGEMENT
I take this opportunity to express my sense of gratitude to all those who helped me in completing
this project. The successful task would be incomplete without the mention of the people whose
constant guidance and encouragement crown all efforts with success.
First of all I would like to convey my thanks to Mrs. Ahuti Bhargava (Internal Guide, Faculty
IME) for his constant suggestions which have resulted in successful completion of project
I would like to express my sincere gratitude to Mr. Naveen Garg (Director and Board member.)
for giving me the opportunity to work and learn with GODIRECT INFOTECH. I would also like
to thank Mrs. Jasmeet Kaur (Manager) and Mrs. Seema Maan
Strategy) who extended to me all the support and cooperation I required during working in the
field in various areas from time to time.
I would also like to extend my heartiest thanks to Ms Arun Rahul (Vice President EMEA
Operations and Business Development), Mr. Saurav (Vice President Dubai), Mr. Sandeep
Agarwal (Director New Business Development), Mrs. Vidushi Gulia (Vice President HR)
,without their support I could not complete this project.
The individual and personal efforts of everyone concerned were memorable and I am once again
sincerely thankful to the whole team of GODIRECT INFOTECH and CBS for their cooperation
and providing me the required information and resources and helping me throughout for the
successful completion of this project.
NEHAL
TABLE OF CONTENTS
CHAPTER 1:
PAGE NO.
1
7
CHAPTER 2:
2.0) INTRODUCTION TO THE COMPANY
2.1) COMPANY PROFILE
23
23
25
25
26
26
27
27
CHAPTR 3:
3.0) RESEARCH METHODLOGY
28
28
28
29
30
30
CHAPTER 4:
4.0) DATA ANALYSIS AND INTERPRETATION
31
CHAPTER 5:
FINDING AND CONCLUSION
5.1) FINDINGS
49
5.2) CONCLUSIONS
50
CHAPTER 6:
6.0) RECOMMENDATION
51
CHAPTER 7:
7.0) LIMITATIONS
52
BIBLOGRAPHY
53
8.0) QUESTIONNAIRE
54
EXECUTIVE SUMMARY
The future of the real estate sector in India is going to be guided by two important
factors, namely suitable amendments in the Foreign Direct Investment (FDI)
guidelines in townships, housing, built-up infrastructure and construction
Pepsi and Coke are doing business - poor us, 1st world countries do have). We
don't have as such a proper regulatory authority for Clothing (as it is cheaper here look at any 1st world country, they have). About home....... a dream of every man whether rich/poor black/fair.... it takes whole life to get a home.
65% of Indians have their own home at age of 62. Comparing with a shirt or a
burger........... This is really BIG. It doesn't mean that earlier two is less
important....... what I mean to say is that MAKAAN is no lesser important. You
invest
once
and
thats
huge.
Govt. advertises about checking food quality, prices of a commodity, and problems
with auto, electrical equipments, and credit cards and........... But I haven't seen this
effort
to
educate
people
about
real-estate
aggressively.
What to do if you are at problem with your builder, what is map approval, how can
a common man get it, what is mutation, why is it important, - really more
important to any man than running after some credit card inflated bill or some
inflated charges taken by Big Bazaar - sort of problems. Money market is needed
to be regulated because it is the backbone of our economic system.
The amount of business real-estate industry is generating can't be no-longer
ignored. After 2001, probably everyman directly or indirectly is associated with
real-estate sector (see the investments in Infrastructure bonds only). After IT and
ITES industry, real-estate sector comes next in terms of people employed. The
value of stake holders in this sector is no lesser than 90%.
The involvement of more than 50% of the population (public representatives)
makes a govt. Why not a industry. People within (i.e. employees) and outside
(investors, buyers, and share-holders) if moderated by a central agency like RBI (I
name it RERBI - Real Estate Regulatory Body of India), then life for everybody in
INDIA might be safer.
etc. 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. The interest of the consumer in the real estate lead to heavy
bookings of the buildings, innovation of the concept of pre-launch bookings, the
flats/commercial space were sold while at the drawing board stage. The consumer
never bothered to check the credentials of the builder, sanctions by the competent
offices etc. Instead the consumers were led by alluring advertisements issued by
the builders, promising delivery of possession of constructed building/flat within
the stipulated time. The builders promised refund of money immediately on
cancellation, some of them also promised assured returns by way of rent.
After the bubble has burst, needless to say, the promises of the builders have gone
for six. The purchaser/consumers have paid the entire sale price/major
consideration and they are under debt of bank/financial institutions, savings have
evaporated and there is no sight of completed building. The promising builder has
vanished or has started avoiding calls; request for refunds, delivery of possession is
unheeded. 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. What do poor and harassed consumers do in such
circumstances.
I need to emphasize consumer is not helpless and should not allow the builder to
run over him. He should fight for his right, the law of land supports him in this
regard. The Consumer Protection Act, 1986, will come to the rescue of such erring
builders and will force the builders to pay compensation to the consumer, 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, if any, on account of rise in price of
constructing a building. 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.
A cheated customer can lodge a complaint with the consumer forums pointing out
the deficiency of services by the builder. A consumer court is divided into three
forums namely, district forum, state commission and National Commission. Where
the value of the property is less than twenty lakhs, the complaint will be filed in the
District Forum. 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. One Crore the complaint will have to
be
filed
in
the
National
Commission.
In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood, the National
Commission, reported as MANU/CF/0069/2007 was faced with a situation,
wherein the consumer was led by the advertisement of the builder of delivery
within stipulated time and consequently on the failure to deliver, the builder
contended that government permissions, such as approval of zoning plan, layout
plan and schematic building plan were not given, thus the delay in construction
should not be a ground for grant of compensation to the consumer. The consumer
was further burdened with the escalation cost due to such delay. 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, layout plan etc. 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, and thereafter recover the consideration
money from the purchaser of the flat/buildings. 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, escalation cost is required to be
borne
by
the
builder.
In another matter titled as Veena Khanna Vs Ansal Properties and Industries
limited, reported as III (2007) CPJ 185(NC), 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 the alternative, it was
directed that if the builder chooses to hand over the possession of the flat, the order
of refund with interest will not come in operation. The builder taking advantage of
the order refunded the money, because of the rise in the prices of the immovable
properties. 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. 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.
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. Or in any circumstances,
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. Mere payment of
interest is not an adequate compensation.
Complete information of how to buy a home or property:
1. How do I buy a house?
Be an informed consumer; buying a house is one of the most complicated and
expensive purchases you will ever make. As with most other things, you get what
you pay for. Look at and compare many houses in different areas. Once you have
seen something you like, assess its location. 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, 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. Remember: location, location, location. It's one of the
biggest factors in setting the price of the home.
Before you make a written offer, know exactly what you are buying and what
the costs will be after you own it. For example, 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, property taxes, and
insurance and maintenance costs. If you buy a home that has a homeowner's
association, you will also have to pay association fees. Some homes have
special assessments in addition to the regular property taxes. Make sure that
you ask the seller for copies of the past years" bills for these services, and that
you inquire as to whether there are any assessments scheduled to be placed on
the property in the future.
Also, check the condition of the house and any appliances, window
coverings and other items that you want included in the sale. Consider
purchasing a home warranty. For a minimum fee, the home warranty
company will insure that the house and the appliances are in working
condition. Many companies will provide coverage for washers, dryers, pools
and pool equipment, air conditioning, and some roof repairs. Your agent or
escrow holder can provide you with information on these policies.
2. 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. 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. Most homes are listed for sale by a real estate broker who is
referred to as the seller's agent. The seller's agent represents the seller. The
agent who helps you find the home is called the buyer's agent. 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 buyer's
agent's fee will be paid by the seller when you complete the purchase of the
home.
Your real estate agent will also assist you in negotiating the price, learning
about the community, obtaining a loan, inspecting the home, and in closing
the escrow. In some instances, a real estate agent can represent both the
buyer and the seller. This is referred to as a dual agency. This must be
disclosed to you before you make an offer. It is advised that you proceed
carefully in this situation, since your agent will be working for both the
seller and you at the same time.
If you are not sure that you understand all of your rights and responsibilities,
it is advisable to see an attorney who is experienced in the purchase of
residential real estate. An attorney can help you with legal and tax questions
that come up during the purchase of the home, and can assist you in
reviewing all of the documents and reports that will be provided to you in
the process of purchasing the home. For more information on how to locate
a qualified attorney, 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, call 415538-2280. Or visit the State Bar's web site(www.calbar.ca.gov) where you'll
find the bar's consumer education pamphlets, as well as information on
ordering them. The pamphlets also can be ordered in bulk.
3. What information must the seller provide us?
In most cases, when you are preparing to buy a home, the seller must
provide you with a Real Estate Transfer Disclosure Statement. This is a preprinted form that lists many features or conditions about the home, the land,
and the area where the home is located. 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. This includes, for example, easements, rights of others
to control how you use the property, environmental problems,
nonfunctioning equipment, zoning and building violations, and special
assessments. 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. If
you want information that is not covered in the Real Estate Disclosure
Statement or additional information that is disclosed, put your questions in
writing and ask the seller to respond in writing.
You should review the Disclosure Statement immediately and carefully. In
most instances, you will have a limited period of time to decide whether you
wish to proceed with the purchase despite the stated disclosures. Depending
upon your purchase agreement, some sellers will require a written
acceptance of the conditions contained in the statement. Other sellers will
consider your silence as acceptance of all of the conditions contained in the
Disclosure Statement.
If you buy a condominium, the seller must give you copies of the
homeowners association's rules and bylaws, and financial statements, and
must inform you if there are any unpaid assessments. You should also ask to
see the past minutes of the association board meetings. You might find that
there are pending or future lawsuits or defects in the construction of the
complex being discussed in these meetings. All of which would affect the
value of what you are buying.
4. Should the house be inspected?
Before buying any property, it is advisable to have it inspected by trained
specialists. The kinds of inspections you need depend on the location and
condition of the property. For example, in a hillside area, you might want a
soil stability inspection. If you are buying a home built before 1978, you
should seriously consider an inspection for lead-based paint. At a minimum,
you should have the home inspected to determine if it is structurally sound, a
pest control inspection to see if the house has been infected by termites or
dry rot, and a natural hazards inspection to see if the home is located in an
area subject to fire, earthquakes or flooding. The real estate agent can advise
you about additional inspections that might be warranted under the
circumstances.
Keep in mind that while the seller has to tell you about anything he is aware
of that is wrong with the house, he is not insuring the quality of the house;
for this reason, and an inspection is a good idea.
5. How do I make an offer on a house?
Most homes are sold through real estate agents who have expertise in
valuing homes. You can also get information on home sales in your area by
visiting a host of Internet sites provided by professionals in the industry, or
by reading the real estate section of your local newspaper. Once you have
found the home of your choice and have determined how much you are
willing to pay, you need to make a deposit (called earnest money) to show
the seller that you are serious about buying the house. The deposit is
considered a down payment on the price of the home. In some instances you
may have to increase your deposit or increase your offer, especially if there
are multiple offers on the home.
The deposit is usually deposited in escrow upon the acceptance of your
offer. You submit a written offer on a form known as the Residential
Purchase Agreement and Receipt for Deposit. This form sets out the terms
upon which you are willing to purchase the property. The price you offer on
a home will, in most cases, be less than the amount you will need to
purchase the home. There will be expenses incurred in purchasing the home
that will have to be paid by either the buyer or the seller. These include, for
example, title reports, document preparation, recording fees, local taxes, fees
for inspections, escrow fees, homeowner's insurance, and notary fees. Ask
your agent or escrow officer to provide you with an estimated closing
statement. This will give you an idea of some of the additional costs you will
incur in purchasing your home. You do not want any surprises.
6. What is a Residential Purchase Agreement and Receipt for Deposit?
This agreement is an offer which, upon acceptance by the seller, results in a
binding contract. It should cover all of the important terms of the sale. For
example, it should include a complete description of the property and of any
personal property that will be sold with the house, such as window
coverings, kitchen appliances, washers and dryers. It should state the exact
purchase price, including the amount of your initial deposit, any increases in
that deposit, the amount you will pay in cash, check or wire transfer, and the
amount you will need to finance to complete the purchase price. This
agreement should also list any conditions that may allow you to back out of
the contract. 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. You may also need a
condition that allows you to cancel the sale if you cannot sell your current
home. Please understand, however, the more conditions you have, the less
likely the seller is to accept your offer.
This agreement should also set forth what will happen to your deposit if you
cancel the sale, what will happen if you and the seller have a disagreement
over the terms of the sale, and how the brokers will be paid. 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. Take the
time to go over each and every term of the agreement with your agent before
you sign the agreement.
7. Can I change my mind?
You should not make an offer to purchase a house unless you are serious
about buying it. You can, however, revoke your offer before it is accepted
by the seller. This revocation should be in writing. If your offer has already
been accepted by the seller, 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.
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. There is a mediation provision, an arbitration provision and
a liquidated damages provision. 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, and
your election is without good cause. 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. Carefully discuss the pros and cons of initialing this provision
with your agent or attorney.
Occasionally, you can "assume a loan or take over a loan that the seller has
been paying off. You should be careful in assuming any loan. Most loans
have an acceleration or due on sale clause. This means that the lender can
demand that the seller's loan be paid in full when the property is sold. If you
wish to assume a loan, 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.
Most home loans that are available to Californians offer one of two interest
rate structures. A fixed rate loan offers a set interest rate, so that your
monthly payment never changes. Some fixed rate loans are federally insured
or guaranteed, such as a Veteran's loan or an FHA loan. These loans usually
have a lower interest rate and require smaller down payments. For more
information on these loans, get in touch with a local office of the California
Department of Veterans Affairs, the U.S. Veterans Administration or the
U.S. Department of Housing and Urban Development (HUD).
Another type of loan that is available is an adjustable rate mortgage loan,
sometimes called an ARM. An ARM is a mortgage loan which provides for
adjustment of its interest rate as market rate interest rates change. The
ARM's interest rate is tied to an index that reflects changes in the market
rates of interest. Some indexes used are the Cost-of-Funds Index published
by the Office of Thrift Supervision, and the Federal Reserve Discount Rate.
These loans usually have interest rates that are lower than the fixed rate loan
interest. ARMs can be complicated. Make sure that you understand all of the
terms of these loans before you agree to accept one.
Occasionally, new mortgage plans become available that are intended to
meet specific needs of a community. These include loans for first-time
homebuyers, and loans for teachers. Check with your local consumer affairs
office and housing departments for up-to-date information on these types of
loans.
judgments and other claims that you have not agreed to accept. You should
also discuss with your agent the need for a survey of the property and title
insurance coverage for boundary line disputes. In many instances, especially
in rural areas, boundary lines are not where they should be. A survey and
survey coverage can help eliminate future disputes with your new neighbors.
Before a title company issues an insurance policy, it will make an
investigation to find out if anyone besides the seller claims to own the
property. It will also search the public records for claims against the
property. The title company will provide you with a report, called
preliminary report. You should carefully review this report to determine if
it describes all of the property you are interested in buying. 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. If you are uncertain as to what the
report says, you should discuss the matter with your agent, the escrow
holder and/or your attorney.
There are different kinds of title insurance available. Often the difference in
cost for the better policies is nominal. "Basic" or "Standard" coverage is, in
most instances, not the best policy available. For an additional one-time cost
or no charge at all, you can obtain protection for losses resulting from illegal
construction, zoning violations, unrecorded liens, prescriptive easement
claims, and post policy forgeries. Be aware that different companies charge
different rates. 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.
13. Congratulations!
Whether you are purchasing a home for the first time or for the fourth time,
the day of closing should be a cause for celebration. And since a portion of
your purchase price is paying for the agents and the escrow holder's
expertise, utilize their services throughout the process leading up to the day
of closing. Ask questions; ask for an explanation of any item you do not
understand. Request copies of any documents you do not understand; keep
copies of all documents relating to the purchase of your home. And, if
necessary, seek advice from a qualified real estate attorney or tax advisor.
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.
estate market where builders can showcase their projects to NRI and
HNI Customers/Investors, which is altogether a different concept in
Indian real-estate market.
To achieve this target we have a tie-up with UNICON India, who is
already an established leader in the market having more than 150 own
established offices and more than 500 Franchise spread across all
cities of India and +7000 dedicated workforces. Direct InfoTech
Limited and UNICON India will be known as one identity in the market
with a brand name UNIDIRECT for real-estate project underwriting in
future.
Go direct is the brand name used by DIL in real-estate market which is
a FREE Global search engine to search properties and property buyers
internationally; our database is initially configured for 8 countries
namely India, The Netherlands, U.S.A, Canada, U.K, Dubai, Singapore
and Surinam with a possibility to configure another 50 countries in its
engine, which makes it possible to do business globally.
Go Direct value proposition lies in being the only company in India
with an International reach and unique concept in real-estate sector.
Today Go Direct have a success story with more than 50000
residential and commercial properties listed on its website
www.godirect.in and more than 135000 users registered till date
OBJECTIVE:
Direct Infotech Limited provides a complete platform for independent
owners, real estate agents and builders to advertise their
properties on the Internet and for potential buyers to search
for properties around the globe. This easy to use web portal offers
an extensive search feature that allows you to locate property by
region, area, price, amenities and availability with property
photographs
BOARD OF ADVISORS
Mr. A.Chauhan, Director and Board Member
Mr. A. Chauhan a truly global citizen has spent nearly two decades in
Europe and U.S.A is the Director and Board Member of Direct InfoTech
Limited he is also the Additional President and Board Member of the
Ritnand Balved Education Foundation, the umbrella organization of the
Amity institutions, which currently have over 45,000 students in 130
programs of 70 institutions across 600 acres of hi-tech campuses with
3.1 million sq. ft. of built up area. Mr. A. Chauhan is also the CEO of
the Cross border Group
Mr. A.Chauhan has made investments of over $500 million globally. He
was formerly with AEA Investors, a multi-billion dollar private equity
firm in New York which invests funds for current and former Fortune
100 CEOs and wealthy families across the world.
He has also been with Mercer Management Consulting providing
strategic advisory to leading companies in New York , London and
Hong Kong , and with JP Morgan in investment banking.
Mr. Chauhan is on a number of committees including the Government
of Indias National Committee for Biotechnology Policy and the CII
National Committee for Higher, Technical & Vocational Education.
Mr.
Saurav,
Development
Vice
President
Dubai
Business
Mr.Sandeep
development
Agarwal,
Director,
New
business
International real-estate
Job Marketing
International air ticketing
Marriage portal
European Legal helpline
3. RESEARCH METHODOLOGY:
What is research?
Research can be defined as a scientific and systematic search for pertaining
information on a specific topic. We define research as the systematic design,
collection, analysis and reporting of data and findings relevant to a specific
situation facing the company. The main aim of research is to find out the
truth which has not been discovering yet.
3.1 OBJECTIVES OF THE STUDY
Project has mainly three following objective1. To determine the customers perception.
2. To determine the customers expectations.
3. To determine the problems faced by the customers while buying a
house.
3.2 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
companys 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 Delhi and NCR
region. The survey is restricted to the information needed to show legal,
technical and financial transparency between project developer and
customer.
TYPE OF RESEARCH: - Exploratory and Descriptive.
Exploratory research is a type of research conducted because a problem
has not been clearly defined. Exploratory research helps in determine the
best research design, data collection method and selection of subjects. Given
its fundamental nature, exploratory research often concludes that a perceived
problem does not actually exist.
Its seeks to find out how people get along in the setting under question, what
meaning they give to their actions, 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.
RESEARCH DESIGN :A survey research method was the basic research design. I interact with
personally to people through questionnaire filling method. Questionnaire is
having questions regarding the respondents basic information such as
contact details, designation, what type of information they want from real
estate project developer and Government, what type of documents they
check while buying or searching property.
3.3 DATA COLLECTTION METHODS :1. Primary data are 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.
3.4SAMPLE DESIGN:Study of the geographical area comprising of Delhi, Ghaziabad, Noida,
Gurgaon, Faridabad were undertaken. It has tried to cover corporate offices
4.DATA ANANLYSIS AND INTERPRETATION :Q) The professions of the people I met..
profession type
Vali
d
private
business
govt.
owner
Total
Total
Frequency
258
9
31
1
1
300
300
Percent
86.0
3.0
10.3
.3
.3
100.0
100.0
Valid
Percent
86.0
3.0
10.3
.3
.3
100.0
Cumulativ
e Percent
86.3
89.3
99.7
.3
100.0
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. I met with total 300
people out of which 10.3% (31) people are doing Government services , 86 %(258)
people are doing Private services and 3 % (9) people are doing business.
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.
300
200
Count
100
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 .Because they have bought house or they are in
process of buying any house. 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) 5.7%.People are in age group 41-50 years and more than 40
years are having 22%.
Q: How much are you satisfied from real estate marketing information
provided by real estate companies?
Frequency
Valid
Valid
Percent
Percent
Cumulative
Percent
highly
satisfied
satisfied
neutral
dis-satisfied
highly
dis-satisfied
1.0
1.0
1.3
93
64
126
31.0
21.3
42.0
31.0
21.3
42.0
32.3
53.7
95.7
13
4.3
4.3
100.0
Total
1
300
300
.3
100.0
100.0
.3
100.0
Total
highly dis-satisfied
.3
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 . Many people
who are satisfied with the marketing information provided by developer ,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. 21.3% people are neutral, 31 % people are satisfied
and 4.3 % people are strongly dissatisfied from the marketing details provided by
the real estate companies. The reason of this strange result in simple languages is
as follows Builders do not give complete marketing information in their broacher.
Marketing information provided by real estate developers is condition based.
In the marketing information broacher, developers do not share the negative
side of project.
The paper work is a bit different from that of the actual work.
We can make most of the customers satisfied by
1. Creating awareness about all the marketing details.
2. By asking the developers to provide each (negative and positive) marketing
detail without any terms and conditions in their broacher.
3. By making the people aware of all the legal and technical documents which
are needed while going to buy a house.
Q: What source of information do you prefer while buying/ searching for a
property?
Frequency
Valid
Total
print
media
tv &radio
internet
outdoor
add
personal
reference
broker
Total
Valid
Percent
Percent
Cumulative
Percent
124
41.3
41.3
41.3
21
16
7.0
5.3
7.0
5.3
48.3
53.7
2.3
2.3
56.0
86
28.7
28.7
84.7
46
300
300
15.3
100.0
100.0
15.3
100.0
100.0
140
120
100
80
60
Count
40
20
0
print media
internet
tv & radio
personal reference
outdoor add
broker
The above Table and chart shows that most of the people prefer Print media (41.3
%) and personal reference (28.7 %) for searching house or property. And other
sources like Internet, Broker, TV & Radio, Outdoor advertisement are having 5.3
%, 15.3%, 7%, and 2.3% respectively.
Many people say that search of property through internet is very comfortable.
Because in a single click they can reach to a number of builders and their projects.
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.
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.
Many people were saying that buying or searching house or property through
broker is not safe because of their dual nature .Generally they are making hype of
the developers project and hide negative side of the project.
QUS.3 Choose your preferable location and types of house you want to
purchase?
area of preference
Frequency
new delhi
139
ghaziabad
81
noida
49
gurgaon
20
others
9
faridaba
1
new delh
1
Total
300
300
Valid
Total
Percent
46.3
27.0
16.3
6.7
3.0
.3
.3
100.0
100.0
Valid
Percent
46.3
27.0
16.3
6.7
3.0
.3
.3
100.0
Cumulative
Percent
46.3
73.3
89.7
96.3
99.3
99.7
100.0
160
140
120
100
80
60
Count
40
20
0
new delhi
ghaziabad
noida
gurgaon
others
faridaba
new delh
area of preference
Majority of the people prefer Delhi as the location (46.3%), then comes the no. of
Ghaziabad and Noida with 27% and 16.3% respectfully, Gurgaon stands fourth
with 6.7%. The choice of area depends on the monitory condition and the facilities
available to people at a particular area.
Most of the people want 3 BHK in NewDelhi area with price ranging from
35 to 55 lakhs.
The demand for 2 BHK is bit less and varies from 15-20 lakhs.
The demand for 1BHK is not much.
People want 4 BHK in the range of 55 to 60 lakhs.
There is not great demand of Penthouses and villas in Delhi and NCR
region.
Most of the people who are doing job or having business who want to
purchase 3 BHK or 4 BHK prefer luxury house.
Q: Consumers preference of information related to property document from
Real Estate web portal, past record of builders, and marketing details-
Total
property
documents
m arketind
details
past
records
Total
Percent
Valid
Percent
Cumulative
Percent
274
91.3
91.3
91.3
15
5.0
5.0
96.3
11
3.7
3.7
100.0
300
300
100.0
100.0
100.0
300
200
Count
100
0
property documents
marketind details
past records
From the above we can conclude that before going to buy a house people generally
look for the property documents which comes up to 91.3% of the total responses,
then the marketing details and the past records come.
Q: Is there any need for any regulating body in the real estate?
can't say
no
11
In this
question,
majority
of the
yes
people have a view that there is a need for some regulatory body which can have a
continuous eye on the real estate sector.
Very less people say the answer as No, and least no of people have No
reply.
QUS.4: Do the Real Estate developers give possession timely?
Valid
Total
yes
no
can't say
Total
Frequency
107
156
37
300
300
Percent
35.7
52.0
12.3
100.0
100.0
Valid
Percent
35.7
52.0
12.3
100.0
Cum ulative
Percent
35.7
87.7
100.0
can't say
yes
no
The answer of majority was not in favor. Out of 300 people,156 said no to this
comprising of 52% of the whole population. Whereas 106 said Yes and Rest
were in two minds.
Q: Do you think govt. takes necessary steps to provide house to the common
man?
Valid
Total
yes
no
can't say
Total
Frequency
98
148
54
300
300
Valid
Percent
32.7
49.3
18.0
100.0
Percent
32.7
49.3
18.0
100.0
100.0
Cumulative
Percent
32.7
82.0
100.0
can't say
yes
no
Majority said No when asked this question and comprised of 49.3% of the total
answers, 32% said yes and 18% didnt knew where to go.
Q. Cross Tabulation of the Place of preference & the Type of House which a
person likes to have.
Count
ty p e o f 1 B H K
h ou se a 2BH K
c u s to m e r 3 B H K
p r e fe r s
4BH K
PENT
HO USE
T o ta l
p la c e o f p r e fe r e n c e o f a p e r s o n
n e w d e lh i g h a z ia b a d n o id a
g u r g a o n fa r id a b a d o th e r s
4
2
5
1
24
25
15
7
3
3
84
42
27
12
1
6
15
9
3
5
2
2
2
129
T o ta l
12
77
172
36
1
78
51
3
25
11
300
100
80
place of preference
60
new delhi
ghaziabad
40
noida
gurgaon
Count
20
faridabad
0
others
1BHK
3BHK
2BHK
PENT HOUSE
4BHK
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
1 0 -1 5
p la c e o f n e w d e lh i
5
p re fe re n c e g h a z ia b a d
4
of a
n o id a
5
p e rs o n
g urg aon
1
fa rid a b a d
o th e r s
T o ta l
15
A M O U N T W IL L IN G T O P A Y in L A K H S
1 6 -2 5
26-3 5
3 6 -4 5
4 6-5 5 ab ove
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
55
2
1
2
1
6
T o ta l
129
78
51
25
6
11
300
70
60
50
place of preference
40
new delhi
ghaziabad
30
noida
20
Count
gurgaon
10
faridabad
others
10-15
26-35
16-25
46-55
36-45
above 55
Count
ty p e o f 1 B H K
h ouse a 2BH K
c u s to m e r 3 B H K
p r e fe r s
4BHK
PENT
HO USE
T o ta l
10-15
10
2
3
15
A M O U N T W IL L IN G T O P A Y in L A K H S
1 6 -2 5
26-35
3 6 -4 5
4 6 -5 5 a b o ve 5 5
1
1
43
20
11
1
12
107
45
5
21
11
4
56
127
77
T o ta l
12
77
172
36
19
300
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.
nd
The demand for 2BHK houses comes 2 with the price range of 16-25 lakhs.
120
100
80
2BHK
Count
3BHK
20
4BHK
PENT HOUSE
10-15
26-35
16-25
46-55
36-45
above 55
Q.10: What all documents you should look before buying house?
Peoples are now very conscious about property document. They were saying that
while buying or searching property they check property document, but since most
of them do not know the all property document required to check thats why there
is need to create awareness about property document and builders should show the
entire property document to customers themselves.
While survey generally people gave name of fallowing property document
Link chain ownership document.
Registry
Map approval doc.
Kheshara- Khatauni
Sale deed
Intakhap paper
Paper shows approval from government authority
Paper of agreement between buyer and seller
No objection certificate (N.O.C.)
Acquisition letter
Payment receipts
Power of attorney of land.
Q: What are your expectations from the web portal?
The responses to this question were varied, like people said they
They didnt know.
They wanted Transparency.
Q: What Problems have you faced while Dealing with the REAL ESTATE
DEALERS..?
There were varied Responses to this question
Majority said that they wanted to get rid of the brokers.
Some said they wanted the Developers to display their complete information
on line and to the customers.
There were people who wanted Hidden costs to be absent.
Some wanted to get rid of the false promises.
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.
Strengths
Team of professional having technical expertise, past experience in the field
of marketing, Finance, Project audit and Media for real estate sector.
A wide range of services on web portal compared to the other web portals.
By creating awareness regarding the Marketing details, legal and technical
document of the project make consumer more satisfied.
In recent years, organized sector has increased its share in the market
unorganized sector.
Weakness
Failure to curve the activities of the un-organized sector.
Lack of project developers support in providing the legal and technical
documents.
Threats
Tough competition among web portal segment of real estate.
Some illegal services provided by the Broker.
Government policy.
5.1 Findings:
Most of the people are dissatisfied from the real estate marketing
information provided by the real estate companies, but very few people are
strongly satisfied.
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
house.
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 DELHI and NCR
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.
A number of builders do not want to show the property documents to the
customers.
5.2 CONCLUSION:-
Now a days people who go for buying a house have become more aware about
what they should look for and the information they should seek, and are more
concerned about the selection of the right type of house for them. But majority of
the people are still unaware of the documents which they should look for before
going to buying a house. Here I have collected the perception and analyzed the
expectations of the general public as a whole. The conclusion thus is that people
need to be more aware of all the documents, the total legalities, and collect as
much as information from the builders, and then only they can do their investment
with a free mind.
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.
6.SUGGESTIONS:
On the basis of my findings, I want to make certain recommendations as follows
Recommendation to GODIRECT INFOTECH build homes Pvt. Ltd.
First and foremost, the database generated through the project should be put
to effective use through continuous follow-ups to the potential customers. A
follow-up should be made on the industry potential as a whole as well.
Company should provide information according to peoples need and
necessity. And for that they can open daily polling on their web portal.
Company should not always try to attract the new customers only, but
should also take feedbacks from existing once, and try to remove their
problems and learn from their experience.
Company should make more contact with contractors and Architects to tap
more builders.
Recommendation to customer
Customers should check all the legal and technical documents and not only
the marketing details of the builders/project, before buying or searching
house.
Customers should go through all the terms and conditions of the project
developed.
Customer should be aware of the governments policy related to Real
Estate.
Recommendation to Project Developer (Builder)
Builders should 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.
LIMITATIONS: Un-availability of the desired personnel was the biggest constraint to this
study. 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.
No prior information regarding the addresses or other details of the offices to
be visited was provided, thus a few target persons were left uncovered.
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 , Ghaziabad and Gurgaon.
Some dealers were hesitating to give supportive data. Some of them ignored
the questions which were supposed to be filled by them. Thus affecting the
scientific accuracy.
Since the data is not evenly collected from the NCR region hence there is a
chance of biasness.
BIBLIOGRAPHY
Referred Books:
Kothari C.R.- Research Methodology New Delhi Tata McGraw Hill In
(95-102)
Kotler Phillip Marketing management analysis, planning implementation
and control.
Referred Websites:
www.godirect.in
www.trustedproperty.org
www.indianrealestateforum.com
www.google.com
www.scribd.com
www.propertywala.com
www.indiatimes.com
www.buisnessstanderd.com
www.economicstimes.com
(NOTE-All the information taken from you is only used for research purpose)
Profession-
Govt. service
Pvt. Service
Business
DesignationName of organization/Company.
Contact No. +91-. Email.
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, 3 to least)
a) Property documents
Type
c) past record
2) Tick the options which match your preferable location and types accordingly?
1 BHK
Locatio
n
New Delhi
Ghaziabad
Noida
Faridabad
2 BHK
3 BHK
4 BHK
Penthouses
Villas
Gurgaon
Others
3) For the above chosen option how much are you willing to pay?
.
4) Do you think real estate developers give possession timely?
a)
Yes
b) No
c) Cant Say
5) How much are you satisfied from real estate marketing information provided by real estate companies?
a) Highly Satisfied
b) Satisfied
d) Dissatisfied
e) Highly dissatisfied
c) Neutral
6) Do you think the govt. takes necessary steps to provide house to the common man?
a) Yes
b) No
c) Cant say
7) What source of information do you prefer while buying /searching for a property?
a) Print media
c) Internet
d) Outdoor Add.
e)Personal Reference
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) Cant Say
9) What all documents you should look for before buying a house?
11) What problems have you faced while dealing with the real Estate dealers?
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