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INTRODUCTION

Real Estate Industry in India:

The size of the real estate industry in India is estimated by 3.5 trillion (US$ 48 billion)
through infrastructure and real estate investment trusts in 2022, as compared with raised
funds worth US$ 29 billion to date. According to Savills India, real estate demand for data
centres is expected to increase by 15-18 million sq. Almost 80 % of real estate developed in
India, is residential space and the rest comprise office, shopping malls, hotels and hospitals.
This double-digit growth is mainly attributed to the off-shoring business, including high-end
technology consulting, call centres and software programming houses which in 2020-2024, 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. Real estate companies would also do well
to maximize their own performance and operational efficiency.
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 – development projects as well as abolition
of Service Tax on the construction industry especially the housing sector. Indian real estate
sector has witnessed high growth in the recent times with rise in demand for office as well as
residential spaces. According to Colliers India, a property consultant, institutional
investments in the Indian real estate sector are expected to increase by 4% to reach Rs.
36,500 crore (US$ 5 billion) in 2021, driven by rising interest of investors towards capturing
attractive valuations amid the pandemic. According to a recent report by Colliers India,
private equity investments in Indian real estate reached US$ 2.9 billion in the first half of
2021, which was a >2x increase from the first half in 2020.
Exports from SEZs reached Rs. 7.96 lakh crore (US$ 113.0 billion) in FY20 and grew
~13.6% from Rs. 7.1 lakh crore (US$ 100.3 billion) in FY19.
In July 2021, the Securities and Exchange Board of India lowered the minimum application
value for Real Estate Investment Trusts from Rs. 50,000 (US$ 685.28) to Rs. 10,000-15,000
(US$ 137.06 - US$ 205.59) to make the market more accessible to small and retail investors.
According to the data released by Department for Promotion of Industry and Internal Trade
Policy (DPIIT), construction is the third-largest sector in terms of FDI inflow. Construction is
the third-largest sector in terms of FDI inflow. FDI in the sector (including construction
development & activities) stood at US$ 51.5 billion between April 2000 and June 2021.
Some of the major investments and developments in this sector are as follows:
 Between January 2021 and September 2021, private equity investment inflows into
the real estate sector in India stood at US$ 3.3 billion.
 Home sales volume across seven major cities in India surged 113% YoY to reach
~62,800 units in the third quarter 2021, from 29,520 units in the same period last year,
signifying healthy recovery post the strict lockdown imposed in the second quarter
due to the spread of COVID-19 in the country.
 In the third quarter of 2021, the Institutional real estate investment in India increased
by 7% YoY. Investment registered in the first nine months of 2021 stood at US$
2,977 million, as against US$ 1,534 million in the same period last year.
 In November 2021, Ascendas India bought Aurum Ventures’ 16-storey commercial
tower in Navi Mumbai for Rs. 353 crore (US$ 47 million), making it the largest deal
of a standalone commercial tower by a global institutional investor during the past
few years.
 REA India-owned online real estate company Housing.com tied up with online legal
assistance start-ups LegalKart, Lawrato, Vidhikarya and Vakil in 2021 to offer legal
advice and assistance to homebuyers.
 Top three cities—Mumbai (~39%), NCR-Delhi (~19%) and Bengaluru (~19%)—
attracted ~77% of the total investments recorded in the third quarter of 2021.
 India's flexible space stock is likely to expand by 10-15% YoY, from the current 36
million sq. ft., in the next three years, according to a report by CBRE.
 To establish an investment platform for the Indian retail-led mixed-use assets, in June
2021, GIC announced to acquire a minority stake in Phoenix Mills’ portfolio (worth
US$ 733 million).
 In May 2021, Blackstone Real Estate acquired Embassy Industrial Parks for Rs. 5,250
crore (US$ 716.49 million) to expand its presence in the country.
 To expand into the Indian real estate market, SRAM & MRAM Group collaborated
with Area CAS Developers and Infrastructure Private Limited (Area Group), and
Gupta Builders and Promoters Private Limited (GBP Group) of India. It plans to
invest US$ 100 million in the real estate sector.
 According to Anarock, housing sales in seven cities increased by 29% and new
launches by 51% in Q4 FY21 over Q4 FY20.
 Private market investor, Blackstone, which has significantly invested in the Indian
real estate sector (worth Rs. 3.8 lakh crore (US$ 50 billion), is seeking to invest an
additional Rs. 1.7 lakh crore (US$ 22 billion) by 2030.
 In 2021, working remotely is being adopted at a fast pace and demand for affordable
houses with ticket size below Rs. 40-50 lakh is expected to rise in Tier 2 and 3 cities,
leading to an increase in prices in those geographies.
 In April 2021, HDFC Capital Advisors (HDFC Capital) partnered with Cerberus
Capital Management (Cerberus) to create a platform that will focus on high-yield
opportunities in the residential real estate sector in India. The platform seeks to
purchase inventory and provide last-mile funding for under construction residential
projects across the country.
 In March 2021, Godrej Properties announced it would launch 10 new real estate
projects in Q4.
  In March 2021, Godrej Properties increased its equity stake in Godrej Realty from
51% to 100% by acquiring equity shares from HDFC Venture Trustee Company.
 In January 2021, SOBHA Limited’s wholly owned subsidiary, Sabha Highrise
Ventures Pvt. Ltd. acquired 100% share in Annalakshmi Land Developers Pvt. Ltd.

Infrastructure Status to Housing: Infrastructure status should be provided to housing

sector. This will enable easier access to low-cost institutional funds as also allow the sector to
tap long term funds.
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, similar to the structures adopted for Estate Mutual Funds/ Investment Trusts
in developed real estate markets such as, USA, Singapore. Hong Kong, etc. Real Estate
Mutual Funds/ Investment Trusts would be an efficient mode for providing equity financing
as against debt, which is currently the norm for financing real estate developments in India.
Stamp Duty: In some States the Stamp Duty is as high as 14- 15 % of the value of the
transaction. Astonishingly in the Indian context, not only are the rates high, but also the levy
of Stamp Duty is applicable in every subsequent transaction, be it the initial transfer purchase
of land or on further sale of the same land after development or any other succeeding
transaction. Opportunely some states have brought the Stamp Duty down to between 6-8 %,
this should ideally be further brought down to 2-3 % and made uniformly applicable across
all states. However, if the above suggestion is not acceptable then if stamp duty has already
been paid on one transaction, there should be a mechanism in the law, whereby there is a
provision for concession or a system of credit for any subsequent transactions. This would
avoid the resultant cascading effect of Stamp Duty, thereby reducing the cost of a property.
The concept of credit for taxes paid on subsequent transactions already exists in other statutes
such as CENVAT, VAT, Minimum Alternate Tax (MAT), etc.
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, sanitation, sewerage, transport and
electricity.
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, which must be
repealed in all the States. 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
liveable.
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. HFIs are reluctant to take risk and continue to land primarily on
salaried urban borrowers. Amendment of (National Housing Board) NHB Act has already
been initiated. The implementation process needs to be expedited to bring in the required
changes.
Environmental Impact Assessment Notification: The notification specifies that no
construction activity to be taken up, in spite of the approval of plans by the Competent
Authority, till the environmental clearance has been sought. 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.
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, otherwise the completion
certificate will not be given Furthermore, in the case of future proposed projects the
environmental clearances should be taken by the States themselves or by the planning bodies
and not b individual builders.
Land Acquisition: The Land Acquisition Act of 1894, still, to a large extent, governs the
procurement of raw land. With the changing investment scenario, it has become necessary to
review
the existing law, 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. Today, a builder is governed
by “Agriculture Land Ceiling Act” even after the land has been urbanized in the zone plans /
master plans. This makes builders to create several companies in order to circumvent the
archaic laws. It is submitted that once the land has been urbanized and incorporated in the
master plan, then Agriculture Land Ceiling Act should not apply and builders should be
permitted to acquire lands as per their requirements, for the development of townships.
Foreign Direct Investment (FDI): Suitable modifications in the FDI guidelines are required,
particularly in repatriation of funds, clarification on the basic definition of “built-up area”,
streamlining of Clearance procedures as well as the opening up of the Retail Segment to FDI.
This aspect has been discussed in detail in Section II of this paper.
Service Tax: Service taxes in relation to construction of residential complexes having more
than 12 houses have been proposed to be introduced as a new service. However, no rationale
has been provided for exclusion of services in relation to construction of residential
bungalows, which may not form part of „residential complexes‟.
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, he is very confused. At that time, he doesn’t have a
clear-cut vision of, whether to go for this builder, that builder, which place, genuine price and
various other factors. So at that time what is there in the mind of the consumer and what all
things he is expecting from the builders, etc.
Q) Why study of consumer perception and expectations?

Real estate sector is a vital section of Indian market structure. 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. Then at this junction the understanding of perception
and knowing the expectations become very much important. So after finding the reason of all
these we can provide maximum satisfaction to customer.
REVIEW OF LITERATURE
In the words of Parasuramanetal. (1985), services have become more and more important factor for
organizations. Most service providers depend on performing the services correctly but also others find
services as an important means of differentiation and creating better customer satisfaction. The
problem facing many real estate agents is how to meet their client’s taste, retain them and be able to
gain competitive advantage over others. There is need to know what the consumers actually value so
as to meet their needs and probably retain them.
In a study by McDaniel and Louargand (1994), the study revealed that all services must respond to
consumer expectation because consumers’ perception of quality is an important part of the
consumption decision. Therefore, the customer must never feel ignored, unimportant or abandoned in
service delivery. 
Stewart (2008) noted that the most valuable, and often the most neglected approach towards getting
“the edge” over competitors is developing a better understanding of the perspective of the concerned
consumer and devising strategies to increase their service quality. This will give the consumer
satisfaction and also encourage repeat business. Parasuramanetal. (1985) in their pioneering work on
service quality identified some criteria for assessing service quality from the consumers’ perspective.
These criteria are: reliability, responsiveness, competence, access, courtesy, communication,
credibility, security, understanding/knowing the customer, and tangibles.
James A. Graaskamp, (2014) "Fundamentals of Real Estate Development”, “Journal of Property
Valuation and Investment” , Vol. 10 Iss: 3, pp.619 – 639Notes the real estate development process
involves three major groups – a consumer group, a production group and a public infrastructure
group. Comments that a major limitation shared by all groups is that each has a cash cycle enterprise
which must remain solvent to survive. Concludes that the best risk management device for the
producer group is through research so that the development product fits as closely as possible the
needs of the tenant or purchaser, the values of the politically active collective consumers and the land
use or the ethic of the society
W. Bhatt, (2013) "A different look on risks by property investments", “Journal of Indian Real Estate
Research”, Vol. 1 Iss: 2, pp.151 – 161This paper aims to focus on three points of the theory about
property investment risks: the management risk is not taken into account; the assumed regularity of
the damping of the specific risks with an increase in the number of investments; and the assumption
that the market risk is constant. There are three risk components within the risk profile instead of the
named two, namely: specific risk, depends on special individual factors of the investments;
management risk, reflects the span of control problem of the organization of the investor; and
systematic risk, depends on distinguishing local levels. The calculations do show the effect of
diversification, but not in all cases. It depends on the order in which assets associated with different
risks are added. Moreover, management and systematic risk work cumulative and opposed to the
diversifying power of the specific risk because both increase with increasing portfolio size.
Sridhar (2001) observed that service quality is ultimately defined by customer irrespective of
organization internal quality specification. However, there is problem of different levels of
expectation, incorrect interpretations of expectations, delivery of inappropriate service and failure to
match expectations with performed service. To ensure better service quality, the author advised that
providers should promise what can be delivered, attend to complaints from dissatisfied customers and
make services easily understood. Thomas and Whitney- Thomas (1996) identified communication
breakdowns as the greatest barrier to a positive working relationship. The authors agreed that the
more involved and assertive the consumer, the better the services. From the foregoing, it could be
deduced that there are some factors that bring consumers satisfaction. The providers’ understanding of
these factors and their ability to provide same will lead to improved service delivery, enhance
consumers’ satisfaction and encourage repeat businesses

Complete information of how to buy a home or property:

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
neighbourhood 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 ensure 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.
Do I need a real estate agent?

 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.

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 pre-printed 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, non-functioning 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
homeowner’s 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.

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 ensuring the quality of the house; for this reason, and an
inspection is a good idea.
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Company Description GODREJ PROPERTIES
The Godrej Group comprises of a varied business portfolio that includes real estate
development, fast moving consumer goods, advanced engineering, home appliances,
furniture, security, and agri-care. While a large number of our businesses are privately held,
the combined market cap of our publicly listed entities is in excess of USD 15 billion.
Ranked as the 2nd most trusted Indian brand, an annual revenue of USD 5 billion, and an
estimated 1.1 billion customers across the world that use one or another Godrej product every
day, the Godrej Group is amongst India's most diversified and trusted conglomerates.
The Godrej Group was established in 1897 out of a desire to demonstrate economic self-
sufficiency and excellence within India in the pre-independence decades. From safes that
withstood fires better than international competitors', to one of the world's first soaps from
vegetable oil, and the ballot boxes for independent India's first general election, the group has
a proud tradition of making meaningful products and building businesses that serve the
country's interests.  We have always focused on people and the planet along with the profits.
Approximately 23% of the promoter stake in the Godrej Group, is owned by philanthropic
trusts that work on environmental, educational, and health care issues in India.  We are also
bringing together our passion and purpose to make a difference through our Good & Green
strategy of shared values to create a more employable Indian workforce, build a greener India
and innovate for ‘Good' and ‘Green' products.
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and
excellence to the real estate industry. Each Godrej Properties development combines a 123–
year legacy of excellence and trust with a commitment to cutting-edge design and
technology.
In recent years, Godrej Properties has received over 250 awards and recognitions, including
‘The Most Trusted Real Estate Brand’ in 2019 from the Brand Trust Report, 'Real Estate
Company of the Year' at the 9th Construction Week Awards 2019, ‘Equality and Diversity
Champion’ 2019 at the APREA Property Leaders Awards, ‘The Economic Times Best Real
Estate Brand 2018’ and the ‘Builder of the Year’ at the CNBC-Awaaz Real Estate Awards
2018.
Our projects over the years have delivered many firsts in the Indian real estate market. Planet
Godrej, a skyscraper in Mumbai, was India's tallest occupied building when completed in
2008. It also illustrated our focus on customer safety and wellbeing by becoming the first
project in the country to offer residents a fire escape chute. Our commercial office project,
Godrej BKC, is the only LEED (Leadership in Energy and Environmental Design) Platinum
rated building in India's leading commercial district, Bandra Kurla Complex, demonstrating
Godrej Properties' commitment to environmental sustainability.
It is also the project where we broke the record for India's highest ever commercial end-user
sales transaction when a large multinational pharmaceutical company purchased space in this
project for INR 1,479 crore in 2015. Our flagship project, The Trees, is one of India's most
sustainably planned mixed-use projects that we hope will contribute to the evolution of urban
design thinking in the country. We sold over INR 1,200 crore worth of space within six
months of launching this project in 2015, making it one of the country's most successful
residential project launches.

With an estimated 10 million Indians moving into the urban areas annually, the country's
urban landscape is likely to change dramatically in the coming decades. We firmly believe
that India must seize on the opportunity to urbanize in a sustainable manner. Our group has
always been at the forefront of the environmental sustainability movement. The CII-Godrej
Green Building Centre in Hyderabad, when it was completed in 2004, was the first LEED
Platinum building outside of the United States and was the single highest rated LEED
building in the world.
In 2010, Godrej Properties committed that every single project we develop will be a certified
green building. Many of our projects have since received LEED Platinum certifications,
which are globally recognized as the leading sustainability recognitions. Our large township
project, Godrej Garden City, in Ahmedabad was selected as one of only 2 projects in India
and 16 worldwide by The Clinton Foundation to partner with them in the goal of achieving a
climate positive development. In 2016, we stood 2nd in Asia and 5th in the world in the
GRESB (Global Real Estate Sustainability Benchmarking) study, which is an industry led
sustainability and governance benchmarking platform.
In 2010, Godrej Properties became a publicly listed company through a successful IPO in
which it raised USD 100 million. Godrej Properties also created a fund management
subsidiary in 2016; Godrej Fund Management raised USD 275 million in the year's largest
residential real estate focused fund raise in the country. We are one of India's only national
developers with a strong presence across the country's leading real estate markets.
In the financial year 2016, for the first time, Godrej Properties was India's largest publicly
listed real estate developer by sales value having sold over INR 5,000 crore of real estate that
year. In the same year, we also delivered 0.56 million square meters (6 million square feet)
of real estate in seven cities across India.
We believe that it’s the people working at Godrej Properties who allow us to build an
outstanding company that is bubbling with talent, dynamism, and inspiration. In recognition
of our people and practices, Godrej Properties has been ranked as the number one real estate
developer and amongst the top fifty companies overall four consecutive times by the Great
Places to Work Institute in partnership with the Economic Times.

What is a Trusted Property?

· A Property with Clear Title, Approved Maps & Finance-able.
· A Property Developed by a Certified Developer.
· A Property easily saleable.
· Clear Status & Surety of finance / Home Loan.
· A Property with better future Appreciation.
· A Property where Customer can take fast action without wasting time in due diligence.
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.
· To encourage healthy competition value for money.
· Extend help to customers to take right decision
· Project information & documents available on 3rd party site.
· Another additional advantage for real estate developer –
· Easy information available not only to customers but to bankers, financial institution,
corporate investors, venture capitalist & others. · a system to create image of your company.
· An opportunity to show-case all your projects on internet.
· No need to give papers to hfc (home finance companies).
· Get recognition / appreciations from customers, bankers, investors and also from govt.

WHY SHOULD PEOPLE LOOK FOR TRUSTED PROPERTY?

· For the following reason there is need of trusted property for people-
· One Stop Source for Legal, Technical & other information of the Project of the Developers.
· One Stop Source to judge the available opportunity for purchase of house/flat/land.
· Authenticity of Property of a developer from the 3rd party.
· Safety, Security and Surety of Investment.
· Continuous watch on the project.
· Construction stage, Home Loan availability, Special Facilities, Price Movement, Fresh
availability & Etc.
· A unique concept to understand and perform the right of customers.
· Platform to share problems and find solutions.
· Customer Forum for each project.
· Get help in case of problem with the developer.
· One stop Awareness site for Real Estate.
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