JAGRAN LAKECITY UNIVERSITY

CONSUMER BEHAVIOUR
BE10163

MID-SEMESTER EXAM

A STUDY ON CONSUMER BEHAVIOR DURING AND POST COVID-

19 WITH REFERENCE TO REAL-STATE INDUSTRY.

SUBMITTED TO: SUBMITTED BY:

DR. PRIYANKA RAWAL PRACHI CHOUBEY
JAGRAN LAKECITY UNIVERSITY JLU ID: JLU06692
DATE: OCTOBER 6TH, 2022 ROLL NO:2021MBA048

Signature: …………………….
Signature: …………………

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ACKNOWLEDGEMENT
It is indeed a great pleasure to express my thanks and gratitude to all those who helped me
during this period. I sincerely thank to all the persons who ever played a vital role in the
successful completion of my project.
I sincerely thank all the people who co-operate and encourage me throughout the semester
and make my report work successful.
I am thankful to Professor Priyanka Rawal who has constantly remained helpful in
suggesting directions and providing me guidance throughout the semester
It is good fortune that I had support and well wishes of many. I thank all those, whose names
have not appeared here but the contributions have not gone unnoticed.

Signature of Student(s)

Prachi Choubey (JLU06692)

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CERTIFICATE

I hereby certify that the work which is being presented in the Report entitled “A STUDY ON
CONSUMER BEHAVIOR DURING AND POST COVID 19 WITH REFERENCE TO REAL-
STATE INDUSTRY.”, in the partial fulfilment of the requirements for the award of the
MASTER’S IN BUSINESS MANAGEMENT SPECIALIZATION IN Human Resource&
Marketing is an authentic record of my own work carried out during session JUNE-
AUGUST, 2022 III SEMESTER.
The matter presented in this report has not been submitted by me for the award of any other
degree elsewhere.

Signature of Student(S)
Prachi Choubey (JLU06692)

Date:

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Contents

 Introduction

 Industry Profile

 Impact of COVID-19 on Industry

 Consumer Behavior – Literature Review

 Research Methodology

 Data Analysis

 Finding And Interpretation

 Conclusion

 Reference

 Annexure

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INTRODUCTION

Real estate is property consisting of land and the buildings on it, along with its
natural resources such as crops, minerals or water; immovable property of this
nature; an interest vested in this (also) an item of real property, (more generally)
buildings or housing in general.[1][2] In terms of law, real is in relation to land
property and is different from personal property while estate means the
"interest" a person has in that land property.

Real estate is different from personal property, which is not permanently

attached to the land, such as vehicles, boats, jewellery, furniture, tools and the
rolling stock of a farm.

In the United States, the transfer, owning, or acquisition of real estate can be
through business corporations, individuals, non-profit corporations, fiduciaries,
or any legal entity as seen within the law of each U.S. state.

Market Overview

The Indian real estate market is expected to register a CAGR of more than 15%
during the forecast period.

The country’s real estate market was affected by the COVID-19 pandemic. In
addition, the residential sector was the worst hit as strict lockdown measures
across major cities in India impacted housing sales as home registrations were
suspended and home loan disbursement was slow. However, the sector is in a
recovering phase due to an increase in house sales, new project launches, and
increasing demand for new office and commercial spaces, etc.

However, real estate is the second largest sector in the country after agriculture
in terms of providing employment opportunities. Moreover, the growth of the
real estate market in the country is supported by increasing industrial activities,
rapid urbanization, and improved income levels. This is further contributing to
the economy of the country.

Furthermore, the government has initiated key policies for the development of
the real estate sector, such as the Real Estate Regulatory Act (RERA) and the
Benami Transactions Act. The government is also providing a boost to
affordable housing construction, interest subsidy for home buyers, service tax
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exemption, Dividend Distribution Tax (DDT) exemption, PR for foreign

investors, etc.

Industry Profile

Real Estate in India industry profile provides top-line qualitative and

quantitative summary information including: market size (value 2016-20, and
forecast to 2025). The profile also contains descriptions of the leading players
including key financial metrics and analysis of competitive pressures within the
market.

Key Highlights

 The real estate industry looks at renting and leasing residential properties.
The industry is valued using the total revenues generated by landlords via
the leasing and renting of private and council properties. Values are
calculated using the average annual rent multiplied by the number of
rented properties.
 The Indian real estate Industry had total revenues of $112.9bn in 2020,
representing a compound annual growth rate (CAGR) of 3.7% between
2016 and 2020.
 Industry consumption volume increased with a CAGR of 2.7% between
2016 and 2020, to reach a total of 44.9 million units in 2020.
 According to national statistics, an additional 25 million units of
affordable housing are required by 2030 to meet the growth in the
country’s urban population.

Scope

 Save time carrying out entry-level research by identifying the size,

growth, major segments, and leading players in the real estate market in
India
 Use the Five Forces analysis to determine the competitive intensity and
therefore attractiveness of the real estate market in India
 Leading company profiles reveal details of key real estate market players’
global operations and financial performance
 Add weight to presentations and pitches by understanding the future
growth prospects of the India real estate market with five year forecasts

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IMPACT OF COVID-19 ON THE REAL ESTATE

SECTOR

The real estate sector has witnessed an unparalleled boom since the end of the
2008 recession. Governments all over the world have followed loose monetary
policies in the aftermath of the previous recession. This meant that the money
supply all over the world increased by leaps and bounds. Most of this newly
created money found it’s way into the asset markets and ended up creating new
bubbles. The real estate market was one such market. Just before the
coronavirus crisis struck the world, the real estate sector was witnessing a
period of stagflation. The prices had reached unprecedented peaks. However,
there were no buyers in the market who were actually transacting at the quoted
prices. Hence, the market was characterized by artificially high prices and no
transactions.

The coronavirus has caused all the financial markets in the world to crash. Most
stock markets have lost about 40% of their value. The real estate market should
not be an exception. However, since the market is illiquid, the fall in prices is
not visible yet. However, soon the real estate sector will witness the many
negative effects of the COVID-19 crisis.

In this article, we have listed down some of these effects which the real estate
market is likely to face:

 Fall in Prices: Experts have been of the opinion that real estate prices
have been inflated for many years. However, the prices were witnessing a
time correction instead of a price correction. This meant that the prices
remained stagnant while the income levels were increasing. Hence,
affordability was increasing.

 Now the money supply in the economy is likely to go down. Also, real
estate prices are a factor of the money supply itself. Hence, if the world
witnesses a deflation, so will the realty prices. The central banks will not
be able to do much to help this sector. This is because they, too, have
limited tools and resources at their end, which will be used up to beat the
coronavirus, which is the need of the hour. Many investors already know
that dark days lie ahead for the real estate market. Hence, they are trying
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to exit the same. However, with lockdowns in place in most parts of the
world, real estate transactions are not taking place, and the market has
completely frozen.
 The fall in prices will be accentuated by the fact that a lot of people in the
market will not have stable jobs. Most of the people in the market will be
fearing job losses. Hence, they will not be willing to take up big loans for
making a luxury home purchase. The only realty segment which will see
any traction is affordable housing and that too at affordable prices.

 Loss of Rental Income: Apart from the outright sale, rental income is
also a major part of the real estate sector. This is truer in the case of
commercial real estate such as offices and malls, which are built by
developers and leased out to huge corporations such as departmental
stores and multinational companies.

 Entities such as malls, theatres, and offices will remain shut down for a
long time. The social distancing norms will make it impossible for these
places to operate at full capacity for some time. As a result, many
corporations are likely to call in the force majeure clause in their
contracts. As per this clause, if any natural calamity such as floods,
earthquakes, etc. takes place, the other party is free from its
responsibilities. Many tenants have already started invoking the force
majeure clause in order to not pay rent for the current period. As long as
the offices and malls are closed, these companies are not generating
sufficient revenue to pay down the rent. If they do pay the rent, they will
end up in losses. Hence, it is likely that they will avoid paying the rent.
However, if they do so, the cash flow position of the developers will
deteriorate even further.

 Project Delays: Investors whose money is already invested in real estate

projects may face some further delays. This is because the cash flow
situation of the developers will worsen over time. Also, the raw material
to build more buildings will not be easy to obtain in the future. This is
because the factories in which raw materials such as cement, iron rods,
bricks, etc. are built are not working during the lockdown. Post lockdown
also, it will take some time before these factories will start working at full
capacity. Also, as mentioned above, developers will see muted cash flow
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receipts from their projects. Hence, they may not have the money to
invest further and complete projects which have been started. Banks are
other financial institutions may not be willing to lend to this sector as it is
already being seen as a high-risk sector. All the above-mentioned factors
mean that the projects will be delayed, possibly for a long period of time.

To sum it up, the real estate sector is going to be one of the biggest losers
from this coronavirus crisis. The price of its current inventory will fall, the
funding will dry up, and customers will desert the market in the next few
months

POST COVID-19: OUTLOOK FOR THE REAL ESTATE SECTOR IN

2021

With almost three quarters after the coronavirus outbreak, the nation has started
to come out of the economic slowdown. Gradually increasing real estate sales
numbers and homebuyer’s enquiries point towards a brighter future.

Post pandemic, the revival of the Indian real estate sector, being the second
largest employer of the nation, will be significantly impacting the nation’s
overall economy. The Government decisions and policy changes have remained
inclined towards promoting the construction sector both from the demand side
and the supply side.

In the backdrop of supportive policy measures, let us analyse the trends in the
Indian real estate sector in the year 2021.

Affordable housing

Affordable housing, being a major part of the real estate sector, has been
receiving a tremendous response. However, there still remain gaps to be filled in
terms of timely implementation of the projects.

In the post-pandemic scenario, the affordable housing sector has shown a

positive response from the demand side, and in the coming months, increased
interest from end-users is further expected. Fence-sitters who had put a hold on
their property investment plans due to the Coronavirus induced lockdown in
March are returning to the market. They have realised the importance of owning
a home, and this sentiment is going to remain prevalent for quite some time.
The tremendous response to real estate projects across India and festive offers
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are an indication that the affordable housing segment is slated for growth in the
upcoming year.

Government incentives 

Recent policy measures announced for the real estate sector have helped the
developers to get closer to an early revival. However, the Government need to
understand that real estate is an investment intensive, emotional and extensively
contemplated decision for Indian households. The Repo rate cuts, lower home
loan interest rates and newly announced affordable rental housing policy open
new avenues for the segment, but the need of the hour is to fill the void created
due to stagnation in the market. If implemented with proper timeline and
planning, policy measures such as single-window clearance would be a great
help to the entire sector. 

Affordable rental housing policy 

The newly announced affordable rental housing policy opens new avenues for
the private players to enter into collaborations with one or more industrial units
or corporates to cater to the housing requirements of their workers, on both
short-term and long-term basis. 

The policy indicates the huge potential of the affordable housing sector and
provides new partnership opportunities. Migrant workers engaged at the
construction sites will finally have temporary yet better-living conditions than
before.

Technology assimilation

In the post-pandemic scenario, use of workforce minimising technologies such

as ‘Aluminium Foam Technology’ will increase. It brings down the need for the
labour force, and its usage will gradually increase across the real estate sector.
Apart from this, virtual tours and CRM teams will be handling customer
relationships in the digital era. A constant upgradation will keep the real estate
players relevant and flourishing. The rise in adoption of digital routes has
further opened avenues for multiple opportunities and helped in expanding their
reach among the genuine buyers and fence-sitters with targeted marketing
campaigns.

Safety to be the new normal

As per the new Coronavirus prevention guidelines, adherence to all the safety
measures will remain a norm in the near future. Keeping in mind the wellbeing
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and awareness of the labourers, and workers, strategies such as rotation of the
workers, reskilling and upskilling programs, will be on the rise. The pandemic
times have indeed provided an opportunity to learn new things and alternative
technologies, and it will remain a trend in the times to come.

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CONSUMER BEHAVIOUR – LITERATURE REVIEW

Creation of true value for the consumers and thereby addition of value to the
society is considered to be one of the most essential for business organizations
to make the world a better place was indicated by Brief and Bazerman (2003,
187). Bargh (2002) in his research supported the fact that consumer research
should strike a balance between how to influence consumers and how
consumers could defend themselves and control such influences.

According to Simonson et al (2001), one of the most essential and influential

areas within consumer buying behaviour is the consumer decision making
process. In recent decades, during the initial stages of the conception of the
consumer buying behaviour paradigm, various consumer decision making
models were proposed. However the theories proposed by the researchers were
not specific and considered a overall view of the consumer decision making
process. Erasmusm, Boshoff and Rosseau (2001) indicated the importance and
need for a specific, situation and product – oriented model in the study of the
purchasing behaviour of the consumer. Moreover according to Wells (1993) the
consumer investigating decisions needed in the purchase of products such as
car, house etc would directly make an effective contribution to the consumer
buying behaviour knowledge. Therefore it is evident that an exploratory
research approach with the objective to study the consumer buying behaviour
would provide opportunities to understand the complexity of specific decision
making processes of the consumers.

It is evident from the past researches on consumer buying behaviour that most
of the real estate study is based on neoclassical economic theory. The
neoclassical theory states that the people make rational economic decisions
about renting or purchasing real estate as an attempt to maximize their utility.
Moreover the various theories of consumer buying behaviour do not emphasize
nor examine the human influences on the real estate buyers. They concentrate
more on production orientation rather than consumer behaviour orientation
towards the approach for marketing in the case of the consumer buying and
decision – making process. The analysts stratify real estate markets by property
types that are defined by physical construction rather than consumer benefits.
Physical attributes value property more than the consumer perception factors
such as space, atmosphere etc. However in some cases such as retail tenants and
other retail customers consider non – financial and perceptual factors rather than
the financial aspects in the buying process (Smith, Gararino and Martini, 1992).

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The study of the consumer decision making process is more important in the
case of purchase of a high – involvement and emotionally charged products
such as real estate and house etc. Considering this type of consumer decision
making process, the objective of the research is threefold. Firstly to generate a
conceptual consumer decision making process model for purchase of house,
secondly to study the various factors affecting the consumer buying behaviour
process and finally to provide recommendations about the important factors
affecting consumer buying behaviour.

Granhaug, Kleppe and Haukedal (1987) in their research explained that the
decision – making process involving long – term commitments of resources and
affecting the budget available for other goods and services is defined as the
strategic decision making process.

In the views of Gibler and Nelson (2003), Mitchell (1999), Beatty and Smith
(1987) this process of strategic decision making endures a certain amount of
risk mainly because it represents very high financial decisions. Therefore this
study concentrates on the various factors and its effect in the case of this
complex decision making process such as the process of consumer buying
behaviour in the real estate industry.

The understanding and the prediction of the consumer perceptions is important

in examining and studying the consumer buying behaviour and the decision
making process. Thus the overall purpose of this research is to understand the
factors and influences on consumer buying behaviour in the real estate industry
and also explains as to how the integration of the theories relating to consumer
buying behaviour improves the understanding the consumer perceptions in the
real estate buying process.

RESEARCH METHODOLOGY
The choice of a primary research method mainly depends on whether the study
attempts to measure behaviour or explore opinions (e.g. attitudes, perceptions,
beliefs). If the study attempts to measure opinions and the aim is to get a deep
understanding of the phenomenon, methods such as focus groups and in-depth
interviews could be used. If the aim is more to get an overview and not explore
in-depth the phenomenon, then survey methods should be preferred. If the study
attempts to measure behaviour and the behaviour can be assessed in its natural
environment, then appropriate methods are observations, ethnography and panel

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data. If the behaviour cannot be assessed in its natural environment then

experiments and physiological measures could be used instead. Primary
research methods can be qualitative or quantitative in nature. Qualita-tive
research aims to provide insight and in-depth understanding of the problem,
while quantitative research aims to quantify the data by applying some form of
statistical analysis (Malhotra et al. 2012). The qualitative methods discussed in
this contribution are: focus groups, in-depth interviews, observations,
ethnography, and projective techniques. The quantitative methods are: surveys,
experiments, physiological measures, and panel and scanner data. Qualitative
and quantitative methods have several differences, thus serving different
purposes and research needs. Table 1provides a summary of these differences.
In relation to the purpose of research, qualitative methods aim to explore and
gain a deeper understanding of the phenomenon under investigation, whereas
quantitative methods aim to test hypotheses, make predictions and generalize
results to the population of interest. In qualitative methods the sample is small
and data are generally unstructured, whereas in quantitative methods the sample
is rather big and can be representative of the population, and data are mainly
structured. Finally, qualitative methods do not aim to generalize to the
population, whereas quantitative methods are more proper when generalizability
is a necessity of the research objective.

DATA ANALYSIS
Residential Sector Witnessing Lucrative Growth

Major developers are focusing on affordable and mid-range housing units to

meet increasing demand in the country. Moreover, the growth is driven by
various factors such as rapid urbanization, a rise in the number of nuclear
families, easy availability of home loans, etc.

In the first quarter of 2021, more than 58,300 units were sold, with Mumbai
Metropolitan Region (MMR) and Pune holding more than a 53% share of sales.
Cities in southern India, such as Bangalore, Hyderabad, and Chennai,
contributed almost 27% of the sales in the residential sector, and the NCR
region contributed more than 15% share of the sales.

However, a greater number of new housing projects were launched, which

outpaced the housing sales in the country. More than 62,000 housing units were
launched in 2021 compared to 41,000 housing units in 2020. Meanwhile,
Hyderabad recorded robust growth in the supply of new housing units, with
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12,600 housing units in 2021 compared to 3,300 housing units in 2020. Also,
Pune and Mumbai Metropolitan Region (MMR) saw significant growth rates of
75% and 40%, respectively.

Mumbai Metropolitan Region (MMR) plays a vital role in the development of

the residential sector in terms of supply and absorption of housing units among
major cities, and this demand is driven by stamp duty cuts, discounts, and
reduced home loan rates. Furthermore, the sales share of the southern markets
such as Bengaluru, Chennai, and Hyderabad remained consistent.

Increase in Office Space Absorption

Many companies, including consultancies and those belonging to the BPM, IT,
and Banking, Financial, and Insurance Services (BFIS) sectors, are generating
huge demand for office space in the Indian real estate market due to high
potential and relaxed FDI norms. In addition, Mumbai consulting firms
contributed more than 36% demand for total office space leasing.

In addition, Bangalore is leading in India in terms of the highest volume of

office absorption, with more than 7.26 million square feet, followed by
Hyderabad. In New Delhi and the National Capital Region (NCR), most
demand is contributed by Grade A offices’ space absorption.

Furthermore, in 2021, the renewal of leasing activities was rising in the top six
commercial real estate hubs, namely, Bengaluru, Mumbai, Pune, Chennai,
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Gurugram, and Noida. More than 7,400 leases spanning approximately 90

million square feet area were to be renewed. Furthermore, Mumbai holds the
highest share of more than 40% in leasing renewal activity, followed by Pune
with a 17% share.

In 2020, various sectors announced plans for office space leasing, resulting in
robust growth of office space absorption. For instance, the manufacturing sector
accounted for 24% of office space leasing, followed by 3PL, e-commerce, and
retail.

Competitive Landscape

The real estate market in India is highly fragmented in nature, with multiple
players operating in the market. Higher competition among market players is
impacting selling prices and land prices, further leading to oversupply in the
market. Furthermore, the market is dominated by a few pan-India branded
players and multiple local players. Some of the major developers in the country
are Prestige Estates Projects, DLF, Prestige Group, Lodha Group, Oberoi
Realty, etc.

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CONCLUSION
I remember the first house that I bought on a speculative basis. I learned from
mistakes and you will too. The thing is that I have used my mistakes to try and
set you in the right direction so that you don’t make the same mistakes. This is a
huge investment that you are about to make, so it’s important that you know
what you are doing. If you are using the
equity in your own home to finance your first house to flip, chances are that you
are using the same lender and if this is the case, you may be able to negotiate
advantageous terms for that loan. I was able to do this on the first couple of
houses and that helped a great deal.
 
I was able to get great discounts on all of the building materials by letting the
builder’s merchants know of my intention to go into business. They want your
business and the mark up that they use in their sales allows them a little bit
of leverage. If they think you will be a regular customer, they will be happy to
discount what you buy.
 
Have lots of catalogs available to cover things such as tiling, work top counters,
bathroom fittings, shower fittings and flooring as well as kitchens. These are
your mainstay supplies and if you keep yourself up to date with what’s
available, you will be able to switch suppliers when new lines come out that are
more cost advantageous.

 Flipping houses may be something that you have always wanted to do and you
can do it. You just need to be able to recognize the houses that you should walk
away from. If you see unexplained cracks in a house and cannot find the cause,
walk away. If you find that floors move as you walk on them, find out why or
walk away. If you see electrical installations that are faulty and it’s fairly
obvious that the wiring is not up to code, check further before you buy. You
need to know that all of the costs are under
your control at all times and by being careful from the beginning, you really can
save money and buy wisely.
 
As far as code goes, if there is any alteration to be made to the exterior of a
home, you need to know that the local planning department is likely to agree to
your requests. If you do find that homes are protected because of something
historical, beware. These homes may have to be renovated using specific skills
to keep their authenticity and may not be the best kind of properties to
consider if you are considering moving the property on.
 
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Look out for those deals that come from foreclosures because often the banks
only want to make back the original debt, but have them checked out thoroughly
before parting with money.
 
You may have to look up changes to code where there are septic tanks involved
as the world is becoming more and more conscious of the environment
and septic tank installations are particularly expensive. In rural areas, make
allowance for this when you are buying a house. You may find that the cost of
bringing the home up to code is excessive. Bear in mind also that people want a
home that is a viable proposition from the point of view of economy, so check
this out from home owners before you buy. Outdated central heating systems
can cost a lot of money to run and may not be viable for the future.
 
If you follow the advice given in this
page and inspect the home from top to bottom before you buy them, you can
save yourself a good deal of problems down the line. The roof condition is
important. The straightness of the walls is important as is the stability of the
foundations. You also need to bear in mind the climatic conditions and the
likelihood of flood damage or damage by the weather, particularly in areas
where flooding and tornadoes is concerned. Know everything you can know
about the property and you will be able to move forward without nasty
surprises lurking.
 
I have been in the business of flipping houses for the past twenty years and have
found that I enjoy putting imagination into the renovations that I do. If I can
offer potential buyers something that they cannot get elsewhere, then it will
have been worth the extra effort. Adding artistic flair to a renovation and really
thinking out the space that the house provides helps. If you don’t have this
expertise, then by all means talk to someone who is good at
layouts and décor because the help they can give you may help you to make
more money. A friendly architect in your area may become your best ally.
 
Above all else, read this article through again. The information is there and you
need to make a shortlist of all of the things you need to do before you actually
go ahead and make an offer. That includes doing background checks on the
market that you are aiming for and preparing the house for that market, knowing
that the market is vibrant and
offers you a chance to give the potential buyers what it is that they are searching
for. That’s a satisfying feeling and once it happens, you will be spurred on
toward the next project and the next because that’s what flipping houses is all
about. The next challenge is always going to offer even more scope than the last

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one did. People in this business don’t let up. They simply get better and better at
doing what they are good at.

References
 Google browsing
 Article of Times of India online page
 Wikipedia
 Google forms
 Wiley Online library

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Annexure

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