AMITY GLOBAL BUSINESS SCHOOL

Black Book on

“TO STUDY HOW RAJESH LIFESPACES MARKETS AND SELLS IT’S

PROJECTS TO CUSTOMERS”

SUBMITTED BY:
RUSHABH NIREN SHAH

UNDER THE GUIDANCE OF:

PROF. SHANNON CHAVAN ROQUE

Submitted in the partial fulfillment for the requirement of the award of the
degree of

BACHELORS OF BUSINESS ADMINISTRATION (BBA)

(2014-2017)
 STUDENT DECLARATION

This is to certify and declare that this Black Book on “To Study how Rajesh
LifeSpaces markets and sells its projects to the customers” is a record of genuine
work done by me under the guidance of Prof. Shannon Chavan Roque, a faculty of
marketing in Amity Global Business School, Mumbai in the partial fulfillment of the
requirement for the degree of Bachelors of Business Administration.

I declare that this Black Book is original and not submitted to any other
university before.

Signature of Student

Student Name: Rushabh Niren Shah

Enrollment Number: A31506414011

 CERTIFICATE

This is to certify that the work incorporated in the Summer Project “To Study How
Rajesh LifeSpaces Markets and Sells it’s Projects to customers” submitted by Mr.
Rushabh Niren Shah was carried out by the candidate under my supervision. Such
material has been obtained from other sources, which has been duly acknowledged in
this report.

Signature of the Guide

Name of the Guide: Prof. Shannon Chavan Roque

 ACKNOWLEDGEMENT

A Research cannot be said to be a work of an individual. A research is a combination

of views and ideas, suggestions and the contributions of many people. While
conducting this research, I was supported and helped by many people in many ways.
I wish to express my deepest gratitude to Mr. CJ Mathews, Associate Vice
President, Rajesh LifeSpaces, who gave me an opportunity to work with him and his
team. I learnt a lot from the Marketing team who taught me the basics of working in
the Real Estate Industry. I also wish to express my sincere gratitude to My Mentor
Mr. Shannon Chavan Roque under whose guidance the research was undertaken.
Without his supervision at each stage of research, the task would not have been
completed. I would like to thank Shannon sir for also taking out his important time
for listening to my progress and giving advices which was the best for my research
which kept me motivated and on track. I am thankful to the CRM team who took out
their important time for briefing me about the entire process. I would also like to
thank the Sales team for helping me talk to the customers. This Research would have
never seen the light of the day without the co-operation of the customers of Rajesh
LifeSpaces who gave me a piece of their valuable time. I am thankful to all the
customers for giving me their valuable time. My friends have been a biggest support
for me at every juncture of my life. They manifested their great interest in my
research and always tried to make things easy for me. No one can walk alone in the
journey of life. A word of gratitude goes to my mother Anisha Niren Shah whose
love; affection and understanding enabled me to complete this endeavor with ease.
 TABLE OF CONTENTS

Sr. No. Particulars Page No.

1 Executive Summary 1
2 Introduction 2
3 Aim of the Study 9
4 Objectives of the Study 10
5 Limitations of the Study 11
6 Company Profile 12
7 Real Estate Marketing and Sales 16
8 Product Profile 51
9 Literature Review 60
10 Scope of the Study 74
11 Research Methodology 75
12 Data Analysis and Interpretation 78
13 Results and Discussion 101
14 Conclusion 103
15 Recommendations and Suggestions 104
16 Real Estate Glossary 106
17 Bibliography and References 110
18 Appendix 113
 EXECUTIVE SUMMARY

Real Estate, in today’s world, is a growing sector in the Indian Economy. This is due
to the increase in the incomes of the buyers/clients/customers as well as the demand
for homes are increasing day by day in the country.

There are two types of customers in the Real estate market, an investor and an end
user. An investor refers to a client/customer who buys a property/flat for ROI (Return
On Investment) purposes. An end user refers to a client/Customer who buys a
property/flat for their personal use. An investor must know the right entry and exit
points in a market. For an end user, the entry point may matter in terms of price, but
there is no exit point.

People generally invest in real estate, as, the prices keep on increasing, the prices
never drop and also the real estate market is not stagnant.

The buying behavior of the customers, in terms of real estate, is about what they think
while purchasing a flat. A customer gets emotional when it comes to buying a flat as,
the customer starts imagining himself/herself living in that house, making it a ‘home’.
The customer also sees how is the brand image of the company; does the company
have a premium brand appeal? How many projects were done in the past? Which
projects were the most successful? The company policy, services and possession at
the right time are few of the factors.

Real Estate Marketing involves on how a company maintains a long-term relationship

with the customers and how it generates new customers. Real Estate marketing
involves around different Strategies, like Digital marketing, Outdoors, Creative
Advertising and the most important aspect, Research and analysis. These topics will
be covered at a later stage in this Black Book.

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 INTRODUCTION

Buying behavior of the Customers:

A customer’s buying behavior refers to a sum total of all the attitudes, preferences,
intentions, and decisions regarding the customer's behavior in the marketplace when
purchasing a product or service. The customer buying process is a complex matter as
many internal and external factors have an impact on the buying decision. When the
customers purchase high value products or non-impulse products, they often go
through a set process. The set process is explained better in the form of a
diagrammatic representation of each step in the process:

There are five steps in the Customer buying decision process and the sixth step of this
process is the Post Purchase Behavior. Problem or need recognition is the first step
in the customer buying behavior process. For instance, if a customer is not satisfied
with a particular product, he/she will be looking for a new product. So, automatically
a need or a problem is created. In the context of real estate, an investor will look for
another investment opportunity if he/she is not getting good ROI. That is a problem or
recognition for them. An end user will look for a second or a third residence if the
customer is not satisfied with one home. That is a problem or a need for the end user.

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Seeking information is a second step after recognizing or identifying the problem or
need. For instance, if a product is not working and the customer has to buy a new
product. The customer thinks about which brand to be bought, the same brand, which
stopped working, which leads to the same consequence, like the previous product.
The customer goes on the information search, which helps them choose their product.
The customer often goes on an information search to help them choose their product.
Sources of information include family, friends, and in this digital age, the Internet.
The Internet contains information about products (specifications), product reviews
and online product forums. Information search may involve a visit to a retail store to
view products that the customer is interested in purchasing. Information search in the
context of Real Estate Marketing is called a lead. When a customer researches on
flats/properties and checks out the website, hoarding or gets to know about the
company or the product they are offering, through any other medium and tries to
contact the number mentioned on any of the above is referred to a lead in the
marketing context. When a lead is generated, it becomes a walk in, if a site visit is
confirmed, which means if the customer comes and has a look at the construction or a
flat. These concepts will be later explained in detail in the later stages. Another
concept called site branding is used to promote the product. Site branding refers to a
strategy where the posters and banners are on the site for the customers if they happen
to pass from that locality. The customers will get a rough idea on how the site (under
construction) will look after the construction is done. Depending on this, the customer
can choose that site or project as an alternative and then move on to the next stage of
comparing the alternatives.

The next stage is where a customer compares the alternatives. The customer will
have a range of options or alternatives in front of him and he will be choosing the best
one suitable for him. In the context of real estate, the customer will have many other
options to consider and to look at. Real Estate is of course, not an FMCG (Fast
Moving Consumer Good) that the decision can be taken quickly.

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The next stage is the evaluation of options, which will be done by the customer. An
evaluation system is particularly useful when there are a large number of options.
Marketing strategies will try and influence this stage of the process by highlighting
product features that they think will appeal to consumers. Appealing product features
will be emphasized on the company websites etc.
In the context of Real Estate, the customer will now evaluate the alternatives available
after the comparison, in terms of which product will be more feasible to him/her.

After the evaluation process, the customer will then move on to making the
purchase. The job of the seller is to ensure that the purchase process is simple and
effective. Even at this stage the purchaser could change their mind and select a
competitor product or cancel the purchase altogether. A long queue, impolite sales
staff or complicated sales process can all dissuade the customers from buying. Even if
a customer buys on this occasion a negative buying experience could stop them
buying in the future. Therefore, the sales people need to make the buying process as
simple and enjoyable as possible to safeguard this and future purchases. In context of
Real Estate, the lead turns into a walk in and when the walk in is made, it is up to the
sales people who ensure the customer about how the product is and get a closure.
Closure, in this context, means that the customer books the flat/property. After the
walk in is generated, everything is on the sales team. The sales team focuses on the
selling of the product.

After the customer makes the purchase, the final stage (which is not mentioned in the
diagram above) is the Post Purchase behavior. The company wants the customers to
feel proud of their purchase, so that the customers will purchase from the company
again and again and also the customers will recommend the same to family and
friends. . It is therefore just as important for manufacturer's promotions to reassure
purchasers, as it is for them to attract new customers. Promotions should make
purchasers feel that they have bought their product from a strong and reputable
organization. In the context of Real estate, after sales services are provided by the
CRM (Customer Relationship Management) team. A lot of Site branding, outdoors
like hoardings and other marketing aspects will be used to reassure the customers that
their flat/property is premium.

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Factors influencing the buying behavior of the customers:

There are various factors, which influences the buying behavior of the customers.
Customer behavior is affected by many uncontrollable factors. The following are the
factors which influences customer buying behavior:

Culture:
Culture is a factor, which influences the behavior. Simply, culture is defined as our
attitudes and beliefs. These factors influences their purchase behavior however other
factors like groups of friends, or people they look up to may influence their choices of
purchasing a particular product or service. Reference groups are particular groups of
people some people may look up towards to that have an impact on the customer
behavior. It can be a customer’s family members. Opinion leaders are those people
that you look up to because you respect their views and judgments and these views
influences customer decisions. For example, a friend who works with the IT trade
may influence your decision on what computer to buy. In the context of real estate,
“Vastu Shastra”, which is an ancient Indian belief on how the law of nature affects
homes. “Vastu Shastra” originally focused on the sacred architecture of Hindu
temples, and it has now evolved to apply to homes and dwellings. Most of its designs
are based on directional alignments and balance of the home, including lighting,
positioning, and angle of the home. For example, under Vastu Shastra, an ideal
position for your fireplace or kitchen is the southeast corner of the home. For good
health, strong finances, and familial happiness, Vastu Shastra recommends that every
room include a spotlight or lantern with the light pointing towards the ceiling.
Electricals, such as the television, refrigerator, computer, and microwave, should be
placed in the southeast corners. Cultural awareness can help in the marketing of
various properties.

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Social Status:

People's social status also impacts their behavior. Their role within a society, are they
doctors? Actors? Office Workers? Mothers and Fathers also? These are the aspects,
which influences the buying decision of the customers.

Customer Income:

Customer income plays a vital role in the influence of the buying behavior. Customer
desires expensive goods than low-income goods as their income increases.

Available Options:

Available options give an idea to the customers about the other substitutes available
in the market. In the context of Real Estate, for example, a 3BHK flat from one
Company costs about 1.70 Cr and the same flat from another company costs about
1.65 Cr. The customer, then have options to choose and research about what are the
USPs (Unique Selling Points) and Non USPs are, of each company. How many
amenities, both the companies are providing etc.

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Importance of understanding Customer behavior:

Understanding the customer’s buying behavior helps a particular business to be

successful. Without the understanding of the customer behavior, the business will face
a difficulty in gaining the customers. It helps a company to enable its customers to
buy more from them. Customers base their
buying decisions on the basis of both rational
and emotional basis. Building an emotional
attachment with the customers is also one of
the ways of keeping them brand loyal. When
you want more customers for your business, it
makes it easier to select the best marketing
strategy. A company needs to have a clear
understanding on both the rational reasons and
importantly the emotional reasons on why customers buy the products. For example,
In the Real Estate industry, a particular customer wants to buy a second home or is
looking for a flat/property. Their want/need is pretty accurate. They will look for a
business to provide a peace of mind and help them in every possible way. These
emotional reasons will be more important than price in their buying decision process.
The more careful analysis helps in more exact prediction about the behavior of
customers of any product or services. The study of the Customer behaviour helps the
business managers, the sales team and the marketing team in the following ways:

 To design the best possible way to meet the needs and wants as well as the
demands of the customers.
 To find out the best way of promotion that will prove to be an effective way to
attract the customers to buy the product.
 To understand how, why, when, what and the other factors that influences the
buying decision of the customers.

The marketers, then, can propose different strategies that convince the targeted
customers to buy their products or services.

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In the context of Real Estate, if the marketer does not understand the needs and wants
of the customer, the marketer will then fail to convince the customer to purchase that
product and also will fail to meet the demands of the customers.
Hence, understanding the customer behavior is like a base and it has to be strong
every time the sales team meets the customer.

Understanding the Customer’s Buying Decision Process in order to adapt

different marketing strategies:

By improving their knowledge of the Consumer Buying Decision Process, companies

can improve their marketing strategies to effectively respond and be present with their
customers at each stage of their buying behavior and also to raise and create a need,
strengthen their relationship with their customers as well as grow their sales. The first
stage, as mentioned previously in the buying decision process is, the need or the
problem recognition. If there is no need, there is no purchase. That is the reason
produces a need in the customers’ brain to trigger the purchasing conduct, which will
have a major significance for brands.
Company awareness is crucial. The customers will consider only a limited number of
companies when making their choice. Those that come in the head first or they know
at least by name is called “Top-of-mind awareness (TOPA)”. Brand awareness is
important and plays a crucial role if the companies have a low level of differentiation.
During the “alternative evaluation” stage of the Customer Buying Decision Process,
customers are looking for solid, reliable and tangible information that will allow them
to make their choice especially for purchasing and products with high level of
involvement. The advantage of the company is to give solid data and confirmation of
the items including the additional worth compared to its rivals and how it will react to
their need so as to provide the customers with the information they need with a
positive influence in their decision making process.

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 AIM OF THE STUDY

The aim of the study is to prove that the strength of real estate marketing influences
the buying behaviour of the customers/clients, in what ways and how. There will be
both, primary and secondary research done to achieve the aim of the study. There will
be a questionnaire conducted as well, to know the customer and the data, which is
collected and then analyzed.

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 OBJECTIVES OF THE STUDY

 Factors affecting the buying of flats.

 Do these Factors match the customer’s priority preferences after looking at an

advertisement or any other medium?

 How does Rajesh LifeSpaces Market its projects?

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 LIMITATIONS OF THE STUDY

 The first drawback, which I faced, was to get the co-operation of the customers. Many
of the customers I asked did not feel the need or did not give much importance to the
marketing perspective or feedback and hence they did not provide me with the
information.

 The behaviour of the customer was so unpredictable that few of the customers said
‘they do not have time for feedback’ and they just left the sales office.

 There was a lack of co-ordination between me and the sales team on when the
feedback should be collected from the customers.

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 COMPANY PROFILE

At Rajesh LifeSpaces, the company understands that residential properties in Mumbai

are increasingly affected by the dynamism of the lifestyle that surrounds the company.
It is this understanding that inspires the company to create spaces, which nurture,
shape and celebrate life. Be it ready to move-in spaces or under construction
properties in Mumbai, you would find us there for your needs. With the company’s
rich legacy it craft spaces for tomorrow. Rajesh LifeSpaces celebrates both- legacy
and ability to create budget homes and future-ready apartments in Mumbai. It echoes
the company’s legacy that rises from decades of experience, crafted by timeless
principles, driven by future, led by integrity, highlighted by the way it honors the
commitments and complemented by observance to the business ethics. It establishes
diversity to craft affordable housing and luxury apartments completed over 8 million
sq.ft along with an additional 13.5 million sq.ft of ongoing and 16.2 million sq.ft of
upcoming projects in the western and the central suburbs of Mumbai. This has
enabled it to establish the supremacy amongst the real estate developers in Mumbai.
When it is about looking for commercial properties or apartments in Mumbai, a
customer has a plethora of options from a real estate development company of our
repute. Rajesh LifeSpaces have built elegant residential complexes across Mumbai,
and quality commercial properties being located in Bhandup and Vikhroli.
It has also forayed into retail spaces and will be soon designing a 5-star hotel & a
dream resort too. With such a numerous offerings, you are sure to find the home,
office or retail space you would love to move in to.

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Values

“Crafting Spaces, Creating legacies”. It is a summation of all that the company

stands for. It speaks about the pride it takes in crafting spaces. And underlines what
makes these spaces so extraordinary. A universal process that remains invisible yet
makes its presence felt in the foundation, the cornerstones and the address of each of
Rajesh LifeSpaces’ creations.

Crafted by principles that have stood the test of time. Led by a spirit of integrity.
Highlighted by the way it honours commitments to quality, time and detailing.
Complemented by business ethics. Powered by future thinking.

This is the value system that makes each of its creations fiercely loyal to the core
underlining principle – to stand the test of time and become a legacy of the future.

Rajesh LifeSpaces is a legacy that extends over 50 years; over 75 landmarks created
by Rajesh LifeSpaces stand tall across 7 million sq. feet in a megalopolis called
Mumbai. A signature adorned with in-depth Real Estate knowledge, best in class
practices, the latest technology and keen insight into the customers and their lifestyles.
Rajesh LifeSpaces has a world of accomplishments.

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Corporate Social Responsibility (CSR):

Rajesh LifeSpaces understands the need to build trustworthy and sustainable

relationships with the community at large. It has been involved in serving the
community ever since the beginning and gone beyond charity and donations. It has
pioneered community education, provided aid to potential dropouts with financial and
moral support and initiated looking into medical and employment facilities to people
coming to Mumbai for livelihood.
They are the small contributions to the cause of community, society and national
development. The patriarch and mentor Shri Raghavjibhai Patel was the first to begin
this noble effort with Ramuben Prabhat Patel Charitable Trust which today plays a
part in a number of CSR initiatives such as:

 Smt. R. P. Bhalodia Institute of Management Studies, Rajkot, Gujarat

 Smt. R. P. Bhalodia Commerce College (B. B. A.), Rajkot, Gujarat
 Smt. R. P. Bhalodia Computer Science College (B. C. A.), Rajkot, Gujarat
 Shri N. P. Bhalodia Home Science College, Upleta, Gujarat
 R. P. Bhalodia Arts & Science College, Upleta, Gujarat
 N. P. Bhalodia High School, Junagadh, Gujarat
 Shri Adarsh Education Trust, Upleta, Gujarat
 Home Science Institution and College provides boarding for women
 Patidar Seva Samaj, Mumbai which helps people who come to the city for
medical treatment and employment
 Patidar Seva Samaj, Nathdwara, Rajasthan
 Shree Saurashtra Kadva Patel Vaishnav Charitable Trust, Mathura, U. P.
 Our other charitable includes The Rajkot Cancer Society & The Lalbawa
Charitable Trust
 ‘Suhrid foundation’ for the Guravpada-Kaspada Medical Camp 2016.

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Awards:

Awards Event
Emerging Developer of the Year 6th Annual Estate Summit and Awards
Residential- West India 2013
Powai, Project of the Year (West), Raj Franchise India Estate Awards 2014
Grandeur
Excellence in Customer Information and MCHI CREDAI 2014
Responsiveness Parameters
‘Award for excellence’ for our Rotary Club of Bombay- WOW Discon
contribution in the real estate 2015
Powai Residential Property of the Year, Lokmat National Awards for excellence
Raj Grandeur in the Real Estate and infrastructure-24th
July, 2015
Powai Residential Property of the Year- India International Property Awards,
(West) Raj Grandeur 2015
Best upcoming project of the year- West, ACEF Excellence in Real Estate- 4th
Raj Torres March 2016.
Best Living Project, Raj Grandeur ET Trends Realty Awards-17th March
2016
Best Family Focus Project, White City ET Trends Realty Awards-17th March
2016
Best Residential Real Estate company in Global Property Awards, 25th May, 2016
Maharashtra

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 REAL ESTATE MARKETING AND SALES

Digital Marketing:
 Websites (Brand, Developer and the Past Projects)
 Ongoing projects (Basic Details of the Projects)
 Media Pages

Mobile App:
Mobile App is a single mode of communication.
It also has loyalty programs like a buyer coming through
reference will be getting 1% discount.
Whether the customer uses mobile phones, tablets, or
other mobile devices they have all the information
they need. That's why mobile apps are so much
important in today’s market.
The mobile app allows customers to have all the
company’s information at their fingertips. Also, it is
important that the app works on multiple mobile
application platforms. A mobile app can help you get and
retain customers. The customers can get notifications of
special events, launches etc and also have a one-touch
access to the company’s contact information. The
customers can also schedule appointments through the
mobile app. The app also helps in keeping the customers
updated about the recent happenings or news.

Ad Campaign:
 An ad campaign is a series of ads centralizing around one message.
 Ad campaigns appear in different media channels across a specific time
frame that needs to be clearly defined.

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The objectives of an ad campaign are:
 Brand awareness – To Spend more on ad banners (Differs from company to
company)
 To generate Leads and activate Run On Site (ROS). ROS refers to an Ad
buying option in which ad placements may appear on any pages of a target
site. An example of ROS is shown (in red) below:

There are two types of Marketing in Digital Marketing:

 Search Engine Marketing
 Social Media Marketing (Ads on linked in, twitter, Instagram)

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Search Engine Marketing:

Search Engine Marketing (SEM) is a type of Internet marketing associated with the
researching, submitting and positioning of a website within search engines to achieve
maximum visibility. Search Engine Marketing (SEM) involves Search Engine
Optimization (SEO). Search engine optimization is a methodology of strategies,
techniques and tactics used to increase the amount of visitors to a website by
obtaining a high-ranking placement in the search results page of a search engine --
including Google, Bing, Yahoo and other search engines. It is a common practice for
Internet users to not click through pages and pages of search results, so where a site
ranks in a search is essential for directing more traffic toward the site.

Search Engine Optimization has one type:

 Organic Search Engine Optimization.

Organic search engine optimization (organic SEO) refers to the methods used to
obtain a high placement (or ranking) on a search engine results page in unpaid,
algorithm-driven results on a given search engine. Methods such as boosting
keywords and writing high-quality content can all improve a site’s page rank.
Organic results are content that represent posts the search engine considers a good
match for what a person is seeking.

Organic search results appear in the main area of the Google page, with 10 options
shown on each page. Below, there are various types of organic results. For now, the
most important point is that these results are unpaid.

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Paid results are displayed by businesses targeting search terms with paid advertising
through Google’s Ad words product. Advertisers bid on search terms, specifying how
much they will pay each time a user clicks on their ad. Google then orders the ads that
appear based on how well the ad matches the search terms, how much the advertiser is
willing to pay, and how successful the ad has been in the past. In other words, the
search engine prioritizes the ads most likely to pay off. Happily, that goal suits well
with what users want — search results (whether paid or unpaid) that are relevant to
their inquiry. Paid ads appear around the organic results, identified by a little yellow
box next to the result that says “Ad.”

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Paid ads appear alongside organic results, and appear in a variety of formats based on
position, ad copy, and extensions.

There are various opportunities to appear in paid results in Google:

 Top of Page = Three ad opportunities. These are the most important ad
positions because they appear above the organic results.
 Right Column = Offers eight ad opportunities.
 Bottom of Page = Offers three ad opportunities.

Paid-per-click (PPC) ads are “graded” on a number of factors that form a Quality
Score. Much like organic search, keywords are the basis by which paid text ads are
matched to search results, but here factors like the PPC bid will also come into the
picture.

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Here are some key factors that impact text ad positioning in Google:
 The precision of the match to searched phrases. The average search contains
4.29 words, so the focus on longer descriptive phrases related to the listings or
business. For example: Target a phrase like “single family home in Mumbai”
rather than simply “home in Mumbai”
 Ad text that’s closely related to the keyword phrases. If you’re competing for
“Mumbai Sea facing property,” the ad will rank better using exact and similar
related phrases, particularly in the headline.
 How much will be the expenditure. Some key phrases, based on how popular
they are with advertisers, cost more to compete for than others.
 Ad performance in relationship to the key phrases to compete for. The better
the ad does (the number of clicks it receives), the better the position … and
vice versa.

Social Media Marketing:

Social media marketing refers to the process of gaining attention through social media
sites. Search Engine Optimization (SEO) and Social Media Marketing are closely
related. Social media often feeds into the discovery (Search activity in this case) of
new content such as news stories. Social media can also help build links that in turn
support the SEO efforts. Many people also perform searches at social media sites to
find social media content. Social Media Marketing is on the land of Marketing as a
whole, which covers the entire features of Internet Marketing. Following are the
topics within the Social Media Marketing:

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  Instagram

An Instagram page of Rajesh LifeSpaces showing different pictures of their ongoing

projects and also the page includes deals on the properties and also creatives of
different projects. Also, the page contains motivational videos in the context of Rajesh
LifeSpaces.

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  Twitter

A twitter account of Rajesh LifeSpaces and different posts related to their ongoing
projects. Rajesh LifeSpaces have started using hashtags to get familiar with social
media.

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  Pinterest

A Pinterest account of Rajesh LifeSpaces and different boards associated with it. It
has 552 Pins. What’s awesome about Pinterest is that every pin includes a link,
leading back to the source of the image. "Links built through images are some of the
best links you can acquire when it comes to actual engagement," says John Jantsch of
Duct Tape Marketing. This is why Rajesh LifeSpaces decide to choose Pinterest as a
medium to market and sell its projects.

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  Linked In

Rajesh LifeSpaces has a Linked In profile as well. Linked in is a powerful tool for
individual and companies looking to make new connections, generate leads, and build
the brand. For Rajesh LifeSpaces as a company, Linked in can also be one of the
most effective ways to recruit new talent. Linked in can also be used for the
generation of leads. On the left hand tab of the page, there are pictures of employees
who are connected to the Rajesh LifeSpaces page. There are 76 employees currently
who are connected to LinkedIn.

 YouTube

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A YouTube account of Rajesh LifeSpaces, in which there are various advertisements
of different projects of Rajesh LifeSpaces. YouTube also reaches to the maximum
amount of people. YouTube also enables brand loyalty. It also increases Brand
Awareness. Hence, Rajesh LifeSpaces decided to use this platform to market its
projects.

 Facebook page

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This is the Rajesh LifeSpaces Facebook page with the posts. The post on the left hand
side, using an advertorial, shows how convenient it is for the customers to book an
appointment by using three steps. On the right hand side, Rajesh LifeSpaces is about
the project called “Raj Spectrum, located in Sion”.

Two Evolving Sectors with Growth as the only constant factor

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According to a presentation conducted by JLL Pvt. Ltd, on the 26 th of May 2016 at the
Leela Hotel during the HT CP meet,
Indian Real Estate
 Annual Growth rate of 11.2%
 Estimated USD 180 billion worth by 2020
 USD 24 billion FDI till 2014

Digital Medium in India

 Rapid growth of e-commerce
 Digital India initiative by the Government of India
 Digital India Week launched by the Prime Minister

Combining Real Estate and Digital has given exceptional results. 53% Real Estate
decisions are made online. 25% buyers use Internet as the top research source. Over
57% buyers are influenced by online research.

Being Digital is not a choice anymore

 89% of the target audience of real estate developers are already online
 74% of real estate research online is focused on residential buying
 Fastest growing segment of buyers between 30-45 years of ages
 Easy availability of loans and the ability to pay over a course of 15-20 years is
driving consumption
 Real estate firms annual marketing spends to the tune of INR 2500 crores of
which 25% is spent on digital

There are again two types of marketing:

 Traditional Marketing
 New Age Marketing

Traditional Marketing:

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Traditional Marketing includes:
 Outdoor and print

Outdoors include hoardings, gantry, pole kiosks, bus shelters, bus, metro and train
branding. For example, if a person is driving from Borivali to Churchgate sees a
hoarding, that hoarding is called a morning traffic hoarding and if a person is
driving from Churchgate to Borivali and sees a hoarding, that is a evening traffic
hoarding. There are two types of hoardings:

 Lit Hoarding (White City) in Kandivali

KANDIVALI 40X40 MT

This is a White City Lit Hoarding in Kandivali (East). This hoarding is an evening
traffic lit hoarding and also the project is clearly visible. As it’s clicked from a
distance, the text is not visible.

 Non Lit hoarding (Kurla on LBS road, Kalpana Cinema MT)

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This hoarding is a non-lit morning traffic hoarding. This hoarding is of Raj
Spectrum, which is located on the Sion-Bandra Link Road, next to the ONGC 11
Building. It also shows the 10:70:20 payment scheme as well.

 Print Ads (92 Bellevue, Borivali (W)

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This is a project named ’92 Bellevue’ by a joint initiative of Rajesh LifeSpaces and
the Nahar Group. These are print ads, which are created for 92 Bellevue to promote
the project. On the left, the print ad shows how eating is a necessity but if a person
eats together, it becomes a blessing. This print ad shows smart kitchens and dining
spaces allows the families to come together. After the dining table, on the right, is the
spacious, grand living room where families can come together and spend quality time.

 Advertorials

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This is an advertorial created for Rajesh LifeSpaces of the project ‘92 Bellevue’. It
shows and highlights different types of amenities, the USP of the project and the
Company profiles of the three entities (Rajesh LifeSpaces, Nahar Group and SKM)
coming together.

Raj Tattva, Thane (West)

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Project type: Residential
Project location: Raj Tattva, next to Wonder Mall, Kapurbawdi Junction, Ghodbunder
Road, Thane (W) – 400 601
About Raj Tattva: Raj Tattva offers 3,4 and 5 BHK Homes. It includes wooden
flooring in one of the bedrooms, exclusive marble flooring in living and dining room.
Also, a club house, fitness zone, beautiful podium garden, picturesque jogging track,
Foot reflexology, Play area for kids, Swimming pool.
LOCATION MAP:

Raj Torres, Thane (W)

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Project Type: Residential

Project Location: Raj Torres, Opposite R mall, Ghodbunder Road,

Thane (W)

About Raj Torres: Raj Torres offers the customers with 2, 3 and 4 BHK homes. Raj
Torres is designed to maximize lighting and cross ventilation, vitrified flooring in
both living room and dining room. External amenities including a clubhouse,
swimming pool, gymnasium, Indoors games, Garden and children’s play are

Raj Tattva and Raj Torres, Thane (W) Sales Experience

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These are the pictures of the Raj Torres and Raj Tattva, Thane (W) sales office. On
the upper left, there is quote just before the entrance about homes. On the upper right,
that is the grand entrance of the sales office, the logo of Rajesh LifeSpaces is clearly
visible and during the night, the logo is lit. When the customer enters, there is a
passage going to the sales office, the passage is branded on both the sides.

35
When the customer reaches the sales office, there is a huge ‘RAJ TORRES’ logo with
a pictorial representation on how the project will look like.

White City at Akurli Road, Kandivali (East)

Project Type: Residential

Project Location: White City, Akurli Road, Lokhandwala Complex, Kandivali (East),
Mumbai-400 101.

About White City: White City is the new city that reinvents the Kandivali. White
City also brings together the finest that life has to offer and keeps them side-by-side in
the pristine locale of Kandivali. White is the colour of Pride. With 4 towers standing
tall at 40 Storeys each and spread across 11.25 acres, it offers 1,2,3 and 4 BHK
luxurious homes.

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LOCATION MAP:

White City, Kandivali (East) Sales Experience

The picture on the right hand side is when the customer enters; he/she can see
“WHITE CITY” written in white colour and a different attractive font.

37
There is a standee which talks about the payment plan “10-70-20” and also how the
project will look like. There is a reception desk if any assistance is required to the
customers and giving them a warm welcome by the receptionist (GRE-Guest
Relationship Executive) on the desk. The picture on the left hand side is clicked from
the seated-waiting area for the customers.

#ReservedForYou (used for social media)

This picture is again taken from the waiting area where the customers are seated.
There is a beautiful round table with newspapers related to the real estate industry like
Hindustan Times, Times Of India etc and also a tag line ‘#ReservedForYou’ this tag
line is used for the social media campaign so that the customers who are comfortable
with social media can easily identify the tagline as White City.

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Passage from the waiting area to the sales cabin:

This passage is from the waiting area to the sales cabin where the customer will walk
through the passage along with the sales executive when the sales executive will
personally greet the customers and receive them from the waiting area. It gives the
customers a proper feel of the project if they walk through this passage as on the left
hand side, branding has been done to show how will it look like from inside.

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  White City Model

T
his picture is when the customers, during or after sales meeting, accompanied or
without a sales executive, can actually see the entire project by the model of it. Model
is nothing but a representation of how the actual thing/product will look like in the
future.

40
The Sales Process:

41
 The Enquiry Form is recorded which is sent to the Sales manager.
 Sales Manager greets the customer.
 Water can be served over here along with Snacks and juice.
 Manager explains the complete details and discusses project, inventory and
pricing with the customer.
 Accompanies the customer to the sample flat and discusses the layout and
interiors.
 Post discussion the manager will take customer feedback and accordingly
mention it in the enquiry form with the status of the customer.
 Post meeting, Sales manager will fill the enquiry details on Home Buy 360.
If Customer Books the Apartment:

 The Sales Manager will fill the booking form for the customer. Will ensure all
mandatory details are filled (Booking, pricing, customer details, Customer
signatures).

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  Take customers signatures wherever required.
 Re-check the booking form with the client. (Ensure to inform
Customer to read all Terms and Conditions.
 Sales Manager to sign the form and then hand it over to the Site-Head to check
and sign.
 Take a photo copy of the cheque given by customer and sign as
Acknowledgement.
 Thank the customer for his time and trust on our brand and
Welcome him to the Rajesh LifeSpaces family.
 Thank you mail to be sent to the customer.
Post Booking Referral Lounge
 Form is filled completely and booking details and costing are checked.
 At referral desk benefits are explained and, registration is done, referrals are
taken and booking kit is handed over.
 Customer is handed over payment acknowledgement.
 Xerox copy of booking form.
 Booking kit in RLS bags.

Booking KIT includes:

 Booking form copy.

 Referral kit
 Payment schedule
 Brochure
 Chocolate box
 List of contact numbers.

If Customer does not book the apartment

 Take a follow up time and date from the customer and mention it in the
enquiry form feedbacks.
 Thank the client for his visit, time and trust on our brand.
 Fill the details on Home Buy 360 accordingly.
 Thank you mail to be sent to the customer.

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CRM Process Overview welcome KIT (Working days from Booking Date)

 Welcome Letter
 Payment Schedule
 Modes of Payment (Cheque, Funds Transfer)
 Receipt for Booking Amount

 Emailer during Eid

This is an Emailer, which is sent to the CP’s during Eid. The layout of the Emailer
is quite attractive. There is a moon and all the projects in it.

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  Emailers

These are the ‘White City’ project Emailers sent to the Channel Partners. It offers an
impressive, cost-effective way to stay in touch with past clients and helps to market
its new clients as well.

New Age Marketing:

 Customer has moved from the end of the funnel to the middle

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  Basically, the customer is in total control of the messaging he/she wants to
receive
 Abundant and interactive media techniques.

HT Channel Partner’s Meet, The Leela Hotel, Andheri Kurla Road on the 26th
May, 2016
In the Real Estate industry, there are individuals who are addressed as ‘Channel
partners (CP)’s. CP’s are called Brokers in layman’s language. The company
addresses the brokers as ‘CPs’ as it gives a sense of actualization and respect. There
are mainly two types of CPs: Institutional and Retail CPs. Institutional CPs are those
CPs who work in a firm. Retail CPs are those CPs who are free-lancers and do not
operate from a particular institution or consultancy. The other construction firms try
to get more and more hand in acquiring the CPs in order to increase the sales of the
company. Construction firms generally throw parties, fulfilling the need of
actualization and treating them like one of their staff etc. to keep their CPs intact so
that the CP focuses more on selling their flat/properties. For example, a construction
firm is providing everything whatever the CP wants and fulfilling almost every need
of theirs, and the CP also has a tie up with the other company, if the other company is
not providing them with their requirements, the CP generally starts comparing, saying
things “the other company whom I tied up with, is doing this and doing that”. This is
what is fulfilling the needs and wants of the CPs. There are special events for the CPs
like ‘World Brokers’ day, Hindustan Times CP meet, etc.’ to understand what exactly
the CP is looking for. This can also be termed as B2B that is, Business to Business.
There was a CP meet, which was held on the 26 th of May 2016 by Hindustan Times at
the Leela Hotel, Andheri (West), and Mumbai.

46
In a CP meet, there are stalls set up by different construction firms, for the Channel
Partners so that the CP visits and ties up with their company. There are cards
exchanged between the CP and the firm. For example, a CP is targeting areas like
Borivali, Kandivali and Malad; the sales team will talk about their projects going in
these three areas. The count of visits to the stall is calculated as well.
There are brochures of various projects given to them. Firms come up with different
incentive plans for the CPs.

Number of Flats Sold Brokerage rate (in %)

1 Flat 2%
2-3 Flats 2.25%
3-5 Flats 2.75%
5-10+ Flats 3%

Following are the pictures of the Hindustan Times CP’s meet:

 The HT CP Meet

This is the Hindustan Times CP meet podium on which the speaker will conduct a
presentation on Real Estate, as a whole.

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 Rajesh LifeSpaces Stall

This is the stall of Rajesh LifeSpaces, seating arrangement for the CP’s coming and
enquiring about the projects.

 The stalls of the other competitors with Rajesh LifeSpaces

These are the competitor stalls of Rajesh LifeSpaces showcasing their projects.

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 The other set of competitors with Rajesh LifeSpaces

All together, there were around 14 stalls in total. These are the other set of
competitors of Rajesh LifeSpaces.

 Rajesh LifeSpaces with their ongoing projects

These are the projects of Rajesh LifeSpaces with a scheme of ‘10:70:20’ Payment
Plan.

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  Rajesh LifeSpaces CP Standee with the Raunak Group Incentive Scheme

These are the CP Standees of Rajesh LifeSpaces and the Raunak Group, showing the
Brokerage rate and a brief explanation of the Rajesh LifeSpaces’ ongoing projects.
Online Reputation Management (ORM):

Online Reputation is the company’s image on

the Internet. Online Reputation Management
(ORM) is about improving or restoring a
company’s name or giving the brand a good
standing. This can be done by, weakening or
eliminating the negative material found on
the Internet, which is related to the company,
and also defeating it with more positive
material to improve the company’s credibility
and also builds the trust of the customers.
Online Reputation Management includes managing Social Media, Blog posts, Review
Sites, Forums, Press Releases and Competitor Websites.

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 PRODUCT PROFILE

92 Bellevue at Sodawala Lane, Borivali (West)

 Project Type: Residential

 Project Location: Sodawala Lane, Govind Nagar, Borivali West, and Mumbai,
400091.
 About 92 Bellevue: 92 Bellevue is a 21 storeyed luxurious complex that
houses the customer’s paradise. A beautiful home in the by lanes of Borivali
West, encompasses a family’s collective passion to shape dreams into reality,
capturing the beautiful moments that comprises the real essence with its 3
BHK Compact and 3 BHK Classic homes.

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LOCATION MAP:

Raj Infinia at Malad (West)

Project Type: Residential

Project Location: Ramchandra Lane, Evershine Nagar, Malad West, and Mumbai-
400064.
About Raj Infinia: Raj Infinia offers 2,3 and 4 BHK homes. The internal amenities
include wooden flooring in the master bedroom and marble flooring in living and
dining room. The external amenities include infinity pool with Jacuzzi seating,
Barbeque pavilion, Children’s play area, Party lawn, Mini Amphitheatre, Clubhouse
with Steam, Sauna and Multi-Purpose hall.

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LOCATION MAP:

Raj Spectrum at Sion-Bandra Link Road

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Project Type: Residential

Project Location: Raj Spectrum, Adjacent to ONGC 11 High Building, Off Sion-
Bandra Link Road, Sion (W).

About Raj Spectrum: Raj Spectrum offers 2 BHK luxurious and classic homes. Raj
Spectrum also offers internal amenities like Vitrified tiles in the living, drawing room
and kitchen, POP finish walls with luster paint in all the rooms. External amenities
include a grand entrance lobby and reception area, Multi level car parking, Fitness
Centre at the Podium level and Modern fire fighting systems.

LOCATION MAP:

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Raj Grandeur, Powai

Project Type: Residential

Project Location: Raj Grandeur, Behind Dr. L.H. Hiranandani Hospital, and Powai.
Mumbai- 400076

About Raj Grandeur: Raj Grandeur offers 3 and 4 BHK homes with elegant wooden
flooring in the master bedrooms, French style windows in the living room along with
the decorative main doors. Raj Grandeur also has a double heighted entrance lobby,
Serene pool, Clubhouse with gymnasium.

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LOCATION MAP:

Raj Altezza, Mulund (W),

Project Type: Residential

Project Location: Raj Altezza, Ambika Nagar, J.N. Road, Mulund (W),
Mumbai-400 080.

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About Raj Altezza: Raj Altezza comprises of 2 and 3 BHK Homes with vitrified tiles
in all the rooms as well as a decorative main door. It has 4 high-speed passenger lifts,
a grand entrance lobby, Lavish reception area, Fitness center at the podium level, and
a sundeck in every residence.

LOCATION MAP:

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Raj Embassy, (Bhandup (W)

Project Type: Commercial

Project Location: Raj Embassy, Opposite Mangatram petrol pump, L.B.S. Marg,
Bhandup (W), Mumbai – 400 078.

About Raj Embassy: The workspace that elevates the business quotient of Bhandup
and Business alike.
This future-ready address offers robust infrastructure, excellent connectivity and Wifi
zone with 24/7-power back up in the common area, modern high spend elevators.

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Rising City, Chembur (East)

Project type: Residential

Project location: Rising City, 194-B, Ghatkopar-Mankhurd Link Road (GMLR),

Opposite. Chedda Nagar, Chembur (East). Mumbai – 400 089

About Rising City: Rising City has 2, 2.5 and 3BHK homes. The internal amenities
include high quality vitrified tiles in all the rooms, Quartz/Granite kitchen platforms,
Split A/C provision in living room and all bedrooms. There is a Swimming pool, a
multi purpose hall, Amphitheatre, and a Digital movie lounge.

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 LITERATURE REVIEW

The real estate sector is one of the most globally recognized sectors. In India, real
estate is the second largest employer after agriculture and is scheduled to grow at 30
per cent over the next decade. The real estate sector in India assumed greater
prominence with the liberalization of the economy, as the consequent increase in
business opportunities and Labour migration led to rising demand for commercial and
housing space. According to a sectorial report conducted in January 2016, the
construction industry ranks third among the 14 major sectors in terms of direct,
indirect and induced effects in all the sectors of the economy. People, if they are
eyeing on Real estate for investment purposes, they will earn good and huge returns in
long run as, the price of real estate increases annually unlike gold, as it keeps
fluctuating, which means the price is not constant. With the Indian economy showing
signs of recovery with a hands-on government at the center, the economy is controlled
for growth again. According to the article of Finnapolis Friday on the 17th of April
2015, the homebuyers are in doubt - they do not want to take a dive because they feel
that property prices may decrease. This is a perfectly sound strategy for an investor,
but often not a good one for homebuyers.

The difference between an investor and a homebuyer or 'end user' is that the first is
looking at returns on investment and is backed by a certain amount of risk.
Homebuyers cannot and should not view properties with the dispassionate eye of an
investor who looks at them purely as stock in trade. For a homebuyer, the entry point
may matter in terms of price, but there is no exit point motivation. If a home meets a
buyer's criteria in terms of location, facilities offered and neighbourhood profile, it is
usually inhabited for several years and even decades. They look for a home for their
family to live in, and the most appropriate guidelines for homebuyers have nothing to
do with investment potential. The correct strategy for home buyers is to determine
their budget, get pre-approved for a home loan based on that budget, short-list at least
three locations that their family are comfortable, and identify at least five property
options within each location that fit within their budget.

60
According to the article of ‘Impact of the Indian Real Estate buyers’ by Ken DeLeon
and Michael Repka posted on the 14th of February 2014, they have visited India and in
India, the property tax system has traditionally been based on the purchase price of
real estate as reported to the government. Thus, it is very common for housing resale
to include an official component, which is reported to the state, and under the table
portion, which is not reported, which results in a tax savings. Commonly, this split
pricing is referred to as “black money” and “white money.” According to the
Economic Times news articles on the 30th June, 2002 “Buying property is not a piece
of cake”, buying a house these days necessarily embraces the making of payment in
two types - the white money involves payment through a legal channel (cheque, draft,
etc), the black component refers to the shelling out of undisclosed money, which is all
unaccounted — to the seller, buyer and the authorities. The black component is paid
in cash and is not reflected in the official transaction.

According to the top seven real estate consultants and brokers, north Indian cities like
Delhi (NCR region), Chandigarh, Jalandhar and metros like Mumbai and Kolkata
have a larger number of transactions of this nature because large part of income is
through business, majority of which generates unaccounted wealth. However, while
the seller commands and converts the premium into cash, it's the government, which
loses in revenue, apart from the buyer's pocket. According to Tanaji Chakravati, India
Property Research, “It is estimated that the government will lose around Rs. 3500-
4000 crore in the residential sector alone due to black and white deals. The parallel
economy in real estate transaction is estimated to be quite large and does result in a
substantial loss to state revenues in terms of lower stamp duties and other taxes."
According to R Namvirajan from PNB Housing Finance: "When a Rs 10 lakh
property is shown at, say, Rs 5 lakh, (original value of Rs 4 lakh+ added value of Rs 1
lakh), there is evasion of capital gains tax. Also, the builder is evading stamp duty on
Rs 5 lakh. And tax to the extent of 20 per cent is avoided, as a result the overall loss
comes out to be 40-60 per cent." There was question asked to Mr. Namvirajan on how
various banks and housing finance companies decide on the loan amount to be
disbursed in such a black and white world. He replies, “The value is accorded in the
book. Sometime, the borrower says he wants to add value to the property, in which
case we allow them up to a maximum of Rs 1 lakh for renovation etc. We consider
only the white portion while deciding on the loan amount.

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For instance, on the case cited above, value shown in the document is Rs 5 lakh. With
an additional registration charge of Rs 1 lakh, it comes out to be Rs 6 lakh and 85-90
per cent of that will qualify as the loan amount."

According to the IBEF (Indian Brand Equity Foundation), a sectorial report which
was uploaded in January, 2016 says that The Indian real estate sector has witnessed
high growth in recent times with the rise in demand for office as well as residential
spaces. According to data released by Department of Industrial Policy and Promotion
(DIPP), the construction development sector in India has received Foreign Direct
Investment (FDI) equity inflows to the tune of US$ 24.156 billion in the period April
2000-September 2015.

Responding to an increasingly well-informed customer base and, bearing in mind the

aspect of globalization, Indian real estate developers have shifted gears and accepted
fresh challenges. The most marked change has been the shift from family owned
businesses to that of professionally managed ones. Real estate developers, in meeting
the growing need for managing multiple projects across cities, are also investing in
centralized processes to source material and organize manpower and hiring qualified
professionals in areas like project management, architecture and engineering.
The Government of India along with the governments of the respective states has
taken several initiatives to encourage the development in the sector. The Smart City
Project, where there is a plan to build 100 smart cities, is a prime opportunity for the
real estate companies. Below are some of the other major Government Initiatives:

 The Government of Rajasthan became the first state to initiate private

investments in affordable housing by signing four Memoranda of
Understanding (MoUs) with private players for an investment of Rs 5,400
crore (US$ 810 million).
 The Ministry of Housing and Urban Poverty Alleviation (HUPA) has
commissioned a study by Indian Institute of Technology, Kanpur on testing of
new construction technologies, with the objective of promoting new housing
technologies in the country.

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  India’s Prime Minister Mr Narendra Modi approved the launch of Housing for
all by 2022. Under the Sardar Patel Urban Housing Mission, 30 million houses
will be built in India by 2022, mostly for the economically weaker sections
and low-income groups, through public-private-partnership (PPP) and interest
subsidy.
The real estate market is more of a pull market rather a push market. Every buyer or
an investor is in need of a property or a flat irrespective of the price. Sometimes, the
customer even extends their budget to buy a particular flat/property. For example, the
flat costs around 1.2 Cr. The customer is ready to pay 1.4 Cr, which is an additional
20 Lakh Rupees. According to the Realty Plus magazine Vol 11. Issued on the 10 th
May, Mr. Anurag Jhanwar, Business Head (Consulting and data insights)
Proptiger.com mentions about how the residential absorption is getting into range
bound zone. The residential market has witnessed over 97% of the total demand
coming from the end users, shows that online real estate advisor Prop Tiger’s “Realty
Decoded” report for the January-March quarter of financial year 2015-2016. The
share of the end users of the total demand has been seen a continuous increase, with
the comparable figure at 77% from this segment. Affordability and end use will be
defining the market; the market is witnessing a fundamental shift with the end users
emerging as a key buyer segment across the cities. There is a price sensitive
behaviour and the demand for real use in the market. According to Mr. Raghuram
Rajan, Governor of RBI (Reserve Bank of India), to encourage more people to buy
properties, the real estate developers to reduce the prices. Mr. Rajan also talks about
the low demand for housing projects leaving developers with unsold inventories.
There is a hope if the interest rates come down; there will be more credit and buying.
Mr. Rajan, in his Y B Chavan memorial lecture, says that there is a decrease in the
interest rate by 1.5% cumulatively since January last year and earlier this month; the
policy rate was cut by 0.25% to 6.5%. More than half of the rate cuts have been
passed. Apart from interest rates measures such as housing loans under the priority
sector lending requirements makes Mr. Rajan confident to say that the worries on the
financial side are taken care of.

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Real estate is a sentiment driven market and the homebuyers eagerly wait for festive
offers and also the festive mood plays a vital role when it comes to buying a home.
The festive season creates a buzz in the real estate market as the developers offer
great discounts. It brings in the opportunity for the end users willing to explore and
purchase the property. Developers are acutely aware of the buyer-led phenomenon
during the festive period and the competitive environment drives them to differentiate
themselves by offering innovative deals in order to attract the customers.
Some of the new launches and special offers from different firms are:

 Lodha group at that time, had launched Palava phase 2, part of the project
spread across 4500 acres. Phase 2 of Olympeo riverside Neral will be
launched with the flexible payment terms and up to 90% of loan availability
for flats available.
 Suvojit group has offers for Navratri till the 31st of December 2015 starting
from Rs. 1 Lakh up to 50 lakhs and more. It is offering cash back at 10% of
the booking amount on the spot. One person from every family who comes to
the site will receive a gift voucher.
 Sheth corp has a special offer to book flats for 2.51 lakh and 3.51 Lakh
respectively at Midori, Dahisar and Avalon, Thane as compared tot the normal
booking amount of Rs. 7 Lakh.
 Rustomjee has an offer till November 30th 2015 at Urbania, Thane (West) to
book 2 BHK and 3 BHK homes at Rs. 8 Lakh plus government taxes with no
further payments till possession, no floor rise and guaranteed date of
possession.
 Prajapati Constructions Ltd is offering a chance to win an i10 car through a
lucky draw for its Prajapati Magnum project in Dronagiri.
 Jaycee Homes has a special price of Rs. 11249/- per square feet for its
executive project at Ghatkopar.
 Shree krushna group has tied up with 5 star luxury club situated in Chembur
and is offering a 10 years free membership to buyers of its eastern winds near
Chembur.
 Duville Estate is offering a discounted price starting from Rs. 45 Lakh and Rs.
65.5 Lakhs respectively (all inclusive) for 1 BHK and 2 BHK flats.

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Buying a flat is a one-time decision for the buyers, but buying during the festive
season is when the buyer should focus on the budget and the connectivity of the area,
which are the important factors.

Slum Rehabilitation Authority (SRA):

According to the website of sra.gov.in, Slums have constituted an integral part of

Mumbai. With its potential to provide employment to a vast crowd, the city attracts a
large number of people. Many of them stay in slum colonies for the lack of a better
alternative. People who stay in the slums live in unhygienic environment, not by
choice but by forceful circumstances as they were thrown out of the formal housing
sector, as it was expensive and much beyond their income levels. It is imperative to
enhance their standard of living and for which an authorized dwelling unit is a first
step in the right direction. This, in turn, will bring about a clear improvement in their
hygiene and health. The government of Maharashtra has launched a Slum
Rehabilitation Authority (SRA) to survey and review the existing position of the Slum
areas in greater Mumbai, to also, formulate schemes for the rehabilitation of slum
areas. If a Builder wants to construct a building or start the project on the land, which
already has slum dwellings, the builder will then have to give a certain amount of flats
to the BMC and the BMC will then, provide the slum-dwellers with flats, this is
referred as the Slum Rehabilitation Authority (SRA).

Foreign Direct Investment (FDI):

According to IBEF (ibef.org), India’s real estate market is expected to reach US$ 180
billion by 2020 from US$ 93.8 billion in 2014. Emergence of nuclear families, rapid
urbanization and rising household income are likely to remain the key drivers for
growth in all spheres of real estate, including residential, commercial and retail.
Real estate is currently the fourth-largest sector in the country in terms of Foreign
Direct Investment (FDI) inflows. Total FDI in the construction development sector
during April 2000–May 2015 stood at around US$ 24.07 billion.

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The Government of India has been supportive to the real estate sector. The
Government has also raised FDI limits for townships and settlements development
projects to 100 per cent. Real estate projects within the Special Economic Zone (SEZ)
are also permitted 100 per cent FDI. In Union Budget 2015-16, the government
allocated US$ 3.72 billion for housing and urban development.
The government has also released draft guidelines for investments by Real Estate
Investment Trusts (REITs) in non-residential segment.

According to the KPMG, “Indian Real Estate-Opening doors” report,

The real estate sector, which is deeply linked to the economic performance, is
expected to be a major beneficiary in the expected strong Indian economic growth.
The major drivers supporting real estate sector include urbanization, rising income
level, young population and growing number of nuclear families, and strong expected
growth in the manufacturing and service sector. The share of real estate sector in
national GDP is expected to increase from 6.3 per cent in 2013 to 13 percent by 2028.
In absolute terms, the size of the sector is expected to increase seven times to USD853
billion in 2028 from USD121 billion in 2013.

Economic Growth
 India economy is expected to be the fastest growing economy for the next few
decades
 The growth could be primarily driven by infrastructure investment and the
rising manufacturing and service sector
 Within the service sector, the growing IT and banking sectors are expected to
significantly add to the demand for Commercial real estate

Urbanization
 About 10 million people are moving to Indian cities every year
 Urban areas are expected to contribute 70-75 per cent to nations GDP by 2025
 About two million houses are required to be developed each year, typically in
the affordable segment.

66
Rising income level
 The per-capita income in urban India is expected to triple from USD2, 800 in
2012 to USD8, 300 in 2028
 The rising income supports the growth of retail and residential real estate

Younger and smaller families

 The average household size is expected to decrease from 4.8 currently to just
above 4.4
 The fall in household size is expected to add about demand for 10 million new
housing units
 About 35 per cent of India’s population is between 15-35 age bracket which is
expected to drive the demand for housing over the next 15 years

Residential Real Estate:

The residential segment, which contributes about 80 per cent to the real estate sector,
is expected to grow significantly over the next few decades. It is estimated that Indian
cities need to develop at-least two million houses annually for the growing
population. The actual number could be much higher as it does not include push in
demand from re-development and shrinking size of households. Further, there was a
housing shortage of about 18.7 million in 2012. Thus, India needs to develop almost
45-50 million housing units by 2028.

Affordable housing in India

Affordable Housing in India refers to housing for the economically weaker section
(EWS) and lower income group (LIG) households. This segment is expected to
account for 85-90 per cent of the total residential development (number of housing
units) i.e. about 40-45 million housing units by 2028. Affordable housing in India
ranges from 250-650 square feet (one or two bedroom set) and typically costs
between USD 8,000-17,000 per unit.

67
The challenges in the Indian real estate sector can be broadly classified underfive
categories which are lack of suitable developable land, delays in obtaining approvals,
issues in land title and insurance, inadequate funding challenges and shortage of
manpower.

Lack of suitable developable land

Suitable developable land with basic infrastructure has become scarce in Indian cities.
This has resulted in significant rise in land prices in the urban areas.

Strict and prolonged regulatory process leading to delays

The process of obtaining construction permit has become difficult over the last several
years and is among the major reasons contributing to the delays in real estate
development. According to the report of the Committee on Streamlining Approval
Procedures for Real Estate Projects (SAPREP) set up by the Ministry of Housing and
Urban Poverty Alleviation, a developer has to follow at least 34 regulatory processes
for obtaining construction permits and it takes an average of 227 days. According to
industry associations, the delay in obtaining approvals and adhering to regulatory
processes can raise the project cost by 40 per cent of the sales value.

To address the issues in granting construction permit, the Government is evaluating

the single-windowclearance mechanism. A single window clearance mechanism is a
business facilitation idea that would enable the real estate developers and builders to
submit all the applications and documents at a single location or to a single authority.
Such a mechanism and system will increase efficiency, timeliness and will enable
cost-savings for developers, who in turn would be able to pass on the benefits to
customers. This has also been recommended by SAPREP committee, which has given
several recommendations to streamline the approval mechanism.

Several cities in India such as Ahmedabad, Chennai, Cochin, Madurai, Ghaziabad,

Pune, Trivandrum, Delhi and Kozhikode have already implemented the automated
system for approving building plans.

68
Land related issues

Lack of clear land titles and title insurance in India often makes it difficult for
developers to acquire suitable land parcels. Absenceof clear land titles sometimes
results in long-drawn and expensive litigation for developers. Further, there is no
single land policy in India and each state has its own policy, which adds to the
complexities. The property taxes stamp duty, registration charges, FAR/FSI vary
across states in India.

Inadequate funding channels

Arranging the initial funding can be a grave challenge affecting the housing supply to
a large extent. The Reserve Bank of India (RBI) has set threshold for the total
maximum exposure to real estate, including individual housing loans and lending to
developers for construction finance, for banks at 15 percent, which is quite low and is
curtailing the growth of the sector. Absence of long term funding from banks is
forcing developers to look at alternative sources of funds, most of which do not offer
affordable interest rates and hence, the supply is being stifled. In the case of
individual buyers, the persistently high inflation rates have made them suffer in
multiple ways affecting their buying ability. Besides having lesser disposable incomes
and savings, they are faced with increasing housing prices, further compounded by the
high interest rates on mortgages.

To improve the funding situation in India, the government is planning to relax the FDI
norms in the real estate sector in addition to allowing FDI in farmlands. The reforms
are expected to be cleared shortly and is also expected to significantly ease funding
crunch in India. The government has also allowed external commercial borrowing for
development of affordable housing stock in the country.
Further, the government is in the process of allowing Real Estate Investment Trusts

(REITs) in India. Development of a healthy REIT market could help open up new
funding avenues in the real estate sector.

69
Shortage of manpower and technology

Despite being the second largest employer in the country, the construction sectoras a
whole faces manpower shortage. Further, the sector is heavily dependent on manual
Labour, faces longer time lines for construction completions, which results in supply
getting deferred. Hence, technologically faster and alternative methods of
construction need to be adopted on a large scale, giving rise to training and skill
development of manpower.

Mivan Technology

Mivan is an aluminum formwork system developed by a European construction

company. In 1990, the Mivan Company Ltd. from Malaysia started manufacturing
these formwork systems. Today, more than 30,000sqm of formwork from Mivan Co.
Ltd. is used across the world. There are a number of buildings in Mumbai that are
being constructed with the help of the Mivan system, that has proven economical as
well as satisfactory for the overall Indian construction environment. Mivan
technology is suitable for constructing large number of houses in a short span of time
using room size forms to construct walls and slabs in one continuous pour on
concrete. In this system of formwork construction, cast–in–situ concrete wall and
floor slabs cast monolithic provides the structural system in one continuous pour. To
facilitate fast construction, early removal of forms can be achieved by hot air curing /
curing compounds. Large room sized forms for walls and floor slabs are erected at
site. These strong and sturdy forms are fabricated with accuracy and are easy to
handle. The concrete is produced in RMC batching plants under strict quality control
and convey it to site with transit mixers.

70
The bottom view of the Mivan setup:

Top view of Mivan slab setup:

Advantages of Mivan Technology:

1. Fast completion of floors
2. Uniformity in structural components.
3. Good finishing can be seen.
4. No need of plastering.

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Disadvantages of Mivan Technology:
1. Expensive, used for typical floors only.
2. Initial setup takes time.
3. Construction joints should be executed properly.
4. Alignment maintenance needs skilled labourers.
5. Holes caused by wall tie should be grouted properly with GP2 else the will be
problem of leakage in columns.
END PRODUCT:

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TRUMP TOWERS

According to the “India’s Real Estate Market-Outlook of Structured High Yield Debt”
article published by A Cushman and Wakefield Research Publications in March 2015,
the Indian markets which are opening for global investors, the FDI inflows in the
Indian Real Estate sector, which were USD 38 million in the financial year 2005-
2006, increased significantly to nearly 2.2 billion in the financial year 2007-08.
Donald Trump and Lodha Group tied up for a luxurious residential project. Donald
Trump has signed a brand licensing agreement with Lodha Group for an 800-ft-tall,
77-storey residential tower at Lower Parel. Lodha will pay Trump a fee running into
several crores for licensed use of its brand name in the project and in its project.
Trump Tower will be the signature tower. In 2012, Trump had signed a similar
agreement with Pune's Panchshil Realty. In 2010, Trump had signed a similar brand
licensing agreement with Rohan Lifescape-the first in the city-for a 65-storey building
at Chowpatty.

But it has been learnt that Trump decided to cancel the agreement due to delays in the
building approval process and an understanding with Lodha for an exclusive tie-up in
the project. Under the agreement, Trump will refund the brand fees, estimated to be
over $1 million, to Rohan Lifescape. Haresh Mehta, owner of Rohan Lifescapes,
confirmed Trump's decision to terminate the agreement, but refused further comment.
Industry experts, in know of the development said Mehta is disappointed, but has
accepted Trump's decision as part of business. "Trump had tried to salvage the
project, which was stuck due to coastal regulation zone norms, by meeting the chief
minister. With the approval process still delayed, the developer has revised the plan to
construct two 20-storey buildings, instead of a single 65-storey structure," said an
industry source. The 77-storey building will have two wings with a mix of 3-BHKs
and 4-BHKs costing around more than Rs 8 crore and Rs 10 crore respectively.

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 SCOPE OF THE STUDY

This study makes an effort to know the strength of real estate marketing influencing
the buying behavior with special reference to Rajesh LifeSpaces through a
questionnaire so that the company can know how strong its marketing should be.
Basically, this research has been conducted in two areas, Thane (W) and Kandivali
(East), Mumbai for the customer feedback in terms of the marketing of the company
in relation with the buying behaviour. The research has been conducted through a
survey, which was done, and a one on one conversation with the customers as a
member of the marketing team so that I could get a detailed information of the
customer in terms of how marketing helps them in buying a flat or a property.

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 RESEARCH METHODOLOGY

The purpose of this methodology is to design a research procedure. This includes the
sampling procedures, the data collection method and the analysis procedure.
Research is defined as the systematic and objective process of generating information
for aid in making decisions. As we all know, information reduces uncertainty. Market
research is the systematic and an objective process of identification, collection,
analysis and the use of information for the purpose of improving the decision making
related to the solution of problems and opportunities in marketing. The essential
purpose of market research is to provide information, which will facilitate the
identification of the solution. The situation/problem. Methodology is defined as a
guideline, which is used to solve a specific issue involving tasks, tools and techniques.
There are two types of research design:
 Exploratory Research: Exploratory research is also called as Qualitative
Research. This type of research allows the researcher to gain a better
understanding of the concept and it also provides direction to subsequent
and more structured research. In-depth analysis can be done based on this
research.
 Conclusive Research: Conclusive research is called as Quantitative
Research. This type of research is used to quantify the problem by way of
generating numerical data or data that can be transformed into useable
statistics. It is used to quantify attitudes, opinions, behaviors, and other
defined variables – and generalize results from a larger sample population.

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DATA COLLECTION METHOD:

Primary research is done through a questionnaire for the purpose of understanding

the buying behavior of the customers and also to know about how strong the
marketing should be in order to position the company in the customer’s mind. Primary
research also involves in a one on one conversation with the sales team about the
customer’s probability on buying a flat.

This can be classified in three categories:

1. Cold: The customer is least interested and is not likely to book a flat.
2. Warm: There are chances where the customer will book the flat.
3. Hot: The customer is showing a lot of interest in booking a flat. There is a
high probability rate of booking.

Collecting data from sources like newspapers, news articles, Magazines and Websites
comprises my Secondary Research.

RESEARCH DESIGN AND PROCEDURE:

The Research Design selected in this project is Descriptive. This Research design is
used for more precise investigation. It has flexibility and the research problem is
broadly defined. A descriptive study is the one in which information is collected
without changing the environment.

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SAMPLING PLAN:

Sampling is the process of selecting units (e.g., people, organizations) from a

population of interest so that by studying the sample we may fairly generalize our
results back to the population from which they were chosen. A sample size refers to a
sum total of the respondents who were asked to participate in the research. There are
two types of Sampling methods: Probability Sampling and Non Probability Sampling.
 Probability sampling is a sampling technique in which the samples are
gathered in a process that gives all the individuals in the population equal
chances of being selected.
 Non-probability sampling techniques are the samples, which are selected
based on the subjective judgment of the researcher, rather than random
selection (i.e., probabilistic methods).
The samples that have been selected for this project are the sample that directly walks
in to the sales office. The sampling method, which is used in this project, is Non-
Probability Sampling. The sample size is 40 taken from individual customers entering
the sales office (New customers and also existing customers, who have visited the site
before).

TOOLS USED:

I have used Questionnaire as a research instrument to conduct a market survey. The

Questionnaire consists of 11 questions both, open ended and close ended. Open-ended
questions can give an in depth analysis of the customer and close ended questions can
help in the trend analysis. The Questionnaire was designed in such a way that it
should gather maximum information possible.

77
 DATA ANALYSIS AND INTERPRETATION

Project
45
40
35
30
25 Number of Samples
20
15
10
5
0
White City Raj Torres and Raj Total
Tattva

The above representation shows out of the 40 samples in total, 13 samples were
collected from the “White City” project, which is located in Kandivali (East) and 27
samples are collected from the “Raj Torres and Raj Tattva” project, which is located
in Thane (W).

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1. What is your first source of Information?
 Newspapers
 Advertisements
 Magazines
 Radio
 Website
Newspapers Advertisements Magazines Radio Website
11 (27%) 16 (40%) 1 (2%) 1 (3%) 11 (28%)

First Source of Information?

Website
28% Newspapers Newspapers
28% Advertisements
Magazines
Radio
Radio Website
3%
Magazines
2% Advertisements
40%

In the pie chart above, 40 % of the customers chose advertisements as their first
source of information because if the product is not advertised, no customer will come
to know about it and will not buy even if the product was for their benefit. 27% of the
customers chose newspapers because the newspapers follow the AIDA element. The
‘A’ stands for Attention. ‘I’ stands for Interest. ‘D’ stands for Desire and the final
‘A’ stands for ‘Action’. 28% of the customers use Website for information as the
use of Internet at every aspect of human life has increased. 2% Magazines and 3%
Radio are the least used mediums as the first source according to the customers.

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2. Where have you seen/heard about Rajesh LifeSpaces for the first time?
 Newspapers
 Hoardings
 Website
 Radio
 Television Commercials
 Broker
 Reference
 Site Branding
Newspapers Hoarding Website Radio Television Broker Reference Site
s Branding
3 (8%) 18 (45%) 3 (8%) 0 (0%) 0 (0%) 11 (28%) 2 (5%) 3 (8%)

Seen/Heard about Rajesh LifeSpaces

for the first time
Site Branding
Reference

Broker
Television Commercials
Radio
Website

Hoardings
Newspapers

0 2 4 6 8 10 12 14 16 18 20

The customers whom I have spoken to, out of the 40, 45% of the customers heard
about Rajesh LifeSpaces through Hoardings for the first time followed by the 28%
of the customers through brokers pitching the customers and 8% from Site branding
which means the branding which is done outside the project. Site branding shows a
pictorial representation on how the project will look along with its amenities and the
facilities provided. 5% of the customers came through references as well and 8% saw

80
the newspaper ad about the projects and visited the site. No customers came through
Radio and Television Commercials.
3. Did that specific (above mentioned) medium help you?
 Yes
 No
Yes No
36 (90%) 4 (10%)

Did that specific medium help you?

No; 10%

Yes
No

Yes; 90%

The specific mediums helped 90% of customers and for the remaining 10% of
customers the mediums did not help. Below is the bifurcation of the 90% and the
10% customers according to the mediums mentioned above in the form of a bar chart
for the 36 and the 4 samples separately.

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3.1 Mediums, which helped the customer (out of the 36 samples)
Hoarding Broker Newspapers Website Reference Site Branding
s
15 (42%) 11 (31%) 3 (8%) 2 (5%) 2 (6%) 3 (8%)

Mediums which helped the customers

8%
6%
Hoardings
6% Broker
Newspapers
42%
Websites
8%
Reference
Site Branding

31%

In the Chart given above, 42% of the customers came through hoardings. 31%
customers came through Brokers. On talking to the 31% customers along with the
brokers, the brokers gave clear-cut information about the configuration to the
customers of Rajesh LifeSpaces. The customer came to the see the site according to
the suggestion of the broker. The customers also went to see the other sites but the
brokers diverted to the Rajesh LifeSpaces project. Some of the customers saw the
print ad on the newspaper and then came with the broker to see the flat. Some of the
customers were directly pitched Rajesh LifeSpaces by the brokers. A customer knew
the family of the director but he did not know about the location of the site.

8% customers came through newspaper advertisements. On talking to them, the

customers got to know the schemes ‘10:70:20’ and the ‘5:20’ schemes which were
offered by Rajesh LifeSpaces for their projects. The customers even saw the print ads,
called on the number mentioned and fixed a site visit. The customers saw the print ad,

82
but came with a broker to see the site. The customer also used multiple sources of
information including newspaper print ad. 5% customers came through Website.
Some customers even saw the website and came to visit the site.
6% customers came through Reference. One customer was a friend of the Rajesh
LifeSpaces’ Director and he was looking for a flat for himself. Another customer as
well knew the director and he was looking for a flat as an end use. 8% Customers
came through Site Branding. The customers were just passing by the site and saw
the branding, so they came to visit the site. One of the customers had a shop, which
was right opposite the site and they were looking for a flat, so decided to visit the site.

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3.2 Mediums that did not help the customers (Out of 4 samples)
Hoardings Website
3 (75%) 1 (25%)

Mediums that did not help the

customers

Websites
Hoardings
Websites

Hoardings

Out of the 4 customers for whom the mediums did not help, 75% customers came to
the site from hoardings. But that medium, according to the customers, did not help
them because it was less informative and hoardings just gives awareness so it just
helped to consider Rajesh LifeSpaces as an option but not in a big way. A customer
wanted to consult people who have an experience and not only on the basis of a
hoarding, he can come to a conclusion. 25% customers came to the Project site
through Website but it did not help him as the website was not that informative.

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4. Where else have you seen Rajesh LifeSpaces?

After talking to customers at both “Raj Torres and Raj Tattva” and “White City”
Project sites, this question, which I asked them, was like hitting the customer’s mind
according to the marketing perspective. During the conversation with most of the
customers out of 40, I came to know, as a marketing team member of Rajesh
LifeSpaces, that the customers are getting to know Rajesh LifeSpaces through
hoardings and site branding. The other respondents have seen newspapers and came
to know Rajesh LifeSpaces through the word of mouth and also a print ad on the
Hindustan Times Newspaper for “White City”. For the project “Raj Torres and Raj
Tattva”, the customers there have also seen Rajesh LifeSpaces through Hoardings
and the Site Brandings of Malad, Sion and Vikhroli Projects too. The customers
have also seen print ads and there are customers as well who has seen a print ad and
walked in to the Project site through someone’s Reference.

85
5. Did you visit the Rajesh LifeSpaces Website?
 Yes
 No
Yes No
18 (45%) 22 (55%)

Did you visit the Rajesh LifeSpaces

Website?

Yes
No
Yes
45%
No
55%

From this question, it seems like 45% of the customers have visited to Rajesh
LifeSpaces but 55% of the customers did not visit the website. A question connected
to this was asked to the customers who actually have visited the Rajesh LifeSpaces
Website. The question is given below:

86
5.1) If yes, how did that help you?

Out of the 45% of the customers who visited the Rajesh LifeSpaces website, most of
the customers got the information of the Rajesh LifeSpaces’ upcoming and their on
going projects as well as the background of the company. The other customers found
the website as “Less Informative” but the customers got curious and they came to
visit the Project site. For some of the customers, the Website proved to be helpful in
terms of user friendliness and the “Property finder” feature on the website was
convenient for the customer to find a suitable project according to the area. The
visuals of the project was like an add-on to the website.

87
6. Did you visit the Real Estate portal (99acres.com, magicbricks.com, common
floor.com) or any other portal?
 Yes
 No
Yes No
15 (37%) 25 (63%)

Did you visit any Real Estate Portal?

Yes
38% Yes
No

No
63%

In the exploded pie chart given above, 37% of the customers have visited the real
estate portal and 63% of the customers did not visit any of the Real Estate Portals
from both “White City” and “Raj Torres and Raj Tattva” Projects. There is another
question that was asked to the customers who have visited any of the Real Estate
Portals. The question and the analysis is given below.

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6.1 If yes, did you see Rajesh LifeSpaces? How did that help you?

Out of the 37% of the customers who visited any of the Real Estate Portals, the
customers found it easy in terms of accessibility and information and it was handy
as well. The customers even saw Rajesh LifeSpaces on it and the information there,
was brief and to the point, whereas one of the customers, did see Rajesh LifeSpaces
but the listings mentioned over there, were very confusing. Some of the customers
did not even hear about Rajesh LifeSpaces through any mediums but they saw Rajesh
LifeSpaces on Commonfloor and Magicbricks.com for the first time. Customers
could even see the unit plans and other useful information on magicbricks.com
compared to the Rajesh LifeSpaces website.

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7. Have you visited any of Rajesh LifeSpaces’ Project sites before?
 Yes
 No

Yes No
10 (25%) 30 (75%)

Have you visited any of Rajesh

LifeSpaces' Project sites before?

Yes
25%
Yes
No

No
75%

This question shows that 25% of the customers have visited Rajesh LifeSpaces
project sites before whereas 75% of the customers have not visited their Project sites.
A more in-depth analysis on which Project sites the customers have visited and how
did that experience helped them and in what way is shown below.

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8. When you visited any of our Project sites, how did that experience help you?

Out of the 25% of customers from both the Project Sites ‘White City’ and ‘Raj
Torres and Raj Tattva’, the customers who visited the ‘White City’ Project site were
Re-Visits which means that the customers already visited the same Project site before
and on the second or the third visit, the customers found the information on point and
precise which was given to them by the sales team. The customer even wanted to look
at how the site is to make a final decision.
The customers who visited the ‘Raj Torres and Raj Tattva’ Project site also visited
other Project sites of Rajesh LifeSpaces before coming to ‘Raj Torres and Raj Tattva’.
A customer visited Raj Grandeur, Powai and the sales team was precise in
explaining their project to the customer. Another customer visited Raj Embassy,
Bhandup for commercial space and the overall explanation of the sales team over
there as well as on point according to the customer. Another customer went to
Radisson Blu, Raj Embassy and Raj Vikhroli site before coming to Thane. Another
customer found the “Raj Tattva and Torres” Project site perfect in terms of
information, which was presentable, and also the sales person was thorough with the
product knowledge. The sample flat that the customer saw proved helpful and acted as
an aid for him to make a decision. Another customer went to Raj Infinia, Malad
project site and did not like the location over there so it was a big turn off. A customer
came thrice to the “Raj Torres and Raj Tattva” Project site and ended up booking a
flat. The customer also came to know about the ‘10-70-20’ scheme offered by Rajesh
LifeSpaces.

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9. What is the importance of a show flat/sample flat in making a decision?
 Important
 Neutral
 Doesn’t matter

Important Neutral Doesn’t matter

31 (77%) 6 (15%) 3 (8%)

Importance of a show/sample flat in

making a decision
Doesn't matter
8%
Neutral
15%
Important
Neutral
Doesn't matter

Important
78%

In this question, 77% of the customers find the show/sample flat important in
making a decision. 15% of the customers feel that the importance of a show/sample
flat in making a decision is Neutral, whereas the rest 8% of the customers feel it
doesn’t matter if the sample/show flat is important. The 77% of the customers feel
that there has to be a sample/show flat for them to see so that they will have an
overall idea or a picture on how their product will look like, in the future. The 15% of
the customers feel that if there is a sample/show flat available, well and good,
otherwise, it will not affect their decision in buying a flat. There are customers who
do not bother about the sample/show flat in making a decision, they straightaway

92
 finalize the decision on buying without even insisting on seeing the show/sample flat,
as they are very well aware of the brand also there is a trust and faith towards the
brand. Hence, the rest 8% comprises on those types of customers.
10. Choose any 3 factors you consider while buying a flat, which will help you in
decision-making?
 Location
 Price
 Amenities
 Layout
 Brand
For both the Projects together, (out of 40 customers)
Location, Location, Location, Location, Location, Location, Location, Price,
Amenitie Amenities Layout Layout Price and Price and Price and Amenities
s and and and and Price Amenities Brand Layout and Layout
Brand Layout Brand
6 (15%) 5 (13%) 8 (20%) 1 (2%) 6 (15%) 3 (8%) 10 (25%) 1 (2%)

Factors considered while buying a flat

which helps in decision-making
Amenities, Price, Layout
Location, Price, Layout

Location, Price, Brand

Location, Price, Amenities

Location, Layout, Price

Location, Layout, Brand

Location, Amenities, Layout

Location, Amenities, Brand

0 2 4 6 8 10 12

Out of the 40 customers, the highest factors chose by the customers were the
Location, Price and Layout which comprised of 10 customers, that is 25%.
According to the customers, they wanted a Location where there is less of

93
commutation and everything is available at a short distance. Connectivity to the
highway, access to all the necessities (Good schools, Colleges, Hospitals) should
have less proximity from the site. Another factor that is considered by the customers
is Price.
The Price should fit into the Budget of the customers then only the process of buying
a flat can be taken forward. The Layout is also considered as important because the
customer considers the spaciousness of the flat as well. How spacious the flat is, in
terms of its configuration. Location, Layout and Brand is the second highest factors
chalked out by 20% of the customers, which influences their decision-making. Brand
is also one of the factors that are considered by the customers. If the Brand is well
known, the customers will not give a second thought about the product that is offered
by the company. The customers will have a sense of satisfaction and they will be
contented if the Brand is well known and recognized in the market. Location,
Amenities and Brand is the factors considered by 15% of the customers. Nowadays,
developers use Amenities as a tool to differentiate their offering. The customers
require the basic Amenities like Parking Spaces, Elevators, Gardens, open spaces,
play area, senior citizen areas, 24 hour- water systems, Power back up and security
systems. The customers get attracted to other amenities offered like the gym,
swimming pools, clubhouses etc. If there are no Amenities in a project, there are no
takers. Location, Price and Amenities are the factors, which also constitute 15% of
the customers. Location, Amenities and Layout is the factors that are considered by
13% of the customers. Location, Price and Brand is the factors that are considered
by 8% of the customers whereas Location, Layout, Price and Price, Amenities and
Layout comprises of 2%.

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For the Project ‘Raj Torres and Raj Tattva’ (out of the 27 customers),

Location, Location, Location, Location, Location, Location, Location, Price,

Amenities Amenities Layout Layout Price and Price and Price and Amenities
and Brand and and and Price Amenities Brand Layout and
Layout Brand Layout
4 (15%) 5 (18%) 6 (22%) 1 (4%) 1 (4%) 1 (4%) 8 (29%) 1 (4%)

Factors considered while buying a flat,

which helps in decision-making
Price, Amenites, Layout
Location, Price, Layout
Location, Price, Brand
Location, Price, Amenities
Factors

Location, Layout, Price

Location, Layout, Brand
Location, Amenities, Layout
Location, Amenities, Brand

0 1 2 3 4 5 6 7 8 9
Number of Customers

In this question, a customer has to choose any 3 factors, which he/she will consider,
while buying a flat and which will also influence his/her decision-making. As a
combination of 3 factors, 29% being the highest of all comprises of Location, Price
and Layout. These 3 factors are considered as the most important. Location is
necessary along with the affordability of the product and the spaciousness of the flat.
If these wants are met, the customer can finalize his/her decision.
The second highest comprises of Location, Layout and Brand which constitute a
decent 22%. Customers prefer a good location with a spacious flat and also a decent
brand which makes them feel secure and happy as well as his /her recognition need is

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met. Then comes, the Location, Amenities and the Layout, which comprises of
18%. There are few customers who actually consider amenities as a factor
influencing their decision to buy a flat. According to the customers, there should be a
wide range of Amenities offered by the project.
The Location, Amenities and Brand consist of 15%. The rest comprises of the
Location, Layout and Price, which is 4%, Location, Price and Amenities 4%,
Location, Price and Brand also 4% and the Price, Amenities and Layout 4% of
the total customers. Out of these factors, one factor is constant in almost all the
combinations chosen by the customers. That one factor is Location. Location does
matter before the other factors considered by the customers. The customers want their
project to have good transport connectivity; better infrastructure and also their day-to-
day needs are met, by having supermarkets, schools and colleges for children at the
radius of just 2-3 kilometers.

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For the Project ‘White City’, (out of the 13 customers),
Location, Location, Layout Location, Price Location, Price Location, Price
Amenities and and Brand and Amenities and Brand and Layout
brand
2 (16%) 2 (15%) 5 (39%) 2 (15%) 2 (15%)

Factors influencing the buying decision

Location,
Location, Amenities,
Price, Layout Brand
15% 15%

Location, Amenities, Brand

Location, Location, Location, Layout, Brand
Price, Brand Layout, Brand
15% 15% Location, Price, Amenities
Location, Price, Brand
Location, Price, Layout
Location,
Price,
Amenities
38%

This chart is about the ‘White City’ customers who were asked to choose three 3
factors to be considered while buying a flat, which will help them in making a
decision. 39% of the customers chose Location, Price and Amenities as the 3
factors. 16% of the customers chose Location, Amenities and Brand and gave these
factors an importance, whereas 15% customers chose Location, Price and Brand,
Location, Price and Layout and Location, Layout and Brand as the factors.

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11. When you saw ads or any other mediums, do these factors match your
priority preferences?
 Yes
 No
For both the projects, (out of 40 customers),
Yes No
38 (95%) 2 (5%)

Does it match your priority pref-

erences?
No; 5%

Yes
No

Yes; 95%

In this question, 95% of the customers after looking at an ad or any other medium,
their chosen factors have matched their priority preferences and the rest 5% of the
customers do not feel the same which means the ads or any other medium was not
convincing enough for them and it did not match any of their preferences.

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For “Raj Torres and Raj Tattva” Project (out of the 27 customers),
Yes No
26 (96%) 1 (4%)

Does it match your priority pref-

erences?
No; 4%

Yes
No

Yes; 96%

96% of the customers said ‘Yes’ it did match our priority preferences according to the
factors whereas, 4% of the customers said ‘No’.

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For ‘White City’ Project (out of the 13 customers),
Yes No
11 (85%) 2 (15%)

Does it match your priority pref-

erences?
No; 15%

Yes
No

Yes; 85%

This pie chart shows that 85% of the customers say ‘Yes’, it does match their priority
preferences according to the factors mentioned by them whereas 15% of the
customers say ‘No’ which means it does not match their priority preferences when
they say any advertisements, print ad or any other medium of Rajesh LifeSpaces.

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 RESULTS AND DISCUSSION

 I have focused mainly on ‘White City’ and ‘Raj Torres and Raj Tattva’ projects
as these projects are regarded as the ‘Star’ projects of Rajesh LifeSpaces. I got less
samples from ‘White City’ as there were less customers walking in on a daily
basis, so I decided to go to the ‘Raj Torres and Raj Tattva’ project. I got a good
response from there and the number of samples increased as Thane is on the verge
of developing and people are looking for flats more for investment purposes.

 The customers chose their first source of information as Advertisements,

newspapers and the Internet, which are useful so that the company can position
itself in the market and also it can create a large customer base.

 45% of the customers heard about Rajesh LifeSpaces through Hoardings for the
first time. Hoardings are a medium that allows a marketer to target specific
socioeconomic segments. Hoardings have a direct impact. They work 24X7 at the
real estate client’s location of choice. This will also add a brand salient to the
market. The hoardings also proved to create brand awareness and to develop the
interest of the customers. 28% of the customers came through brokers pitching
the customers and 8% from Site branding. 5% of the customers came through
references and 8% saw the newspaper ad about the projects and visited the site. No
customers came through Radio and Television Commercials.

 90% of customers said the above mediums helped and for the remaining 10% of
customers, the mediums did not help.

 Out of the customers for whom the mediums helped, 42% of the customers said
hoardings helped. On asking the 42% customers on how did it help, the customers
got basic information on how the project would look like and Rajesh LifeSpaces
also started advertising recently so the customers were curious and wanted to visit

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 the site. The hoardings also helped the customers to know about the brand, the
projects of Rajesh LifeSpaces and other details.

 45% of the customers have visited the Rajesh LifeSpaces website but 55% of the
customers did not visit the website. For some of the customers, the website proved
‘Less informative’ whereas the rest of the customers who have seen the website find
it user friendly.

 37% of the customers have visited the real estate portal and 63% of the customers did
not visit any of the Real Estate Portals from both “White City” and “Raj Torres
and Raj Tattva” Projects. Customers have seen Rajesh LifeSpaces who have
visited the Real Estate portals and the customers were quite happy about it because
of the information of the Rajesh LifeSpaces’ ongoing projects.

 25% of the customers have visited the other Rajesh LifeSpaces project sites before
whereas 75% of the customers have not visited their Project sites. The customers
were re-visits who have visited other Rajesh LifeSpaces project sites and the
information given to them by the sales team was on point and very precise.

 77% of the customers find the show/sample flat important in making a decision.
15% of the customers feel that it is Neutral, whereas the rest 8% of the customers
feel it doesn’t matter if the show/sample flat is there or no.

 Location, Price and Layout were the highest factors chosen by the customers which
comprised of 25%. Location, Layout and Brand is the second highest which
comprised of 20% of the customers. Location, Amenities and Brand are the
factors considered by 15% of the customers. Location, Price and Amenities are the
factors, which also constitute 15% of the customers. Location, Amenities and
Layout are the factors that are considered by 13% of the customers. Location,
Price and Brand are the factors that are considered by 8% of the customers
whereas Location, Layout, Price and Price, Amenities and Layout comprises of
2%.

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 When the customers were asked if they saw Rajesh LifeSpaces’ advertisements or any
other mediums and did the above factors selected by the customers matched their
priority preferences or not, 95% of the customers said ‘Yes’ whereas 5% of the
customers said ‘No’.
CONCLUSION

 The Real Estate Industry is a fast growing and a profitable sector in the area of
investment.

 On the basis of the customer’s buying behaviour, it can be said that, in the near future,
there will be a rise in demand for flats.

 Location, Price and Layout were the factors while buying a flat, which will help and
also influence the customers in decision-making but Time is a very important factor
when it comes to the decision-making of the customers as well.

 These factors successfully match the customer’s priority preferences after looking at
Rajesh LifeSpaces’ advertisements through any mediums.

 Now, from this report, it is known, how Rajesh LifeSpaces Markets and Sells its
projects to the customers.

 Finally, it can be concluded that the Strength of Real Estate Marketing of Rajesh
LifeSpaces does influence the buying behaviour of the customers.

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 RECOMMENDATIONS AND SUGGESTIONS

 Rajesh LifeSpaces should focus more on these three mediums, Advertisements,

Newspapers and Internet in terms of promoting its projects because these mediums
are important for Rajesh LifeSpaces as the technology has improved drastically and
even it can boost the sales of its projects by using these mediums. Rajesh LifeSpaces
can also create a larger customer base because of these mediums.

 Most of the customers I asked came to know about Rajesh LifeSpaces through
Hoardings/Billboards. Hence, Hoardings are working out well for Rajesh
LifeSpaces. The brokers are like a medium for Rajesh LifeSpaces to boost the sales
and to attract customers. Rajesh LifeSpaces should keep their brokers intact so that
the brokers can generate sales and also whenever there is a requirement for any
configuration, the brokers pitch Rajesh LifeSpaces first compared to the other
developers. The Printed newspaper advertisements are more likely to reach customers
and to nudge them into the market. The newspaper advertisements also reaches out on
a higher number of customers, Rajesh LifeSpaces should start using more Print
advertisements on newspapers as a medium in selected newspapers like Hindustan
Times.

 The Website of Rajesh LifeSpaces can be improved in terms of providing a bit more
information of the projects. It also needs xml designing; there should also be an
updated project gallery on how much the project has been completed.

 On the real estate portals like (99acres.com, magicbricks.com and Commonfloor.com)

Rajesh LifeSpaces should make itself visible by getting a good feasible package in
terms of the link display in the builder search results. The listings of the Rajesh
LifeSpaces projects can also be clear and to the point.

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 The show flat/sample flat is important in making a decision. Rajesh LifeSpaces can
make the show/sample flat so presentable that the customer will not have a second
thought on making a decision. A sample/show flat can become a good platform to
showcase Rajesh LifeSpaces’ latest trends. Also, the customers want to touch and feel
rather than just imagine about the home they wish to buy.
 Rajesh LifeSpaces can also focus on the construction speed of its projects. If the work
is up to date and a particular project has been completed on time as promised then the
credibility of the builder will increase and the flats will sell faster at ready possession.

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 REAL ESTATE GLOSSARY

Steps of Paper work for construction:

 Land Title: Land title is an official record of who owns a piece of land.

 7/12: 7/12 is an extract from the land register maintained by the revenue department
of the government of Maharashtra. This extract gives information of the survey
number of the land, the name of the owner of the land and its cultivator, the area of
the land, the type of cultivation whether irrigated or rain fed.

 Environmental Clearance: The main purpose behind environmental clearance is to

assess the impact of the proposed/ upcoming project on the environment and people
and, in turn, to try to abate/ minimize the same to the maximum extent possible. The
entire

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 environmental Clearance process is better explained in the form of a diagram: SPCB
stands for the State Pollution Control Board.

 Intimation Of Disapproval (IOD) Certificate : This certificate means, for example,

Person A sells a land to Person B and to remove the ownership title from Person A,
there is an IOD certificate, which is made. It is also an essential permission given
to the developer by the municipal authorities to redevelop an old building. The
building cannot be demolished just on the basis of an IOD.

 Commencement Certificate (CC): The certificate from the concerned authority

allowing the builder for the commencement of the construction of the property,
after all the criteria have been met is referred to, the Commencement Certificate.

 Occupancy Certificate (OC): Occupancy Certificate (OC) is a document issued by

the municipal authority building proposal department that provides no objection to
occupy for its specified use. The OC is issued only once when the building has
been completed and can be occupied.

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 Most common terms used in the Real Estate Industry:

 Conveyance: Conveyance is a document transferring title to land from one person

to another.

 Lease Agreement: An agreement, usually written, between the lessor and the
lessee, which allows for the conveyance of property to the tenant under a contract,
and confers usage and control rights to the tenant for the duration of lease.

 Mortgage: The conveyance of a legal or equitable interest in freehold or leasehold

property as security for a loan and with provision for redemption on repayment of
the loan. The lender (mortgagee) has powers of recovery in the event of default by
the borrower (mortgagor). A mortgage is a form of land charge and can be either
legal or equitable.

 Carpet Area: Carpet area refers to an actual usable area of the apartment or a flat,
office area, a showroom, etc. minus the wall thickness. Carpet area is the area, which
is enclosed within the walls. This area does not include the inner thickness of the
walls.

 Built-up Area: Built up area is the total area, which is covered of the apartment or a
commercial property unit. Built up area also includes the entire carpet area, internal
and external walls and also the utility ducts within the walls of the unit. The built up
area does not include the common areas.

 Saleable Area: Saleable area includes the liveable area as well as ducts, windows,
balconies, etc.

 Floor Space Index (FSI): The Floor Space Index (FSI) is the ratio of the total floor
area of buildings on a certain location to the size of the land of that location, or the

108
 limit imposed on such a ratio. The Floor Area Ratio is the total building square
footage (building area) divided by the site size square footage (site area). As a
formula: Floor Area Ratio = (Total covered area on all floors of all buildings on a
certain plot)/(Area of the plot)

 Transferrable Development Rights (TDR): This term can be better explained with an
example. If the Government of India acquires a builder’s land for the construction of
the roads or any other purpose for the public, the builder can get either a monetary
compensation or TDR. TDR enables you to construct elsewhere in the same city at
the same market value, the permissible construction area in that required land. TDR
can be sold to other developers too.

Steps in constructing a building:

 Mobilization: It is a process of making the plot ready for construction. This process
involves building a fence around the plot and making the necessary services
available.

 Groundwork: The process of leveling the ground of the plot, benchmarking and
cleaning the plot, comes under groundwork.
 Substructure work: This process involves construction of structures like the
foundation like the ground floor.

 Super Structure work: This is situated above the ground, like the columns, slabs,
beams, staircases etc.

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 Masonry work: Masonry work is a phase in which everything comes into place and
gets a shape of the face. It involves plastering work and leveling of the walls and
ceilings.

 Services work: Electrical work, sanitary work, and plumbing work etc. It involves
fixing lights, bathroom fittings, toilet equipment and anything else that would be
provided by the builder.

 Finishing work: At this stage, it is the time to give the final touch to the property. It
involves painting and any other carpentry work like doors, door frames etc.

Bare shell basis: Bare shell basis depicts the condition of the property after
completion of the construction activity and installations of the basic building services.
It includes basic flooring, tiled, mosaic, cement or granite and plastered walls. Apart
from this, toilet and pantry facilities may also be operational in such conditions.

BIBLIOGRAPHY AND REFERENCES

PDFs and Report:

1. Standard Operating Process: Rajesh LifeSpaces.

2. Indian Real Estate- Opening Doors: By KPMG.

3. “Customer Preference towards Real Estate with special reference to Aarvanss”

by Ram Babu.

4. Approval Process for Real Estate Projects in Maharashtra (Mumbai) and

Suggestions to streamline the system.

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 5. Guidelines for the Implementation of Slum Rehabilitation Schemes in Greater
Mumbai, October 1997: Slum Rehabilitation Authority, Housing and Special
Assistance Department, Government of Maharashtra.

6. Various Local Approvals and clearances required for large-scale projects in

Metro cities: Central Public Works Department.

Magazine:

1. Times Property: House Hunt 2016.

Websites:

http://www.karvy.com/housing-buying-vs-investing

http://study.com/academy/lesson/what-is-consumer-buying-behavior-
definition-types-quiz.html

http://www.learnmarketing.net/consumer.htm

http://www.deleonrealty.com/why-deleon/articles/the-impact-of-indian-real-
estate-buyers
http://www.m4bmarketing.com/small-business-marketing-customers-buying/

https://www.ukessays.com/essays/marketing/importance-of-consumer-
behaviour-to-business-managers-marketing-essay.php

http://theconsumerfactor.com/en/5-stages-consumer-buying-decision-process/

http://www.ibef.org/industry/real-estate-india.aspx

http://www.crisil.com/pdf/capitalmarket/Industry-content.pdf

http://wollamconstruction.com/excavation-construction/

http://civilblog.org/2015/04/07/what-are-the-basic-components-of-a-building-
structure/

http://www.yourarticlelibrary.com/business/planning-business/the-
environmental-clearance-process-3-steps/40765/

http://ficci.in/spdocument/20140/real-estate.pdf

http://economictimes.indiatimes.com/definition/commencement-certificate

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http://www.sra.gov.in/

http://www.sparcindia.org/pdf/articles/sraguide.pdf

https://in.answers.yahoo.com/question/index?qid=20091228043207AAGveSi

http://articles.economictimes.indiatimes.com/2002-06-30/news/
27366467_1_black-money-white-money-component

http://www.webopedia.com/TERM/R/ROC.html

https://placester.com/real-estate-marketing-academy/how-google-search-
results-work-real-estate/

http://searchengineland.com/guide/what-is-social-media-marketing

https://brandyourself.com/online-reputation-management

http://www.slideshare.net/rsink/what-is-online-reputation-management-and-
why-is-it-important

http://cpwd.gov.in/Publication/Approvals&NocoflargeProjects.pdf

https://in.finance.yahoo.com/news/single-window-clearance-mechanism-why-
important-073620163.html

https://www.quora.com/What-is-Mivan-shuttering

http://ori.hhs.gov/education/products/sdsu/res_des1.htm

http://economictimes.indiatimes.com/wealth/real-estate/emerging-growth-
corridors-in-india-make-2016-a-great-year-to-invest-in-real-estate/
articleshow/53168978.cms?from=mdr

http://epaper.timesofindia.com/Default/Layout/Includes/TOINEW/ArtWin.asp?
From=Archive&Skin=TOINEW&BaseHref=TOIM
%2F2011%2F06%2F25&ViewMode=HTML&EntityId=Ar04700&AppName=1

http://www.tellemonline.com/index.php/email_marketing_realestate_agents

http://www.managementstudyguide.com/objectives-importance-of-advertising.htm

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http://www.mycustomer.com/marketing/strategy/is-newspaper-and-magazine-
advertising-still-a-viable-option

APPENDIX

1. What is your first source of information?

 Newspapers
 Advertisements
 Magazines
 Radio
 Website

2. Where have you seen or heard about Rajesh LifeSpaces for the first time?
 Newspapers
 Hoardings
 Website
 Radio
 Television Commercials

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  Broker

3. Did that specific or a particular medium help you?

 Yes
 No
If yes, How?

If No, Why?

4. Where else have you seen Rajesh LifeSpaces?

5. Did you visit the Rajesh LifeSpaces website?

 Yes
 No
If yes, how did that help?

6. Did you visit the Real Estate portal (99 acres.com or magicbricks or any other
portal)?
 Yes
 No
If yes, did you see Rajesh LifeSpaces? How did that help you?

7. Have you visited any of our Project site before?

 Yes
 No

8. When you visited any of our Projects, how did the experience help you?

9. What is the importance of a show flat/sample flat in making a decision?

 Important
 Neutral
 Doesn’t matter

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10. Choose any 3 factors you consider while buying a flat, which will help you in
decision-making?
 Location
 Price
 Amenities
 Layout
 Brand

11. When you saw any ads or any other medium, do these factors match your priority
preferences?
 Yes
 No

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