A

Project Study Report

On
Titled

“A study of consumer’s expectation & perceptions buying a house ”

Training Undertaken at

ULLAS INFRATECH PVT. LTD.

Submitted in partial fulfillment of the requirements for the degree of Master of
Business Administration (MARKETING)

By
Gouranga chandra dash

Roll No-Sbiims/Mba
2020-22/020

Under the guidance of

Dr.Rakesh Shirsae

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 DECLARATION

I hereby declare that the project report titled “A study of consumer’s expectation
buying a house and making suitable recommendations for future growth” submitted
for the Master of Business Administration is my original work and the project report
has not formed the basis for award of any degree, associate ship or other similar
titles.

Date: Submitted by:

Place: Pune. Gouranga

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 ACKNOWLEDGEMENT

A work is never a work of an individual. I owe a sense of gratitude to the intelligence

and co-operation of those people who had been so easy to let me understand what I
needed from time to time for completion of this exclusive project.

I am greatly indebted to Dr .Rakesh Shirsae faculty guide for Marketing (summer

internship), Sai Balaji International Institute of Management Sciences. PUNE. & Mr.
AMIT KUMAR SWAIN MANAGING DIRECTOR, ULLAS INFRATECH PVT.LTD,
Bhubneswar for their
constant guidance, advice and help which enabled me to finish this project report
properly in time. I also owe my debt of gratitude to all the members of marketing
department.

Last but not the least, I would like to forward my gratitude to my friends & other
faculty members who always endured me and stood with me and without whom I
could not have completed the project.

Date: Signature:

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CONTENT

SN Contents Pg No

1 Introduction 7

2 Industry / Company overview 28

3 Objectives 29

4 Research Methodology 32

5 Data Analysis , Results and Interpretation 35

6 Conclusions 58

7 Recommendations 59

8 Limitations of the project 60

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 EXECUTIVE SUMMARY

With the increased growth in Indian economy, it is witnessed Real Estate sector of
India has contributed larger percentage in National Income of the country. Real
Estate continues to be a favoured destination globally for Investors. Driven largely
by investor friendly government policies and increasing globalisation. Hence project
is throwing light on Real Estate sector of India started on 15 th may 2013 in Ullas
Infratech Pvt. Ltd (A Real Estate Consultancy Company) and was asked to study
‘The consumer’s perception and Expectations buying a house’.

Information was collected related to real estate and the information needed to buy
or search property from the educated people who can really have experience of
purchasing property or want to buy house or property. For that those people were
targeted who were doing jobs at top levels in various organizations.Data was
collected from Odisha Bhubaneswar and Cuttack region.

First of all questionnaire was prepared according to the job given . The objectives of
questionnaire are as follows –

Finding the consumer’s perception while he goes to buy a house.

Finding the expectations of a consumer when he goes to buy a house.

Finding all the solution to their perceptions and expectations.

A secondary objective was to gather information about what customers want from
real estate developer and Regulatory body working in Real estate sector.

Survey was started from Bhubaneswar Odisha. Data of 300 people were collected
which has helped to find out their perception and expectations. Few of them are as
follows -

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People do not have a well defined expectation from the Developers.

People are not aware about the process of buying a house

/property.

People are not aware of the legal and technical documents which they should check
while buying or searching house/property.

Whatever information builder provide to customer in there brochures are condition

based and customer does not understand it in same way. Builders not selling their
project directly to END User. People do not know much about the Real Estate sector.

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 1. INTRODUCTION TO THE PROJECT :

Whenever a person goes to buy a house, he is very confused. At that time he doesn’t
have a clear cut vision of, whether to go for this builder, that builder, which place,
genuine price and various other factors. So at that time what is there in the mind of
the consumer and what all things he is expecting from the builders, etc

Real estate sector is a vital section of Indian market structure. Since a lot of
opportunities are available in the real estate sector so there are a lot of companies
and Project developer are operating in Indian real estate sector. Then at this
junction the understanding of perception and knowing the expectations become
very much important.

So after finding the reason of all these we can provide maximum satisfaction to
customer.

The reason of choosing Ullas Infratech Pvt Ltd :

The work culture at ULLAS INFRATECH PVT Ltd. is based on the fundamental
belief that employees are its most important asset. Respect and genuine concern for
each employee in the organization is the basic principle on which the organization
functions. They believe that by giving mutual respect, recognition, trust, open
communication, transparency and opportunities for growth, employees will
perform to their fullest potential and will be sincere, dedicated and committed to
their jobs. ULLAS INFRATECH PVT Ltd. offers to their employees a wide range of
benefits to make work and life more enjoyable, this includes monetary rewards in
recognition of excellent work.

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1.1 OVERVIEW OF REALESTATE INDUSTRY IN INDIA.

Real Estate Industry in India:

The size of the real estate industry in India is estimated by FICCI, to be around US$
12 billion. This figure is growing at a pace of 30% for the last few years. Almost 80
% of real estate developed in India, is residential space and the rest comprise office,
shopping malls, hotels and hospitals. This double-digit growth is mainly attributed
to the off shoring business, including high-end technology consulting, call centres
and software programming houses which in 2003-04, is estimated to have
accounted for more than 10 million square feet of real estate development. This is
the ideal time to invest in the country as policy makers have begun to emphasize on
developing adequate infrastructure for the country. Real estate companies would
also do well to maximize their own performance and operational efficiency.

The future of the real estate sector in India is going to be guided by two important
factors, namely suitable amendments in the Foreign Direct Investment (FDI)
guidelines in townships, housing, built-up infrastructure and construction –
development projects as well as abolition of Service Tax on the construction
industry especially the housing sector. Conversely, if the abolition per se is not
possible then drastic modifications in the existing Service Tax norms is the need of
the hour. This Sector is already overburdened with taxes; any further imposition of
taxes in any form would adversely affect the growth of this sector of the economy.

The importance of the Real Estate sector, as an engine of the nation’s growth, can be
gauged from the fact that it is the second largest employer next only to agriculture
and its size is close to US $ 12 billion and grows at about 30% per annum. Five per
cent of the country’s GDP is contributed by the housing sector. In the next three or
four or five years this contribution to the GDP is expected to rise to 6%. The Real

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Estate Industry has significant linkages with several other sectors of the economy
and over 250 associated industries. One Rupee invested in this sector results in 78
paise being added to the GDP of the State. A unit increase in expenditure in this
sector has a multiplier effect and the capacity to generate income as high as five
times. If the economy grows at the rate of 10% the housing sector has the capacity
to grow at 14% and generate 3.2 million new jobs over a decade.

Furthermore, this sector has witnessed a spurt in demand not just in residential
property but also in commercial property. A fast growing area is the I.T. and I.T.-
enabled services along with the BPO boom. Estimates worked out show that 42
million sq. ft. of space will be required every year till 2008, only in I.T. and I.T.-
enabled services especially in the cities like Bangalore, Chennai, Hyderabad and
Pune, which is also now gradually shifting to North India.

To achieve the much desired growth and development in the Real Estate Segment,
FICCI would like to submit the following 10 points for consideration:

Infrastructure Status to Housing: Infrastructure status should be provided to

housing sector. This will enable easier access to low cost institutional funds as also
allow the sector to tap long term funds.

Real Estate Mutual Funds: The Government should consider setting up of Real
Estate Mutual Funds/ Investment Trusts to provide the much needed support to the
cash starved housing sector, similar to the structures adopted for Estate Mutual
Funds/ Investment Trusts in developed real estate markets such as, USA, Singapore.
Hong Kong, etc. Real Estate Mutual Funds/ Investment Trusts would be an efficient
mode for providing equity financing as against debt, which is currently the norm for
financing real estate developments in India.

Stamp Duty: In some States the Stamp Duty is as high as 14- 15 % of the value of
the transaction. Astonishingly in the Indian context, not only are the rates high, but

9
also the levy of Stamp Duty is applicable in every subsequent transaction, be it the
initial transfer purchase of land or on further sale of the same land after
development or any other succeeding transaction. Opportunely some states have
brought the Stamp Duty down to between 6-8 %, this should ideally be further
brought down to 2-3 % and made uniformly applicable across all states. However, if
the above suggestion is not acceptable then if stamp duty has already been paid on
one transaction, there should be a mechanism in the law, whereby there is a
provision for concession or a system of credit for any subsequent transactions. This
would avoid the resultant cascading effect of Stamp Duty, thereby reducing the cost
of a property. The concept of credit for taxes paid on subsequent transactions
already exists in other statutes such as CENVAT, VAT, Minimum Alternate Tax
(MAT), etc.

Public Private Partnership: There is a need to evolve a regulatory framework that

encourages participation of the private sector in bringing technical and managerial
expertise in formulating and delivery of basic amenities like water, sanitation,
sewerage, transport and electricity.

Archaic Laws: Availability of land for housing projects has been constrained by a
variety of laws like the Rent Control Act and Urban Land Ceiling and Regulation Act,
which must be repealed in all the States. A necessary legal and policy framework has
to be put in place to restrict growth of slums and at the same time to re-develop the
slums into hygienic and livable.

Foreclosure Laws: The existing foreclosure laws are cumbersome as well as time
consuming and make it practically impossible for Housing Finance Institutions (HFIs)
to repossess a dwelling unit financed. HFIs are reluctant to take risk and continue to
land primarily on salaried urban borrowers. Amendment of (National Housing
Board) NHB Act has already been initiated. The implementation process needs to be
expedited to bring in the required changes.

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Environmental Impact Assessment Notification: The notification specifies that
no construction activity to be taken up, inspite of the approval of plans by the
Competent Authority, till the environmental clearance has been sought. In cases
where approval has already been granted it is suggested that construction activities
should be allowed. In the intervening period the builder / developer can obtain the
environmental clearance certificate. In the case of the environmental clearance
certificate being denied then appropriate action if necessary and warranted can be
taken against the developer / builder and builder be given time to get clearance
before he applies for completion certificate, otherwise the completion certificate
will not be given Furthermore, in the case of future proposed projects the
environmental clearances should be taken by the States themselves or by the
planning bodies and not b individual builders.

Land Acquisition: The Land Acquisition Act of 1894, still, to a large extent, governs
the procurement of raw land. With the changing investment scenario it has become
necessary to review the existing law, in order to ensure that private developers and
colonizers procure the land directly from farmers and land owners without putting
undue financial burden on State/ Central Governments on land acquisition for
public purposes. Today, a builder is governed by “Agriculture Land Ceiling Act” even
after the land have been urbanized in the zonal plans / master plans. This makes
builders to create several companies in order to circumvent the archaic laws. It is
submitted that once the land has been urbanized and incorporated in the master
plan, then Agriculture Land Ceiling Act should not apply and builders should be
permitted to acquire lands as per their requirements, for the development of
townships.

Foreign Direct Investment (FDI): Suitable modifications in the FDI guidelines are
required, particularly in repatriation of funds, clarification on the basic definition of
“built-up area”, streamlining of Clearance procedures as well as the opening up of

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the Retail Segment to FDI. This aspect has been discussed in detail in Section II of
this paper.

Service Tax: Service tax in relation to construction of residential complexes having

more than 12 houses have been proposed to be introduced as a new service.
However, no rationale has been provided for exclusion of services in relation to
construction of residential bungalows, which may not form part of ‘residential
complexes’.

Real Estate In Bhubaneswar:

Bhubaneswar is the capital city of the Indian State of Odisha.It is the state’s largest
city,and a centre of economic and religious importance.Bhubaneswar as a tier 2
city ,is often referred as Temple city of India, and together with Puri and Konark it
forms with Tibhuja (Golden Triangle),one of the most destinations in eastern part
ofIndia.Bhubaneswar and Cuttack are often commonly referred to as the main cities
of Odisha.

The city’s real estate market has been a steady rise in demand primarly on account
of the city’s growing population and the increasing disposable incomes of its
residents Information Technology (IT) companies such as Tata Consultancy Services
(TCS),Infosys Ltd and Wipro Ltd. have set up their development centres in the
Bhubaneswar.Such demographic development has resulted in acute shortage of
high-end residential houses.

Leading developers in the region include the Sahara Group,DLF utakal builders and
Z estates .Upcoming developers such as sousy Engineering and Construction Pvt.Ltd.
has also entered the city.

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STAR RATED PROJECTS IN BHUBANESWAR

Project Name Location Developer Name Star Ratings

Acropolis Gothapatna Bhubaneshwar Acrux Realcon Pvt.lTd Bhubanswar 5 star

Regal Dove Patia,Bhubaneswar SonsyEngineers and Bhubaneswar 4 star

Constuctions Pvt.Ltd.

Real Estate in Ullas Infratech Pvt.Ltd:

Ullas Infratech Private Limited is a trendsetter in the industry of real estate by

converting unorganised and unstructured sector into organised and structured
sector. The company works on very different grounds. Ullas Infratech Private
Limited act as a launching pad for career oriented people and treat them as a
business Ullas Infratech Private Limited is a trendsetter in the industry of real estate
by converting unorganised and unstructured sector into organised and structured
sector. The company works on very different grounds. Ullas Infratech Private
Limited act as a launching pad for career oriented people and treat them as a
business partners.

This company follows the MBO(Management by Objectives ) approach by using this

approach company understands and fulfills the objectives of investors as well as
employees. Because the company believes in collective approach. The strategy of
Ullas Infratech Private Limited is different in acquiring land at fastest growing areas
and provide to their investors at relatively low cost or in short our company
believes to providing right product at right cost at right time to the right person.
This company follows the MBO(Management by Objectives ) approach by using this
approach company understands and fulfills the objectives of investors as well as
employees. Because the company believes in collective approach. The strategy of
Ullas Infratech Private Limited is different in acquiring land at fastest growing areas

13
and provide to their investors at relatively low cost or in short our company
believes to providing right product at right cost at right time to the right person.

Fallout of real estate boom:

The boom in the real estate saw emergence of many builders, who played upon the
emotional side of human nature to own one's own dream house, commercial space
etc. Besides the ever rising prices of the houses/flats etc attracted many to invest in
the real estate with a hope that their money will give the best returns if invested in
the real estate sector. The interest of the consumer in the real estate lead to heavy
bookings of the buildings, innovation of the concept of pre-launch bookings, the
flats/commercial space were sold while at the drawing board stage. The consumer
never bothered to check the credentials of the builder, sanctions by the competent
offices etc. Instead the consumers were led by alluring advertisements issued by the
builders, promising delivery of possession of constructed building/flat within the
stipulated time. The builders promised refund of money immediately on
cancellation, some of them also promised assured returns by way of rent.

After the bubble has burst, needless to say, the promises of the builders have gone
for six. The purchaser/consumers have paid the entire sale price/major
consideration and they are under debt of bank/financial institutions, savings have
evaporated and there is no sight of completed building. The promising builder has
vanished or has started avoiding calls; request for refunds, delivery of possession is
unheeded. Instead some builders have the audacity to demand more money on
account of alleged escalation cost with a remote possibility of possession being
handed over to them. What do poor and harassed consumers do in such
circumstances.

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It needs to emphasize consumer is not helpless and should not allow the builder to
run over him. He should fight for his right, the law of land supports him in this
regard. The Consumer Protection Act, 1986, will come to the rescue of such erring
builders and will force the builders to pay compensation to the consumer, hand over
the possession of the flat booked/alternative flat in the same locality and will ask to
builder to bear the cost of escalation, if any, on account of rise in price of
constructing a building. The purchaser/buyer is a consumer within the meaning of
the above mentioned Act and failure of the builder to hold on to the promise made
at the time of booking in delivering possession etc would constitute deficiency of
service.

A cheated customer can lodge a complaint with the consumer forums pointing out
the deficiency of services by the builder. A consumer court is divided into three
forums namely, district forum, state commission and National Commission. Where
the value of the property is less than twenty lakhs, the complaint will be filed in the
District Forum. Where the value of the property is more than twenty lakhs but less
than One Crore the complaint will be filed before the State Commission and where
the value of the property is in excess of Rs. One Crore the complaint will have to .
In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood, the National
Commission, reported as MANU/CF/0069/2007 was faced with a situation, wherein
the consumer was led by the advertisement of the builder of delivery within
stipulated time and consequently on the failure to deliver, the builder contended
that government permissions, such as approval of zoning plan, layout plan and
schematic building plan were not given, thus the delay in construction should not be
a ground for grant of compensation to the consumer. The consumer was further
burdened with the escalation cost due to such delay. The Honorable National
Commission observed that it is unfair trade practice on the part of the builder to
collect money from the prospective buyers without obtaining the required

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permissions such as zoning plan, layout plan etc. It was further held that it is the
duty of the builder to obtain the requisite permissions or sanctions for construction
etc in the first instance, and thereafter recover the consideration money from the
purchaser of the flat/buildings. The National Commission further observed that if
there is any express promise that the premises would be delivered within the
stipulated time and if it is not done so, escalation cost is required to be borne by the
builder.

In another matter titled as Veena Khanna Vs Ansal Properties and Industries limited,
reported as III (2007) CPJ 185(NC), the National Commission set aside an order of
the State Commission, wherein the builder was directed to refund the money to the
consumer along with the interest @ 13%. In the alternative, it was directed that if
the builder chooses to hand over the possession of the flat, the order of refund with
interest will not come in operation. The builder taking advantage of the order
refunded the money, because of the rise in the prices of the immovable properties.
The National Commission observed that refund of money with interest at bank rate
does not mean that the complainant is adequately compensated for delay in
construction of flat by the builder and not delivering the possession of the flat. It
was noted that because of the delay in construction and delay in deciding the matter
it is practically impossible for a consumer to purchase a flat at the market price.

It was held that it was the duty of the state commission to direct the builder to
deliver the possession of the same flat or flat of similar size to the consumer with
compensation for delay in delivering the possession. Or in any circumstances,
adequate compensation ought to have been given so that the complaint could
purchase a new flat of the same size at the prevailing market rate. Mere payment of
interest is not an adequate compensation.

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The Company’s questions faced by consumer before buying a house :

1. How do I buy a house?

Be an informed consumer; buying a house is one of the most complicated and

expensive purchases you will ever make. As with most other things, you get what
you pay for. Look at and compare many houses in different areas. Once you have
seen something you like, assess its location. How far will you have to commute?
What is the traffic like? How does the neighborhood look? What services are
available? How good are the local schools? Will you be able to get your children into
them? What is the crime rate in the area, and what types of crimes have occurred in
the past couple of years? Visit the home on multiple occasions and at different times
of the day. Remember: location, location, location. It's one of the biggest factors in
setting the price of the home.

Before you make a written offer, know exactly what you are buying and what the
costs will be after you own it. For example, in addition to the monthly principal and
interest payments that you will have to finance the purchase of your home, you will
need to budget for utility bills, property taxes, and insurance and maintenance costs.
If you buy a home that has a homeowner's association, you will also have to pay
association fees. Some homes have special assessments in addition to the regular
property taxes. Make sure that you ask the seller for copies of the past years" bills
for these services, and that you inquire as to whether there are any assessments
scheduled to be placed on the property in the future.

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Also, check the condition of the house and any appliances, window coverings and
other items that you want included in the sale. Consider purchasing a home
warranty. For a minimum fee, the home warranty company will insure that the
house and the appliances are in working condition. Many companies will provide
coverage for washers, dryers, pools and pool equipment, air conditioning, and
some roof repairs. Your agent or escrow holder can provide you with information
on these policies.

2. Do I need a real estate agent or an attorney?

An experienced local real estate agent can assist you in finding a home that meets
your particular needs. He or she will also have information about the home and
area that an outsider would never find just by looking at the particular home. Most
homes are listed for sale by a real estate broker who is referred to as the seller's
agent. The seller's agent represents the seller. The agent who helps you find the
home is called the buyer's agent. Usually you will not have to pay your agent a fee
for the time and energy he or she spends in finding the home and assisting you in
closing the sale. The buyer's agent's fee will be paid by the seller when you
complete the purchase of the home.

Your real estate agent will also assist you in negotiating the price, learning about
the community, obtaining a loan, inspecting the home, and in closing the escrow.
In some instances, a real estate agent can represent both the buyer and the seller.
This is referred to as a dual agency. This must be disclosed to you before you
make an offer. It is advised that you proceed carefully in this situation, since your
agent will be working for both the seller and you at the same time.

If you are not sure that you understand all of your rights and responsibilities, it is
advisable to see an attorney who is experienced in the purchase of residential real

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estate. An attorney can help you with legal and tax questions that come up during
the purchase of the home, and can assist you in reviewing all of the documents and
reports that will be provided to you in the process of purchasing the home. For
more information on how to locate a qualified attorney, order a free copy of the
State Bar pamphlet How Can I Find and Hire the Right Lawyer? To find out how to
order a free copy of this pamphlet and other State Bar consumer education
pamphlets, call 415-538-2280. Or visit the State Bar's web
site(www.calbar.ca.gov) where you'll find the bar's consumer education
pamphlets, as well as information on ordering them. The pamphlets also can be
ordered in bulk.

3. What information must the seller provide us?

In most cases, when you are preparing to buy a home, the seller must provide you
with a Real Estate Transfer Disclosure Statement. This is a pre-printed form that
lists many features or conditions about the home, the land, and the area where the
home is located. The seller must list on this form any possible problems he or she
is aware of that might affect your willingness to purchase the home. This includes,
for example, easements, rights of others to control how you use the property,
environmental problems, nonfunctioning equipment, zoning and building
violations, and special assessments. The seller's agent must visually inspect the
home and report all facts that he or she feels might affect your decision to buy this
property. If you want information that is not covered in the Real Estate Disclosure
Statement or additional information that is disclosed, put your questions in
writing and ask the seller to respond in writing.

You should review the Disclosure Statement immediately and carefully. In most
instances, you will have a limited period of time to decide whether you wish to
proceed with the purchase despite the stated disclosures. Depending upon your

19
purchase agreement, some sellers will require a written acceptance of the
conditions contained in the statement. Other sellers will consider your silence as
acceptance of all of the conditions contained in the Disclosure Statement.

If you buy a condominium, the seller must give you copies of the homeowners
association's rules and bylaws, and financial statements, and must inform you if
there are any unpaid assessments. You should also ask to see the past minutes of
the association board meetings. You might find that there are pending or future
lawsuits or defects in the construction of the complex being discussed in these
meetings. All of which would affect the value of what you are buying.

4. Should the house be inspected?

Before buying any property, it is advisable to have it inspected by trained

specialists. The kinds of inspections you need depend on the location and
condition of the property. For example, in a hillside area, you might want a soil
stability inspection. If you are buying a home built before 1978, you should
seriously consider an inspection for lead-based paint. At a minimum, you should
have the home inspected to determine if it is structurally sound, a pest control
inspection to see if the house has been infected by termites or dry rot, and a
natural hazards inspection to see if the home is located in an area subject to fire,
earthquakes or flooding. The real estate agent can advise you about additional
inspections that might be warranted under the circumstances.

Keep in mind that while the seller has to tell you about anything he is aware of that
is wrong with the house, he is not insuring the quality of the house; for this reason,
and an inspection is a good idea.

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5. How do I make an offer on a house?

Most homes are sold through real estate agents who have expertise in valuing
homes. You can also get information on home sales in your area by visiting a host
of Internet sites provided by professionals in the industry, or by reading the real
estate section of your local newspaper. Once you have found the home of your
choice and have determined how much you are willing to pay, you need to make a
deposit (called earnest money) to show the seller that you are serious about
buying the house. The deposit is considered a down payment on the price of the
home. In some instances you may have to increase your deposit or increase your
offer, especially if there are multiple offers on the home.

The deposit is usually deposited in escrow upon the acceptance of your offer. You
submit a written offer on a form known as the Residential Purchase Agreement
and Receipt for Deposit. This form sets out the terms upon which you are willing
to purchase the property. The price you offer on a home will, in most cases, be less
than the amount you will need to purchase the home. There will be expenses
incurred in purchasing the home that will have to be paid by either the buyer or
the seller. These include, for example, title reports, document preparation,
recording fees, local taxes, fees for inspections, escrow fees, homeowner's
insurance, and notary fees. Ask your agent or escrow officer to provide you with
an estimated closing statement. This will give you an idea of some of the additional
costs you will incur in purchasing your home. You do not want any surprises.

6. What is a Residential Purchase Agreement and Receipt for Deposit?

This agreement is an offer which, upon acceptance by the seller, results in a

binding contract. It should cover all of the important terms of the sale. For
example, it should include a complete description of the property and of any
personal property that will be sold with the house, such as window coverings,

21
kitchen appliances, washers and dryers. It should state the exact purchase price,
including the amount of your initial deposit, any increases in that deposit, the
amount you will pay in cash, check or wire transfer, and the amount you will need
to finance to complete the purchase price. This agreement should also list any
conditions that may allow you to back out of the contract. You will want a
condition that allows you to cancel the contract if you cannot obtain a loan on
favorable terms or if the inspections reveal substantial defects or problems with
the home. You may also need a condition that allows you to cancel the sale if you
cannot sell your current home. Please understand, however, the more conditions
you have, the less likely the seller is to accept your offer.

This agreement should also set forth what will happen to your deposit if you
cancel the sale, what will happen if you and the seller have a disagreement over
the terms of the sale, and how the brokers will be paid. The agreement should also
indicate whether you are purchasing the property in "as is condition" or the seller
is warranting the condition of the property. Take the time to go over each and
every term of the agreement with your agent before you sign the agreement.

7. Can I change my mind?

You should not make an offer to purchase a house unless you are serious about
buying it. You can, however, revoke your offer before it is accepted by the seller.
This revocation should be in writing. If your offer has already been accepted by the
seller, you may be able to terminate or revise your offer if you are unhappy with
what your inspections reveal or if other conditions of the offer are not met.

The Residential Purchase Agreement and Receipt for Deposit contains several
provisions that discuss what will happen in the event the sale does not go through.
There is a mediation provision, an arbitration provision and a liquidated
damages provision. The liquidated damages provision can result in you losing

22
most if not all of your deposit (up to 3 percent of the contract price) in the event
you elect not to complete the purchase price, and your election is without good
cause. There is no provision in the standard contract for liquidated damages in
favor of the buyer in the event the seller wrongfully refuses to go through with the
sale. You do not have to agree to this provision. Carefully discuss the pros and cons
of initialing this provision with your agent or attorney.

8. How can I get a loan?

Most home loans are made by financial institutions such as banks, savings and
loan associations, and credit unions. Other sources of loans are insurance
companies, mortgage bankers, finance lenders, mortgage loan brokers, pension
funds and investment trusts. Lenders charge different fees and offer different
interest rates so it pays to shop around. Your agent will be able to recommend
lenders in your area.

When you apply for a home loan, the lender will check your credit rating and
review your past employment, income history, and credit and debt obligations. It
will also obtain information about the property that will be security for the loan.
This will include an appraisal or estimate of the fair market value of the home, a
review of the preliminary report prepared by the title insurance company to
determine what liens, easements and other conditions will be superior to its loan,
and a review of any taxes, assessments and zoning regulations that affect the
property. Some lenders will charge you a loan application fee, document
preparation fee, appraisal fee and other fees to consider or close the sale. You
should discuss these fees with your lender before you submit your application.

9. What types of home loans are available?

In exchange for cash from the lender, you agree to pay interest and to make

23
payments over a period of time. In most instances, the property you purchase will
be security for repayment of the loan.

Sometimes a seller will offer a seller-financed or carry back deed of trust. This
financing method is often used when a seller wants to receive income over a
period of time or when lenders are stringent in their loan requirements. The terms
of these loans should be discussed with your agent or attorney. He or she is best
qualified to determine if the loan documents and agreement meet all legal
requirements.

Occasionally, you can "assume “a loan or take over a loan that the seller has been
paying off. You should be careful in assuming any loan. Most loans have
an acceleration or due on sale clause. This means that the lender can demand
that the seller's loan be paid in full when the property is sold. If you wish to
assume a loan, you should have your agent or attorney review all of the seller's
loan documents and make approval by the lender a condition to your offer.

Most home loans that are available to Californians offer one of two interest rate
structures. A fixed rate loan offers a set interest rate, so that your monthly
payment never changes. Some fixed rate loans are federally insured or guaranteed,
such as a Veteran's loan or an FHA loan. These loans usually have a lower interest
rate and require smaller down payments. For more information on these loans, get
in touch with a local office of the California Department of Veterans Affairs, the U.S.
Veterans Administration or the U.S. Department of Housing and Urban
Development (HUD).

Another type of loan that is available is an adjustable rate mortgage loan,

sometimes called an ARM. An ARM is a mortgage loan which provides for
adjustment of its interest rate as market rate interest rates change. The ARM's
interest rate is tied to an index that reflects changes in the market rates of interest.

24
Some indexes used are the Cost-of-Funds Index published by the Office of Thrift
Supervision, and the Federal Reserve Discount Rate. These loans usually have
interest rates that are lower than the fixed rate loan interest. ARMs can be
complicated. Make sure that you understand all of the terms of these loans before
you agree to accept one.

Occasionally, new mortgage plans become available that are intended to meet
specific needs of a community. These include loans for first-time homebuyers, and
loans for teachers. Check with your local consumer affairs office and housing
departments for up-to-date information on these types of loans.

10. What occurs when I "close" on a home?

For the protection of the seller and the buyer, a person or company that has no
connection with you or the seller holds the money and papers involved in the
purchase. This procedure is called escrow. The escrow holder's job is to make sure
that all of the terms and conditions of the agreement are met. He or she will also
coordinate all of the activities of the broker, the lender and the title insurance
company. The escrow holder will deliver the deed to the county for recording
when it can pay the seller the money. Escrow services can be provided by title
companies, banks, savings and loan associations, independent escrow companies,
realtors or lawyers.

The escrow holder does not act as a mediator, a lawyer or an advisor. The escrow
holder is required by law to remain neutral. Its only job is to carry out the terms of
the escrow instructions. In Southern California, escrow instructions are signed
when the escrow is opened. They are modified throughout the course of the
escrow as the agreement between the buyer and seller change. In Northern
California, escrow instructions are executed just prior to the close of escrow.
These instructions should be clear and certain as to the intentions of the parties

25
and the duties of the escrow holder. Make sure your Purchase Agreement does not
conflict with your escrow instructions. If they do conflict, the escrow instructions
may be considered your final agreement as to the terms of the purchase. If you are
uncertain as to what the instructions say, discuss them with your agent, your
lawyer, and the escrow holder.

After the close of escrow, the escrow holder will provide you with a Settlement
Statement. This document will show you, as the buyer, all of the costs incurred by
you in purchasing the property. You should review this document carefully and
save this statement for later. Many of these costs may be deductible from either
your state or federal taxes. If you have any questions or concerns about the
charges you incurred, contact the escrow holder immediately and ask for an
explanation.

11. How should the title to the home be held?

Prior to the close of escrow, the escrow holder will ask you how you wish to hold
title to your new home. How someone holds title will affect what will happen to
the property in the event of the death of one of the owners. It also will affect
whether certain taxes will be incurred or whether a probate of the estate will be
necessary. You should discuss your options with a tax specialist and your agent
before you make your selection.

You can hold title to the home by yourself, as separate property, with your spouse,
as community property, or with your spouse or a third party, as joint tenants or
tenants in common. You can also hold title to the property in a family trust. For
more information on the different forms of ownership, see the State Bar
pamphlet Do I Need Estate Planning? To obtain a complimentary copy of this
pamphlet, mail a self-addressed envelope (with 55 cents in postage) to the Estate
Planning, Trust and Probate Law Section, The State Bar of California, 180 Howard

26
Street, San Francisco, California, 94105-1639. For information on ordering
multiple copies, call 1-888-460-7364.

12. Do I need title insurance?

Title insurance is necessary for your protection when you buy a home. It is,
however, not a guarantee that problems will not arise after the close of escrow.
When you make an offer to buy a home, you, as the buyer, have the right to choose
the title company. This decision should be based on the local office's expertise, and
the company's record for fairly handling claims under its policies. You should
discuss these issues with your agent.

Once you have chosen a company, you should make one of the conditions of the
close of escrow clear title to the property. "Clear title" means that when the sale
to you is completed, the title to the property will be free from liens, judgments and
other claims that you have not agreed to accept. You should also discuss with your
agent the need for a survey of the property and title insurance coverage for
boundary line disputes. In many instances, especially in rural areas, boundary
lines are not where they should be. A survey and survey coverage can help
eliminate future disputes with your new neighbors.

Before a title company issues an insurance policy, it will make an investigation to

find out if anyone besides the seller claims to own the property. It will also search
the public records for claims against the property. The title company will provide
you with a report, called preliminary report. You should carefully review this
report to determine if it describes all of the property you are interested in buying.
You should also review this report and determine what items you are willing to
accept when you purchase the property and what items you wish removed or
taken care of as a condition of the close of escrow. If you are uncertain as to what
the report says, you should discuss the matter with your agent, the escrow holder

27
and/or your attorney.

There are different kinds of title insurance available. Often the difference in cost
for the better policies is nominal. "Basic" or "Standard" coverage is, in most
instances, not the best policy available. For an additional one-time cost or no
charge at all, you can obtain protection for losses resulting from illegal
construction, zoning violations, unrecorded liens, prescriptive easement claims,
and post policy forgeries. Be aware that different companies charge different rates.
Discuss with your agent and the escrow holder what policies are available in your
area and the differences in prices on each of the policies.

13. Congratulations!

Whether you are purchasing a home for the first time or for the fourth time, the
day of closing should be a cause for celebration. And since a portion of your
purchase price is paying for the agents and the escrow holder's expertise, utilize
their services throughout the process leading up to the day of closing. Ask
questions; ask for an explanation of any item you do not understand. Request
copies of any documents you do not understand; keep copies of all documents
relating to the purchase of your home. And, if necessary, seek advice from a
qualified real estate attorney or tax advisor. Asking questions during the purchase
of your home will help insure that you and your family will enjoy your new home
for many years to come.

28
2. INTRODUCTION TO THE COMPANY :

2.1 Company Profile (ULLAS INFRATECH PVT LTD) :

Ullas Infratech Pvt. Ltd. (Originally Dreams, Honesty, Legality) is a

complete guide for anything related to real estate .The Ullas Infratech Pvt. Ltd.
is founded by Mr. Amit Kumar Swain(Managing Director) in September 2011.
Ullas Infratech Private Limited currently have 3 other Directors /
Partners: Swetapadma Swain, Ullas Swain, Saini Subhadarshini, and there are
no other director / partners in the company except these 4 officials. is based in
the capital of odisha that is Bhubaneswar .Which is popularly known as Temple
city of Odisha. The companies follows systematic processing the field of real
estate marketing.

Our Trained and experienced business associates, business managers and vice
president (marketing) assists our investors to make right decision for buying
plots, flats and villa’s. Ullas Infratech Private Limited is a trendsetter in the
industry of real estate by converting unorganised and unstructured sector into
organised and structured sector. The company works on very different
grounds. Ullas Infratech Private Limited act as a launching pad for career
oriented people and treat them as a business partners.

This company follows the MBO(Management by Objectives ) approach by using

this approach company understands and fulfills the objectives of investors as
well as employees. Because the company believes in collective approach. The
strategy of Ullas Infratech Private Limited is different in acquiring land at
fastest growing areas and provide to their investors at relatively low cost or in
short our company believes to providing right product at right cost at right
time to the right person.

29
 This company makes innovation in real estate sector and brings out desired
changes according to their investors needs and desires. Before starting any of
the projects the company did lots of market research, The company studied the
market well and evaluates all the pros and cons of that project. As a result the
company gathered a great deal of data upon which the further investment and
development strategies of the company were determined.

COMPANY’S OBJECTIVE:

Provide cost effectiveness to customers with innovation in marketing, finance,

media management and engineering.

SERVICES OF ULLAS INFRATECH PVT LTD :

ULLAS INFRATECH PVT LTD provide following services to customer –

 Marketing consultancy
 Project management
 Finance advisor and Project financing
 Engineering and Design consultant
 Selling/ under writing of new projects

2.3 ULLAS INFRATECH PVT LTD CONCEPT “ TRUSTED PROPERTY”

Trusted Property, a concept designed by ULLAS INFRATECH PVT LTD, to show

case Certified Residential Projects or Residential Properties on the internet Site.

30
What is a Trusted Property?

 A Property with Clear Title, Approved Maps & Finance-able.

 A Property Developed by a Certified Developer.
 A Property easily saleable.
 Clear Status & Surety of finance / Home Loan.
 A Property with better future Appreciation.
 A Property where Customer can take fast action without wasting time in
due diligence.

2.4 What is the requirement of TRUSTED PROPERTY for Real

Estate Developers?

 For the following reason need of trusted property for real estate developer-
 STAND OUT in CROWD as real Developer of Real Estate.
 To Encourage Healthy Competition.
 VALUE for MONEY.
 Extend Help to Customers to take Right Decision
 Project Information & Documents available on 3rd Party site.
 Another additional advantage for real estate developer –
 Easy Information Available not only to Customers but to Bankers,
Financial institution, corporate investors, Venture Capitalist & Others.
 A system to Create Image of your Company.
 An Opportunity to Show-case all your projects on internet.
 No Need to give papers to HFC ( Home Finance companies).
 Get Recognition / Appreciations from Customers, Bankers, Investors
and also from GOVT.

31
2.5 WHY SHOULD PEOPLE LOOK FOR TRUSTED PROPERTY?

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

2.6 OBJECTIVE OF TRUSTED PROPERTY –

 Create a system where a Developer can be differentiated with

unknown developer.
 Where Customer cannot be cheated.
 Where information available for all.
 Developer can demand right price for their product.
 Where investment risk is minimal.
 Where update of project available regularly.

32
2.7 FUTURE PROSPECT OF ULLAS INFRATECH :

With easy availability of finance, emergence of double-income families, fall in

prices due to increased competition, government support regarding transparency
in real estate, growth of media, availability of disposable incomes, improvements
in technology, reduction in bank loan rate, growth in consumer base of rural
sector, increasing awareness of people regarding property documents, smart
management decision, hardworking employee shows very bright future of ULLAS
INFRATECH.

33
3. RESEARCH METHODOLOGY:

What is research?

Research can be defined as a scientific and systematic search for pertaining

information on a specific topic. We define research as the systematic design,
collection, analysis and reporting of data and findings relevant to a specific
situation facing the company. The main aim of research is to find out the truth
which has not been discovering yet.

3.1 OBJECTIVES OF THE STUDY

Project has mainly three following objective-

1. To determine the customer’s perception.

2. To determine the customer’s expectations.

3. To determine the problems faced by the customers while buying a house.

3.2 SCOPE OF THE STUDY :

The project undertaken makes me able to improve my professional skills and

expertise. It helps me in getting an idea of Real Estate industry and its importance
in our life. It increases my confidence on professional ground by dealing with high
profile corporate that are very hard to convince. As for as company’s benefit is
concerned, this project helps company to know its market condition and level of
competition. Also it helps in creating awareness to consumers regarding property
documents and in promotion of their services.

In order to accomplish the objectives of the project a survey has been conducted
amongst customers of the real estate market. The survey is based on questionnaire

34
filling method and limited to some parts of Bhubaneswar and local region. The
survey is restricted to the information needed to show legal, technical and
financial transparency between project developer and customer.

TYPE OF RESEARCH: - Exploratory and Descriptive.

Exploratory research is a type of research conducted because a problem has not

been clearly defined. Exploratory research helps in determine the best research
design, data collection method and selection of subjects. Given its fundamental
nature, exploratory research often concludes that a perceived problem does not
actually exist.

Its seeks to find out how people get along in the setting under question, what
meaning they give to their actions, and what issues concern them. The goal is to
learn what is going on here?

On the other hand Descriptive research is aimed to find the complete description
about an existing problem or phenomenon.

RESEARCH DESIGN :-

A survey research method was the basic research design. I interact with personally
to people through questionnaire filling method. Questionnaire is having questions
regarding the respondent’s basic information such as contact details, designation,
what type of information they want from real estate project developer and
Government, what type of documents they check while buying or searching
property.

35
3.3 DATA COLLECTTION METHODS :-

1. Primary data are collected through questionnaire method which is design to

keep in view the objective of the study.
2. Secondary data is collected through internet sources, research papers,
and published reports by various institutions.

3.4 SAMPLE DESIGN:-

Study of the geographical area comprising of Bhubaneswar, Cuttack, Khurda were

undertaken. It has tried to cover corporate offices of different industries in these
regions. Generally I met with the employees related to the top management of the
companies. The sample size consisting of 300 employee of these region.

3.5 DATA PROCESSING:-

Daily data was entered into MS-Excel sheets. After the exhaustion of the specified
geographical area this data was analyzed using SPSS () graphical and tabulation
techniques. The data sheets mentioned here are attached in the annexure of the
report.

36
4. DATA ANANLYSIS AND INTERPRETATION :-

Q) The professions of the people I met……..

profe s sion type

Valid Cumulativ
Frequency Percent Percent e Percent
Vali private 258 86.0 86.0 86.3
d business 9 3.0 3.0 89.3
govt. 31 10.3 10.3 99.7
1 .3 .3 .3
ow ner 1 .3 .3 100.0
Total 300 100.0 100.0
Total 300 100.0

ow ner

govt.

business

private

37
During the survey I visited many Government and Private Offices to meet with
people who can give me proper response of my questionnaire. I met with total 300
people out of which 10.3% (31) people are doing Government services , 86 %(258)
people are doing Private services and 3 % (9) people are doing business.
My target was to meet service class people because they are educated and they are
having capability of buying house or any experience of buying house or any
property.

300

200

100

0
20-25
25-30 30-40 41-50

age of a person

I met with people having different age. But generally I choose to met people having
age more than 30 years .Because they have bought house or they are in process of
buying any house. The people I have met most people belong to age group of 30 to

38
40 years and having 71% and people belonging to age group 25 to 30 years having
(least) 5.7%.People are in age group 41-50 years and more than 40 years are having
22%.

Q: How much are you satisfied from real estate marketing information
provided by real estate companies?

Valid Cumulative
Frequency Percent Percent Percent
Valid highly
3 1.0 1.0 1.3
satisfied
satisfied 93 31.0 31.0 32.3
neutral 64 21.3 21.3 53.7
dis-satisfied 126 42.0 42.0 95.7
highly
13 4.3 4.3 100.0
dis-satisfied
1 .3 .3 .3
Total 300 100.0 100.0
Total 300 100.0

39
 highly dis-satisfied highly satisfied

satisfied

dis-satisfied

neutral

With the help of above pie chat and table it is clear that majority (42%) of people
are dissatisfied and very less proportion (1%) of people are highly-satisfied with
the marketing information provided by the real estate companies . Many people
who are satisfied with the marketing information provided by developer ,they were
saying that Real estate companies does not want to share each marketing detail but
also some real estate companies does not want to hide any marketing detail if
customers asking about them. 21.3% people are neutral, 31 % people are satisfied
and 4.3 % people are strongly dissatisfied from the marketing details provided by
the real estate companies. The reason of this strange result in simple languages is as
follows-

 Builders do not give complete marketing information in their broacher.

 Marketing information provided by real estate developers is condition based.

40
  In the marketing information broacher, developers do not share the
negative side of project.
 The paper work is a bit different from that of the actual work.

We can make most of the customers satisfied by –

1. Creating awareness about all the marketing details.
2. By asking the developers to provide each (negative and positive) marketing
detail without any terms and conditions in their broacher.
3. By making the people aware of all the legal and technical documents which
are needed while going to buy a house.

Q: What source of information do you prefer while buying/ searching for a

property?

V alid Cumulativ e
Frequenc y Percent Percent Percent
V alid print
124 41.3 41.3 41.3
media
tv & radio 21 7.0 7.0 48.3
internet 16 5.3 5.3 53.7
outdoor add
7 2.3 2.3 56.0
personal ref
86 28.7 28.7 84.7
erenc e
broker 46 15.3 15.3 100.0
Total 300 100.0 100.0
Total 300 100.0

41
 140

120

100

80

60

40

20

0
print media
internet personal reference
tv & radio
outdoor add broker

what source of information do you prefer while searchin for a pro

The above Table and chart shows that most of the people prefer Print media (41.3
%) and personal reference (28.7 %) for searching house or property. And other
sources like Internet, Broker, TV & Radio, Outdoor advertisement are having 5.3 %,
15.3%, 7%, and 2.3% respectively.

Many people say that search of property through internet is very comfortable.
Because in a single click they can reach to a number of builders and their projects.
They were saying that mostly internet property web portal shows only marketing
detail of projects but if they will show legal and technical document of project so
searching property through internet become more beneficial.

Some people say that print media is better way of searching property because it is
easily available at every where any time and also gives information about current
status of project with marketing details.

42
Many people were saying that buying or searching house or property through
broker is not safe because of their dual nature .Generally they are making hype of
the developers’ project and hide negative side of the project.

Q.3 Choose your preferable location and types of house you want to purchase?

Area of preference
cumalitive
Valid frequency percent valid percent percent
Bhubneswar 139 46.3 46.3 46.3
Cuttack 89 27 27 73.3
Khurda 49 16.3 16.3 89.7
Puri 20 6.7 6.7 96.3
Rourkela 9 3 3 99.3
Jagatpur 1 0.3 0.3 99.7
Nayagarh 1 0.3 0.3 100
Total 300 100 100 604.6

43
Area of preference frequency
bhubneswar cuttack khurda
puri rourkela jagatpur nayagarh total

Majority of the people prefer Bhubaneswar as the location (46.3%), then comes the
no. of Cuttack and Khurda with 27% and 16.3% respectfully, Puri stands fourth with
6.7%. The choice of area depends on the monitory condition and the facilities
available to people at a particular area.

 Most of the people want 3 BHK in Bhubaneswar area with price ranging from
35 to 55 lakhs.
 The demand for 2 BHK is bit less and varies from 15-20 lakhs.
 The demand for 1BHK is not much.
 People want 4 BHK in the range of 55 to 60 lakhs.
 There is not great demand of Penthouses and villas in Bhubaneswar and local
region.
 Most of the people who are doing job or having business who want to
purchase 3 BHK or 4 BHK prefer luxury house.

44
Q: Consumers preference of information related to property document from
Real Estate web portal, past record of builders, and marketing details-

priorior ity amongst the thr ee

Valid Cumulative
Frequency Percent Percent Percent
Valid property
274 91.3 91.3 91.3
documents
marketind
15 5.0 5.0 96.3
details
past
11 3.7 3.7 100.0
records
Total 300 100.0 100.0
Total 300 100.0

300

200

100

0
property documents
marketind details past records

prioriority amongst the three

45
From the above we can conclude that before going to buy a house people generally
look for the property documents which comes up to 91.3% of the total responses,
then the marketing details and the past records come.

Q: Is there any need for any regulating body in the real estate?

can't say

no

11

yes

In this question, majority of the people have a view that there is a need for some
regulatory body which can have a continuous eye on the real estate sector.
Very less people say the answer as ‘No’, and least no of people have ‘No reply’.

46
QUS.4: Do the Real Estate developers give possession timely?

Valid Cumulative
Frequency Percent Percent Percent
Valid yes 107 35.7 35.7 35.7
no 156 52.0 52.0 87.7
can't say 37 12.3 12.3 100.0
Total 300 100.0 100.0
Total 300 100.0

can't say

yes

no

The answer of majority was not in favor. Out of 300 people,156 said ‘no’ to this
comprising of 52% of the whole population. Whereas 106 said ‘Yes’ and Rest were
in two minds.

47
Q: Do you think govt. takes necessary steps to provide house to the common
man?

Valid Cumulative
Frequency Percent Percent Percent
Valid yes 98 32.7 32.7 32.7
no 148 49.3 49.3 82.0
can't say 54 18.0 18.0 100.0
Total 300 100.0 100.0
Total 300 100.0

can't say

yes

no

Majority said ‘No’ when asked this question and comprised of 49.3% of the total
answers, 32% said yes and 18% didn’t knew where to go.

48
 Q. Cross Tabulation of the Place of preference & the Type of House which a
person likes to have.

Count
Place of preference of a person
Bhubaneswar Cuttack Khurda Puri Rourkela others Total
type of 1BHK 4 2 5 1 12
house a 2BHK 24 25 15 7 3 3 77
customer
3BHK 84 42 27 12 1 6 172
prefers 15 9 3 5 2 2 36
4BHK
PENT
HOUSE 2 1 3
Total 129 78 51 25 6 11 300

49
 100

80

place of preference
60
Bhubaneswar
new delhi

Cuttack
ghaziabad
40
Khurda
noida

Puri
gurgaon
20
Rourkela
f aridabad

others
others
0
1BHK
3BHK PENT HOUSE
2BHK 4BHK

type of house a customer prefers

When the places of preference were cross tabulated with the types of houses the
consumers want then the result came out to be that:

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

50
Q. Cross tabulation of the place of preference and the amount which a person
is willing to pay.

Count
AMOUNT WILLING TO PAY in LAKHS
10-15 16-25 26-35 36-45 46-55 above 55 Total
place of Bhubaneswar 5 18 60 36 8 2 129
preferenceCuttack 4 17 32 17 7 1 78
of a
Khurda 5 13 20 10 1 2 51
person 1 6 10 7 1 25
puri
Rourkela 2 1 1 1 1 6
others 4 6 1 11
Total 15 56 127 77 19 6 300

51
 70

60

50
place of preference
40
new delhi
Bhubneswar

30 ghaziabad
Cuttack Khurda
noidaRourkela
Puri
20
others
gurgaon

10 f aridabad

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

AMOUNT WILLING TO PAY in LA KHS

According to the cross tabulation of the amount a person is willing to pay at a

particular place the results came out to be:

 Maximum people wanted to pay the amount ranging from 26-35 lakhs.
 The situation is same at all the places.
 Then comes the range between 36-45 lakhs. This trend is mainly at the places
like Bhubaneswar, puri, Rourkela and other places. At Cuttack and Nayagarh
areas people prefer 16-25 lakhs range.

52
Q Tabulation between the type of house a person is willing to buy and the
amount he is willing to pay.. Cross

Count
AMOUNT WILLING TO PAY in LAKHS
10-15 16-25 26-35 36-45 46-55 above 55 Total
type of 1BHK 10 1 1 12
house a 2BHK 2 43 20 11 1 77
customer 3BHK 3 12 107 45 5 172
prefers
4BHK 21 11 4 36
PENT 1 2 3
HOUSE
Total 15 56 127 77 19 6 300

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

53
 120

100

80

type of house a cust

60
1BHK

40 2BHK

3BHK
20
4BHK

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

AMOUNT WILLING TO PAY in LA KHS

Analysis of the three cross-tabulations:

 Majority of the people wanted 3BHK houses with price ranging from 26-45
lakhs in New Bhubaneswar.
 The demand for 2BHK houses comes next with price ranging from 16-25, and
26-35.
 The demand for 2BHK houses is also there in range between 26-35 and 36-45
lakhs and mainly in cities like Bhubaneswar and Cuttack.
 The demand for Penthouses is very less.
 Also the majority of people want to live in Bhubaneswar.

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Q.10: What all documents you should look before buying house?

Peoples are now very conscious about property document. They were saying that
while buying or searching property they check property document, but since most
of them do not know the all property document required to check that’s why there is
need to create awareness about property document and builders should show the
entire property document to customers themselves.

While survey generally people gave name of following property document –

 Link chain ownership document.

 Registry
 Map approval doc.
 Kheshara- Khatauni
 Sale deed
 Intakhap paper
 Paper shows approval from government authority
 Paper of agreement between buyer and seller
 No objection certificate (N.O.C.)
 Acquisition letter
 Payment receipts
 Power of attorney of land.

Q: What are your expectations from the web portal?

The responses to this question were varied, like people said they

 They didn’t know.

 They wanted Transparency.
 They Wanted the Web portal to provide the complete information.

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  Some said they want the timely information.
 Some wanted the Web portal to highlight the full information of the
Developer.
 Some even wanted all the legalities to be cleared by the Web-portals and then
displayed on it.

Q: What Problems have you faced while Dealing with the REAL
ESTATE DEALERS ?

 There were varied Responses to this question

 Majority said that they wanted to get rid of the brokers.
 Some said they wanted the Developers to display their complete information
on line and to the customers.
 There were people who wanted Hidden costs to be absent.
 Some wanted to get rid of the false promises.
 Almost all of the people wanted that the Developers should show
transparency and provide them with each and every form of information
which they wanted.

SWOT Analysis of Ullas Infratech –

Strengths –

 Team of professional having technical expertise, past experience in the field

of marketing, Finance, Project audit and Media for real estate sector.
 A wide range of services on web portal compared to the other web portals.
 By creating awareness regarding the Marketing details, legal and technical
document of the project make consumer more satisfied.

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 In recent years, organized sector has increased its share in the market
unorganized sector.

Weakness –
 Failure to curve the activities of the un-organized sector.
 Lack of project developer’s support in providing the legal and technical
documents.

Opportunities-

 The growing population of India.

 People are becoming more aware.
 Rapid urbanization.
 Increasing trust of people on real estate web portal.

Threats –

 Tough competition among web portal segment of real estate.

 Some illegal services provided by the Broker.
 Government policy.

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5. FINDINGS AND CONCLUSION:-

5.1 Findings:

 Most of the people are dissatisfied from the real estate marketing information
provided by the real estate companies, but very few people are strongly
satisfied.
 89% people are checking legal status of construction while buying/ searching
a house.
 70.7% people want to check details of booking before buying or searching
house.
 Most of the people have chosen PRINT MEDIA & BROKERS as a source of
information while buying or searching for a property.
 There is great demand of 2, 3 BHK house in near future in Bhubaneswar and
local region.
 Most of the people chose information related to the property documents as
their first preference compared to the marketing details of the project, past
record of builder and new policies of govt. related to real estate sector.
 Most of the people wanted the government to make policies in terms of legal,
technical and financial aspects which could create transparency in real estate
sector.
 Most of the people know only the names of few property documents and they
check only these documents while searching a property.
 A number of builders do not want to show the property documents to the
customers.

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5.2 CONCLUSION:-

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

Thus because of the above reasons there is a need to create awareness among the
customers as well as project developers to give the customers the complete
information and the role of ‘TRUSTED PROPERTY’ to educate people is appreciated
in this regard.

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6. RECOMMENDATION:

On the basis of my findings, I want to make certain recommendations as follows –

Recommendation to ULLAS INFRATECH PVT. LTD. –

 Company should provide information according to people’s need and

necessity. And for that they can open daily polling on their web portal.
 Company should not always try to attract the new customers only, but should
also take feedbacks from existing once, and try to remove their problems and
learn from their experience.
 Company should make more contact with contractors and Architects to tap
more builders.

Recommendation to customer –

 Customers should check all the legal and technical documents and not only
the marketing details of the builders/project, before buying or searching
house.
 Customers should go through all the terms and conditions of the project
developed.
 Customer should be aware of the government’s policy related to ‘Real Estate’.

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Recommendation to Project Developer (Builder) –

 Builders should show their legal and technical documents to the customers,
to make them satisfied because most of the customers want to check it and
this also helps in creating a unique identity of the developers.

LIMITATIONS:-

 Un-availability of the desired personnel was the biggest constraint to this

study. Although appointments were made and followed up where possible
but still there were instances where the desired people were either
unavailable or unwilling to meet.
 No prior information regarding the addresses or other details of the offices to
be visited was provided, thus a few target persons were left uncovered.
 This project is completed in six weeks, so due to time constraints it was not
possible to cover all the area of Bhubaneswar and local region and mainly
Bhubaneswar area was covered followed by Cuttack , Puri and Rourkela.
 Some dealers were hesitating to give supportive data. Some of them ignored
the questions which were supposed to be filled by them. Thus affecting the
scientific accuracy.
 Since the data is not evenly collected from the local region hence there is a
chance of business.

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BIBLIOGRAPHY

Referred Books:

 Kothari C.R.- “Research Methodology” Tata McGraw Hill In (95-102)

 Kotler Phillip –“Marketing management “analysis, planning
implementation and control.
 Schiffman Leon G.& Kanuk Leslie Lazar, "Consumer Behavior", Prentice Hall
of India “6th edition
 Singh Harpreet–“Research Methodology”-Kalyani Publishers.(page no. 1-8,
68-102)
Referred Websites:

 www.ullasinfra.com
 www.trustedproperty.org
 www.indianrealestateforum.com
 www.google.com
 www.scribd.com
 www.propertywala.com
 www.indiatimes.com
 www.buisnessstanderd.com
 www.economicstimes.com

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 QUESTIONNAIRE

(NOTE-All the information taken from you is only used for research purpose)

TOPIC-Understanding the Consumer’s Perception & Expectations while buying

a House.

Name- …………………………………………………………………………………………………

Profession- Govt. service Pvt. Service

Business

Designation………………………………Name of
organization/Company……………………………….

Contact No. +91-………………………. Email…………………………………………………………….

Age (in yrs) 25 to 30 30 to 35 35 to 40 More than 40

1) Rank the following detail according to their importance at the time of

purchasing a property? (Rank1 to the most important, 3 to least)

a) Property documents b) Marketing details of uilder c)

b
past record
2) Tick the options which match your preferable location and types accordingly?

Type

1 BHK 2 BHK 3 BHK 4 BHK Penthou Villas

Location ses

63
Bhubaneswar

Cuttack

Khurda

puri

Jagatpur

Others

3) For the above chosen option how much are you willing to pay?

…………………………………………………………………………………………………………….

4) Do you think real estate developers give possession timely?

a) Yes b) No c) Can’t Say

5) How much are you satisfied from real estate marketing information provided
by real estate companies?

a) Highly Satisfied b) Satisfied c)

Neutral

d) Dissatisfied e) Highly dissatisfied

6) Do you think the govt. takes necessary steps to provide house to the
common man?

a) Yes b) No c) Can’t say

64
7) What source of information do you prefer while buying /searching for a property?

a) Print b) T.V. and Radio c)

media Internet

d) Outdoor Add. e)Personal Reference f)

Broker
8) Do you think real estate web portal bridges the information gap between
real estate developer and customer?

a) Yes b) No c) Can’t Say

9) What all documents you should look for before buying a house?

………………………………………………………………………………………………………………

10) What is your Expectation from the web portal?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

11) What problems have you faced while dealing with the ‘real Estate’ dealers?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

Thank you for sparing your precious time

65