A

RESEARCH PROJECT REPORT

ON
“A STUDY OF CONSUMER BEHAVIOUR ANALYSIS
OF REAL ESTATE MARKET “

THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE

DEGREE OF

BACHELOR OF BUSINESS ADMINISTRATION (2021-2023)

BBA 5th Semester

SUBMITTED TO: SUBMITTED BY:

Ms. Sakshi Pandey Mohit Mehra

Assistant professor Roll No. - 200945250072

Faculty of Commerce and Business Management

Amrapali Group of Institutes

Shiksha Nagar, Lamachaur

Haldwani, Uttarakhand

1
 CERTIFICATE

This is certified that this dissertation report Titled “A STUDY OF CONSUMER

BEHAVIOUR ANALYSIS OF REAL ESTATE MARKET “ submitted by
Mohit Mehra of BBA V Semester for partial fulfilment of award of degree of
Bachelor of Business Administration has been completed by her under my
guidance.

She was sincere in putting efforts to present this Research Report.

Name of project guide: Ms. SAKSHI PANDEY

Designation: Assistant Professor

Faculty of Commerce & Business Management

Amrapali group of Institutes, Haldwani,

Shiksha Nagar, Lamachaur, Haldwani-263139 (Nainital) Uttarakhand

Landline: (05946) 238201-02 Mobile: 9520655000, 9520688000 Toll free:

1800-180-4727

E-mail: office@amarpali.ac.in

Website www.amarpali ac in

2
 Declaration

I, hereby declare that the research project report titled “A STUDY OF

CONSUMER BEHAVIOUR ANALYSIS OF REAL ESTATE MARKET “ is
my own original research work and this report has not been submitted to any
University/Institute for the award of any professional degree

Mohit Mehra
BBA 5th semester
Roll No. - 200945250072
Amrapali Group of Institutes

3
4
 PREFACE

For management career, it is important to develop managerial skills. In order to achieve

positive and concrete results, along with theoretical concepts, the exposure of real life
situation existing in corporate world is very much needed. To fulfill this need, this practical
training is required.
I took training in fast growing company SHIKHAR SPACES located in Bhimtal. It was my
fortune to get training in a very healthy atmosphere. I got ample opportunity to view the
overall working of the company.

This report is the result of my seven weeks of summer training in SHIKHAR

PROPERTIES & CONSTRUCTIONS PVT. LTD, as a part of B.B.A. The subject of my
report is-the study on marketing practices

In the forthcoming pages, an attempt has been made to present a comprehensive report
covering different aspects of my training.

Mohit Mehra

5
 AKNOWLEDGEMENT

Learning is a never ending proves. We learn during different stages of life. All my learning
during SHIKHAR PROPERTIES & CONSTRUCTIONS PVT. LTD would guide me
ahead in my career.

Wish profound respect and gratitude, I take this opportunity convey my thanks to the
management of Shikhar Spaces specially MR. VIKAS (MARKETING MANAGER) FOR giving me the
opportunity to complete the training here.

I am extremely grateful to all the management staff SHIKHAR SPACES for their co-
operation & guidance, which have helped me a lot during the course of training. I have
learned a lot of working with them and I will be indented to them for this value addition in
me.

SPECIAL THANKS TO:

Ms. Sakshi Pandey (PROJECT GUIDE)

Assistant professor

They have been a constant source of inspection to me throughout the period of this industrial
training.

And all the faculty member of MANAGEMENT DEPARTMENT for their effort and
constant co-operation has been a significant factor in the accomplishment of my industrial
training.
Mohit Mehra

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 INDEX
Chapter 1

1.1 Introduction …………………………………………………………………………. 1 - 8

1.2 Literature Review …………………………………………………………………... 9

1.3 Research Objectives ………………………………………………………………... 10

1.4 Research Methodology ……………………………………………..……………….. 11 – 13

1.5 Limitations …………………………………………………………………………... 14

Chapter 2

2.1 Industry Profile …………………………………………………………………....... 16 – 26

2.2 Company Profile …………………………………………………………………….. 27 – 31

Chapter 3

3.1 Data Analysis and Interpretation …………………………….…………………….. 33 – 41

Chapter 4

4.1 Findings …………………………………………………………………………….... 43

4.2 Conclusion …………………………………………………………………….……... 44

4.3 Suggestion …………………………………………………….…………….………... 45

Bibliography ……………………………………………………………………………... 46

Appendix ………………………………………………………….…………………….... 47 - 50

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CHAPTER I

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 ABSTRACT

Most real estate study is based on neoclassical economics. Consumers are expected to make
real estate decisions that maximize their utility and wealth given price and income
constraints.
Tastes and preferences are taken as given. The outcomes of consumer actions are used to
infer these preferences. The study of real estate would benefit from an expansion to include
consumer behaviour concepts from sociology and psychology as synthesized through
marketing. Inclusion of these concepts in real estate education will help real estate analysts
better explain and predict the behaviour of decision-makers in real estate markets. This paper
will present a review of the consumer behaviour literature relevant to real estate and suggest
how these concepts could expand real estate study.

Most real estate study is based on neoclassical economic theory that assumes that people
make rational decisions about renting and buying real estate as part of their attempt to
maximize utility. While recognizing that real estate markets are imperfect, most real estate
researchers do not examine the influence that the diversity of real estate consumers has on the
demand for real estate. Consumers are complex human beings driven by internal and external
forces, some of which are beyond their control and many of which they are relatively
unaware.
Rather than ignore the human element of decision making or put all aspects of nonfinancial
decision factors in a black box called “tastes and preferences,” real estate students,
professors, and practitioners can benefit from integrating the study of consumer behaviour
with the financial economic approach to real estate study. Greater knowledge of real estate
consumers and their behaviour will lead to better understanding and prediction of decision
makers’ actions in the real estate market. The purpose of this paper is to present some of the
most common consumer behaviour concepts and explain how integration of consumer
behaviour theories and understanding would improve real estate study.

THE STUDY OF CONSUMER BEHAVIOR

Consumer behaviour is the study of individuals, groups, or organizations in the selecting,

purchasing, using, and disposing of goods and services to satisfy needs and desires.
Consumer behaviour examines not only what behaviours consumers’ exhibit but also the
reasons for those behaviours. On a macro level, marketers are interested in demographic
shifts as well as society’s values, beliefs and practices that affect how consumers interact

9
with the marketplace. On a micro level, consumer behaviour focuses on human behaviour
and the reasons behind these behaviours. Thus, concepts drawn from psychology and
sociology are prominently reflected in the consumer behaviour literature. The following
sections describe these concepts as they are applicable to the development of an increased
understanding of real estate decisions in a consumer behavior context.

Scope
This study will be beneficial to SHIKHAR PROPERTIES & CONSTRUCTIONS

PVT. LTD to know about customers buying behavior towards Residential properties in

Bhimtal. The company can come to know various factors affecting the customers’ properties

buying behaviour.

Company comes to know about customers’ expectations & need for future properties

purchases. The sample size taken for this project is 100 Respondents.

Hence, this market study will provide information to Company, and Customers.

RESEARCH OBJECTIVES:-

1) To analyze buying behavior of consumer in Shikhar Spaces.

2) To evaluate factor affecting consumer buying behavior.

3) To determine the awareness of the customers with regard to various schemes available

or schemes offered by Shikhar Spaces.

10
 RESEARCH METHODOLOGY

Research refers to a search for knowledge. Research is systematic search

for pertinent information on a specific topic. Research is a scientific
investigation.

“A research design is the specification of method and procedure for acquiring

the information needed. It is overall operational pattern or framework of the
project that stipulates which information is to be collected, from which sources
and by which procedure.”

According to Learner ‘In dictionary of Current English’

“Research is a careful investigation or inquiry especially through search for new

facts in any branch of knowledge.”

RESEARCH MEHODOLOGY

Research methodology is a way to systematically solve the problem. It may be

understood as science of study how a research is done scientifically. In it

11
researcher generally adopt studying the research problem along with the logic
behind them.

The method which is adopted for studying the objectives and to collect all the
relevant information regarding the Satisfaction of Customers towards Real
Estate. A questionnaire was adopted for the collection of primary data.

Secondary data has been collected through the magazines and newspapers and
by surfing on Internet. And the guide in the organization was consulted at many
times.
RESEARCH DESIGN
The study is based on exploratory and descriptive research

Exploratory research: this research is carried out to make the problem suited to more
precise investigation or to frame a working hypothesis from an operational prospective. It is
not used in case where definite result is desired as in our research case where only its impact
is to be studied.

Descriptive research includes surveys and face finding inquiries of different kinds.
The major purpose of descriptive research is description of the state of affairs as it exists at
present. In social science and business research we quite often use the term ex post facto
Research for descriptive research studies. The main characteristics of this method is that the
researcher has no control over the variables he can only report what is happening or what has
happened.

SAMPLING METHODS
This study is based on convenience sampling. Convenience sampling is a non-
probability sampling method where researchers use subjects who are easy to
contact and obtain their participation. Researcher find participants in the most
accessible places, and they impose no inclusion requirements. Convenience
sampling is also known as opportunity or available sampling.
Convenience sampling include asking acquaintances and surveys, asking people
in a mall, on the street, and in crowded locations.

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SAMPLE SIZE
The persons of Haldwani city were taken into consideration. In this research
sample size is 100 to know the customer satisfaction & perception about the
Real E State.

DATA COLLECTION
For conducting the study, data was collected by using the two main methods
i.e., primary data and secondary data.

PRIMARY DATA
Primary data is the data which is used or collected for first time and it is not
used by anyone in the past. There are a number of sources of primary data from
which the information can be collected.

For the purpose of collecting primary data, the researcher has adopted the
method of survey .For the purpose of collecting detailed information; researcher
has chosen surveys based on personal interview – by means of questionnaire.

SECONDARY DATA
Secondary data is the data which is available in readymade form and which is
already used by people for some purposes.
It has been collected from various books, bank’s annual reports, brochures of
bank, internet sites and other published information.

TOOLS OF ANALYSIS
The different types of tools taken for analysis are-

13
1. Percentage
2. Table
3. Chart/graph

Limitations

1) The survey was restricted to selected areas in Haldwani.

2) The time duration of this survey was 60 days only.

3) The Sample Size is limited hence results cannot be generalized

4) This project was only restricted to the residential properties of

Shikhar Spaces.

14
CHAPTER II

15
 INDUSTRIAL PROFILE

INDIAN REAL ESTATE SECTOR

The Indian real estate sector is one of the most globally recognized sectors. In
the country, it is the second largest employer after agriculture and is slated to
grow at 30 per cent over the next decade. It comprises four sub sectors –
housing, retail, hospitality, and commercial. The growth of this sector is well
complemented by the growth of the corporate environment and the demand for
office space as well as urban and semi-urban accommodations.

According to a study by ICRA, the construction industry ranks third among the
14 major sectors in terms of direct, indirect and induced effects in all sectors of
the economy.

It is also expected that this sector will incur more non-resident Indian (NRI)
investments in the near future, as a survey by an industry body has revealed a 35
per cent surge in the number of enquiries with property dealers. Bengaluru is

16
expected to be the most favored property investment destination for NRIs,
followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

India’s real estate market is expected to increase seven times by 2028 to reach
USS 853 billion by 2028 from USS 121 billion in 2013. It is currently the
fourth-largest sector in the country in terms of foreign direct investment (FDI)
inflows. FDI in the sector is estimated to grow to USS 25 billion in 10 years.

Real estate contribution to India’s gross domestic product (GDP) is estimated to

increase to about 13 per cent by 2028, on the back of increasing industrial
activity, improving income level and urbanization.

Private equity (PE) investments in real estate in 2013 stood at USS 1.1 billion, a
13 per cent increase in INR terms from USS 1.2 billion in 2012. Total number
of deals increased from 34 in

2012 to 40 in 2013, with an average deal size of USS 28.0 million.

The Government of India has allocated USS L3 billion for Rural Housing Fund
in the Union Budget 2014-15. It has also allocated USS 0.7 billion for National
Housing Bank (NHB) to increase the flow of cheaper credit for affordable
housing for urban poor.

The entry of major private players in the education sector has created vast
opportunities for the real estate sector. Emergence of nuclear families and
growing urbanization have given rise to several townships that are developed to
take care of the elderly. Growth in the number of tourists has resulted in
demand for service apartments. This demand is likely to be on the uptrend and
presents opportunities for the unorganized sector.

17
MARKET SIZE

The Indian real estate market size is expected to touch USS 180 billion by 2020.
The housing sector alone contributes 5-6 per cent to the country’s gross
domestic product (GDP). Also, in the period FY08-20, the market size of this
sector is expected to increase at a compound annual growth rate (CAGR) of
11.2 per cent. Retail, hospitality and commercial real estate are also growing
significantly, providing the much-needed infrastructure for India’s growing
needs.

Real estate has emerged as the second most active sector, raising USS 1.2
billion from private equity (PE) investors in the last 10 months.

Foreign investors have bought tenanted office space worth over USS 2 billion in
India in 2014, a four-fold rise compared to the previous year, in order to
increase their rent-yielding commercial assets in Asia’s third largest economy.

According to a study by Knight Frank, Mumbai is the best city in India for
commercial real estate investment, with returns of 12-19 per cent likely in the
next five years, followed by Bengaluru and Delhi-National Capital Region
(NCR). Also, Delhi-NCR was the biggest office market in India with 1 10
million sq. n, out of which 88 million sq. ft. were occupied. Sectors such as IT

18
and Its, retail, consulting and e-commerce have registered high demand for
office space in recent times.

Delhi’s Central Business District (CBD) of Connaught Place has been ranked as
the sixth most expensive prime office market in the world with occupancy costs
at USS 160 per sq. ft. per annum, according to a survey by CBRE

INVESTMENTS

The Indian real estate sector has witnessed high growth in recent times with the
rise in demand for office as well as residential spaces.

Blackstone Group LP is all set to become the largest owner of commercial

office real estate in India after a three-year acquisition drive in which it spent
US$ 900 million to buy prime assets. 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 USS 24,012.87 million in the period April 2000-December 2014.

Some of the major investments in this sector are as follows:

Google Capital has invested in Bengaluru-based online property search

platform, CommonFloor.com.

19
 Omar Realtors and Developers Pvt Ltd is in talks to raise Rs 400 crore
(US$ 66.68 million) from KKR India Asset Finance Pvt Ltd, the local arm of
global investor Kohlberg Kravis Robens and co LP (KKR).

Goldman Sachs Group bought shares worth Rs 255 crore (US$ 41.23
million) in Vartika Hotels Pvt Ltd, a company owned by real estate and
hospitality firm Vartika Vartika.

Soft Bank Internet and Media Inc will invest, along with Falcon Edge
Capital and others, USS 90 million in Locon Solutions Pvt Ltd, which runs
Housing.com – a realty website. The Soft Bank Group will become the largest
investor in Housing.com after this round of funding.

The Qatar Prince, Hamad bin Khalifa Al Thani, plans to invest Rs 1,000
billion (US$

16.17 billion) over the next five years in at least 10 smart cities of India. He has
already
Tied up with a Delhi-based businessman for taking the investment forward
through projects in real estate, sea ports and airports, besides smart cities.

Real estate firm Supertech has planned to invest about Rs 2,000 crore (US$
323.49 million) in Gurgaon over the next few years by launching several luxury
and affordable projects.

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GOVERNMENT INITIATIVES

Under the Sardar Patel Urban Housing Mission, 30 million houses will be built
by 2022, mostly for the economically weaker sections and low-income groups,
through public-private-partnership

(PPP), interest subsidy and increased flow of resources to housing sector’,

according to Mr M Vamkaiah Naidu, Union Minister of Urban Development,
Housing and Urban Poverty Alleviation and Parliamentary Affairs, Government
of India.

The Government of India along with the governments of the respective states
have taken several initiatives to encourage the development in the sector. Some
of them are as follows:

21
The Government of Maharashtra has announced a series of measures to bring
Transparency and increase the ease of doing business in the real estate sector.

The Government of India has relaxed the norms to allow foreign direct
investment (FDI) in the construction development sector. This move should
boost affordable housing projects and smart cities across the country.

The Securities and Exchange Board of India (SEBI) has notified final
regulations that will govern real estate investment trusts (REITs) and
infrastructure investment trusts (Invites’). This move will enable easier access
to funds for cash-strapped developers and create a new investment avenue for
institutions and high net worth individuals, and eventually ordinary investors.

The Telangana Real Estate Developers’ Association (Treda) plans to host

the Fifth Treda Property Show 2014 at Hitex Centre, Hyderabad. The show will
be open to a mix of the populace, including prospective property purchasers,
investors, architects and others.

The State Government of Kerala has decided to make the process of securing
permits from local bodies for construction of houses smoother, as it plans to
make the process

Online with the launch of a software called ‘Sanketham’. This will ensure a
more standardized procedure, more transparency, and less corruption and
bribery.

ROAD AHEAD

22
Responding to an increasingly well-informed consumer and keeping in mind the
globalization of the Indian business outlook, real estate developers have also
shifted gears and accepted fresh challenges.

The most marked change has been the shift from family owned businesses to
professionally managed ones. Real estate developers, in meeting the growing
need for managing multiple projects across cities, are investing in centralized
processes to source material and organize manpower and hiring qualified
professionals in areas like project management, architecture and engineering.

The growing flow of FDI into Indian real estate is encouraging increased
transparency. Developers, in order to attract funding, have revamped their
accounting and management systems to meet due diligence standards

INDIAN REAL ESTATE MARKET PERMEATES TO SMALLER

TOWNS AND CITIES

According to leading global property consultancy firm Knight Frank, the real
estate action is no longer limited to the large metropolises of India but has now
permeated to the burgeoning smaller towns and cities. These emerging centers
of growth are lending sparkle to India’s booming economy. What is leading this
transformation?

23
According to Research, the upswing of the Indian real estate sector has been an
outcome of a number of positive micro and macro factors. Consistent and
sustaining GDP growth, expanding service sector, rising purchasing power and
affluence, proactive and changing government policies have all lent momentum
to this rapidly growing sector.

Accounting for almost 80% of the total office space absorption, the Indian
IT/ITES sector has been the primary demand driver. India’s low cost-high
quality and productivity model has given it a leadership position in the
outsourcing arena. In a bid to scale up their operations and to remain globally
competitive, the Indian IT/ITES companies are exploring the smaller towns and
cities. Rising manpower and real estate costs, plaguing attrition levels and very
often risk mitigation have been the key reasons for this movement.

Positive economic growth has also translated in rising disposable incomes and
growing aspiration levels across India. Rising consumerism has created a
demand for new retailing and entertainment avenues. Realizing that consumers
across cities have similar needs, albeit the scale may vary, new age retailers are
vying to cash in on the first mover advantage and are expanding into hitherto
unexplored smaller cities. Advent of organized retailing has also translated into
real estate growth in these emerging locations.

Growth of the Indian ‘Rich’ (annual income>USD 4,700) and ‘Consuming’

(annual income USD I class coupled with falling interest rates and other fiscal
incentives on home loans has increased the affordability and the risk appetite of
the average Indian consumer thereby leading to a substantial rise in demand for
housing. This has been further fueled by the increase in the size of 25-55 age
group of earning population and the emergence of double income, nuclear

24
families. Over the last decade the average age of Indian home loan borrower has
reduced by 10 years.

Another variable facilitating real estate growth in India is the growing

urbanization. According to United Nations Population Division, the urban
population in India will continue to grow at a rate of 2.5% per annum for the
next two and a half decade. As per the Census of India 2001, 41% of the total
population of India will be living in urban areas by 201 1. The number of cities
with a population of one million or more is also is expected to double from 35
recorded in 2001 to 70 by 2005. This increase in population will generate
incremental demand for housing and other real estate components.

All these factors together with increased liquidity in the real estate sector
through the international real estate funds and private equity funds will result in
radically transforming the real estate landscape over the next 3-5 years. India’s
investment scenario is already undergoing a
Sea change and has been seen to be making roads in rural India with telecom,
rural retailing, agricultural supply chain and logistics facilities, micro-credit,
etc. All these factors foretell that the real estate growth will soon spread out of
the established boundaries.

However, to support this growth and to make it more expansive, a lot needs to
be done. Foremost is the thrust on infrastructure. According to a World Bank
estimate, India needs to invest an additional 3-4% of its GDP on infrastructure
to sustain its current levels of growth and to spread the benefits of growth more
widely. Some positive steps have already been taken in this direction. Huge
investments in infrastructure to the tune of $350 billion have been envisaged
over the next five years. Connectivity may get a boost with the completion of
kms of roads under the Golden Quadrilateral, North-South-East-West (NSEW)

25
corridor and with 4laning of all the major national highways. This will further
facilitate the economic development of smaller towns and cities in the country.
Major real estate destinations of the country and some other emerging towns
can be classified into three broad categories depending upon the stage of real
estate development that each one of them is undergoing.

Tier I Cities: Bangalore, Mumbai and NCR Characteristics: Fairly well

established real estate market. Demand drivers quite pronounced.

Tier II Cities: Hyderabad, Lucknow, Chennai, Pune and Kolkata

Characteristics: Growing real estate markets. Experiencing heightened demand
and investments.

Tier Ill Cities: Chandigarh, Lucknow and Kanpur, Guwahati, Bhubaneswar,

Jaipur, Ahmedabad,

Surat, Nagpur, Indore, Goa, Visakhapatnam, Mysore, Coimbatore, Kochi,

Vijayawada, Mangalore, Trivandrum and Baroda Characteristics: Real estate
markets yet to establish. Perceived to have substantial potential demand.
As the Indian real estate sector moves higher on the growth curve, a number of
state capitals and smaller cities which have relatively better infrastructure and
are able to support higher economic growth have come into limelight. These
emerging growth centers are characterized by low real estate costs, availability
of land for development, untapped manpower pool and rising quality of life,
many of these towns have industrial and tourism driven economic base that can
be leveraged for growth. Anticipating the latent demand in these markets, a
number of real estate developers and retailers have chalked out expansive plans
to harness the opportunity.

26
 COMPANY PROFILE

SHIKHAR SPACES PROFILE

27
Shikhar Group is a pioneer in developing gated communities in the hills of Kumaon. Over the
last 30 years, the company has delivered some of the finest residential projects with state of
the art facilities. Whether it is cottages, apartments or plots in Nainital, Shikhar has
developed it all. Nainital is the most sought after second home destination in North India and
there is no other developer in the region as established as Shikhar. If you are looking to buy a
property in Nainital, your search ends here. We welcome you to own a piece of this paradise
we call Nainital. Project Highlights:- Apartments, villas and row houses 24 x7 Electricity,
Water Supply Fully Guarded Complex Surrounded by excellent social infrastructure Car
Parking for every home Beautiful garden views 70 % open green spaces Extensive pedestrian
- friendly landscaping

We at Shikhar Spaces work to mold dreams into reality and build homes for you to
love. Our work in Uttarakhand over the past three decades has emphasized respecting the
roots we come from. Thousands have been locally employed while barren lands now host
lush green estates. We ensure sustainable roots which can foster communities you can be
proud to be a part of Shikhar Spaces.

The Shikhar Spaces boasts of a concrete record of more than 100 completed projects,
over 52 Lakh Sq.ft completed construction and 5,000 satisfied customers 10 Thousand Trees
planted towards a better future and 5 ongoing residential and commercial projects and
successful diversification into corporate ventures bear testimony to the success story of
Shikhar Spaces.

Quality Policy:

SHIKHAR PROPERTIES & CONSTRUCTIONS PVT. LTD are committed to

design, develop, construct and market Residential, Commercial Apartment’s and Villas all

28
such types of shelters, which shall meet customer need consistently. We shall further strive to
enhance the interest of our partners, employees, suppliers & society.

Quality Objectives:

1. Demonstrate commitment and compliance to the Quality Management System.

2. Improve the competence of employees by continuous training in the areas in which
they work.
3. To be a market leader by enhancing the customer satisfaction.
4. To create a customer focused organization.

Aims:

"Quality is primary" to Shikhar Spaces. All systems and procedures are

formulated to achieve the "Quality Objective". Total quality principles are adopted in
selection of the material, implementation of the project, and even after the project is handed
over. The Group is in the process of implementing 'Total Quality Management' in all the
aspects of its business.

Values:

 Honor and respect those who are experts in their fields, those who are wise,
knowledgeable and insightful. Project the eminent & nurture the learned.
 Be humble and grateful for any gesture, however small
 With plentiful resources, guard against mismanagement and waste.
 Do not use the force but work through. Conciliation, appreciation and inspiration.
 Maintain your position through growth and expansion, which requires effort.
 Practice five strategies of action: Alliance, Patience, Optimum Utilization of
Resources, Nurturing of human assets and Aggressiveness.
 Plan for the acquisition of wealth with the eyes of crane, employ a variety of postures
like peacock, strike with the ferocity of a boar and display the velour of a lion.

Human Resources:

29
 Shikhar Spaces is professionally managed and a significant force in an intensely
competitive market. This is because we treat our employees with respect and dignity. We
believe the growth of the Group is dependent on the growth of our people. They find an
independence to chart their own course, openness to new ideas, efficiency in implementation
and an enormous professional satisfaction. We have men of mission who can face
challenging opportunities with finesse and purpose. The open door policy and informal and
vibrant atmosphere is an achievement in itself.

Technology:

In the context of technological advances, the Shikhar Spaces is in the forefront in

implementing State-Of-The-Art Technology with the latest systems / Networking techniques.
These assists management to access information and establish proper checks and controls
over the business transactions. Continuous technological up gradation helps the Group keep
up with time.

Social obligation:

The group believes that. Our children are our future and they deserve to see nature at
its pristine best. We believe, homes, memories and nature should be preserved with utmost
care. We like to work with conservationists and architects that believe in living in harmony
with nature for a better tomorrow for our families. After all, only strong roots build strong
trees.

Shikhar Group is continuously expanding its horizons to give back to nature. We must
nourish our roots to the best of our abilities. This philosophy is embedded in all the pursuits
we undertake – and every property we build for housing you and your loved ones.

WE ARE COMMITTED TO

 Protecting the environment We inhabit

30
  Environment cleanliness and beautification
 Tree Plantations.
 Developing sustainable Communities
 Growing ecosystems for Cohabitation

After Sales:

Shikhar Spaces strive hard and are committed to provide all such type of services
related to pre & post booking activities in order to enhance customer satisfaction.

We assist all the esteemed customers to avail loan, help them in all type of
correspondences required ensure them to handover timely possession.

It is our endeavor to sort out all the complaints / queries before and after sales to
achieve maximum customer satisfaction.

Financial Assistance:

 ICICI Bank
 HDFC Bank
 SBI

Our Mission
To provide customer satisfaction and create value for stakeholders through professionalism,
transparency, quality, cutting-edge technology and social responsibility.

Our Vision
To be a trusted leader in the real estate sector contributing towards a progressive India.

31
Products Range
& Variety

32
CHAPTER
III

DATA ANALYSIS AND

INTERPRETATION
33
 1) Present type of Residential Ownership.

Type No. of Respondents % of Respondents

Ownership 36 36%
On Rental 49 49%
Others 15 15%
Total 100 100%

Residential Ownership

15%
36% Ownership
On Rental
Others

49%

Interpretation
The above table shows that, maximum no. of respondents stay on rental basis i.e.49%, and
36% of the respondents have their own residence and 15% of respondents are in others
category, which include residence on lease or staying at relatives

34
2) Areas preferred to purchase residential properties
Area No. of Respondents % of Respondents

Nainital 11 11%

Bhimtal 19 !9 %

Almora 23 23%

Haldwani 26 26%

Ranikhet 07 07%

Mukteshwar 05 05%

Others 09 09%

Total 100 100%

Preffered area for Property Purchase

9%
5%

Na
7%

i ni
11

Bh tal
19
%

im
t
Alm al
ora
Hald
wan
t i
i k he
n
Mauk
R te shw
26%

ar
23

Other
area
%

Interpretation
The above table shows that maximum no. of respondents i..e.26% prefer Haldwani area,
whereas 23% of the respondents prefer Almora area, while 19% of respondents prefer
Bhimtal area, while 11% of respondents prefer Nainital, whereas 09% of respondents prefer
Other area while 07% of respondents prefer Ranikhet area and 05% of respondents prefer
Mukteshwar area for purchasing residential properties.

35
3) Factors taken into consideration while purchasing Residential properties.

Factors No. of Respondents % of Respondents

Location 28 28%

Price 39 39%

Transportation Facility 16 16%

Accessibility to 07 07%
Market

Others 10 10%

Total 100 100%

Factors while Purchasing Resendential

Properties
10%
7% 28%

16%

39%
Location Price
Transportation Facility Accessibility to Market
Others

Interpretation

The above table shows that maximum no. of respondents i.e. 39% consider
Price, whereas 28% consider location while 16% consider transportation facility
whereas 10% consider other factors like Vastushastra, Water availability etc.
and 07% of respondents consider accessibility to the market as important
factors for purchasing the residential properties.

36
 4) Parameters considers while selecting residential properties.

Parameters No. of Respondents % of Respondents

Brand Name 22 22%

Quality 15 15%

Space (Sq. ft.) 15 15%

Facilities 20 20%

Interior 13 13%

Schemes 15 15%

Total 100 100%

Parameters
15
22
13 brand name
Quality
Space
Facilities
Interior
schemes
15
20

15

Interpretation
The above table shows that maximum no. of respondents i.e. 73 consider Facilities as the
parameter while 62 respondents consider Quality, whereas 57 of respondents consider
Schemes whereas 53 respondents consider Brand name while 49 respondents consider
Space (Sq. ft.) and 30 respondents consider Interiors as the parameters while selecting
residential properties.

37
5) Sources of Information for respondents while Property Purchasing.

Sources No. of Respondents % of Respondents

Hoardings 13 13%

Newspapers 17 17%

Agents/Consultants 33 33%

Relatives/Friends 28 28%

Others 09 09%

Total 100 100%

Various Sources of Information for Property

Purchasing
9% 13%
28%
17%

Hoardings
Newspapers
Agents/Consultants
33% Relatives/Friends
Others

Interpretation
Above table shows that 33% of the respondents get their information from Agents
/Consultants, where as 28% of the respondents get information from Relatives/ Friends
while 17% of respondents get information from Newspapers whereas 13% of respondents
get information from Hoardings and 09% of respondents get their information through
Other Sources like Local News Channel, Radio, Internet etc. for Purchasing Residential
Properties.

38
6) Awareness in respondents about various schemes offered by Shikhar
Spaces.

Awareness No. of Respondents % of Respondents

Yes 67 67%

No 33 33%

Total 100 100%

Awareness of Respondents to Various

Schemes

33%
Yes
No

67%

Interpretation
The above table shows that maximum no. of respondents i.e. 67% were aware about the
various schemes offered by KBC whereas 33% of respondents were not aware about various
schemes offered by Shikhar Spaces.

Shikhar Spaces is having good brand name in the city, most of people prefer it.

39
7) Duration of the year when normally respondents like to purchases
residential properties.

Month No. of Respondents % of Respondents

Jan to Apr 35 35%

May to Aug 13 13%

Sept to Dec 52 52%

Total 100 100%

Duration of Purchasing Resendential

Properties
35%

Jan to Apr
May to Aug
52% 13%
Sept to Dec

Interpretation
Above table shows that maximum no. of respondents i.e. 52% would prefer Sept to Dec as
the duration where as 35% respondents would prefer Jan to Apr while 13% of respondents
prefer May to Aug as the duration of the year where they would like to purchase residential
properties.

40
 8) Residential property respondents would like to Purchase.

Type No. of Respondents % of Respondents

1 BHK Flat 18 18%

2 BHK Flat 48 48%

3 BHK Flat 24 24%

4 BHK Flat 06 06%

Bungalow/Row house 04 04%

Total 100 100 %

Type of Residential Property

4% 6% 18% 1 BHK Flat

24%
2 BHK Flat

3 BHK Flat

Bungalow/Row
48% Others

Interpretation
Above table shows that maximum no. of respondents that is 48% would like to purchase 2
BHK Flat, whereas 24% respondents prefer 3 BHK Flat, while 18% respondents prefer 1BHK
Flat whereas 4% of respondents prefer Bungalow/Row house and 06% respondents prefer
others which include Duplex, Terrace Flat, Attached Flat etc. for purchases of residential
property.

41
9) Modes of purchases of residential property preferred by respondents.

Mode No. of Respondents % of Respondents

Home Loans 57 57%

Lum-sum 06 06%

Installments 33 33%

Others 04 04%

Total 100 100%

Mode of Purchase
4%
33%

Home Loans
Lum-sum
6%
57% Installments
Others

Interpretation
Above table shows that maximum no. of respondent’s i.e.57% would prefer Home Loans
whereas 33% of respondents would prefer Installments while 06% of respondents would

prefer Lum-sum and 04% of respondents prefer others.

42
CHAPTER
IV

43
 Findings

1) During the time of survey, was found that 49% respondents are having the resident on
rental, 36% respondents are having own property & 15% respondents are having other
sources such as lease, relatives & friends etc.

2) It was found that maximum no. of respondents were preferred to purchase residential
property in Haldwani area i.e. 26 % and only 5% respondents were preferred in Mukteshwar
area.

3) It was found that the price & location is major factor which consider by the customer.
Here 39% respondents are considering the price, 28% respondents are consider location &
16% & 7% respondents are consider transportation & market facility.

4) It was found that the ‘quality’ & ‘facilities’ are most considerable parameters at the
time of selecting residential property

5) It was found that the source of information of consumers the real estate consultant
play very vital role.
6) It was found 67% respondents were aware of various schemes offered by Shikhar
Spaces & 33% respondents were not aware. .

7) In the duration of September to December the most of the respondents were like to
purchase the residential property because of the most of the festival are in this duration.

8) It was found that demand of the 2 & 3 BHK flats was more in comparison to other
types of residential buildings

9) In the mode payments 57% respondents go through home loans of various banks &
private financial institutes, 33% respondents go through installments, 6% respondents
through lum sum amount & 4% respondents choose other mode of payments.

10) It was found that the close competition of Shikhar Spaces were JLPL, TDI City & Sky
rock city which were mostly known by the respondents.

44
 Conclusion
A significant portion of the study of real estate deals with the consequences of consumer
decisions regarding real estate assets and services. Appraisal attempts to estimate the value of
property to consumers. Market analysis attempts to predict consumer demand for real estate
services. Investment analysis examines the required and expected rate of return to an
investor, and finance analyses consumers’ mortgage choices and likelihood of repayment.
The study of consumer behaviour involves trying to understand complex human beings and
the reasons they act the way they do in the marketplace. It recognizes that consumer decisions
take place inside a person who is distinctive in his personality and attitudes, yet similar to
other consumers who have been exposed to the same external influences of culture and
society.

Rather than ignoring these complexities, real estate researchers should embrace the study of
consumer behaviour to better understand the reasons behind market choices.

Within appraisal, the sales comparison approach estimates the value of a property based on
what consumers are willing to pay for individual components of the property. The study of
consumer behaviour examines why people value those components, which people value those
components, and why preferences change over time. A review of the consumer behaviour
literature would suggest that buyer/seller attributes be explicitly considered in appraisal to
determine market characteristics and the properties considered to have the same utility and
amenities.

The incorporation of consumer behaviour concepts into traditional real estate study in these
and other areas will improve understanding of individual decision-making in a real estate
context. This understanding will lead to better explanations and predictions in real estate
markets and, as a result, greater success in the marketplace.

Conclusion drawn from survey of 100 people around the City

1) It can be seen that Shikhar Spaces is one most popular brand.

2) The Buyers consider Quality and price while purchasing the residential property.

3) The customer may change the Brand if the Particular brand is not available and also
because of close substitute.

4) Price hike is also one of the reasons for change in brand.

5) Adverting and other sales promotion tools have a great effect on sales of the residential
property.

45
 Suggestions

1) Shikhar Space should try to tap other market potentials, such as Haridwar, Dehradun,
Rishikesh, Mussoorie and Roorkee.

2) Shikhar Spaces should try to decrease Five star amenities with a view to cut down the
property prices and there by attracting the middle class.

3) Shikhar Spaces should organize annual customer meet to appreciate those customer who
have been with them and awarded them.

4) Shikhar Spaces should take mass media such as television more precisely cable media to
target local customers.

5) Shikhar Spaces should also concentrate more on interior decoration to compete with
other competitors.

6) Shikhar Spaces should reduce the maintenance charges.

46
 Bibliography

1. Government of India, Census of India, www.census india.gov.in/2011-

InstructionManual for house listing and housing census, retrieved on18
November 2014.

2. List of house types, available at

https://en.wikipeida.org/eiki/List_of_types/,retrieved on 18 November 2014

3. Singh, T. (2013) Identifying key factors affecting purchase decision of

residential apartment: an exploratory study in perspective of Chandigarh,
International Journal of Applied Services Marketing Perspectives, 2(3), 493-
498.

4. Pettiinger, T. (2013, November 26). Factors that affect the housing market.
Housing, Economics Help blog, accessed 20 November 2014.

5. www.equitymaster.com/Resarchit/SectorInfo/Construction . (2012,
November 14), retrieved on 20 November 2014.

6. Real property available at

http://en.wikipedia.org/wiki/Real_property,retrieved on 23 April 2015

7. Magic bricks,(2012). Guide to buying a house.

8. Shikhar Spaces premium properties in Uttarakhand at

https://shikharspaces.com

47
 Appendix

Questionnaire
“A STUDY OF CONSUMER BEHAVIOUR ANALYSIS
OF REAL ESTATE MARKET “

Personal Details

NAME:- ____________________
______________

OCCUPATI ____________________
ON :- ______________

____________________
GENDER:-
______________

FAMILY ____________________
SIZE :- ______________

CONTACT : ____________________
______________

E MAIL:- ____________________

48
 ______________

1. Do you have any plan to purchase residential property in Uttarakhand?

Yes No

2. What is your present type of property?

Ownership On rental

Others

3. In which area would you prefer to purchase residential properties?

Bhimtal Haldwani

Nainital Ranikhet

Almora Mukteshwar

Other Areas

4. Which factor do you take in to consideration while purchasing residential properties?

(Choose any one)

Location Price

49
 Transportation facility Accessibility to market

Others ___________________________________________

5. Which parameters do you take in to consideration while selecting a residential property?

Brand Name Quality

Space (sq. ft.) Facilities

Interiors Schemes

6. Which other construction company / industry are you aware of other than Shikhar
Spaces?

____________________________________________

____________________________________________

7. Indicate the source of information that you consider for property purchasing? (Choose
any one)

Hoarding Newspapers

Agent Relatives

Others

8. A) Are you aware of various schemes offered by Shikhar Spaces?

Yes No

50
 B) If yes, what is your opinion about the schemes?

Very Good Good Average

9. During which duration of the year normally would you like to purchase residential
properties?

Jan. to Apr. May to Aug. Sep. to Dec.

10. What type of residential property you would like to purchases?

1BHK Flat 2BHK Flat

3BHK Flat Bungalows

Others

11. What will be your mode of purchase of residential property?

Home Loans Lum sum

Installments Others

__________

Signature

51