Winter Internship Project Report, PIBM

1. Project Synopsis
Project Title: Understanding the
consumer buying behaviour in Real
Estate Market
Company Name: Auraexcellente Real
Infracon Pvt. Ltd

Student Name: Harsha Kukreja

Student Roll No: CF71

Project Guide Name

(ExternalMentor): Miss. Rajni Sharma
Project Guide Designation
(ExternalMentor): Team Leader
Project Guide Name (Internal
Mentor): Prof. Kishen R Patil
Project Guide Designation (Internal
Mentor): Academics Department

Confidential Report: No

Duration of project: 45 Days

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1. Executive Summary
Challenge: Auraexellente, a real estate company, struggles with fluctuating market
conditions. To improve their targeting and sales strategies, they need to understand
what factors influence consumer buying decisions.

Solution: We propose a research project to:

• Identify key buying factors (location, amenities, price, etc.)

• Segment the market (first-time buyers, investors, etc.)
• Analyze the decision-making process
• Evaluate emotional and cultural influences
• Predict future demand for various property types and locations

Research Methods:

• Primary Research: Surveys, interviews, and observations at open houses

will gather data on preferences and motivations.
• Secondary Research: Industry reports, government data, and social media
analysis will provide market insights.

Industry Trends: India's real estate sector is projected to reach $1 trillion by 2030,
fueled by urbanization and rising incomes. Government initiatives and foreign
investments are also contributing to market growth.

By understanding consumer behaviour and the broader market environment,

Auraexcellente can develop targeted strategies to increase sales, optimize
marketing, and identify new business opportunities.

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2. Objective of the study

Identify key factors influencing purchase decisions, Segment the market

based on preferences, Analyze decision-making process, Evaluate the role

of emotions and cultural influences.
3. About the sector
Sector Information
The real estate industry stands out as a globally prominent sector, encompassing
housing, retail, hospitality, and commercial sub-sectors. Its expansion aligns
with corporate growth, fostering demand for office spaces and residential
options in urban and semi-urban areas. Among the 14 major sectors, the
construction industry holds the third position in terms of direct, indirect, and
induced effects across the economy.

In India, the real estate sector is the second-largest contributor to employment,

following the agriculture sector. Anticipated trends include increased
investment from non-resident Indians (NRIs) in both the short and long term.
Bengaluru was predicted to be the top choice for NRI property investments,
with Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun following suit.

Market Size

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The real estate market in India is projected to experience substantial growth,

reaching Rs. 65,000 crore (US$ 9.30 billion) by 2040, a significant surge from
Rs. 12,000 crore (US$ 1.72 billion) in 2019. The country's real estate sector is
anticipated to achieve a market size of US$ 1 trillion by 2030, a notable increase
from US$ 200 billion in 2021, contributing 13% to the GDP by 2025. Retail,
hospitality, and commercial real estate segments are also witnessing substantial
growth, catering to the expanding infrastructure needs of India.

The real estate sector in India is poised to expand further, with expectations of
reaching US$ 5.8 trillion by 2047, contributing 15.5% to the GDP, a notable
increase from the current share of 7.3%.

In the fiscal year 2023, the residential property market in India achieved record-
breaking performance, with the value of home sales reaching an unprecedented
Rs. 3.47 lakh crore (US$ 42 billion), showcasing a robust year-on-year increase
of 48%. Additionally, the volume of sales demonstrated a strong growth
trajectory, experiencing a 36% rise with 379,095 units sold.
In 2023, Indian real estate developers in major urban centers are set to
accomplish a significant milestone with the completion of around 558,000
homes.

During the first nine months of FY22, India's real estate sector witnessed land
deals exceeding 1,700 acres in the top eight cities. Foreign investments in the
commercial real estate sector reached US$ 10.3 billion between 2017 and 2021.
Developers anticipated a surge in demand for office spaces in Special Economic
Zones (SEZs) following the replacement of the existing SEZs act in February
2022.

ICRA estimates projected Indian firms to raise over Rs. 3.5 trillion (US$ 48
billion) through infrastructure and real estate investment trusts in 2022,
compared to the funds raised totaling US$ 29 billion up to that point.

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The office market in the top eight cities recorded transactions of 22.2 million
square feet from July to December 2020, with new completions reaching 17.2
million square feet in the same period. The Information Technology (IT/ITeS)
sector dominated with a 41% share, followed by BSFI and Manufacturing
sectors with 16% each. Other Services and Co-working sectors recorded 17%
and 10%, respectively.

In 2021, 40 million square feet were delivered in India, with expectations of a

40% market share in the next 2-3 years and a projected 46 million square feet
delivery in 2022. The demand for data centers is expected to increase by 15-18
million square feet by 2025.

In 2020, the manufacturing sector accounted for 24% of office space leasing at
5.7 million square feet. SMEs and electronic component manufacturers leased
the most, followed by the auto sector. The 3PL, e-commerce, and retail
segments accounted for 34%, 26%, and 9% of office space leases, respectively.

In 2022, office absorption in the top seven cities was 38.25 million square feet.
In Q1 2023, net office absorption in the top six cities stood at 8.3 million square
feet.

Fresh real estate launches in the first quarter of 2023 constituted 41% of total
sales across the top seven cities, showing an increase from the 26% recorded
four years ago.

In the third quarter of 2021, new housing supply across the top eight cities
increased by 228% YoY to ~65,211 units compared to ~19,865 units in the same
period in 2020.

The commercial space was expected to witness increased investments in 2021-

22. For instance, Chintels Group announced a Rs. 400 crore (US$ 53.47 million)
investment in a new commercial project in Gurugram covering a 9.28 lakh

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square feet area in October 2021. Commercial real estate transactions doubled
to 1.5 million square feet in Q1 2023.

According to the Economic Times Housing Finance Summit, the current

housing construction rate is about three houses per 1,000 people per year, falling
short of the required rate of five houses per 1,000 population. The current urban
housing shortage is estimated to be around 10 million units, with an additional
25 million units of affordable housing needed by 2030 to accommodate the
country's urban population growth.

Contribution of sector in India’s GDP:

The real estate sector is a crucial component of India's economy, accounting for
approximately 7% of the GDP in 2023. Projections indicate a substantial
growth, with expectations of contributing 10-13% by 2025 and further
increasing to 15.5% by 2047, thereby emerging as a prominent catalyst for
economic expansion.
Several key mechanisms highlight the real estate sector's contribution to India's
GDP:
Direct Economic Impact: The sector actively engages in the construction and
development of various properties, including residential homes, office spaces,
commercial establishments, and infrastructure projects. This multifaceted
involvement generates significant economic activity by initiating processes
such as land acquisition, material procurement, construction labor employment,
and efficient project management.
Indirect Economic Influence: The real estate sector extends its impact on the
economy through a multiplier effect, stimulating demand for various industries
such as steel, cement, furniture, and appliances. This, in turn, triggers
heightened production and increased employment within these sectors, thereby
contributing to a more robust GDP.

Job Creation: Serving as a significant employment generator in India, the real

estate sector directly and indirectly employs millions of individuals. The

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workforce includes construction laborers, architects, engineers, real estate

agents, and property managers.

Revenue Generation: The real estate industry contributes substantially to

government coffers through taxes levied on land, property transactions, and
construction materials. The generated tax revenue becomes a vital source for
funding infrastructure development, social welfare programs, and other
governmental initiatives.

Urban Advancement: The real estate sector assumes a pivotal role in shaping
urban development by providing essential elements such as housing, office
spaces, and commercial infrastructure. This aspect is crucial for attracting
businesses and investments, fostering further economic growth.

Sector Composition:
The real estate sector is a broad and diverse industry encompassing various
property types and uses. Its composition can be broken down into three main
segments:
Residential Real Estate:
Detached residences: These are independent dwellings designed for the
occupancy of a single family. Available in diverse styles and sizes, these homes
range from modest starter houses to expansive mansions.
Multi-family residences: These structures consist of multiple individual living
units, including apartments, condominiums, and townhouses. Providing a more
economical housing alternative when compared to single-family homes, multi-
family dwellings accommodate a diverse range of lifestyles.
Manufactured homes: These are housing units constructed in factories and
transported to a designated location for assembly. Offering an economical and
customizable housing solution, manufactured homes provide flexibility in
design and affordability.
Commercial Real Estate:

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Workspace Facilities: Encompassing structures exclusively designated for

office purposes, this category includes a spectrum of buildings, from compact,
single-occupancy structures to expansive, multi-occupancy skyscrapers.
Commercial Areas: This category includes diverse properties intended for
retail activities, such as shopping malls, strip malls, and standalone stores.
Industrial Real Estate:

Manufacturing and Logistics Facilities: Encompassing properties dedicated

to manufacturing, warehousing, and logistical operations, this sector caters to
the diverse needs of industrial activities.

CAGR (Compound Annual Growth Rate):

Global Real Estate: Anticipated to expand at a CAGR of 5.2% from 2022 to

2030, driven by the surge in urbanization and evolving consumer preferences.

India: The Indian real estate market is witnessing robust growth, projecting a
CAGR of 25.6% from 2023 to 2028, propelled by rapid urbanization, escalating
disposable incomes, and government initiatives.

China: The Chinese real estate market encounters challenges, with an estimated
CAGR of 3.5% from 2023 to 2028 due to regulatory tightening and an economic
slowdown.

Understanding CAGR by Segment:

Residential: Anticipates robust growth, especially in affordable housing, fueled

by increasing urbanization and population expansion across various regions.

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Commercial: Anticipates a potential shift in demand for office space towards

flexible and co-working models, while the growth of e-commerce may boost
the need for industrial and logistics facilities.

Special Purpose: Foresees steady growth in healthcare and educational

infrastructure, driven by a heightened focus on these sectors and a rising
demand for quality services.

In essence, the real estate sector, with its diverse composition and fluctuating
growth rates across segments, presents a landscape marked by both challenges
and opportunities. Grasping these intricacies is paramount for effectively
navigating the market, making well-informed investment decisions, and
contributing to sustainable economic development.

Government Initiatives & FDI:

The interaction between government initiatives and Foreign Direct Investment
(FDI) in the real estate sector is dynamic, with each side influencing the other.
Here's an analysis of their interplay:

Government Initiatives:

Governments employ various measures to stimulate real estate development

and entice FDI:

Tax incentives: Providing developers with tax breaks, exemptions on capital

gains, or deductions for specific investments enhances the appeal of real estate
projects to investors.

Infrastructure development: Investments in infrastructure, such as roads,

bridges, public transportation, and utilities, enhance accessibility and property
values, attracting both domestic and foreign investors.

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Affordable housing programs: Initiatives like India's Pradhan Mantri Awas

Yojana (PMAY) create substantial demand for affordable housing, drawing
investors to this specific segment.

Regulatory reforms: Simplifying regulations, reducing bureaucratic obstacles,

and enhancing transparency make the real estate sector more accessible and
appealing to investors.

FDI liberalization: Relaxing Foreign Direct Investment (FDI) norms, such as

permitting 100% FDI in certain segments, opens up the real estate market to
international investors.

Impact of Initiatives on FDI:

Increased FDI can result in:

Increased capital flow: A surge in funds injected into the real estate sector can
expedite development projects and generate employment.

Improved technology and expertise: Foreign investors can introduce new

technologies and best practices, enhancing the quality and efficiency of real
estate development.

Boosted market confidence: Greater foreign investment signals a positive

outlook for the real estate sector, attracting additional investments.

Challenges and Considerations:

Balancing incentives with sustainability: While incentives attract investors,

governments must ensure they don't lead to unsustainable development
practices.

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Addressing concerns of local communities: Real estate development can

impact local communities socially and environmentally, necessitating effective
government responses.

Ensuring transparency and accountability: Clear regulations and oversight

are vital to prevent corruption and ensure that FDI benefits all stakeholders.

Macro and Micro Environmental Analysis of the Real Estate

Industry:
Macro Environmental Analysis (PESTEL):

Utilizing a PESTEL analysis framework enables us to scrutinize the macro-

level influences on the real estate industry:

Political: Policies set by the government, such as zoning regulations,

infrastructure expenditure, and tax incentives, wield substantial influence on
real estate development and investment.
Economic: Elements such as interest rates, inflation, and GDP growth play a
role in shaping affordability, demand, and investment dynamics within the real
estate sector.
Social: Shifts in demographics, encompassing aspects such as population
growth, urbanization, and evolving household preferences, mold the demand
for various property types.
Technological: Advancements in construction, proptech, and smart home
technologies are reshaping the design, development, and management practices
within the real estate sector.

Environmental: Growing concerns about sustainability and the impact of

climate change regulations are influencing the establishment of energy
efficiency standards, development strategies, and tenant preferences.

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Legal: Property laws, zoning regulations, and environmental guidelines exert

influence over land use, development costs, and investor confidence.

Micro Environmental Analysis (Porter's Five Forces):

Porter's Five Forces model facilitates an examination of the competitive

dynamics within the real estate industry:

Threat of new entrants: The feasibility for new developers or investors to

enter the market depends on obstacles such as land availability, capital
requirements, and regulatory complexities.

Bargaining power of suppliers: The influence of suppliers, including

construction companies, material providers, and labor, can impact project costs
and overall profitability.

Bargaining power of buyers: The negotiating capabilities of buyers, such as

homebuyers, renters, and investors, hinge on factors like market conditions and
access to financing.

Threat of substitutes: Alternative housing options, such as co-living

arrangements, shared ownership models, and virtual reality experiences, may
pose a challenge to traditional real estate models.

Competitive rivalry: The level of competition among developers, property

managers, and real estate agents fluctuates based on location, property type, and
market segment.

Conclusion:

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Through a comprehensive analysis of both the macro and micro environments,

stakeholders in the real estate industry can gain valuable insights into potential
opportunities and challenges. This knowledge serves as a foundation for making
informed decisions related to market entry, project development, investment
strategies, and competitive positioning.

It is essential to recognize that the specific factors influencing the real estate
industry can vary significantly based on geographical location, property type,
and market segment. Therefore, tailoring the analysis to the specific context of
interest is crucial for a more accurate understanding.

4. About the company and department

Auraexcellente Realinfracon Private Limited was incorporated as a private
entity on November 17, 2021. It operates as a non-government company and is
registered with the Registrar of Companies in Pune. The authorized share capital of
the company stands at Rs. 100,000, with a corresponding paid-up capital of Rs.
100,000. The company is engaged in real estate activities involving the ownership
or leasing of property. This category encompasses various operations such as the
buying, selling, renting, and operation of self-owned or leased real estate, including
apartment buildings, dwellings, and non-residential structures. Additionally, it
involves activities like the development and subdivision of real estate into lots. The
scope extends to the development and sale of land and cemetery lots, as well as the
operation of apartment hotels and residential mobile home sites.
Management:
Founded in 2021 by Nitin Pandey and Mithlesh Kushwaha. Earlier company
names was wish to will and Paradise realtors. They have a experience of 12years in
Real estate Market before this company they were working as individuals.

Companies Product / Service:

Auraexcellente Realinfracon Pvt.Ltd is one of Pune’s finest real estate brands.
Auraexcellente Realinfracon Pvt.Ltd. is working as mediator between buyer
and seller. Auraexcellente Realinfracon Pvt.Ltd. help to find customer for

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many developers, builder’s and other real estate brand and sell the property for
them.
Market Penetration of product / service Rural, Semi Urban &
Urban

Lead generation involves identifying potential customers who are interested in a

product or service. The theoretical background here might encompass:

Marketing Funnel: The concept of a marketing or sales funnel, which outlines the
stages a potential customer goes through, from awareness to consideration to
decision. Understanding how leads move through this funnel can guide strategies.

Buyer Personas: Creating detailed profiles of ideal customers, considering

demographics, behaviours, pain points, and motivations. This helps tailor
marketing efforts to the right audience.

Inbound and Outbound Marketing: Exploring different strategies like content

marketing, social media campaigns, search engine optimization (inbound), as well
as cold calling, email marketing, and advertising (outbound) to attract potential
leads.

2.Sales:

Sales involve converting interested leads into paying customers. The theoretical
background for effective sales strategies could involve:

Consultative Selling: Focusing on understanding the customer's needs and

providing solutions that meet those needs. This involves active listening and
building a relationship.

SPIN Selling: A method that emphasizes asking Situation, Problem, Implication,

and Need-Payoff questions to guide the sales conversation.

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Value Proposition: Clearly communicating the unique value and benefits of the
product or service to the customer. This requires a deep understanding of the
customer's pain points and desired outcomes.
SWOT Analysis:

Strengths:

Industry Knowledge and Expertise:

Real estate advisors possess in-depth understanding of local markets, property

types, pricing trends, and legal regulations, providing valuable insights for clients
navigating complex transactions.

Negotiation Strong Skills:

Effective advisors excel in negotiating on behalf of clients, securing favorable

terms, and maximizing financial advantages in real estate deals.

Relationship Building:

Building robust relationships with clients, colleagues, and stakeholders is crucial,

fostering repeat business and referrals for real estate advisors.

Access to Networks and Resources:

Advisors often have extensive industry networks, offering clients access to off-
market deals and valuable resources within the real estate sector.

Tech-Savvy:

Many advisors integrate technology into their practices, utilizing data analytics,
virtual tours, and online marketing tools to reach a broader audience and streamline
processes.

Weaknesses:

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Commission-Based Income:

Dependence on commissions for income may create pressure to close deals quickly,
potentially leading to rushed decisions or insufficient client attention.

Competition:

The saturated real estate advisor market poses challenges in standing out and
securing clients due to varying levels of expertise and professionalism.

Limited Regulation:

Some markets lack rigorous licensing requirements, exposing clients to potential

risks associated with unscrupulous advisors.

Perception of High Fees:

Some clients may perceive advisor fees as unnecessary or expensive, requiring

advisors to effectively communicate their value proposition.

Vulnerability to Market Fluctuations:

Economic downturns can significantly impact the number of transactions and

income for real estate advisors.

Opportunities:

Specialization:

Focusing on specific niches like luxury properties, first-time buyers, or commercial

real estate enables advisors to cater to underserved markets and differentiate
themselves.

Embracing Technology:

Utilizing cutting-edge technology such as artificial intelligence and virtual reality

enhances client experience, improves efficiency, and provides unique services.
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Global Expansion:

Globalization and increased cross-border investment present opportunities for

advisors to expand their reach and serve international clientele.

Sustainability Focus:

The growing demand for sustainable properties offers an opportunity for advisors
to specialize in green buildings and energy-efficient homes.

Partnerships:

Collaborating with professionals like financial advisors, legal experts, and property
managers can offer clients comprehensive services and enhance advisor value
propositions.

Threats:

Disruption from Online Platforms:

Online platforms and automated services may disrupt the traditional role of real
estate advisors, necessitating a shift in how value is delivered to clients.

Economic Downturns:

Economic recessions can lead to property value declines, decreased transaction

volume, and job losses within the real estate industry.

Changing Regulations:

Regulatory changes, such as stricter licensing requirements or tax reforms, could

increase compliance costs and impact advisor business models.

Rise of DIY Investors:

Access to online resources may empower clients to conduct transactions

themselves, reducing the need for advisor services.
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Emerging Competitors:

Alternative housing models like co-living spaces and shared ownership could pose
a challenge to traditional real estate market dynamics.

1 Marketing Mix:

The marketing mix, often referred to as the 4 Ps, serves as a strategic framework
for crafting and executing effective marketing strategies. When applied to real
estate advisors, this framework aids in reaching target audiences, enhancing brand
visibility, and attracting new clients. Here's how the 4 Ps can be incorporated into
an advisor's marketing strategy:

Product (Expertise & Services):Emphasize your specialization: Clearly

communicate if you specialize in luxury properties, first-time buyers, or
commercial real estate. Tailor your marketing efforts to reach relevant audiences.

Highlight unique services: Offer distinctive services beyond basic transactional

support, such as market analysis, relocation assistance, investment consulting, or
property staging services.

Quantify value: Showcase the benefits you bring to clients through success stories,
client testimonials, and data on average deals closed or savings achieved.

Price (Fees & Commissions):

Prioritize transparency: Clearly communicate your fee structure upfront, whether

it's commission-based, a fixed fee, or an hourly rate. Provide flexible options to
accommodate diverse client budgets.

Embrace value-based pricing: Articulate how your services justify your fees and
outline the financial benefits clients receive.

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Consider packages and incentives: Attract buyers and sellers by offering bundled
services or special packages tailored to specific client segments.

Place (Channels & Distribution):

Cultivate a strong online presence: Invest in a professional website and maintain

active social media profiles. Utilize online listings, market reports, and blog posts
to position yourself as a thought leader.

Network actively: Attend industry events, connect with professionals, and

establish relationships with potential referral partners like mortgage lenders and
home inspectors.

Value traditional channels: Incorporate print marketing, such as local magazine

ads, flyers, and business cards. Implement targeted mailers to reach specific
neighborhoods or demographics.

Promotion (Communication & Outreach):

Content marketing: Generate valuable and informative content through blog posts,
market insights on social media, and the creation of video testimonials or property
tours.

Engage with clients: Proactively communicate with clients by sending regular

updates, market reports, and personalized property recommendations.

Leverage online advertising: Utilize paid advertising platforms like Google Ads or
social media ads to target specific demographics and interests.

Public relations and community involvement: Participate in local events, volunteer

activities, and sponsor community initiatives to establish a positive brand reputation
and position yourself as a trusted advisor.

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5. Internship Summary (with outline of task/problem

undertaken in internship)

Introduction:

The world of real estate has always fascinated me. The dynamic nature of the
market, the intricate process of matching clients with their dream properties,
and the satisfaction of facilitating a life-changing decision – it all seemed
incredibly stimulating. This past summer, I had the opportunity to delve into
this captivating realm through a 42-day internship as a Sales Executive at
[Company Name]. This experience proved to be a transformative journey,
equipping me with valuable skills, real-world knowledge, and a newfound
confidence that will undoubtedly propel me forward in my career.

Daily Grind: Mastering the Art of Client Interaction

My daily routine began with a prompt arrival at the office at 10:00 AM. I would
dive straight into the heart of my duties – prospecting calls. This involved
reaching out to a targeted list of potential clients, introducing myself and the
company, and then engaging them in a conversation about their real estate
needs. Effectively communicating the unique selling points of our projects,
understanding their aspirations, and addressing their concerns – these initial
interactions laid the foundation for building trust and laying the groundwork for
a potential sale.

The afternoons were dedicated to further nurturing these initial contacts.

Following up with interested clients, answering detailed questions about
specific properties, and scheduling site visits became a regular part of my day.
Here, I learned the importance of active listening, tailoring my approach to each
client's personality, and confidently highlighting the benefits that truly
resonated with their individual needs.

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Shadowing my team leader during site visits offered invaluable insights.

Witnessing firsthand how experienced professionals interacted with clients,
showcased the properties, and navigated objections proved to be an exceptional
learning experience. I closely observed their negotiation techniques, their ability
to identify key decision-makers, and the strategies they employed to close deals.

By the end of the workday, around 7:00 PM, I would analyze my progress,
reflect on successful interactions, and identify areas for improvement. This
included reviewing call recordings to refine my communication style,
researching market trends to stay ahead of the curve, and attending internal
meetings where valuable sales strategies and company updates were shared.

Building Confidence and Negotiation Skills

Initially, the prospect of cold calling filled me with a sense of apprehension.

Overcoming that initial hurdle and successfully initiating conversations with
complete strangers was a significant achievement. With each positive
interaction, my confidence grew steadily. I learned to navigate objections with
grace, handle challenging clients with professionalism, and present myself as a
credible advisor in the real estate landscape.

Negotiation also emerged as a key skill I honed during my internship. From

discussing payment terms to addressing concerns about property features, I
actively participated in negotiations under the guidance of my team leader. This
experience provided me with a deeper understanding of the negotiation process,
the art of compromise, and the importance of achieving win-win solutions for
both the client and the company.

Knowledge Gained: From Prospecting to Closing

Beyond the practical skills of communication, negotiation, and client

interaction, my internship bestowed upon me a wealth of knowledge about the
real estate sector. I gained a comprehensive understanding of the different types
of properties offered by the company, the current market trends, and the various

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factors that influence property pricing. Additionally, I learned about the legal
aspects of real estate transactions, the role of mortgages and financing options,
and the overall process that unfolds from initial contact to successful property
purchase.

Positive Client Interactions: My Contribution to the Company

The most gratifying aspect of my internship was witnessing the positive impact
I made on the company. My persistent efforts resulted in generating over 50
positive leads – individuals who expressed genuine interest in our projects and
were receptive to further conversations. This translated into tangible results,
with 5 clients accompanying me on site visits. Seeing them connect with the
property features firsthand and consider our offerings as potential future homes
was a truly fulfilling experience.

Overall Learning Outcomes: A Lasting Impact

Beyond the quantifiable results, the invaluable skills I acquired during this
internship will undoubtedly benefit me in my future endeavors. My
communication abilities have become more refined, allowing me to articulate
ideas with clarity and confidence. I have developed a strong understanding of
client interaction, enabling me to build rapport, address concerns, and deliver
exceptional service. My negotiation skills have sharpened, equipping me to
navigate crucial conversations and arrive at mutually beneficial solutions.

Perhaps the most significant outcome of this internship is the newfound

confidence that now permeates my interactions. Stepping out of my comfort
zone, overcoming challenges, and achieving success in a dynamic and
competitive environment has instilled in me a sense of self-assurance that will
prove invaluable as I embark on my professional journey.

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6. Project Description

Understanding Consumer Behavior in the Real Estate Market

Problem: Fluctuations in housing prices, buyer demand, and interest rates pose
significant challenges for real estate companies. To navigate this dynamic
landscape and achieve sustainable success, companies need a deep
understanding of what drives consumer purchasing decisions.

Project Objectives:

Identify key factors influencing consumer buying behavior in the real estate
market.

Segment the market based on buyer demographics, preferences, and

motivations (first-time buyers, investors, etc.).

Analyze the decision-making process for property selection, including factors

like needs, wants, and emotional considerations.

Evaluate the role of cultural influences and social trends impacting real estate
choices.

Develop buyer personas to represent distinct customer segments with their

unique needs and preferences.

Leverage insights to predict future demand for various property types and
locations.

Proposed Research Methodology:

Primary Research:

Surveys and questionnaires: Gather data on demographics, preferences,

buying motivations, and decision-making processes through online and offline
surveys.
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In-depth interviews: Conduct focused interviews with potential buyers to gain

deeper insights into their thought processes, concerns, and aspirations.

Focus groups: Facilitate group discussions to explore common buying trends,

preferred amenities, and decision-making dynamics within specific
demographics.

Ethnographic research: Observe consumer behavior at open houses and

property viewings to understand how they interact with features and evaluate
properties.

7. Research Methodology (only for research projects)

Research Objective:
To understand the consumer’s buying behaviour in purchasing property.
To identify the requirements of customers.

Research design:
Research design is the comprehensive framework directing the collection,
analysis, and interpretation of data in a research study. It plays a pivotal role in
determining the credibility and dependability of the study's outcomes. An
effectively structured research study guarantees the successful exploration of
research questions or objectives, ensuring the gathered data is both pertinent
and trustworthy. Various components and factors contribute to a sound research
design, including the formulation of clear research questions, the selection of
an appropriate methodology, careful consideration of ethical aspects, and the
establishment of measures to enhance validity and reliability. The design must
be flexible enough to accommodate unforeseen challenges while maintaining
the study's integrity. Ultimately, a well-crafted research design is essential for
producing meaningful and reliable research outcomes.
Exploratory research:

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Exploratory research involves investigating a novel or less-explored subject to

acquire initial insights and establish a basis for subsequent inquiry. This phase
entails delving into uncharted territory, discovering potential questions, and
creating hypotheses to guide future research. It can be likened to the initial
detective work in research, where one gathers clues and develops leads. This
research is an exploratory research.

Qualitative research:
Qualitative research delves into the realm of human experiences, aiming to
understand the "why" behind the observed "what." It's akin to wearing
specialized glasses that enable one to look beyond numerical data and statistics,
exposing the depth of people's thoughts, emotions, and viewpoints.
Data Collection:
Quantitative Approaches:

Surveys: Target a broad audience using online or offline questionnaires,

collecting numerical data that provides insights into demographics, opinions,
and preferences.
Experiments: Manipulate variables in controlled environments to test cause-
and-effect relationships, observing outcomes to draw conclusions.
Market Data Analysis: Analyze existing datasets such as sales figures, website
traffic, or sensor readings to identify patterns and trends.
Qualitative Approaches:

Interviews: Conduct one-on-one discussions to explore personal experiences,

motivations, and perspectives, generating detailed and nuanced narratives.
Focus Groups: Bring together a small group to discuss a specific topic,
fostering interactive dialogue and revealing collective ideas and opinions.
Observations: Observe behaviors in natural settings, either directly or through
recordings, to comprehend how individuals interact with their surroundings.

Theoretical Framework:

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India's real estate sector is a captivating and diverse terrain, offering both vast
potential and intricate challenges. Whether your focus is on the residential
market, commercial prospects, or broader industry trends, I can assist you in
navigating this dynamic landscape.
Examining the current state of real estate in India involves considering several
crucial aspects:
Current Market Trends:
Recovery and Expansion: Following a recent slowdown, the Indian real estate
market is displaying indications of recovery, witnessing steady growth in both
residential and commercial sectors.
Tier 1 vs. Tier 2 Cities: While major cities like Mumbai, Delhi, and Bangalore
remain alluring, there's a growing interest in emerging Tier 2 cities such as
Pune, Jaipur, and Lucknow due to their affordability and infrastructural
development.
Affordable Housing: Government initiatives and a rising demand for
affordable homes are fueling growth in this segment, presenting opportunities
for developers and investors.
Technology Integration: Proptech is playing a substantial role, with online
platforms streamlining property searches, virtual tours enhancing the buyer
experience, and AI-powered tools assisting in sales and property management.
Challenges and Opportunities:
Regulatory Framework: Complex regulations and bureaucratic hurdles can
pose challenges for developers and investors.
Land Acquisition: Availability of land, especially in urban areas, can be a
hurdle impacting project timelines and costs.
Infrastructure Development: Disparities in infrastructure development across
regions create market disparities.
Financing Accessibility: Concerns persist regarding access to affordable
housing loans and real estate funding for certain segments.

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Questionnaire:
A questionnaire is a collection of written queries employed to obtain
information from a group of individuals. It resembles a written dialogue, where
specific questions are posed, and individuals furnish their responses.

Purpose: Questionnaires find application in diverse contexts such as market

research, soliciting customer feedback, conducting academic studies,
administering employee surveys, and more.

Format: They can exist in online, offline, or hybrid formats, depending on the
target audience and accessibility considerations.

Types of Questions: Queries within a questionnaire may be either open-ended,

allowing for detailed responses, or closed-ended, offering specific answer
choices, or a combination of both.

Structure: A well-constructed questionnaire should possess clarity,

conciseness, and logical organization to ensure precise and insightful responses.

Analysis: Subsequently, the gathered data is scrutinized to reveal patterns,

trends, and insights pertinent to the subject under investigation.

Hypothesis:
A hypothesis is a reasoned assumption or proposed interpretation of a
phenomenon that can be subjected to examination through research. It
resembles an initial intuition or forecast derived from one's current knowledge
and observations.

Key Aspects of a Hypothesis:

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Tentative and Testable: Rather than being a fixed notion, it serves as a starting
point for inquiry. It must be amenable to experimental design or data collection
to assess its validity.

Specific and Clear: It should avoid ambiguity or generality. Instead, it must

precisely articulate expectations about what is anticipated to occur, under what
conditions, and with which variables involved.

Evidence-Based: Rather than a random conjecture, a hypothesis should be

grounded in existing research, observations, and theoretical frameworks.
Hypothesis-
H1- Customers look for properties for investment purpose
H0- Cutomers look for properties for end use.

Sample and Selection Criteria:

Sampling in research involves the selection of a subgroup of individuals or units
from a larger population to represent it in a study. The primary objective is to
derive valid and reliable conclusions about the population based on observed
characteristics within the chosen sample. The following are key concepts and
methods associated with sampling in research:

Population:
The population refers to the entire group under study, which may consist of
people, objects, events, or any defined set.

Sample:
A sample is a subset of the population chosen for the study, enabling the
researcher to make inferences about the entire population based on observations
within the sample.

Sampling Frame:

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The sampling frame is a list or accessible representation of the population from

which the sample is drawn. It acts as a practical reference for selecting
individuals or units for the study.

Sampling Methods:
Various sampling methods are broadly categorized into probability sampling
and non-probability sampling.

Probability Sampling: Every population member has a known chance of being

included.
Simple Random Sampling: Equal chance for each member to be selected.
Stratified Sampling: Divides the population into subgroups, and samples are
taken from each subgroup.
Cluster Sampling: Divides the population into clusters, and entire clusters are
randomly selected.
Systematic Sampling: Members are selected at regular intervals from a list
after a random start.
Non-Probability Sampling: The likelihood of selection for any member is
unknown.
Convenience Sampling: Easily accessible individuals are included.
Purposive Sampling: Participants are chosen based on specific study-relevant
characteristics.
Snowball Sampling: Existing participants refer others meeting inclusion
criteria.
Quota Sampling: Maintains proportions of specific characteristics in the
sample.
Sample Size:
Determining an appropriate sample size involves finding a balance between
ensuring statistical validity and minimizing resources and time required for data
collection.

Sampling Bias:

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Sampling bias occurs when the sample is not representative of the population,
leading to skewed or inaccurate results. Researchers aim to minimize bias
through careful sampling techniques.

Randomization:
Randomization is a fundamental principle in probability sampling to ensure an
equal chance of inclusion, reducing the risk of systematic biases.

Generalizability:
Generalizability considers the extent to which findings from the sample can be
applied or generalized to the entire population. A more representative sample
enhances generalizability.

Data Collection:
Collecting data is a vital step in the research process, where information is
systematically gathered to address research questions, test hypotheses, or
achieve study objectives. The selection of data collection methods depends on
factors like research design, study nature, and the type of data required. Below
are some commonly employed research data collection methods:

Surveys and Questionnaires:

Surveys and questionnaires entail presenting participants with a structured set
of questions. This method is frequently utilized to collect information on
opinions, attitudes, behaviors, and demographic details.

Interviews:
Interviews involve direct interactions between the researcher and participants,
either in person or remotely. They can be structured, semi-structured, or
unstructured, depending on the required formality and flexibility.

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Observations:
Observational methods systematically observe and record behaviors, events, or
phenomena in their natural settings. This approach is commonly used in
qualitative research.

Experiments:
Experiments involve manipulating variables in a controlled setting to observe
their impact on outcomes. This method is particularly valuable for establishing
cause-and-effect relationships.

Case Studies:
Case studies delve into a comprehensive examination of a single unit, be it an
individual, group, or organization. This method is frequently applied in
qualitative research.

Content Analysis:
Content analysis systematically examines the content of textual, visual, or audio
materials. This method is commonly used to study media, literature, or
communication artifacts.

Sensor Data and Technology:

Advances in technology enable data collection through sensors, wearables, and
various devices. This approach is prevalent in fields like healthcare,
environmental science, and social sciences.
Focus Groups:
Focus groups entail group discussions guided by a moderator. This method is
valuable for exploring opinions, attitudes, and perceptions within specific
demographic groups.
This research is based on primary data.

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8. Data Analysis
Demographic Profile of the respondents:
• The respondents of the questionnaire are first time buyers (Generally of the
age 25-30 years). Majority of the respondents are female. With an income
of 4-5 lakhs p.a.
• The respondents would purchase the property for end use and not for
investment purpose.

Descriptive Statistics:
The data shows:
• Majority of respondents will choose a developing location or a location
which is within the city.
• The brand value of the real estate developer matters when it comes to
investing a huge amount in a property
• Respondents would prefer a location which is close to proximities like
school, colleges, markets,etc.
• Majority of respondents will prefer flats as a residential property.
• Respondents would choose a residential property with 3Bedrooms (3BHK).
• According to the respondents, the ideal price range for any property is
50lakhs-1.5 Cr.
• The ideal possession of any property is 1-2 years.
• Yard space is important in any residential property.
• Office space is an ideal option for commercial purpose.
• Majority of respondents would take suggession from their real estate agent
before purchasing any property.

In the responses,
Dependent variables is the purchase of property and independent variables are
location, aminities, price, possession, etc.

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9. Learnings/Findings/Observations
The objective of the study was to understand the consumer’s buying behaviour
considering various factors in real estate market.
Findings of the study:
• Location: It is observed that our of developed, developing, within the city,
and outskirts of the city consumers would prefer either developing location
or a location which is within the city.
• Brand value: The brand value of the real estate developer is important to
most of the consumers for buying a property.
• Aminities: Majority of the consumers will choose a property with aminities
near to them.
• Residential property: Majority of the customers will prefer flats as a
residential property.
• Bedrooms: Majority of the customers will prefer a property with
3bedrooms.
• Price: The ideal price range for any property is 50lakhs-1 Cr.
• Possession: The respondents choose the possession of 1-2 years.
• Yard space and balconies: Yard spaces and balconies are important in any
residential property.
• Take suggestions for real estate agent: Before investing any amount in
any property, any consumer would take suggestion from the agent.
• Type of commercial property: Most of the consumers would choose office
as a commercial property.

Suggestions:
Location: Concentrate on the growth areas within the city boundaries that offer
excellent connectivity and well-established infrastructure.

Brand Reputation: Establish a solid brand image by emphasizing top-notch

construction, on-time project completion, and exceptional customer service.

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Amenities: Include essential facilities like parks, playgrounds, gyms, and

swimming pools within the property.

Variety in Property Types: Provide a diverse range of flat sizes and configurations
to accommodate various preferences and budgets.

Bedroom Focus: Prioritize 3-bedroom flats, as they are the most favored choice
among buyers.

Price Range: Maintain competitive pricing within the range of 50 lakhs to 1 Cr to

attract a broader spectrum of potential buyers.

Timely Possession: Ensure prompt delivery of flats to meet and exceed customer
expectations.

Outdoor Living Spaces: Design flats with ample balconies and yards to offer
residents appealing outdoor living options.

Agent Collaboration: Form partnerships with trustworthy real estate agents who
can offer expert advice and guidance to potential buyers.

Commercial Property Development: Create office spaces tailored to modern

business needs, including flexible layouts, high-speed internet, and co-working
spaces.

10. Contribution to the Host Organization

Generated 50+ Positive clients for the company, Brought 5 clients for the site visit.

11. Conclusions
In summary, incorporating the insights gleaned from the study and adopting the
proposed strategies will enable you to effectively meet the preferences of your
target audience in the Indian real estate sector. Emphasizing the development
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of areas within the city, prioritizing a strong brand image through quality
construction and punctual project delivery, and providing sought-after
amenities such as parks and spacious residences will enhance the appeal of your
projects. Moreover, offering a diverse range of property types, focusing on the
popular 3-bedroom choice, and maintaining competitive pricing will address
varied needs and budgets. It is crucial to emphasize the importance of timely
possession, integration of outdoor living spaces, collaboration with reliable
agents, and the creation of contemporary commercial spaces for overall success.
By diligently addressing these components, you can position yourself as a
prominent player in the Indian real estate market, delivering exceptional value
and surpassing customer expectations.

12.Suggestions/Future Scope
Location: Concentrate on the growth areas within the city boundaries that offer
excellent connectivity and well-established infrastructure.

Brand Reputation: Establish a solid brand image by emphasizing top-notch

construction, on-time project completion, and exceptional customer service.

Amenities: Include essential facilities like parks, playgrounds, gyms, and

swimming pools within the property.

Variety in Property Types: Provide a diverse range of flat sizes and

configurations to accommodate various preferences and budgets.

Bedroom Focus: Prioritize 3-bedroom flats, as they are the most favored
choice among buyers.

Price Range: Maintain competitive pricing within the range of 50 lakhs to 1

Cr to attract a broader spectrum of potential buyers.

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Timely Possession: Ensure prompt delivery of flats to meet and exceed

customer expectations.

Outdoor Living Spaces: Design flats with ample balconies and yards to offer
residents appealing outdoor living options.

Agent Collaboration: Form partnerships with trustworthy real estate agents

who can offer expert advice and guidance to potential buyers.

Commercial Property Development: Create office spaces tailored to

modern business needs, including flexible layouts, high-speed internet, and co-
working spaces.

13.References/Bibliography

Article:
Pune real estate market trends, Real estate in Pune: A Thriving Market for
Buying and Renting, Assessment of Speculation in Real Estate Sector in
Pune City

Weblink:
https://www.linkedin.com/pulse/punes-real-estate-market-witnesses-
unprecedented-awc0f
https://www.linkedin.com/pulse/punes-real-estate-market-witnesses-
unprecedented-awc0f
https://www.researchgate.net/publication/349313128_Scenario_Analysis_
of_Housin

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14.Appendix
Questionnaire:
What type of location will you choose before selecting any property?
Is brand value of the Real Estate developer important to you?
How important is proximity to amenities like schools, shops, and public transport?
What type of residential property would you prefer?
How many bedrooms and bathrooms do you need?
What is your ideal price range for a property?
What possession are you looking for?
Is a yard space important to you?
What type of commercial property would you choose?
Do you prefer to communicate with your real estate agent before selecting any
property?

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