Dissertation Report



Pawan Khatri A4111410015 MBA Class of 2010-2012

Under the Supervision of Anshul Goswami Lecturer

In Partial Fulfillment of Award of Master of Business Administration In Real Estate And Urban Infrastructure





I Pawan Khatri , student of Masters of Business Administration from Amity school of urban Infrastuture , Amity University Uttar Pradesh hereby declare that I have completed this Dissertation Report on “CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR” as part of the course requirement . I further declare that the information presented in this project is true and original to the best of my knowledge .

Date Place : Noida Pawan Khatri Enroll No A4111410015




I, Anshul Goswami hereby certify that the dissertation titled is a bonafide work submitted by Pawan Khatri, student of Amity School of Urban Management, Amity University Uttar Pradesh under my guidance and support. This report relates is original in thought, expression, content and style.

Anshul Goswami Lecturer, MBA


This dissertation report has the requisite standard for the partial fulfillment the Post Graduate Degree in Masters of Business Administration. Uttar Pradesh has worked on the Dissertation Project “CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR”. Amity School of Urban Infrastructure. ASUM. Anshul Goswami (Faculty Guide) Pawan Khatri MBA (Class of 2012) Amity Business School 4 . Mr. Amity University.CERTIFICATATE OF ORIGIN This is to certify that Mr. To the best of our knowledge no part of this report has been reproduced from any other report and the contents are based on original research. under the able guidance and supervision of Mr Anshul Goswami. AU. Pawan Khatri. a student of Post Graduate Degree in MBA in Real Estate and Urban Infrastructure (2010-2012).

Pawan Khatri MBA (Class of 2012) Amity School of Urban Management 5 . Er Ak Shrivastav. no words could adequately convey my thanks to my family members and friends who indirectly co-operated with me. constant supervision and above all his continuous encouragement & support during the tenure of my project. I’m deeply indebted to my revered faculty guide Mr Anshul Goswami. My thanks go out to all those who helped. feedback or suggestions. for his valuable guidance. It is the product of countless hours. whether through their comments. I would also like to thank all those people who have helped me in the successful completion of my project by giving their precious time in filling my questionnaire without which it would not have been possible to complete my project.ACKNOWLEDGEMENT This dissertation has been an eye-opener for me as it opened new vista of information to me. Asum. AUUP. Lastly. Words shall never be sufficient to describe my experience while doing this dissertation. for providing me with all facilities. I’m also very thankful to our Director General.

TABLE OF CONTENTS Chapter No. Ch-1 Ch-2 2.2 4.5 2.1 4.4 4. 7 10 23 Ch-4 4.3 4.4 2.2 2.1 2.6 Ch-3 Subject Executive Summary Real Estate in India Commercial Residential Retail National Capital Region (NCR) Growth Drivers of Real Estate Major Players in India Critical Review of Literature Page No.5 Research Methodology Objective of the study Scope of the study Data Collection Method Sample Design Data Processing Findings and Analysis Recommendation Bibliography Annexure 37 Ch-5 Ch-6 Ch-7 Ch-8 40 54 57 59 6 .3 2.


They answered question about their target real estate investment according to the preferences such as location. The survey includes a sample of major customers and investors via a questionnaire. Faridabad and New Delhi.EXECUTIVE SUMMARY This research work is related to customers and investors research study. Greater Noida. 8 . For that I targeted to meet people from various organizations who were working. titled “CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR” in high tech cities like Noida. The objectives of my questionnaire are as follows –  Knowing the consumer’s perception while he goes to buy a residential apartment. Gurgaon. infrastructure. and their view point on major factors which are to be considered before investment. The research addresses the factors influencing the customers and investors decision to allocate resources to real estate. Ghaziabad. I collected data from Delhi and NCR region.  Knowing the expectations of a consumer when he goes to buy a property  Finding all the solution to their perceptions and expectations. I collect the information related to real estate and the information needed to buy or search property from the educated people who can really have experience of purchasing property or want to buy house or property. budget. and the major reasons for investing in real estate. A secondary objective was to gather information about what customers want from real estate developer and Regulatory body working in Real estate sector.

I started my survey from Real Estate Expo held at New Delhi. The experience gathered during this research study will help me to understand the real estate sector and customers perception about investing in real estate 9 .  Builders not selling their project directly to END User.  People do not know much about the Real Estate sector During the course of this research work I was provided with an opportunity to interact with the number of people to receive their responses for questionnaire gave a glimpse of the behaviors of people and how a researcher should proceed to elicit the responses comfortably.  People are not aware of the legal and technical documents which they should check while buying or searching house/property. I collected the data of 200 people which has helped me to find out their perception and expectations.  People are not aware about the process of buying a house /property. Few of them are as follows  People do not have a well defined expectation from the Developers.  Whatever information builder provide to customer in there broachers are condition based and customer does not understand it in same way.


India. The next step is creating an ambience. They are about lifestyle. Groups showing interest in India include major Indian and International Companies. Now apartments are more than just houses. steam). as compared to 10 years back) over the last few years made bank loans easier. these new housing colonies have a gym (spa. The government has thrown open the lucrative parts of the Indian reality market to global investors for the first time. Also. Whether it is Bangalore. and allowed 100 percent foreign direct investment (FDI) under the ‘automatic route’ in order to spur investment in the vital infrastructure sector. The development of real estate in India focuses on two primary areas: retail and residential. What does on differentiate in a house? So you now have themed houses. like many other parts of the world is zooming away in the face of a real estate boom. So while the first housing colonies had nothing but a security guard. Some have a multiplex. add the foreign exchange glut in India fuelled to a great extent by software engineers parking their dollar salaries in real estate (especially near the tech hubs). Low interest rates (relatively. Pune.Notwithstanding the global uncertainties arising out of the subprime meltdown. swimming pool (heated. a boom in one sector translates into a boom in another sector with invertors rushing to park their money in a safe place. Driven by positive growth in the economy. real estate in India is booming. Calcutta or Hyderabad or even already sky high Mumbai and Delhi –the story is the same. There are those which offer a servant entrance. The year 2006 started as on a promising note when the Government of India opened the construction and development sector in February 2006. The concern is that in India. In India there is a real estate boom in any direction you wish to see. the real estate demand in India across sectors remains strong on the back of phenomenal economic performance. The relaxation of the FDI ceiling saw big names joining hands with the Delhi based developments to announce India’s largest FDI in the reality sector. 11 . As it happens. shopping complex. Jacuzzi. potential slowdown in US and weakening of the dollar. the stock prices are at the height of a boom. lined with Italian marble).

The boom is also attracting interest from foreign players. of office space. corporate and large Indian manufacturing companies. In recent years. the major occupier of the commercial real estate has been the IT/ITES/BPO sector as opposed to banking. Opening–up of the Indian economy provided them with new opportunities and they have shown a great deal of confidence in the changed set up. • Over the course of the past five to ten years. If IT/ITES continues to grow at the estimated growth rate for the next four years it will be an approximately US$24 bn. Since 1994. • Accordingly.• The global real-estate consulting group Knight Frank has ranked 5th in the list of 30 emerging retail markets and predicted an impressive 20 percent growth rate for the organized retail segment by 2010.1mn sq.1 COMMERCIAL • India has been hit by the global outsourcing waves. of which a big chunk has found its way into the property market. a shift is happening towards cheaper and larger locations in the suburbs closer to dense population pockets supplying quality workforce at 12 . ft. NRIs have invested in sizeable amount. it said. • NASSCOM-MCKINSEY surveys have predicted that the ITES sector in India will provide jobs to 1. non-resident Indians (NRIs) have played a very important role in transforming the Indian real estate market. finance. multinational. • The organized segment is expected to grow from a mere 2 percent to 20 percent by the end of the decade. Industry by FY 2010. 2. Almost 80 percent of demand for commercial space today is thanks to the above sector. Anticipation by NRIs has brought about a lot of maturity in the market which in the past had solely banked on the actual users.

13 . • Most developers are providing a more efficient and better class of product than they were five years ago. there will be a huge demand for commercial space in suburban area of major cities. we expect supply to continue to match demand.2 RESIDENTIAL • Residential property is gaining ground as an attractive mode of investing for middle-class people leading to growing demand. These products are of a global standard and developers are using new age technologies in order to reduce delivery times. even though the rental values have remained the same. which is already experiencing vacancy rates of over 20-30 percent. a gradual decline in the status of the CBDs. Thus. thereby stabilizing rental property rates. • The capital values of commercial properties have moved up by 10-12 percent over the past 12 months. 2. At cheaper costs. A number of developers will put up quality products on to the market. In a nutshell. This disparity will cease once the interest rates moving upwards. • Looking into the future. • More and more developers are building quality built-to suit space catering to the end user in the suburbs.competitive rates. is expected over time. • The residential market has picked up due to the lower interest rates coupled with easy accessibility to loans.

• The increase in prices of residential properties nationally has been 15-20 percent. • There is the total national housing shortage of 41 mn. Lavish townships with good quality construction with luxurious amenities and facilities are now coming up. India has the largest outlet density in the world.3 • Retail Retail is considered the world’s largest private industry with total sales of US$ 6. It is expected 14 . • A study has shown that 50 percent of the formal housing in the country is accessed through the rental route and not ownership. • The demand for good housing is evident. It is thus pertinent to put in place an environment to encourage more stock of rental housing. It is due to the growing eight fold in the coming decade. The consumers demand for international quality ambience. close to 80 percent consists of housing for the weaker section. Units. growth in the suburban residential real estate market has also been witnessed. both by end users and investors. 2. This can be largely attributed to the increase in the land prices as well as the input costs. Outlets.6tn. Out of the above. as most of these developments have witnessed a pre-construction booking of 75-80 percent and even 100 percent in some cases. convenience and infrastructure will drive future growth. With close to 12 mn. • With the shifting of more and more companies and offices to the suburbs. • Retailing is becoming the next boom industry with organized retail being a market of US$6 bn.

ft. • The total retail industry growing exponentially at 8. An increasing number of retailers are focusing on malls as opposed to stand-alone developments. Sq. Currently. the most important parameters in selecting a mall as a potential location are: 1. and the growing number of working couples has led to a change in buying habits and thus the retail scope in India today about 50 mn.that the share of modern retail shall grow from about 8 percent in 2007 to 20 percent by the end of the decade.5 percent per annum and consumer spending has increased at 12 percent per annum during the last 3 years. more exposure to brands and products through television and foreign trips. This accordingly. • Developers who can show most ingenuity in creating an interesting environment. • However. will be the ones that will create an asset that will withstand the test of times. of organized retail space will be coming up across the country by the year 2010. • The Indian consumer today is evolving. the real estate industry is at a critical point. Developer reputation 3. both from a shopping and an experimental standing point. we have a depleting pool of retailers and successful department store chains with a lot of shopping center space competing for the same tenants. Several factors determine a retailer’s attraction towards a particular mall. A recent survey revealed that. for a retailer. The increased purchasing power of the urban educated middle class. There is a dire need to allow 100 percent in retailing. • A notable trend in the market is the development of integrated retail-cumentertainment centers. Consumer demographics 2. Cost of leasing space 15 . creates an opportunity for foreign retailers.

These would include wedding malls. INOX. The Delhi Based Amusement Park. has plans of starting operations in at least two new locations. Maintenance Whilst the number of shopping malls has seen a surge in the recent past. Satyam Cineplex’s and Shringar Films are diving the multiplex business expansion across the nation while Appu Ghar. The next step in the evolution of malls in India is specialty malls and theme malls that cater to a specific target audience. auto malls. along with amenities such as food courts and video game parlors. factory outlet malls. PVR. Support facilitie 7. Car parking 6. Quality of other tenants 5. home accessories and life style malls.4. the future development is now focused on providing for leisure activities as well. etc. 16 . Some of these chains after setting up in the metros are already looking to foray in to the non-metros to reach out to a broader customer base. Infrastructure 8. A significant number of multiplexes are being developed as an integral part of retail malls.

Source: Knight Frank Research 2.4 National Capital Region (NCR) Market Overview 17 .

include Ambience Mall and DLF Mall in Gurgaon and Great India Place in Noida. the Ghaziabad Development Authority (GDA) has ensured that the districts of Greater Noida. Faridabad. close to the domestic airport. Rajouri Garden. local bodies have been encouraged to promote district centers at Janakpuri. Haryana Urban Development Authority (HUDA) plans to develop around 37. Noida. Rising office space demand has led to the development of neighboring satellite towns like Gurgaon. reflecting organized retail expansion in the peripheral markets. Dwarka. etc. Retail market in the city has witnessed intensification in various micro-markets. As per the Gurgaon Master Plan 2021. Residential Supply and Demand 18 . Delhi Development Authority (DDA) plans to release some more land parcels for development near Dwarka.069 hectares of land across 115 sectors (including the industrial sectors). development of new sectors in Faridabad. Notable mall developments. New residential pockets have formed owing to the active residential development around Gurgaon undertaken by developers like Unitech. Preet Vihar. In order to accommodate increasing demand. New retail destinations in Delhi include locations like Saket. On similar lines. etc. These off-CBD locations.The real estate market in the National Capital Region (NCR) has experienced large-scale as well as wide spread development in the last few years. Bulandshahr. also provide potential for real estate development. Real estate opportunity in the region has transformed Gurgaon and Noida into sought after destinations of the country. The residential growth in the region is following a radial pattern with substantial development taking place in the peripheral locations of Delhi. district centers and peripheral business districts are undergoing rapid commercialization. Jasola and community centre at Laxmi Nagar in Delhi. National Capital Region (NCR) Delhi is the hub of commercial activities ranging from small entrepreneurships to large scale industries as well as the IT/ITES sector. Emaar MGF and Gaursons. Saket. The primary reason behind the rise in development in Delhi's neighboring towns is the lack of availability of land in the capital. Meerut. viz. as well as projects taken up by Ansals towards east of Delhi. Ghaziabad. Further. particularly in peripheral locations where organized retail space has come up in a big way.

Delta II. II. DLF Phase V (Nirvana Country) and sectors 47. Noida has around 41. This is primarily because of non-availability of land parcels in the city. Beta I. Greater Noida The residential development was earlier concentrated in the sectors Omega I. Gurgaon accounts for about 53. II. The sectors along the Greater Noida Expressway are expected to receive the maximum (approximately 95%) of the total supply. development is shifting towards sectors Zeta II.ft will be added in 2008 alone.ft. Parsvnath has two projects under construction in north and west Delhi.sq. DLF has also acquired land for development in south Delhi. II. 57. Psi II. 19 . III. Phi I. III. Eta II. of residential space coming up by the year 2010. Gurgaon Upcoming residential growth pockets in Gurgaon include Golf Course Road.sq. Gamma I.ft. of which about 22. 56. II. Omicron I. Chi I. The total residential supply expected in Delhi by 2010 is 2. The stretch along the Greater Noida Expressway has large quantum of office development planned and thus is expected to see demand for quality residential space. II.65 mn. II.ft. Shall be ready by 2008.68 mn. Sigma I. out of which 1. Alpha I.34 mn.sq. of total residential space coming up by 2010.sq.17 mn. II. the residential locations of Dwarka and Rohini have experienced substantial appreciation in capital values. Sohna Road.sq.ft.74 mn.Delhi With the commissioning of Delhi Metro. III. Most of the residential construction in Delhi primarily constitutes of “Builder Floors” in the already developed areas. II. With the increase in demand. Noida Noida has been one of the most sought after residential markets in NCR with recorded occupancy of 75%. Projects in Gurgaon and Manesar have achieved an occupancy rate of 80%.

ft. of residential space shall come up in Greater Noida by 2010 and 5.sq. is added in 2008 alone.Badkal area has seen substantial development over the last 2 years.12 mn. The Delhi metro is expected to be extended to the satellite township in the near future and this is expected to increase the number of people willing to settle down in Faridabad. thereby responsible for contributing around 28% of the total estimated supply of NCR. However. Eta I. II. There are also various residential projects coming up along the NH-58.. sectors Mu I. II. II. as the market is primarily investment driven. Approximately 27. Nu I. The development is concentrated more in the Indirapuram area along the NH-24. Faridabad A large number of residential projects were announced in Faridabad in the year 2007. Kappa I. leading to Meerut.42 mn. II. Iota I.72 mn. Xu I.sq. II. of residential development is proposed to come up in the city by 2010.ft.ft. The locations of the future include Sector Tau.sq. Pi I. The city is estimated to have a considerable supply of 66.II. IV. there has been very little end-user demand in the area. II. Even Surajkund. Swarn Nagari. Ghaziabad The locational advantage has been one of the primary drivers for the growth of residential market in Ghaziabad.ft.III.5 GROWTH DRIVERS OF REAL ESTATE Indian Real Estate Market Growth Drivers: 20 . A total of 37.19 mn. The construction of the Delhi metro has already begun and is expected to boost the housing demand in the region. 2.sq.

the property market is driven by the end users on a need-to-use basis. “The correlation between the stock market and the property market is marginal enough to be insignificant.Source: www. • Spiraling demand for hotel rooms has bought boom in hotel industry. While the stock market is driven by investors on a desire-to-earn basis.bnicapital.6 MAJOR PLAYERS IN INDIA 21 . India has been ranked as 5th in the list of 30 emerging retail market and 20 percent growth is predicted for the organized retail segment by 2010. An estimation of 70 percent of new construction is for the IT sector.” 2.com/GrowthDrivers • • The robust growth in IT sector has pumped the growth in real estate sector. Retail sector is growing at a fast pace. The demand supply will remain over 50 percent beyond 2009 generating substantial business for real estate.




Fallout of real estate boom:


The boom in the real estate saw emergence of many builders, who played upon the emotional side of human nature to own one's own dream house, commercial space etc. Besides the ever rising prices of the houses/flats etc attracted many to invest in the real estate with a hope that their money will give the best returns if invested in the real estate sector. The interest of the consumer in the real estate lead to heavy bookings of the buildings, innovation of the concept of pre-launch bookings, the flats/commercial space were sold while at the drawing board stage. The consumer never bothered to check the credentials of the builder, sanctions by the competent offices etc. Instead the consumers were led by alluring advertisements issued by the builders, promising delivery of possession of constructed building/flat within the stipulated time. After the bubble has burst, needless to say, the promises of the builders have gone for six. The purchaser/consumers have paid the entire sale price/major consideration and they are under debt of bank/financial institutions, savings have evaporated and there is no sight of completed building. The promising builder has vanished or has started avoiding calls; request for refunds, delivery of possession is unheeded. Instead some builders have the audacity to demand more money on account of alleged escalation cost with a remote possibility of possession being handed over to them. I need to emphasize consumer is not helpless and should not allow the builder to run over him. He should fight for his right, the law of land supports him in this regard. The Consumer Protection Act, 1986, will come to the rescue of such erring builders and will force the builders to pay compensation to the consumer, hand over the possession of the flat booked/alternative flat in the same locality and will ask to builder to bear the cost of escalation, if any, on account of rise in price of constructing a building. The purchaser/buyer is a consumer within the meaning of the above mentioned Act and failure of the builder to hold on to the promise made at the time of booking in delivering possession A cheated customer can lodge a complaint with the consumer forums pointing out the deficiency of services by the builder. A consumer court is divided into three forums namely, district forum, state commission and National Commission. Where the value of the property is less than twenty lakhs, the complaint will be filed in the District Forum. Where the value of the property is more than twenty lakhs but less than one Crore the complaint will be filed before the State Commission and where the value of the property is in excess of One Crore the complaint will have to be filed in the

thus the delay in construction should not be a ground for grant of compensation to the consumer. In the alternative. the order of refund with interest will not come in operation. In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood. The builder taking advantage of the order refunded the money. the builder contended that government permissions. It was held that it was the duty of the state commission to direct the builder to deliver the possession of the same flat or flat of similar size to the consumer with compensation for delay in delivering the possession. layout plan etc. reported as III (2007) CPJ 185(NC). the National Commission. It was further held that it is the duty of the builder to obtain the requisite permissions or sanctions for construction etc in the first instance. such as approval of zoning plan. The National Commission further observed that if there is any express promise that the premises would be delivered within the stipulated time and if it is not done so. and thereafter recover the consideration money from the purchaser of the flat/buildings. it was directed that if the builder chooses to hand over the possession of the flat. the National Commission set aside an order of the State Commission. wherein the consumer was led by the advertisement of the builder of delivery within stipulated time and consequently on the failure to deliver. layout plan and schematic building plan were not given. because of the rise in the prices of the immovable properties. The National Commission observed that refund of money with interest at bank rate does not mean that the complainant is adequately compensated for delay in construction of flat by the builder and not delivering the possession of the flat. wherein the builder was directed to refund the money to the consumer along with the interest @ 13%. cost is required to be borne by the builder. The Honorable National Commission observed that it is unfair trade practice on the part of the builder to collect money from the prospective buyers without obtaining the required permissions such as zoning plan. It was noted that because of the delay in construction it is practically impossible for a consumer to purchase a flat at the market price. reported as MANU/CF/0069/2007 was faced with a situation. adequate compensation ought 25 .National Commission. Or in any circumstances. The consumer was further burdened with the escalation cost due to such delay. In another matter titled as Veena Khanna Vs Ansal Properties and Industries limited.

It Raises a question .to have been given so that the complaint could purchase a new flat of the same size at the prevailing market rate. What to do if you are at problem with your builder.poor us. How many get people (individuals) participate to in investing share or reaping market money from result.sort of problems. The amount of business real-estate industry is generating can't be no-longer ignored.so Pepsi and Coke are doing business .Does our constitution really needs the law? We already have unlawful Activities (Prevention) Act 1967 . Mere payment of interest is not an adequate compensation.look at any 1st world country. 26 . It’s a different issue that 70% of the people affected due Similarly in today's real estate may be 50% of Indians get affected directly but 90% indirectly. NEED OF REGULATORY BODY IN REAL ESTATE These days many people are cheated by builder and since builder are big gun so very few people get justices against builder. Three basic needs – Food. shares/bonds/MF. real-estate sector comes next in terms of people employed.. You know the real cause of recession is the real-estate sector in the US Actually we need to understand where a regulator is needed and where not.We have laws but the same story. About home. After 2001.. prices of a commodity. After IT and ITES industry. The value of stake holders in this sector is no lesser than 90%.. advertises about checking food quality. how can a common man get it... Now everybody knows Regulatory body in Food and Beverage is really important (not in India . We don't have as such a proper regulatory authority for Clothing (as it is cheaper here .. may be 40% maximum. probably everyman directly or indirectly is associated with real-estate sector (see the investments in Infrastructure bonds only).whether rich/poor it takes whole life to get a home.really more important to any man than running after some credit card inflated bill or some inflated charges taken by Big Bazaar . and problems with auto and credit cards but hasn’t seen this effort to educate people about real estate. nobody cares/dares it. A question arises that. . Clothing & shelter. Govt. they have).Do we need RBI or SEBI. what is mutation. 1st world countries do have). why is it important. etc. a dream of every man . what is map approval.

Also. and what types of crimes have occurred in the past couple of years? Visit the home on multiple occasions and at different times of the day. Your agent or escrow holder can provide you with information on these policies. Look at and compare many houses in different areas. buying a house is one of the most complicated and expensive purchases you will ever make. Some homes have special assessments in addition to the regular property taxes. Many companies will provide coverage for washers. the home warranty company will insure that the house and the appliances are in working condition.The involvement of more than 50% of the population (public representatives) makes a govt. employees) and outside (investors. pools and pool equipment. Before you make a written offer. and share-holders) if moderated by a central agency like RBI. air conditioning. and that you inquire as to whether there are any assessments scheduled to be placed on the property in the future. People within (i. check the condition of the house and any appliances. window coverings and other items that you want included in the sale. It's one of the biggest factors in setting the price of the home. As with most other things. For example. in addition to the monthly principal and interest payments that you will have to finance the purchase of your home. Complete information of how to buy a home or property: 1. If you buy a home that has a homeowner's association. know exactly what you are buying and what the costs will be after you own it. Why not a industry. location. Make sure that you ask the seller for copies of the past years" bills for these services. Remember: location. 27 . and insurance and maintenance costs. you will also have to pay association fees. you get what you pay for.e. Once you have seen something you like. and some roof repairs. How do I buy a house? Be an informed consumer. location. assess its location. buyers. dryers. you will need to budget for utility bills. Consider purchasing a home warranty. How far will you have to commute? What is the traffic like? How does the neighborhood look? What services are available? How good are the local schools? Will you be able to get your children into them? What is the crime rate in the area. For a minimum fee. property taxes.

a real estate agent can represent both the buyer and the seller. In some instances. obtaining a loan. The agent who helps you find the home is called the buyer's agent. The buyer's agent's fee will be paid by the seller when you complete the purchase of the home. Most homes are listed for sale by a real estate broker who is referred to as the seller's agent. it is advisable to see an attorney who is experienced in the purchase of residential real estate.gov) where you'll find the bar's consumer education pamphlets. since your agent will be working for both the seller and you at the same time. Do I need a real estate agent or an attorney? An experienced local real estate agent can assist you in finding a home that meets your particular needs. The seller's agent represents the seller. If you are not sure that you understand all of your rights and responsibilities. 3. when you are preparing to buy a home. the seller must provide you with a 28 . He or she will also have information about the home and area that an outsider would never find just by looking at the particular home. as well as information on ordering them. and in closing the escrow. This is referred to as a dual agency.ca. Your real estate agent will also assist you in negotiating the price. Usually you will not have to pay your agent a fee for the time and energy he or she spends in finding the home and assisting you in closing the sale.2. order a free copy of the State Bar pamphlet How Can I Find and Hire the Right Lawyer? To find out how to order a free copy of this pamphlet and other State Bar consumer education pamphlets. call 415-538-2280. Or visit the State Bar's web site (www. For more information on how to locate a qualified attorney. It is advised that you proceed carefully in this situation.calbar. The pamphlets also can be ordered in bulk. An attorney can help you with legal and tax questions that come up during the purchase of the home. What information must the seller provide us? In most cases. inspecting the home. learning about the community. This must be disclosed to you before you make an offer. and can assist you in reviewing all of the documents and reports that will be provided to you in the process of purchasing the home.

In most instances. put your questions in writing and ask the seller to respond in writing. and financial statements. easements. the seller must give you copies of the homeowners association's rules and bylaws. for example.Real Estate Transfer Disclosure Statement. and the area where the home is located. you might want a soil stability inspection. you should have the home inspected to determine if it is structurally sound. The kinds of inspections you need depend on the location and condition of the property. and special assessments. The seller's agent must visually inspect the home and report all facts that he or she feels might affect your decision to buy this property. a pest control inspection to see if the house has been infected by termites or dry rot. and must inform you if there are any unpaid assessments. All of which would affect the value of what you are buying. environmental problems. in a hillside area. For example. rights of others to control how you use the property. it is advisable to have it inspected by trained specialists. If you are buying a home built before 1978. This is a pre-printed form that lists many features or conditions about the home. The seller must list on this form any possible problems he or she is aware of that might affect your willingness to purchase the home. the land. You should review the Disclosure Statement immediately and carefully. and a 29 . you will have a limited period of time to decide whether you wish to proceed with the purchase despite the stated disclosures. Depending upon your purchase agreement. You should also ask to see the past minutes of the association board meetings. some sellers will require a written acceptance of the conditions contained in the statement. Should the house be inspected? Before buying any property. zoning and building violations. If you want information that is not covered in the Real Estate Disclosure Statement or additional information that is disclosed. At a minimum. you should seriously consider an inspection for lead-based paint. If you buy a condominium. You might find that there are pending or future lawsuits or defects in the construction of the complex being discussed in these meetings. Other sellers will consider your silence as acceptance of all of the conditions contained in the Disclosure Statement. This includes. nonfunctioning equipment. 4.

and notary fees. escrow fees. earthquakes or flooding. This will give you an idea of some of the additional costs you will incur in purchasing your home. title reports. Keep in mind that while the seller has to tell you about anything he is aware of that is wrong with the house. The price you offer on a home will. 30 .natural hazards inspection to see if the home is located in an area subject to fire. You do not want any surprises. homeowner's insurance. The real estate agent can advise you about additional inspections that might be warranted under the circumstances. What is a Residential Purchase Agreement and Receipt for Deposit? This agreement is an offer which. be less than the amount you will need to purchase the home. fees for inspections. results in a binding contract. for this reason. local taxes. These include. in most cases. Once you have found the home of your choice and have determined how much you are willing to pay. upon acceptance by the seller. or by reading the real estate section of your local newspaper. he is not insuring the quality of the house. for example. 6. You can also get information on home sales in your area by visiting a host of Internet sites provided by professionals in the industry. The deposit is considered a down payment on the price of the home. you need to make a deposit (called earnest money) to show the seller that you are serious about buying the house. This form sets out the terms upon which you are willing to purchase the property. There will be expenses incurred in purchasing the home that will have to be paid by either the buyer or the seller. recording fees. You submit a written offer on a form known as the Residential Purchase Agreement and Receipt for Deposit. Ask your agent or escrow officer to provide you with an estimated closing statement. 5. How do I make an offer on a house? Most homes are sold through real estate agents who have expertise in valuing homes. and an inspection is a good idea. The deposit is usually deposited in escrow upon the acceptance of your offer. document preparation. In some instances you may have to increase your deposit or increase your offer. especially if there are multiple offers on the home.

revoke your offer before it is accepted by the seller. an arbitration provision and a liquidated damages provision. You will want a condition that allows you to cancel the contract if you cannot obtain a loan on favorable terms or if the inspections reveal substantial defects or problems with the home. it should include a complete description of the property and of any personal property that will be sold with the house. The Residential Purchase Agreement and Receipt for Deposit contains several provisions that discuss what will happen in the event the sale does not go through. Can I change my mind? You should not make an offer to purchase a house unless you are serious about buying it. the amount you will pay in cash. kitchen appliances. and your 31 . what will happen if you and the seller have a disagreement over the terms of the sale. such as window coverings. the more conditions you have. washers and dryers. It should state the exact purchase price. The agreement should also indicate whether you are purchasing the property in "as is condition" or the seller is warranting the condition of the property. Take the time to go over each and every term of the agreement with your agent before you sign the agreement. This agreement should also list any conditions that may allow you to back out of the contract. however. This revocation should be in writing. however. You can. This agreement should also set forth what will happen to your deposit if you cancel the sale. 7. and the amount you will need to finance to complete the purchase price. For example. you may be able to terminate or revise your offer if you are unhappy with what your inspections reveal or if other conditions of the offer are not met. any increases in that deposit. You may also need a condition that allows you to cancel the sale if you cannot sell your current home. check or wire transfer.It should cover all of the important terms of the sale. Please understand. and how the brokers will be paid. If your offer has already been accepted by the seller. the less likely the seller is to accept your offer. The liquidated damages provision can result in you losing most if not all of your deposit (up to 3 percent of the contract price) in the event you elect not to complete the purchase price. including the amount of your initial deposit. There is a mediation provision.

What types of home loans are available? In exchange for cash from the lender. and a review of any taxes. Some lenders will charge you a loan application fee. assessments and zoning regulations that affect the property. You do not have to agree to this provision. pension funds and investment trusts. Your agent will be able to recommend lenders in your area. income history. 8. 9.election is without good cause. appraisal fee and other fees to consider or close the sale. Sometimes a seller will offer a seller-financed or carry back deed of trust. When you apply for a home loan. It will also obtain information about the property that will be security for the loan. the property you purchase will be security for repayment of the loan. This will include an appraisal or estimate of the fair market value of the home. a review of the preliminary report prepared by the title insurance company to determine what liens. document preparation fee. You should discuss these fees with your lender before you submit your application. the lender will check your credit rating and review your past employment. mortgage loan brokers. In most instances. This financing method is often used when a seller wants to receive income over a period of time or when lenders are stringent in their loan requirements. mortgage bankers. Carefully discuss the pros and cons of initialing this provision with your agent or attorney. Other sources of loans are insurance companies. savings and loan associations. There is no provision in the standard contract for liquidated damages in favor of the buyer in the event the seller wrongfully refuses to go through with the sale. and credit unions. The terms of these loans should be discussed 32 . easements and other conditions will be superior to its loan. How can I get a loan? Most home loans are made by financial institutions such as banks. and credit and debt obligations. you agree to pay interest and to make payments over a period of time. finance lenders. Lenders charge different fees and offer different interest rates so it pays to shop around.

Most home loans that are available to Californians offer one of two interest rate structures. you should have your agent or attorney review all of the seller's loan documents and make approval by the lender a condition to your offer. He or she is best qualified to determine if the loan documents and agreement meet all legal requirements. Another type of loan that is available is an adjustable rate mortgage loan. a person or company that has no connection 33 .with your agent or attorney. such as a Veteran's loan or an FHA loan. Check with your local consumer affairs office and housing departments for up-to-date information on these types of loans. This means that the lender can demand that the seller's loan be paid in full when the property is sold. If you wish to assume a loan. These loans usually have a lower interest rate and require smaller down payments. Make sure that you understand all of the terms of these loans before you agree to accept one. the U. sometimes called an ARM. new mortgage plans become available that are intended to meet specific needs of a community. and the Federal Reserve Discount Rate. Some indexes used are the Cost-of-Funds Index published by the Office of Thrift Supervision. These loans usually have interest rates that are lower than the fixed rate loan interest. Veterans Administration or the U.S. What occurs when I "close" on a home? For the protection of the seller and the buyer. Department of Housing and Urban Development (HUD). you can "assume “a loan or take over a loan that the seller has been paying off. ARMs can be complicated. 10. Some fixed rate loans are federally insured or guaranteed. get in touch with a local office of the California Department of Veterans Affairs. Occasionally. Most loans have an acceleration or due on sale clause. An ARM is a mortgage loan which provides for adjustment of its interest rate as market rate interest rates change. For more information on these loans. The ARM's interest rate is tied to an index that reflects changes in the market rates of interest. You should be careful in assuming any loan. and loans for teachers. Occasionally.S. A fixed rate loan offers a set interest rate. so that your monthly payment never changes. These include loans for first-time homebuyers.

the escrow holder will provide you with a Settlement Statement. realtors or lawyers. the lender and the title insurance company. How should the title to the home be held? Prior to the close of escrow. You should review this document carefully and save this statement for later. It also will affect whether certain taxes will be 34 . In Northern California. This procedure is called escrow. all of the costs incurred by you in purchasing the property. Many of these costs may be deductible from either your state or federal taxes. The escrow holder does not act as a mediator. savings and loan associations. and the escrow holder. a lawyer or an advisor. the escrow instructions may be considered your final agreement as to the terms of the purchase. discuss them with your agent. your lawyer. 11.with you or the seller holds the money and papers involved in the purchase. Make sure your Purchase Agreement does not conflict with your escrow instructions. This document will show you. If you are uncertain as to what the instructions say. After the close of escrow. escrow instructions are signed when the escrow is opened. These instructions should be clear and certain as to the intentions of the parties and the duties of the escrow holder. If you have any questions or concerns about the charges you incurred. The escrow holder's job is to make sure that all of the terms and conditions of the agreement are met. In Southern California. independent escrow companies. They are modified throughout the course of the escrow as the agreement between the buyer and seller change. the escrow holder will ask you how you wish to hold title to your new home. He or she will also coordinate all of the activities of the broker. The escrow holder will deliver the deed to the county for recording when it can pay the seller the money. Its only job is to carry out the terms of the escrow instructions. contact the escrow holder immediately and ask for an explanation. If they do conflict. How someone holds title will affect what will happen to the property in the event of the death of one of the owners. banks. as the buyer. The escrow holder is required by law to remain neutral. Escrow services can be provided by title companies. escrow instructions are executed just prior to the close of escrow.

have the right to choose the title company. the title to the property will be free from liens. as the buyer. A survey and survey coverage can help eliminate future disputes with your new neighbors. This decision should be based on the local office's expertise. California. "Clear title" means that when the sale to you is completed. Before a title company issues an insurance policy.incurred or whether a probate of the estate will be necessary. Do I need title insurance? Title insurance is necessary for your protection when you buy a home. When you make an offer to buy a home. especially in rural areas. boundary lines are not where they should be. you. with your spouse. For more information on the different forms of ownership. as separate property. You should also review this report and 35 . San Francisco. In many instances. or with your spouse or a third party. it will make an investigation to find out if anyone besides the seller claims to own the property. call 1-888-460-7364. as joint tenants or tenants in common. as community property. 12. For information on ordering multiple copies. judgments and other claims that you have not agreed to accept. The State Bar of California. You should discuss these issues with your agent. You can hold title to the home by yourself. not a guarantee that problems will not arise after the close of escrow. Trust and Probate Law Section. however. you should make one of the conditions of the close of escrow clear title to the property. You can also hold title to the property in a family trust. Once you have chosen a company. It is. You should carefully review this report to determine if it describes all of the property you are interested in buying. see the State Bar pamphlet Do I Need Estate Planning? To obtain a complimentary copy of this pamphlet. You should discuss your options with a tax specialist and your agent before you make your selection. mail a self-addressed envelope (with 55 cents in postage) to the Estate Planning. The title company will provide you with a report. 94105-1639. and the company's record for fairly handling claims under its policies. called preliminary report. It will also search the public records for claims against the property. You should also discuss with your agent the need for a survey of the property and title insurance coverage for boundary line disputes. 180 Howard Street.

if necessary. For an additional one-time cost or no charge at all. zoning violations. in most instances. And. and post policy forgeries. Often the difference in cost for the better policies is nominal. ask for an explanation of any item you do not understand. Be aware that different companies charge different rates. the day of closing should be a cause for celebration. Ask questions. you should discuss the matter with your agent. Discuss with your agent and the escrow holder what policies are available in your area and the differences in prices on each of the policies. And since a portion of your purchase price is paying for the agents and the escrow holder's expertise. prescriptive easement claims. "Basic" or "Standard" coverage is. seek advice from a qualified real estate attorney or tax advisor. not the best policy available. If you are uncertain as to what the report says. utilize their services throughout the process leading up to the day of closing. you can obtain protection for losses resulting from illegal construction. Request copies of any documents you do not understand. the escrow holder and/or your attorney. Asking questions during the purchase of your home will help insure that you and your family will enjoy your new home for many years to come. 13. unrecorded liens.determine what items you are willing to accept when you purchase the property and what items you wish removed or taken care of as a condition of the close of escrow. keep copies of all documents relating to the purchase of your home. Congratulations! Whether you are purchasing a home for the first time or for the fourth time. There are different kinds of title insurance available. 36 .

CHAPTER 4 RESEARCH METHODOLOGY RESEARCH METHODOLOGY: What is research? Research can be defined as a scientific and systematic search for pertaining information on a specific topic. analysis and 37 . We define research as the systematic design. collection.

1 OBJECTIVES OF THE STUDY Project has mainly three following objective1. 38 . technical and financial transparency between project developer and customer. Given its fundamental nature. In order to accomplish the objectives of the project a survey has been conducted amongst customers of the real estate market. 4. Also it helps in creating awareness to consumers regarding property documents and in promotion of their services. data collection method and selection of subjects. To determine the customer’s perception. 4. To determine the customer’s expectations. 3. It helps me in getting an idea of Real Estate industry and its importance in our life.reporting of data and findings relevant to a specific situation facing the company. and what issues concern them. The survey is restricted to the information needed to show legal. On the other hand Descriptive research is aimed to find the complete description about an existing problem or phenomenon. The main aim of research is to find out the truth which has not been discovering yet. To determine the problems faced by the customers while buying a house. Exploratory research helps in determine the best research design. The goal is to learn what is going on. Its seeks to find out how people get along in the setting under question. exploratory research often concludes that a perceived problem does not actually exist. It increases my confidence on professional ground by dealing with high profile corporate that are very hard to convince. what meaning they give to their actions. Exploratory research is a type of research conducted because a problem has not been clearly defined.Exploratory and Descriptive. 2. The survey is based on questionnaire filling method and limited to some parts of NCR region. TYPE OF RESEARCH: .2 SCOPE OF THE STUDY : The project undertaken makes me able to improve my professional skills and expertise.

4. 4.3 DATA COLLECTION METHODS:1.4 SAMPLE DESIGN:Study of the geographical area comprising of Ghaziabad. Generally I met with the employees related to the top management of the companies.RESEARCH DESIGN:A survey research method was the basic research design. 4.5 DATA PROCESSING:Daily data was entered into MS-Excel sheets. 2. 39 . Noida. and published reports by various institutions. Gurgaon. The data sheets mentioned here are attached in the report. what type of documents they check while buying or searching property. Secondary data is collected through internet sources. It has tried to cover corporate offices of different industries in these regions. After the exhaustion of the specified geographical area this data was analyzed using MS-excel graphical and tabulation techniques. Faridabad were undertaken. research papers. Questionnaire is having questions regarding the respondent’s basic information such as contact details. what type of information they want from real estate project developer and Government. designation. Primary data are collected through questionnaire method which is design to keep in view the objective of the study. The sample size consisting of 200 peoples of these regions. I interact with personally to people through questionnaire filling method.

CHAPTER 5 FINDINGS AND ANALYSIS FINDINGS & ANALYSIS 1) Tick the options which match your preferable location and types accordingly? 40 .

Type 1 BHK 2 BHK 3 BHK 4 BHK Penthouses Villas/plots Locatio Ghaziabad Noida/ G.Noida Faridabad Gurgaon 7 6 21 2 17 34 12 18 9 13 7 9 2 9 6 4 1 3 2 4 8 2 3 1 Findings Analysis 41 .

60 lakhs above 42 .5 lakhs-Rs. 2) For the above chosen option how much are you willing to pay? a) Rs.40 lakhs d) Rs.40 lakhs-Rs.40 to Rs 60lakhs and most people have their budget in between this amount only. There are several reasons for this: • • Investors also want to invest in this segment only.60 lakhs b) Rs.20 lakhs c) Rs. Genrerally 2bhk flat costs you something around Rs.From the above bar diagram it is very clear that 2bhk has highest demand in the market and the most preferable location here is Noida.20 lakhs-Rs. • 2bhk is the most demanded segment in the rental market this attracts highest investment in this.

Noida and Gurgaon.and in some place like faridabad you can buy 3bhk in this budget.Rs.Findings Analysis Most of the people have their budget in between Rs.34-58 lakhs in Ghaziabad. 43 .this is the reason that 2bhk is the most demanded segment in the market and 2bhk will cost you somewhere around Rs.40. 3) Property options where would like to invest? a) New residential projects b) Under construction project c) Ready to move in.60 lakhs.

4) Purpose of Your investment in residential property will be: a) Investment b) Self use c) Mix of both above.Findings Analysis More then 50% of the respondent were in favour of READY TO MOVE IN HOUSE this is because in underconstruction and new projects they don’t have trust on builder wether they will deliver the project or not and if yes then in what time and will it possess same quality which was shown in the catalogue at the time of purchase. 44 . In some case it is quite possible that if they invest in new project they will also have to pay rent in which they are living until they get the possession.

This is because commercial property pay higher return then a residential property and a prudent investor will invest in commercial property if his/her motive is only to invest in property.Findings Analysis Most of the respondent’s purpose was SELF USE . 5) Do you think real estate developers give possession timely? a) Yes b) No c) Can’t Say 45 .

and Radio e) Personal Reference c) Internet f) Broker 46 . Only 2 or 3 builders are there in the market who deliver their their projects on time otherwise all take 1 to 2 year more in completing the same project. 6) What source of information do you prefer while buying /searching for a property? a) Print media d) Outdoor Add. b) T.V.Findings Analysis Only 35 out of 200 respondents said yes and this is the reason why consumer prefers ready to move in house.

So in this way broker is the most important source of information in real estate market. so when a customer goes to broker for some particular project then he offers him more options to him which are available in the market. This the reason broker is the need of market.Noida Gurgaon Gaziabad Faridabad 47 .Findings Analysis Property in India is sold through a broker. 7) Return wise rank the cities: Noida / G.

And moreover noida is the only city in which first infrastructure came and then housing. So today NOIDA is the best place to invest in.Findings Analysis Noida is the place where you can get the best returns because if you take gurgaon – saturation is coming over there. Otherwise in all other place first housing and then infrastructure.Noida Gurgaon Gaziabad Faridabad 48 . If you take Faridabad infrastructure is the problem. And if you take Ghaziabad – no one likes Ghaziabad address. 8) Connectivity/public transport wise rank the cities: Noida / G.

Public transport facility is very easily available in Noida 9) Infrastructure wise rank the cities: Noida /G.Noida Gurgaon Gaziabad Faridabad 49 . Ghaziabad. Gurgaon via Metro Rail. buses and cabs.Findings Analysis Noida is well connected to Greater Noida. Delhi.

transportation. water.Noida Gurgaon Gaziabad Faridabad 50 . international connectivity and so the houses are expensive. 10) Employment wise rank the cities: Noida / G. electricity.Findings Analysis Here today after 20 years Gurgaon is the most developed city in regard of roads.

BPOs.KPOs.MNC are located in Gurgaon and NOIDA and as the jobs opportunities are floating in these cities both of them are the leading.Findings Analysis Most of the IT/ITes. 11) Entertainment wise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad 51 .

restaurants and most of the population comprises from service class and they find the time on weekend to enjoy their life with their family.Noida Gurgaon Gaziabad Faridabad 52 .Findings Analysis Gurgaon takes the lead because of the development like the cinemas. clubs. 12) Your first investment will be in which city Noida / G.

Findings Analysis Today NOIDA is the best city to invest because of several reasons • • • Still going through the international development phase. Infrastructure Connectivity Present prices are not very high • 53 .

It varies from person to person and depends on person’s financial plan. 54 . So before targeting the customers the company should consider the factor. age.CHAPTER 6 RECOMMENDATIONS Recommendations: • In reality asset allocation is far more sophisticated process. and investor’s preferences. disposal income. family background.

return. • • Customers should go through all the terms and conditions of the project developed. Recommendation to Project Developer (Builder) – These factors will help in creating goodwill and brand for the builder 55 .ft. The company should focus on developing the residential property more rather than commercial property. In same sector the only difference is of ready to move in and under construction. before buying or searching house. return. Recommendation to customer – • Customers should check all the legal and technical documents and not only the marketing details of the builders/project. and there are property costing Rs. and townships rather than commercial property. connectivity. residential plots..• Customers should be approached and asked them to see sample flat without forcing them to buy the flat.3500 per sq. • Tremendous demand for residential property such as group housing. In NOIDA there are property costing Rs. Customer should be aware of the government’s policy related to ‘Real Estate’. • NOIDA is the best place to invest taken in consideration several facts like infrastructure. The conveniences should be born by the company. • NOIDA is the best place to invest taken in consideration several facts like infrastructure. connectivity.ft.5000 per sq.

56 . • Builder should deliver the project in the same way as they have show in catalogue while selling the project.• Builders should show their legal and technical documents to the customers. to make them satisfied because most of the customers want to check it and this also helps in creating a unique identity of the developers. • Builder should deliver the project on time so as to win the confidence of prospective investors.


"Consumer Behavior".com www.indianrealestateforum.com www.ibef.  Schiffman Leon G.makaan.economicstimes.& Kanuk Leslie Lazar.indiatimes.com www.google.com    58 . Kotler Phillip –“Marketing management “analysis.com www.com www.buisnessstanderd.org www.knightfrank.com  www.propertywala.      www.com www. planning implementation and control.


60 lakhs 3) Property options where would lie to invest ? a) New residensial projects b) Under construction project c) Ready to move in.40 lakhs d) Rs.TOPIC-Understanding the Consumer’s Perception & Expectations while investing in residential Property in NCR. Age (in yrs) 25 to 30 30 to 35 35 to 40 More than 40 Type 1) Tick the options which match your preferable location and types accordingly? 1 BHK 2 BHK 3 BHK 4 BHK Penthouses Villas/plots Locati on Ghaziabad Noida / G.40 lakhs-Rs. Service Business Profession- Designation………………………………Name of organization/Company……………………………….60 lakhs above 4) Purpose of Your investment in residential property will be: a) Investment b) Self use 60 .5 lakhs-Rs.Noida Faridabad Gurgaon 2) For the above chosen option how much are you willing to pay? a) Rs.20 lakhs-Rs. b) Rs. service Pvt. Name………………………………………………………………………………………………… Govt.20 lakhs c) Rs.

Noida Gurgaon Gaziabad Faridabad 8) Connectivity/public transportwise rank the cities: Noida / G.V.Noida Gurgaon Gaziabad Faridabad 9) Infrastructurewise rank the cities: Noida /G. 5) Do you think real estate developers give possession timely? a) Yes b) No c) Can’t Say 6) What source of information do you prefer while buying /searching for a property? a) Print media d) Outdoor Add.Noida Gurgaon 61 . 7) Returnwise rank the cities: Noida / G. and Radio e) Personal Reference c) Internet f) Broker 10) Employmentwise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad b) T.c) Mix of both above.Noida Gurgaon Gaziabad Faridabad 11) Entertainment wise rank the cities: Noida / G.

Noida Gurgaon Gaziabad Faridabad 62 .Gaziabad Faridabad 12) Your first investment will be in which city Noida / G.

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