A RESEARCH REPORT SUBMITTED

IN PARTIAL
FULFILLMENT OF THE REQUIREMENT FOR
THE AWARD OF THE DEGREE
OF
MBA PROGRAM
By
Harjeet Kaur
Roll No. 820463325
4rth SEM (FINANCE)

Year: 2008-10
SUBMITTED TO:Mr. Sarabjit Singh
(Faculty Guide)
QUEST INFOSYS
AUTHORISED LEARNINIG CENTRE OF
PUNJAB TECHNICAL UNIVERSITY
JALANDHAR
REAL ESTATE MARKET

PREFACE

Someone has rightly said that practical experience is

far better and closest to the real world than mere theoretical
exposure. The practical experience helps the students to view the
real business world closely, which in turn widely influences their
perceptions and arguments their understanding of the real
situation.
The phenomenon of creation is a long process requiring
time, energy and dedications well as skill and experience of those
people engage in the task, ultimately in the outcome as the final
form of embodiment of the creators vision.
The research work entitled Real Estate Market aims
to study the major investment opportunities and reasons behind
investment and also to know about the people perception and
awareness about real estate investment.
MBA is the stepping stone to management care in
order to reach practical and concrete results. Our contemporary
lives have been influenced by the advancement and growth in
Manufacturing Sector.

REAL ESTATE MARKET

ACKNOWLEDGEMENT
On completing this project, it is my pleasure to thanks all those who
have helped me during the course of this project.

I would like to thanks my entire faculty members of QUEST INFOSYS,

Ludhiana for their constant enthusiastic encouragement and valuable
suggestions without which this project would not been successfully
completed.

Not to forget, my friends and colleagues who have kept my spirits

surging and helped me in delivering my best and made me reach up to
this platform.

Lastly, no words are enough to express my heartiest gratitude to my

parents whose blessings are inspiration in the foundation of my work.

HARJEET KAUR

REAL ESTATE MARKET

CERTIFICATE
This is to certify that Project Report Entitled The Real estate market
submitted as major project in FINANCE is based upon personal
experience and observations gained during the preparation of Project
Report. This project report is submitted in fulfillment of the requirements
for MASTERS IN BUSINESS ADMINISTRATION is an original work
carried out by me under the guidance and supervision of our faculty
guide and this work or any part of it has not been previously submitted
for the MBA.

Mr. Sarabjit Singh

(Faculty Guide)

REAL ESTATE MARKET

CONTENTS

PAGE NUMBER

CHAPTER 1:-

8
INTRODUCTION TO REAL ESTATE
1.1 Features of Real Estate

11

1.2 Advantages of Real Estate Investments

14

1.3 Limitations of Real Estate Investments

15

CHAPTER 2:-

MAJOR INVESTMANT OPPORTUNITIES

17

AND REASONS BEHIND INVESTMENT IN

REAL ESTATE
What Are The Options Available For Investment In
Real Estate Investment

18

2.1 Types of Real Estate Investments

18

2.2 Commercial Real Estate

19

2.3 Residential Real Estate

22

2.4 Real Estate Investment Process

25

2.5 Emerging Trend Of Real Estate In India

28

REAL ESTATE MARKET

2.6 Role of Real Estate in India

CHAPTER 3:-

29
36

OBJECTIVES OF THE STUDY

CHAPTER:-4

38

RESEARCH METHODOLOGY
CHAPTER:-5

41

DATA ANALYSIS AND INTERPRETATION

CHAPTER:-6

51

FINDINGS
CHAPTER 7:-

53

LIMITATIONS OF STUDY
CHAPTER 8:-

55

CONCLUSIONS AND
RECOMMENDATIONS
CHAPTER 9:-

57

ANNEXURE
Bibliography

58

Questionnaires

59

REAL ESTATE MARKET

List of Respondents

REAL ESTATE MARKET

63

CHAPTER 1

Introduction
To
Real Estate
WHAT IS REAL ESTATE?
REAL ESTATE MARKET

Real estate is a legal term that encompasses land along with anything
permanently affixed to the land, such as buildings, specifically property
that is fixed in location. Real estate law is the body of regulations and
legal codes which pertain to such matters under a particular jurisdiction.
Real estate is often considered synonymous with real property (also
sometimes called realty), in contrast with personal property however, in
some situations the term "real estate" refers to the land and fixtures
together, as distinguished from "real property," referring to ownership
rights of the land itself. The terms real estate and real property are used
primarily in common law, while civil law jurisdictions refer instead to
immovable property.
Real estate, property and real property defined.Real estate is a form of
property. Property is the right to possess and use. Real property, a
technical legal word, is the right to possess and use land for a time which
may last for a life or lives or longer. All other property is, in the eyes of
the law, personal property. A lease for 999 years, which is not measured
by any life, but which must expire at a definite time, is less in term of
time, in the eyes of the law, than a conveyance of a piece of land, the
duration of which is measured by a life or by several lives.
When we speak of real property we use the words in their technical legal
sense. When we speak of real estate as a commodity and as a business, it
embraces the various parts of the business which engage the attention of
those who follow it as a vocation, and includes interests which in the eye
of the law are not real property, as for example, leases, mortgages, etc.
Every business has in view finally, commercial transactions resulting in
the transfer of property of some kind; so in our study of the real estate
business we have in mind the transfer of title to real property, and
among the various subjects we shall consider, are the interests which
there may be in land, limitations on ownership, the making of a contract,
the conveyances used, the liens which may affect a piece of property
all of which have an important relation to a final commercial transaction,
the transfer of title to real property.
REAL ESTATE MARKET

The methods of dealing in real estate and the laws governing it are not
arbitrary and were not made for the mystification of others or for the
purpose of multiplying legal fees. All systems of law are expressions of
two things, the historic customs of the people whom they affect, and the
modification of those customs, as changes made those modifications
advisable.
The principal divisions of the real estate business are investment,
operation and agency. These differ from one another according to the
aims of the persons engaging in them and the methods by which those
persons expect to make their gains. To conduct either of the first two
divisions of the business, investment or operation, actual money capital
is required. The most important capital in the agency business is the
good will of its customers, and that can be husbanded, increased and
made very valuable.
Investment is the employment of capital in the acquisition of real estate
or interests therein for permanent ownership or actual use of the person
acquiring it.
Operation is the employment of capital in the acquisition or
improvement of real estate or interests therein for commercial
operations.
Agency is dealing in or with real estate on behalf of others.
Investment in real estate is generally made for either of two purposes:
(a) To derive an income,
(b) To hold for resale in expectancy of an increase in value.

Investment for income may be for one of two purposes,

REAL ESTATE MARKET

10

(1) the derivation of rentalthat is, the direct return for the use of real
property for definite periods, or
(2) the obtaining of income through others upon money lent on the
security of real property.
Operation.Real estate operation may be carried on
(a) for the purchase and sale of land,
(b) for the purpose of building,
(c) for the purpose of lending money upon mortgages.

CHARACTERISTICS OF REAL ESTATE

INVESTMENTS
Some of the characteristics that make real estate unique as compared to
other investment alternatives are as follows:
No fixed maturity
Unlike a bond which has a fixed maturity date, an equity real estate
investment does not normally mature. In Europe, it is not
uncommon for investors to hold property for over 100 years. This
attribute of real estate allows an owner to buy a property, execute a
business plan, then dispose of the property whenever appropriate.
An exception to this characteristic is an investment in fixed-term
debt; by definition a mortgage would have a fixed maturity.

Tangible
REAL ESTATE MARKET

11

Real estate is, well, real! You can visit your investment, speak with
your tenants, and show it off to your family and friends. You can
see it and touch it. A result of this attribute is that you have a
certain degree of physical control over the investment - if
something is wrong with it, you can try fixing it. You can't do that
with a stock or bond.
Requires Management
Because real estate is tangible, it needs to be managed in a handson manner. Tenant complaints must be addressed. Landscaping
must be handled. And, when the building starts to age, it needs to
be renovated.
Inefficient Markets
An inefficient market is not necessarily a bad thing. It just means
that information asymmetry exists among participants in the
market, allowing greater profits to be made by those with special
information, expertise or resources. In contrast, public stock
markets are much more efficient - information is efficiently
disseminated among market participants, and those with material
non-public information are not permitted to trade upon the
information. In the real estate markets, information is king, and can
allow an investor to see profit opportunities that might otherwise
not have presented themselves.
High Transaction Costs
Private market real estate has high purchase costs and sale costs.
On purchases, there are real-estate-agent-related commissions,
lawyers' fees, engineers' fees and many other costs that can raise
the effective purchase price well beyond the price the seller will
actually receive. On sales, a substantial brokerage fee is usually
required for the property to be properly exposed to the market.
Because of the high costs of trading real estate, longer holding
periods are common and speculative trading is rarer than for
REAL ESTATE MARKET

12

stocks.
Lower Liquidity
With the exception of real estate securities, no public exchange
exists for the trading of real estate. This makes real estate more
difficult to sell because deals must be privately brokered. There
can be a substantial lag between the time you decide to sell a
property and when it actually is sold - usually a couple months at
least.
Underlying Tenant Quality
When assessing an income-producing property, an important
consideration is the quality of the underlying tenancy. This is
important because when you purchase the property, you're buying
two things: the physical real estate, and the income stream from the
tenants. If the tenants are likely to default on their monthly
obligation, the risk of the investment is greater.
Variability among Regions
While it sounds clich, location is one of the important aspects of
real estate investments; a piece of real estate can perform very
differently among countries, regions, cities and even within the
same city. These regional differences need to be considered when
making an investment, because your selection of which market to
invest in has as large an impact on your eventual returns as your
choice of property within the market.

REAL ESTATE MARKET

13

ADVANTAGES OF REAL ESTATE

INVESTMENTS
Diversification Value - The positive aspects of diversifying your
portfolio in terms of asset allocation are well documented. Real
estate returns have relatively low correlations with other asset
classes (traditional investment vehicles such as stocks and bonds),
which adds to the diversification of your portfolio.
Yield Enhancement - As part of a portfolio, real estate allows you
to achieve higher returns for a given level of portfolio risk.
Similarly, by adding real estate to a portfolio you could maintain
your portfolio returns while decreasing risk.
Inflation Hedge - Real estate returns are directly linked to the
rents that are received from tenants. Some leases contain
provisions for rent increases to be indexed to inflation. In other
cases, rental rates are increased whenever a lease term expires and
the tenant is renewed. Either way, real estate income tends to
increase faster in inflationary environments, allowing an investor
to maintain its real returns.
Ability to Influence Performance - In previous chapters we've
noted that real estate is a tangible asset. As a result, an investor can
do things to a property to increase its value or improve its
performance. Examples of such activities include: replacing a
leaky roof, improving the exterior and re-tenanting the building
with higher quality tenants. An investor has a greater degree of
control over the performance of a real estate investment than other
types of investments.

REAL ESTATE MARKET

14

LIMITATIONS OF REAL ESTATE

INVESTMENTS
Costly to Buy, Sell and Operate - For transactions in the private
real estate market, transaction costs are significant when compared
to other investment classes. It is usually more efficient to purchase
larger real estate assets because you can spread the transaction
costs over a larger asset base. Real estate is also costly to operate
because it is tangible and requires ongoing maintenance.
Requires Management - With some exceptions, real estate
requires ongoing management at two levels. First, you require
property management to deal with the day-to-day operation of the
property. Second, you need strategic management of the property
to consider the longer term market position of the investment.
Sometimes the management functions are combined and handled
by one group. Management comes at a cost; even if it is handled by
the owner, it will require time and resources.
Difficult to Acquire - It can be a challenge to build a meaningful,
diversified real estate portfolio. Purchases need to be made in a
variety of geographical locations and across asset classes, which
can be out of reach for many investors. You can, however,
purchase units in a private pool or a public security, and these units
are typically backed by a diverse portfolio.
Cyclical (Leasing Market) - Not unlike other asset classes, real
estate is cyclical. Real estate has two cycles: the leasing market
cycle and the investment market cycle. The leasing market consists
of the market for space in real estate properties. As with most
markets, conditions of the leasing market are dictated by the
supply side, which is the amount of space available (or, vacancies),
and the demand side, which is the amount of space required by
REAL ESTATE MARKET

15

tenants. If demand for space increases, then vacancies will

decrease, and the resulting scarcity of space will cause an increase
in market rents. Once rents reach economic levels, it becomes
profitable for developers to construct additional space so that
supply can meet demand.
Cyclical (Investment Market) - The real estate investment market
moves in a different cycle than the leasing market. On the demand
side of the investment market are investors who have capital to
invest in real estate. The supply side consists of properties that are
brought to market by their owners. If the supply of capital seeking
real estate investments is plentiful, then property prices increase.
As prices increase, additional properties are brought to market to
meet demand.
Although the leasing and investment market have independent
cycles, one does tend to influence the other. For instance, if the
leasing market is in decline, then growth in rents should decrease.
Faced with decreasing rental growth, real estate investors might
view real estate prices as being too high and might therefore stop
making additional purchases. If capital seeking real estate
decreases, then prices decrease to force equilibrium.
Although timing the market is not advisable, you should be aware
of the stage of the market when you are making your purchase and
consider how the property will perform as it moves through the
cycles.
Performance Measurement - In the private market there is no high
quality benchmark to which you can compare your portfolio
results. Similarly, it is difficult to measure risk relative to the
market. Risk and return are easy to determine in the stock market
but measuring real estate performance is much more challenging.

REAL ESTATE MARKET

16

CHAPTER 2

Major Investment
Opportunities
And
Reasons Behind
Investment
In Real Estate

REAL ESTATE MARKET

17

WHAT ARE VARIOUS OPTIONS AVAILABLE

FOR INVESTMENTS IN REAL ESTATE?
The most basic definition real estate is "an interest in land". Broadening
that definition somewhat, the word "interest" can mean either an
ownership interest (also known as a fee-simple interest) or a leasehold
interest. In an ownership interest, the investor is entitled to the full rights
of ownership of the land (for example, to legally use and transfer the
title of the land/property), and must also assume the risks and
responsibilities of a landowner (for example, any losses as a result of
natural disasters and the obligation to pay property taxes). On the other
side of the relationship, a leasehold interest only exists when a
landowner agrees to pass some of his rights on to a tenant in exchange
for a payment of rent. If you rent an apartment, you have a leasehold
interest in real estate. If you own a home, you have an ownership interest
in that home. Some jurisdictions recognize other interests beyond these
two, such as a life estate, but those interests are less common in the
investment arena.
As a real estate investor, you will
most likely be purchasing ownership interests and then earning a return
on that investment by issuing leasehold interests to tenants, who will in
turn pay rent. It is also not uncommon for an investor to acquire a longterm leasehold interest in land, which then has a building constructed
upon it. At the end of the land lease, the land and building become the
property of the original land-owner.

2.1 TYPES OF REAL ESTATE INVESTMENTS

Real Estate Investments are basically of Two Types: Income Producing Investments
Non Income Producing Investments

REAL ESTATE MARKET

18

(A) INCOME PRODUCING INVESTMENTS:There are four broad types of income-producing real estate: offices,
retail, industrial and leased residential. There are many other less
common types as well, such as hotels, mini-storage, parking lots and
seniors care housing. The key criteria in these investments that we are
focusing on is that they are income producing.
COMMERCIAL PROPERTY:- The term commercial
property (also called investment or income property) refers to
buildings or land intended to generate a profit, either from capital
gain or rental income. Commercial property includes office
buildings, industrial property, medical centers, hotels, malls, retail
stores, shopping centers, farm land, multifamily housing buildings,
etc. In many states residential property containing more than a
certain number of units qualifies as commercial property for
borrowing and tax purposes.
Types of Commercial Real Estate Properties are as follows:-

1.

Office Property

Offices are the "flagship" investment for many real estate owners. They
tend to be, on average, the largest and highest profile property type
because of their typical location in downtown cores and sprawling
suburban office parks.
At its most fundamental level, the demand for office space is tied to
companies' requirement for office workers, and the average space per
office worker. The typical office worker is involved in things like
finance, accounting, insurance, real estate, services, management and
administration. As these "white-collar" jobs grow, there is greater
demand for office spaces.
REAL ESTATE MARKET

19

Returns from office properties can be highly variable because the market
tends to be sensitive to economic performance. One downside is that
office buildings have high operating costs, so if you lose a tenant it can
have a substantial impact on the returns for the property. However, in
times of prosperity, offices tend to perform extremely well, because
demand for space causes rental rates to increase and an extended time
period is required to build an office tower to relieve the pressure on the
market and rents.

(2) Retail Property

There is a wide variety of Retail properties, ranging from large enclosed
shopping malls to single tenant buildings in pedestrian zones. At the
present time, the Power Center format is in favor, with retailers
occupying larger premises than in the enclosed mall format, and having
greater visibility and access from adjacent roadways.
Many retail properties have an anchor, which is a large, well-known
retailer that acts as a draw to the center. An example of a well-known
anchor is Wal-Mart. If a retail property has a food store as an anchor, it
is said to be food-anchored or grocery-anchored; such anchors would
typically enhance the fundamentals of a property and make it more
desirable for investment. Often, a retail center has one or more ancillary
multi-bay buildings containing smaller tenants. One of these small units
is termed a commercial retail unit (CRU).
The demand for retail space has many drivers. Among them are:
location, visibility, population density, population growth and relative
income levels. From an economic perspective, retails tend to perform
best in growing economies and when retail sales growth is high.
Returns from Retails tend to be more stable than Offices, in part because
retail leases are generally longer and retailers are less inclined to relocate
as compared to office tenants.

REAL ESTATE MARKET

20

(3) Industrial Property

Industrials are often considered the "staple" of the average real estate
investor. Generally, they require smaller average investments, are less
management intensive and have lower operating costs than their office
and retail counterparts.
There are varying types of industrials depending on the use of the
building. For example, buildings could be used for warehousing,
manufacturing, research and development, or distribution. Some
industrials can even have partial or full office build-outs.
Some important factors to consider in an industrial property would be
functionality (for example, ceiling height), location relative to major
transport routes (including rail or sea), building configuration, loading
and the degree of specialization in the space (such as whether it has
cranes or freezers). For some uses, the presence of outdoor or covered
yard space is important.

REASONS TO INVEST IN COMMERCIAL REAL

ESTATE
Immediate positive cash flows:- If we find a right deal in
commercial real estate and negotiate the right terms, we
will receive positive cash flows from the first month.
Unlike residential properties, a lot of time we wait for the
rent to catch up with mortgage payment.
Increased long term income stream:- With built in rent
escalations the income stream increases yearly.
Increased asset value over the years:- with commercial
properties the value of the property is primarily based on
the income it brings in. the more income the property brings
REAL ESTATE MARKET

21

in the more valuable the property. With built in yearly rent

escalations the property will increase in value every year.
Residential values as we are experiencing is dictated by the
market.
Ease of holding, managing, and maintaining:- in the case
of multi family properties, hire a property manager and
build that cost into the projected operating costs. For triple
net leases, the lease holder takes care of taxes, insurance,
maintenance.
Target in interest rate:-if it is pre determined that how
much of the return is expected by you on your money and it
will help in identifying, analyzing and negotiating the deal
that will bring in that return for you.

(B) NON-INCOME-PRODUCING INVESTMENTS:Such as houses, vacation properties or vacant commercial

buildings, are as sound as income-producing investments. Just
keep in mind that if you invest equity in a non-income producing
property you will not receive any rent, so all of your return must be
through capital appreciation. If you invest in debt secured by nonincome-producing real estate, remember that the borrower's
personal income must be sufficient to cover the mortgage
payments, because there is no tenant income to secure the
payments.

RESIDENTIAL PROPERTY:- The legal arrangement for

the right to occupy a dwelling is known as the housing tenure.
Types of housing tenure include owner occupancy, Tenancy,
housing cooperative, condominiums (individually parceled

REAL ESTATE MARKET

22

properties in a single building), public housing, squatting, and co

housing.
Residences can be classified by if and how they are connected to
neighboring residences and land. Different types of housing tenure
can be used for the same physical type. For example, connected
residents might be owned by a single entity and leased out, or
owned separately with an agreement covering the relationship
between units and common areas and concerns.
1. Multi-family Residential Property
Often seen in multi-story detached buildings, where each floor
is a separate apartment or unit.

2. Apartments
An individual unit in a multi-unit building. The boundaries of
the apartment are generally defined by a perimeter of locked or
lockable doors. Often seen in multi-story apartment buildings.

3. Terraced Houses
A number of single or multi-unit buildings in a continuous row
with shared walls and no intervening space.

4. Condominium
Building or complex, similar to apartments, owned by
individuals. Common grounds are owned and shared jointly.
There are townhouse or row house style condominiums as well.

5. Duplex
REAL ESTATE MARKET

23

Two units with one shared wall.

REASONS TO INVEST IN RESIDENTIAL

REAL ESTATE
There are four major reasons that an investor might choose real estate
for investment.
1. Cash flow: Yes, it is still possible in some parts of the country to have
a cash flow return. In other words after all expenses have been covered:
mortgage, vacancy factor, repairs, property management etc., there still
can be some money left on the table. Most banks will not lend money to
buy a property if there is no hope of a cash flow.
2. Capital Appreciation: Appreciation will vary with the location and
condition of the property as well as the condition of the local economy.
Capital appreciation means increase in the value of an asset over a
period of time.
3. Equity build-up: You reduce your mortgage and increase your equity
with every mortgage payment made on underlying debt. A portion of
your payment goes toward reducing the principal. The shorter the loan
period, the faster the equity builds.
4. Tax savings: First of all the interest you pay on the loan to buy an
investment property is fully tax deductible and if you own the property
longer than a year you only pay capital gains tax over 50% of the
gaiAdd to that various depreciating allowances and you have the
makings of a very tax efficient investment.

REAL ESTATE MARKET

24

2.4 Real Estate Investment Process

HOW TO START REAL ESTATE
INVESTING
DEVELOP THE
CORRECT
ATTITUDE

DEVELOP
MEANINGFUL
OBJECTIVES

DEVELOP THE
MARKET RESEARCH

DEVELOP A
RELATIONSHIP
WITH A QUALIFIED
REAL ESTATE
PROFESSIONAL

START INVESTING

REAL ESTATE MARKET

25

1. Develop the Correct Attitude

To stand a chance of succeeding at real estate investing, foremost, you
must understand that real estate investment is a business, and you will
become the CEO of that business.
As your first order of business, then, it's crucial to develop the correct
mind-set about investment real estate and be able to make this
distinction between buying a home and investing in real estate:
"You buy a home to live and raise a family; you buy real estate
investment property to pay for the home, live comfortably, and raise
your family in style"
As one very successful real estate investor said, "Only women are
beautiful, what are the numbers?" In other words, you will not succeed
at real estate investing until you acknowledge that it's not curb appeal,
amenities, floor plan, or neighborhood that should turn you on or off to
the investment opportunity; what counts most is the property's financial
performance.
2. Develop Meaningful Objectives
A meaningful set of (realistic) objectives that frames your investment
strategy is one of the most important elements of successful investing.
Yes, we may all desire to make millions of dollars from real estate
investing, but fantasy is not the same as expressing specific goals and a
method on how to achieve it.
Here are some suggestions:
How much cash are you willing to invest comfortably? What rate of
return are you hoping to achieve by making the investment in real
estate? Are you expecting instant cash flow, looking to make your
money when the property is resold, or merely looking to achieve tax
REAL ESTATE MARKET

26

shelter benefits? How long are you planning to hold the property before
you dispose of it? What amount of your own effort can you afford to
contribute to the day-to-day operation of running the property? What net
worth are you hoping investing will help you to achieve, and by when
would you like to achieve it? What type of income property do you feel
most comfortable owning, residential or commercial, or does it matter?
3. Develop Market Research
If you're new to real estate investing, you undoubtedly know little about
investment real estate in your local market. So, do market research to
learn as much as you can about income property values, rents, and
occupancy rates in your area. The better prepared you are, the more
likely you are to recognize a good (or bad) deal when you see it.
Here are some good resources:
(a) The local newspaper, (b) A local appraiser, (c) The county tax
assessor, (d) A qualified local real estate professional, (e) A local
property management company
4. Develop a Relationship with a Qualified Real Estate Professional
Working with a qualified real estate professional is a great way for
beginners to get started with rental property investing because an astute
professional can acquaint you with local market conditions, recommend
a property that meets your investing objectives, and discuss strengths
and weaknesses about specific property performance.
Be sure the agent has a firm grip on key financial measures inherent to
real estate investing, knows how to measure profitability and rate of
return, has the ability to present the data you need to make wise
investment decisions, and, most importantly, shows a genuine interest in
how you spend your money. The last thing you want to do is to get
involved with a real estate agent that would throw you under the bus just
REAL ESTATE MARKET

27

to make a commission.
Here's a good way to interview for an agent. Ask them for the property's
cap rate and then request an APOD. If their response (even to these
basics) is to stand there looking at you like a deer into the headlights of a
car, find another agent.
5. Start Investing
Hopefully, this has given you some insight into real estate investing,
highlighted a few things to make you a more prudent real estate investor,
and perhaps alerted you to a couple of things that should be avoided.

2.5 Emerging Trend Of Real Estate In India

Indian Real Estate market has been seeing multi level rise in the past few
years. If industry sources are to be believed, this upward graph has no
sign of coming down or even lying flat for few more years to come. The
facts that major real estate companies in India are going public, proves
the potential of the Indian property market. Starting from infrastructure
development to residential complex, commercial real estate to retail
space development India property market is booming with all kinds of
activities. Thanks to the Government approval of 100% FDI in India real
estate development and steady capital market, some all time big
investments are being made in the real estate sector. Buyers from all
across the world are showing interest and Indian property now features
at the top of the list of the international real estate investors. In this
context, Real Estate Online. In provides a common platform for Indian
property owners, potential buyers & property dealers in India.

REAL ESTATE MARKET

28

2.6 Role Of Real Estate In India

The Indian real estate sector plays a significant role in the countrys
economy. The real estate sector is second only to agriculture in terms of
employment generation and contributes heavily towards the gross
domestic product (GDP). Five per cent of the country's GDP is
contributed to by the housing sector. In the next five years, this
contribution to the GDP is expected to rise to 6 per cent.
The real estate sector in India has observed a quite revolution over the
past decade thanks to Indias booming economy which has led to an
increased demand for both commercial and residential space. According
to a study by a leading industry chamber, the Indian real estate sector is
expected to grow at 30 per cent over the next decade, attracting foreign
investments worth US$ 30 billion
The Real Estate in India today is growing at a phenomenal pace with all
aspects to buy, sell, and rent properties in India explored and enhanced
to make full use of the economic policies. This had made investors and
buyers to believe, they could make a great deal if invested at the right
time to buy, sell, rent properties in India and in conjunction with right
players. Major foreign Funds and investors are tying up with Indian
Realty companies to enter the in creative market of Real Estate in India
The hustle bustle of Real Estate India is thriving in all verticals, be it
residential, commercial Property and Retail. The real of property in
India is witnessing a huge upsurge with mega IPOs, Joint Ventures and
several big Indian Realtor companies. With the business of property in
India assuming bigger dimensions by the day, newer sectors seem to be
emerging by the day with greater promises to buy, sell, and Rent
properties in India.
Property in Punjab is undoubtedly one of the 'most preferred'
destinations for foreign direct investment (FDI) in Real Estate. Real
estate in Punjab is booming not restricted to coming up of numerous
malls and large-scale projects. Middle-level projects too, particularly
REAL ESTATE MARKET

29

residential, are passing through a phase of stiff competition with builders

vying to offer facilities that makes them "different" from each other. For
any foreign investors, Punjab is highly promising as it's gradually
emerging as an important investment hub for real estate in India.
The real estate sector is also responsible for the development of over 250
ancillary industries such as cement, steel, paints etc. A study by rating
agency ICRA shows that the construction industry ranks 3rd among the
14 major sectors in terms of direct, indirect and induced effects in all
sectors of the economy. A unit increase in expenditure in this sector has
a multiplier effect and the capacity to generate income as high as five
times. If the economy grows at the rate of 10 per cent, the housing sector
has the capacity to grow at 14 per cent and generate 3.2 million new jobs
over a decade.
The double-digit growth is mainly attributed to Indias booming offshore business, including high-end technology consulting, call centers
and software businesses. The IT and ITES sector alone is estimated to
require 150 million sq ft of office space across urban India by 2010.
Organized retail is also responsible for the growth in commercial office
space requirement. The organized retail industry is likely to require an
additional 220 million sq ft by 2010. Moreover, growth is not restricted
to a few towns and cities but is pan-India, covering nearly all tier-I and
tier-II cities.
Almost 80 per cent of real estate developed in India is residential space,
the rest comprising of offices, shopping malls, hotels and hospitals.
According to the Tenth Five-Year-Plan, there is a shortage of 22.4
million dwelling units. Thus, over the next 10 to 15 years, 80 to 90
million housing dwelling units will have to be constructed with a
majority of them catering to middle and lower income groups.
Apart from the huge demand, India also scores on the construction front.
A McKinsey report reveals that the average profit from construction in
India is 18 per cent, which is double the profitability for a construction
project undertaken in the US.
REAL ESTATE MARKET

30

A RISE IN REAL ESTATE HAS MADE TREMENDOUS INCREASE

IN VARIOUS FIELDS IN INDIA WHICH ARE DISCUSSED
BELOW:-

Realty Funds
The boom in the real estate industry has attracted a large number of
realty funds to tap into this market. Recently, IL&FS Investment
Managers (IIML), the private equity investment arm of Infrastructure
Leasing & Financial Services (IL&FS), announced the closure of a real
estate fund at about US$ 895 million, exceeding its target of US$ 750
million.
IL&FS India Realty FundII, which is the second IL&FS fund focused
on the real estate sector, also exceeds the corpus of IIMLs first similar
fund, which had raised US$ 525 million from international investors in
April 2006.
Real estate has been responsible for India emerging as one of the top
destinations in Asia for attracting private equity investments. According
to a report by global realty consultants, Cushman & Wakefield, titled
The Metamorphosis Changing dynamics of the Indian Realty Sector,
PE funds struck 79 deals in the country during August 2007August
2008 amounting to US$ 6 billion, a rise of 100 per cent over the same
period a year ago.

Global Majors
Foreign direct investment (FDI) in real estate has also been rising over
the years. The real estate sector, thrown open in 200405, saw the FDI
picking up significantly between FY 200405 and FY 200708; it was
US$ 38. 71 million in 200506 surging to US$ 470.18 million in 2006
07 and rising to US$ 2.18 billion in 200708.
REAL ESTATE MARKET

31

Moreover, the Indian real estate sector is expected to receive US$ 25

billion as foreign direct investment in the next 10 years, according to an
Assocham study.
The real estate sector is also likely to get a boost from Real Estate
Mutual Funds (REMFs) and Real Estate Investment Trusts (REITs). In
fact, according to a Crisil paper, the REITs would have the potential to
hold at least 5 per cent share of the total global real estate market by
2010, the size of which would turn to US$ 1400 billion in the next 3
years. The paper titled, Indian REITs; Are We Prepared', says that by
2010, REITs alone would hold a market size of US$ 70 billion of the
total real estate market as its concept is gaining ground in countries like
India and other developing nations.
Indias image as an investment destination has also steadily moved up
the value chain over the last six years with increasing transparency in the
real estate sector. According to the Jones Lang LaSalle 2008 Real Estate
Transparency Index, India scores highest among BRIC (Brazil, Russia,
India and China) nations with a large number of listed real estate players
that adhere to the stringent guidelines by the Securities and Exchange
Board of India (SEBI).
The transparency index helps the investor to assess the risk that can be
associated against the expected returns across developing nations.
The Index not only details the reasons between the historic
improvements in transparency from 3.9 in 2004 to 3.34 in 2008, but also
looks well into the future to showcase further improvement identifying
the key reasons for the same.
Goldman Sachs and CalPERS the largest pension fund, with around
US$ 208 billion in assets under management are major global
investors looking at opportunities in India's real estate sector. Some
other big players include J P Morgan, Warburg Pincus, Morgan Stanley
Real Estate Funds, Warren Buffett's Berkshire Hathaway, the Blackstone
Group, Colony Capital, Starwood Capital, GE Capital and HSBC,
Government of Singapore Investment Corporation, and others.
With falling real estate values in the US and the downturn in Indian
property market making local valuations more attractive, real estate fund
Millennium Spire part of the UK-based Millennium Group is
REAL ESTATE MARKET

32

looking to invest US$ 300 million into realty projects in India in the next
1218 months.
Morgan Stanley Real Estate is planning to invest an additional US$ 1
billion over the next five years. The company had earlier invested about
US$ 750 million in India.
A unit of Deutsche Bank aims to invest more than US$ 1 billion over
three years in Indian construction and real estate projects.
Dawnay Day International, a London-headquartered group with gross
assets to the tune of US$ 4 billion, is setting up a chain of four-star
hotels in India, starting with one in Jaipur.
India Land Ventures (ILVL), a part of the Madrid-headquartered
Americorp Group, will invest US$ 585.48 million in eight infrastructure
projects across the country over the next two years.
Jones Lang LaSalle (JLL), the world's leading integrated global real
estate services firm, plans to invest around US$ 1 billion in the country's
burgeoning property market.
Landmark is likely to invest US$ 993.38 million in 12 projects across
the northern region in the next threefour years.
Israel-based real estate developer, Elbit Imaging (EI), has tied up with
the UK property firm, Plaza Centres NV, a leading emerging markets
property firm, to develop the former's three mixed-use real estate
projects in Indiaat Bangalore, Chennai and Cochinworth US$ 3.4
billion.
Private investment company, Berggruen Holdings (BH), has forayed
into the realty space in India, pumping in US$ 30 million so far and a
likely addition of another US$ 20 million. Its first commercial project in
Hyderabad, for US$ 76.79 million, will kick off at the end of the year.
The other locations include Nagpur, Coimbatore, Mysore, Raipur and
Vizag.

On Home Turf
There is major activity happening on the domestic front as well.

REAL ESTATE MARKET

33

Engineering and construction major, Larsen and Toubro, has bagged

orders totaling about US$ 302. 35 million in the third quarter of 200809
for building offices.
Real estate developer, DLF Ltd, has announced plans to invest US$ 838.
22 million over a period of five years in various parts of Kerala.
Moreover, buoyed by the success of organized retail in the country, DLF
plans to invest US$ 3.35 billion over four years to develop about 20
large shopping malls across the country.
DLF, the country's biggest real estate developer, buoyed by robust sales
in mid-income housing, will be further investing US$ 3.18 billion over
the next three years to develop various residential projects across the
country in US$ 31,788.83 US$ 84,762.04 range.
The Chennai-based, Consolidated Constructions Consortium Ltd
(CCCL) has bagged construction contracts estimated at over US$ 313.54
million covering airports, power and automotive sectors.
Real estate-company, Ansal API, will invest US$ 752.04 million in
developing six IT Special Economic Zones and Parks, spread over 270
acres.
Realty major, Unitech Ltd, plans to invest US$ 522.25 million to
develop 35 hotels across the country over the next seven years.
Realty firm, Sahara Prime City, is planning to raise US$ 417.79 million
in the next 1218 months to part-fund development of 217 integrated
townships across the country.

Government Initiatives
The government has introduced many progressive reform measures to
unlock the potential of the sector and also meet increasing demand
levels. The government's recently announced stimulus package, coupled
with the Reserve Bank of India's (RBI) move allowing banks to provide
special treatment to the real estate sector, is likely to impact the Indian
real estate sector in a positive way. RBI has decided to extend
exceptional concessional treatment to the commercial real estate
exposure and restructured it to June 30, 2009.
100 per cent FDI allowed in realty projects through the automatic route.
REAL ESTATE MARKET

34

In case of integrated townships, the minimum area to be developed has

been brought down to 25 acres from 100 acres.
Urban Land (Ceiling and Regulation) Act, 1976 (ULCRA) repealed by
increasingly larger number of states.
Enactment of Special Economic Zones Act.
Minimum capital investment for wholly-owned subsidiaries and joint
ventures stands at US$ 10 million and US$ 5 million, respectively.
Full repatriation of original investment after three years.
51 per cent FDI allowed in single-brand retail outlets and 100 per cent in
cash-and-carry through the automatic route.
Besides the above measures, the government has recently announced an
economic stimulus package keeping in mind the impact of the global
slowdown on the Indian real estate sector. Public sector banks will
shortly announce a package for home loan borrowers in two categories
up to US$ 10,626.74 and between US$ 10,626.74 US$ 42,507.. This
is expected to increase borrowing for homes and in turn give a boost to
the realty sector. Moreover, excise duty cuts on cement and steel will
bring down construction costs.

REAL ESTATE MARKET

35

CHAPTER 3

Objectives OF
THE
STUDY

REAL ESTATE MARKET

36

 OBJECTIVES

1)

To Study The Major Investment Opportunities And

Reasons Behind Investments.
The objective of the study is to study in detail the different
investment opportunities in Real Estate and the reasons behind
investment in such investment opportunities.

2)

To Know About The People Perceptions And Awareness

About The Real Estate.
The purpose of the study is to find the perception, knowledge
and awareness level of individuals for making investment in
the Real Estate.

3)

To study the emerging trend of Real Estate in India.

REAL ESTATE MARKET

37

CHAPTER 4

Research
Methodology

REAL ESTATE MARKET

38

 RESEARCH METHODOLOGY
NATURE

The study is basically exploratory in nature. In conducting the research

of the investors they were asked to fill up the questionnaire. The
convenient sampling method is used for the purpose of collecting the
data from the respondents. The questionnaire is thought to be the most
suitable for collecting the data because it allows structured, meaningful
and uniform interaction with the respondents.

RESEARCH PLAN

Convenience sampling has been used for sample size.

SOURCES OF INFORMATION

Primary sources of data collection have been used - Questionnaire has

been used.
Secondary sources being used are website of Real Estate market,
different Property Dealers manuals, journals and books,
Newspapers etc.
REAL ESTATE MARKET

39

POPULATION SPECIFICATION
The sample size consists of 100 investors, which includes residents of
Ludhiana only. Both male and female above the age of 18 years have
been included for the purpose of conducting the study. It consists of the
following
Employees
Businessmen
Professionals
Self-Employed Persons

REAL ESTATE MARKET

40

CHAPTER 5

Data Analysis
And
Interpretation

REAL ESTATE MARKET

41

People Perception and Awareness about Real Estate

Q No. 1 What Percentage of Total Income People Generally Invest in
Real Estate?
Total
Respondents

Percentage of Total Income people Generally Invest

Between
Less than 25000 25000-50000

50

Between
50000-100000

Above 100000

No.

No.

No.

No.

12%

15

14%

22

30%

44%

Less than 25000

Between 25000-50000

Between 50000-100000

Above 100000

Between
Less than 25000
25000-50000
12%
14%

Above100000
44%

REAL ESTATE MARKET

Between
50000-100000
30%

42

The graph clearly depicts the income level of the people that generally
invests in real estate. It clearly shows that people who have their income
above 1, 00,000 have the highest percentage of 44%
Q No. 2 What are your considerations behind investing in Real Estate?

1) High Return

42%

2) Future Benefits

31%

3) Fund Safety

19%

4) Tax Benefits

8%

42%
45%
40%

31%

35%
30%

19%

25%
20%

8%

15%
10%
5%
0%

High Return

Future
Benefits

Fund Safety

Tax Benefits

The above graph states that the main consideration for the people
investing in real estate is the return that they get from their investment
and least consideration they pay to is tax benefit i.e.: 8%
REAL ESTATE MARKET

43

Q No. 3 Which type of Real Estate Investment does you prefers?

Residential Real Estate

61%

Commercial Real Estate

39%

Residential Real
Estate

39%
61%

Commercial Real
Estate

The above graph states that most people wants to invest to invest their
money in residential sector which is 61% as compare to commercial
sector which is 39%

Q No. 4 How much Rate of Return do you expect on your Investment?

2-3%
3-5%
5-8%
REAL ESTATE MARKET

38%
36%
22%
44

8% And Above

38%
40%

4%

36%

35%
30%

22%
25%
20%
15%
10%

4%

5%
0%

2-3%

3-5%

5-8%

8% And Above

This graph shows the rate of return that people generally expects from
their investments. It shows that people generally expects 14-18% of
growth in their property.

REAL ESTATE MARKET

45

Q No. 5 What sources of information do you generally prefer for

investment in real estate?

Agents/property
dealers
Friends and family
Internet
Others

7%

57%
32%
7%
4%

4%

32%
Agents/property dealers
Friends and family
57%

Internet
Others

This graph shows that 57% of the people get all the information
regarding investment in properties from property dealers and agents
followed by family and friends 32%

REAL ESTATE MARKET

46

Q No. 6 Which type of Investor you are?

Risk Averter

47%

Moderate Risk Taker

High Risk Taker

43%
10%

High Risk Taker

10%

Risk Averter
47%
Moderate Risk
Taker
43%

The above graph depicts the amount of risk that people are ready to
undertake while investing in real estate. It clearly indicates that 47% of
the people are risk averters and 43% are moderate risk takers. Only 10%
of people having very high income group are high risk takers.

REAL ESTATE MARKET

47

Q No. 7 In what kind of property would you like to invest?

80%

Urban
Town
Mountain Area

74%
15%
3%

Suburbs

8%

74%

70%
60%
50%
40%
30%

15%

20%

3%

10%

8%

0%

Urban

Town

Mountain
Area

Suburbs

The graphs show that 74% of people like to invest in urban areas
followed by towns15% and only 3% of them invest in mountain area.

REAL ESTATE MARKET

48

Q No. 8 Property owned should be?

Leasehold

22%

Freehold

78%

22%

Leasehold
Freehold

78%

Graph clearly indicates that 78% of population likes to invest in property

which is free hold.

REAL ESTATE MARKET

49

Q No. 9 What is your Satisfaction level with your present

Investments?

SATISFIED

56%

NEUTRAL
DISSATISFIED

34%
10%

56%
60%
50%

34%

40%
30%
20%

10%

10%
0%

SATISFIED

NEUTRAL

DISSATISFIED

Series1

Graph clearly indicates that 56% of population is highly satisfied with

their investments while 34% of population are neutral and 10% are
dissatisfied with their investments.

REAL ESTATE MARKET

50

CHAPTER 6

FINDINGS

REAL ESTATE MARKET

51

 FINDINGS OF THE STUDY

1. According to survey 33% people believed that home values in their
housing market are still above the bottom line while 38% believe
that they have already reached a bottom.
2. 28% homeowners expect a decrease in home values in the next six
months. However 30% of them are expecting an increase in their
local market.
3. In totally 27% of homeowners hope for increase in their home
value in the next 1 year 12% expect a decrease in value, 35% say
the value will be same and 26% dont have any opinion yet.
4. Following the introduction of the state bank of Indias Easy Home
Loan a year ago, more than 20 banks and housing finance
companies have introduced so-called teaser loans. Due to some
reasons some banks are taking notice - canara bank, union bank
and Axis bank have decided to end their teaser loan programs.
5. The economic recession and job recovery is moving at a slower
pace than expected, so real estate firms realize they need to shift
strategies and work harder to generate the same revenues.
6. The strategic Alliance offers builders and developers a unique
scope of services, from the initial acquisition of land to the final
sales and marketing of a development.
7. We find that builders are exploring new strategies to meet buyer
demands.
8. During the survey Builders have recognized that not every buyer
wants a single-family detached home. Buyers like a neighborhood
feel but also look for variety in their community, with different
style homes.

REAL ESTATE MARKET

52

CHAPTER 7

Limitations
Of
Study
REAL ESTATE MARKET

53

 LIMITATIONS OF THE STUDY

The study is conducted for a limited area i.e. Ludhiana; other areas
are not taken in consideration.
There was a time constraint, as study continues for a limited
period.
The budget for conducting the study was limited.
A single person has conducted the study and as a result only
limited numbers of people were being contacted.
The data provided by the investors may be biased, which may
affect the purpose of study.
Some people found it unsafe to disclose actual information about
their investments, which affected study, as targeted population
sometimes has to be skipped.

REAL ESTATE MARKET

54

CHAPTER 8

Conclusions
And
Recommendations

REAL ESTATE MARKET

55

 CONCLUSIONS AND RECOMMENDATIONS

1) The first thing that study revealed is most of peoples perceptions
and mentality relating to an investment in Real Estate is primarily
ensuring high returns, enabling tax exemptions and future benefits.
Other feature appears of people choice on investment selection is
moderate risk taking ability.
2) Modes of obtaining information in most of cases are property
dealers/ agents, internet and friend & relatives. Property Dealers are
found to be a most powerful source of information in future time, as
dependability of people on it is seen to be increasing.
3) Most of the people fall in High class income group, framing a
unique policy satisfying needs of this class of people will be
undoubtedly a good step.
4) Real Estate market as a destination of investment in some future
years will be a priority because people are diverting from other
opportunities towards Real Estate market due to high return. Handling
use of their funds on their own will be a prior choice of individuals.
5) A main factor noticed for not investing in Real Estate is lack of
knowledge and Shortage of Funds, if proper knowledge and timely
information is provided to people, who are having adequate funds; they
will definitely invest in Real Estate market. The concept of Property
Dealers is of great help.

REAL ESTATE MARKET

56

CHAPTER 9

Annexure

REAL ESTATE MARKET

57

BIBLIOGRAPHY

http://www.investopedia.com/university/real_estate/real_estate3.as
p

www.surfindia.com

http://www.livemint.com/2009/03/27113651/E28F8F2B-D8224E2A-85C1-16771F917D2AArtVPF.pdf

http://www.blanchardonline.com/investment_news/vol5_advantag
es.php

John J. Burnett Real Estate Investment, 1998

Brochures/Manuals of various Property Dealers

John T. Reed- Distressed Real Estate Times, 2nd Edition.

Diane Kennedy. Dolf Deroos --Real Estate Investing Loopholes

REAL ESTATE MARKET

58

 QUESTIONNAIRE

The questionnaire comprises introductory paragraph in which various

facts are disclosed and respondents are promised that their information
will be kept confidential for academic and research purpose only.

Introductory paragraph is followed by simple target questions, which

comprises all types of questions like dichotomous, multiple-choice
questions. From these questions I tried to find out the perception and
awareness of people for Real Estate Investment. Current satisfaction
level of individuals, their perceptions about risk taking and attitude
towards Real Estate is also taken into consideration while framing
questionnaire. At the starting of the questionnaire some general
questions like their name, age etc. been asked.
1. What is your Monthly Family Income? (In Rs.)
1) Less Than 25000

2) 2, 5000-50,000

3) 50000-100000

4) Above 100000

2. What are your considerations behind investing in Real

Estate?

REAL ESTATE MARKET

59

1) High Return

3) Fund Safety

2) Future Benefits
4) Tax Benefits

3. Which type of Real Estate Investment do you prefer?

1) Commercial Real Estate

2) Residential Real Estate.

4. How much Rate of Return do you expect on your

Investment?
1) 2-3%

2) 3-5%

3) 5-8%

4) 8% And Above

5. What sources of information do you generally prefer for

Investment in Real Estate?

1) Agents/Property Dealers

3) Internet

2) Friends & Relatives

4) Others

6. What type of Investor you are?

1) Risk Averter

2) Moderate Risk Taker

3) High Risk Taker.

7. What is your Satisfaction level with your present

REAL ESTATE MARKET

60

Investments?

1) Highly Satisfied
3) Neutral

2) Satisfied
4) Dissatisfied

5) Highly Dissatisfied
8. In which type of environment would you like to invest?

1) Urban

2) Town

3) Mountain Area

4) Suburbs

9. Property owned should be?

1) Lease Hold

2) Free Hold

10. Suppose you have to invest 500000 rupees. Where would

you invest it? Specify the reason as well.
Particulars

Amount ( In Rs.)

Specify Reason

Gold
Insurance
Equity
Real Estate
Mutual Funds
Total

REAL ESTATE MARKET

500000/-

61

11. Will you prefer investment in Real Estate to your friends/ Family
Members?
1) Yes

REAL ESTATE MARKET

2) No

62

 LIST OF RESPONDENTS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

VIVEK
VIPIN
VINEY KUMAR
VINEY GUPTA
VIKAS JAIN
VIJAY
VEENA LOOMBA
VARUN
URMILA GUPTA
SURINDER SINGH
SUBHASH CHANDER
SOM NATH SAHNI
SIDDAHANT RANA
SIDAK PREET KAUR
SHUBHAM JAIN
SHIVAM KUMAR
SHASHI ARORA
SHAKUNTLA DHAWAN
SATYA PAL JAIN
SATVIR KUMAR
SATNAM SINGH BAWA
SANTOSH
SAMRITI JAIN
SAMRIDH JAIN
SACHIN OHRI
RUCHITA JAIN
ROHIT JINDEL
RITESH VERMA
RISHI
REKHA JAIN
RAM SINGH SOOD
RANJIT KAUR
RAJAT SOOD
RAJKUMARI
RAHUL CHAWALA
PUNEET BANSAL
PERM AGGARWAL
PIYUSH

REAL ESTATE MARKET

LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA

9779504411
9872802195
9888494568
9463458704
9878936360
9915200567
9780508500
1615037709
9988880812
9815536716
9855480008
9779440844
9876959246
9888250011
9216830002
9465480303
9888511660
9464530274
9463091701
9815417297
9872857742
9872847742
9988256415
9872904587
9478807673
9914256455
9888964376
9988162070
9356156795
1613241649
9814693515
9814795006
9872901500
9872170008
9464370298
9814132536
9023077156
9988435399

63

39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76

PARMANAND
PARAMJIT SINGH
P.K,JAIN
P.D.JOSHI
NIYAMAT GUJRAL
NITU
NEERU CHAWLA
NEELAM BHATIA
NARATA RAM GUPTA
MR.MADAN
NISHA
MEHAK JAIN
MEENAKSHI
MANRAJ SINGH BRAR
NANMOHAN
MANJU CHADDA
MANISH MEHTA
MANGAT RAM
MADHU AGGARWAL
MADAN LAL
M.S.BHANDARI
LOKESH MALHOTRA
KOMAL
TEJWIR SINGH
KANWAR SAIN
JOGA SINGH
JASWINDER KAUR
RASIK BIHARI
JASWINDER SINGH
VED PARKASH
SACHIN KUMAR
KRISHAN SWAROOP
LALIT CHAWLA
DINESH GUPTA
GAUTAM AGGARWAL
ANUREET KAUR
PARAMVEER SINGH
DIPINDER SINGH

REAL ESTATE MARKET

LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA

9888084138
9872098100
9914327117
9914388752
9465201500
9465202564
9915003293
1613069093
9463482774
9815854698
9988205750
9872896184
9780644009
9814841513
1612720229
9914747174
9464622251
9464529086
9781977100
9780337388
9876722222
9855965934
9587762588
9826544783
9964822547
8195463258
9815854698
9872589654
9878633225
9878224223
9465206018
9008434830
9817359152
9815700820
9876624650
9780337878
9988866556
9569526260

64

77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

TUSHAR ARORA
JUGDEEP SINGH
SANDEEP SINGH
HARPREET BEDI
DIPIKA RAWAT
SONIA VERMA
YOGITA RANI
KEWAL SHARMA
SUGANDHA SHARMA
BALKAR SINGH
DEV RAJ
BALJIT KAUR
BALDEV SINGH
BALDEV RAJ KUMAR
BALBIR SINGH
BAL KRISHAN JAIN
ASHOK KUMAR
ASHA RANI
ARUN
ARPIT DHIWAN
ANMAN BANSAL
ALKA
AKSHEY OSWAL
AKASH VADERA
AJAY
ADAESH BALA

REAL ESTATE MARKET

LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA
LUDHIANA

9510006443
9811555654
9988700366
9876330804
7837079430
7814151035
9888878688
9876142994
9317990294
9915425557
9464325846
9465793309
9876616811
9914728282
9464823228
9216830032
9417710340
9814791197
9872201326
9914717469
9465182156
9988900343
9915003296
9257309600
9216122676
9217260178

65