The Real estate and its customers share a unique relation, it is an industry which gives a lots of

value to the customer relations and the consumer satisfaction. It usually frames its marketing
strategies which revolves around attracting the customers and influencing them and persuading
them towards having keen interest in the product which the company has to offer.
According to the consumer point of view the residential property is of much higher value to them
and is a product an individual usually never purchases very often but sometimes once in a
lifetime.
A House to an individual is amongst the basic three needs of the human beings; food clothing
and ‘shelter’
The real estate is at boom for past few decades and the metro cities are experiencing a high
growth of new infrastructure and new residential requirements, but along with that the
developing cities and towns around or nearby such metro cities are also experiencing a high
growth in the real estate sector as a lots of companies are shifting to such nearby areas and
markets which are yet to be explored unlikely of the already saturated markets.
And also the cost of the infrastructure in the metro cities have skyrocketed and it is very difficult
to manage all the funding and cost of living is high. So the consumers now have seen to have
being attracted to developing areas with great potential.
Nashik is such one of the developing cities in India which has a great potential and also is very
close to the financial capital if India and also one of the biggest metro city in India, Mumbai. In
past few years Nashik has seen a humongous growth in its infrastructure and also industrial
development
It has created a huge demand for the residential properties in Nashik, because of new industries
setting up and also a lots of migrations happening in the area and also the overall increase in the
standard of the living of the general public in the locality.
The boom in the demand for the residential properties in Nashik has been the major reasons for
the development which has been carried out in the city and the changes in the structure of the
city and also new areas have been developed, new township projects have been set up, huge
building and great infrastructure has been spreading across the city and also now the city has
been expanding.
This makes the city a big market for the residential property industry which is one of the biggest
running industry in the Real estate sector, and understanding the buying behavior of the general
consumer residing in Nashik or planning to settle or purchase a property in Nashik is very
important in the framing the future strategies for the development and undertaking new projects
accordingly.

1
 Real Estate :
Real estate is "Property consisting of land and the buildings on it, along with its natural
resources such as crops, minerals or water; immovable property of this nature; an
interest vested in this (also) an item of real property, (more generally) buildings or
housing in general.”
Also: the business of real estate; the profession of buying, selling, or renting land,
buildings, or housing.

Real estate companies must project confident and trustworthy images to consumers,
largely because most of their business stems from referrals and word of mouth
advertising. To convince consumers that their companies are the ones to trust, they
advertise using commercials and internet marketing strategies that create well-known and
liked brands in the minds of consumers.

These marketing tactics are used to elicit a response in the viewer and motivate them to
buy a house. This requires a comprehensive understanding of the psychology used to
market real estate. Today’s buyers have more options than ever to choose a real estate
company. These companies use strategies that allow them to connect with customers on
an emotional and psychological level.
Residential real estate may contain either a single family or multifamily structure that is
available for occupation or for non-business purposes.

Residences can be classified by 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 residences 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.

2
  CONSUMER BUYING BEHAVIOUR

Consumer
A consumer is a person or organization that uses economic services or commodities.

Buying Behaviour

Buying behavior is the decision processes and acts of people involved in buying and using
products.
The dynamic interaction of affect and cognition, behaviors, and the environment by which the
human beings conduct the exchange aspects of their lives.

 Consumer Behaviour

Consumer behavior can be looked up upon as a study of how individuals make decisions on how
to spend their available resources like time, money, and effort on various consumption- related
products and services.
Human beings are greatly influenced in their buying actions by various factors like opinions of
others, marketing stimuli like products, advertising, packaging, and product appearance.

The term consumer behaviour, individual buyer behaviour, end user behaviour and consumer
buying behaviour all stands for the same. Consumer behaviour is the study of how individuals,
groups and Organization select buy, use and dispose of goods and services, ideas or experiences
to satisfy their needs and wants.

Consumer behaviour may be defined as the decision process and physical activity individuals
engage in when evaluating, acquiring, using or disposing of goods and services.

According to Belch and Belch,

"Consumer behaviour is the process and activities people engage in when searching for,
selecting, purchasing, using, evaluating and disposing of products and services so as to satisfy
their needs and desires".

According to Engel, Blackwell, and Mansard,

“Consumer behaviour is the actions and decision processes of people who purchase goods and
services for personal consumption”.

According to Louden and Bitta,

“Consumer behaviour is the decision process and physical activity, which individuals engage in
when evaluating, acquiring, using or disposing of goods and services”.

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  Nature of Consumer Behaviour:
Systematic process: Consumer behaviour is a systematic process relating to buying decisions of
the customers. The buying process consists of the following steps:

 Need identification to buy the product

 Information search relating to the product

 Listing and evaluating the alternative

 Purchase decision

 Post purchase evaluation by the marketer

Influenced by various factors: Consumer behaviour is influenced by a number of factors the

factors that influence consumers include marketing, personal, psychological, situational, social
and cultural etc.

Different for different customers: All consumers do not behave in the same manner. Different
consumers behave differently. The different in consumer behaviour is due to individual factors
such as nature of the consumer's lifestyle, culture etc.

Different for different products: Consumer behaviour is different for different products there
are some consumers who may buy more quantity of certain items and very low quantity of some
other items.

Vary across regions: The consumer behaviour vary across States, regions and countries. For
instance, the behaviour of urban consumers is different from that of rural consumers. Normally
rural consumers are conservative (traditional) in their buying behaviour.

Vital for marketers: Marketers need to have a good knowledge of consumer behaviour they
need to study the various factors that influence consumer behaviour of the target customers. The
knowledge of consumer behaviour enables marketers to take appropriate marketing decisions.

Reflect status: Consumer buying behaviour is not only influenced by status of a consumer coma
but it also reflect it. Those consumers who owned luxury cars, watches and other items are
considered by others as persons of higher status.

Result in spread effect: Consumer behaviour as a spread effect. The buying behaviour of one
person may influence the buying behaviour of another person. For instance, a customer may
always prefer to buy premium brands of clothing, watches and other items etc. This may
influence some of his friends, neighbors and colleagues. This is one of the reasons why
marketers use celebrities like Shahrukh Khan, sachin to endorse their brands.

4
Undergoes a change: The consumer behaviour undergoes a change over a period of time
depending upon changes in age, education and income level etc., for example, kids may prefer
colorful dresses but as they grow up as teenagers and young adults, they may prefer trendy
clothes.

Information search: Search for information is a common consumer behaviour. Consumers

cannot purchase goods and services if they are unaware that a good or service exists. When a
consumer decides to buy a certain item, his decision must be based on the information he has
gathered about what products our services are available to fulfill his needs. There might be a
product available that would be better suited to the consumer’s needs, but if he is an aware of
product, he will not buy it.

Brand loyalty: Brand loyalty is another characteristic of consumer behaviour. Brand loyalty is
the tendency of a consumer to buy product products or services from a certain company that one
likes or equates with having high quality goods and services. For example, if Naina's first car
was a Honda as a teenager and the car lasted 200,000 miles, she might have a tendency to buy
hondas again in the future due to her previous positive experience. This brand loyalty may be so
strong that she forgoes the information search all together when considering for next vehicle.

 SCOPE OF CONSUMER BEHAVIOUR:

1) Consumer behaviour and marketing management: Effective business managers realize the
importance of marketing to the success of their firm. A sound understanding of consumer
behaviour is essential to the long run success of any marketing program. In fact, it is seen as a
comer stone of the Marketing concept, an important orientation of philosophy of many marketing
managers. The essence of the Marketing concept is captured in three interrelated orientations
consumers’ needs and wants, company integrated strategy.

2) Consumer behaviour and nonprofit and social marketing: In today's world even the non-
profit organizations like government agencies, religious sects, universities and charitable
institutions have to market their services for ideas to the "target group of consumers or
institution." At other times these groups are required to appeal to the general public for support
of certain causes or ideas. Also they make their contribution towards eradication of the problems
of the society. Thus a clear understanding of the consumer behaviour and decision making
process will assist these efforts.

3) Consumer behaviour and government decision making: In recent years the relevance of
consumer behaviour principles to government decision making. Two major areas of activities
have been affected:

i) Government services: It is increasingly and that government provision of public services can
benefit significantly from an understanding of the consumers, or users, of these services.

5
ii) Consumer protection: Many Agencies at all levels of government are involved with regulating
business practices for the purpose of protecting consumer’s welfare.

4) Consumer behaviour and de-marketing: It has become increasingly clear that consumers
are entering an era of scarcity in terms of some natural gas and water. These scarcities have led to
promotions stressing conservation rather than consumption. In other circumstances, consumers
have been encouraged to decrease or stop their use of particular goods believed to have harmful
effects. Programs designed to reduce drug abuse, gambling, and similar types of conception
examples. These actions have been undertaken by government agencies nonprofit organizations,
and other private groups. The term "de-marketing" refers to all such efforts to encourage
consumers to reduce their consumption of a particular product or services.

5) Consumer behaviour and consumer education: Consumer also stands to benefit directly
from orderly investigations of their own behaviour. This can occur on an individual basis or as
part of more formal educational programs. For example, when consumers learn that a large
proportion of the billions spent annually on grocery products is used for impulse purchases and
not spend according to pre-planned shopping list, consumers may be more willing to plan effort
to save money. In general, as marketers that can influence consumers' purchases, consumers have
the opportunity to understand better how they affect their own behaviour.

 IMPORTANCE OF CONSUMER BEHAVIOUR:

1) Production policies: The study of consumer behaviour effects production policies of

enterprise. Consumer behaviour discovers the habits, tastes and preferences of consumers and
such discovery enables and enterprise to plan and develop its products according to these
specifications. It is necessary for an enterprise to be in continuous touch with the changes in
consumer behaviour so that necessary changes in products may be made.

2) Price policies: The buyer behaviour is equally important in having price policies. The buyers
of some products purchase only because particular articles are cheaper than the competitive
articles available in the market.

3) Decision regarding channels of distribution: The goods, which are sold and solely on the
basis of low price mast and economical distribution channels. In case of those articles, which
week T.V. sets, refrigerators etc. Must have different channels of distribution. Thus, decisions
regarding channels of distribution are taken on the basis of consumer behaviour.

6
4) Decision regarding sales promotion: Study of consumer behaviour is also vital in making
decisions regarding sales promotion. It enables the producer to know what motive prompt
consumer to make purchase and the same are utilized in promotional campaigns to awaken desire
to purchase.

7
5) Exploiting marketing opportunities: Study of consumer behaviour helps the marketers to
understand the consumer’s needs, aspirations, expectations, problems etc. This knowledge will
be useful to the marketers in exploiting marketing opportunities and meeting the challenges of
the market.

6) Consumer do not always act or react predictably: The consumers of the past used to react
to price levels as if price and quality had positive relation. Today, week value for money, lesser
price but with superior features. The consumer’s response indicates that the shift had occurred.

7) Highly diversified consumer preferences: This shift has occurred due to availability of more
choice now. Thus study of consumer behaviour is important to understand the changes.

8) Rapid introduction of new products: Rapid introduction of new product with technological
advancement has made the job of studying consumer behaviour more imperative. For example,
the information Technologies are changing very fast in personal computer industry.

9) Implementing the "Marketing concept": This calls for studying the consumer behaviour, all
customers need have to be given priority. Thus identification of target market before production
becomes essential to deliver the desired customer satisfaction and delight.

 APPLICATIONS OF CONSUMER BEHAVIOUR:

1) Analyzing market opportunity: Consumer behaviour study help in identifying the

unfulfilled needs and wants of consumers. This requires examining the friends and conditions
operating in the Marketplace, consumer’s lifestyle, income levels and energy influences. This
may reveal unsatisfied needs and wants. Mosquito repellents have been marketed in response to
a genuine and unfulfilled consumer need.

2) Selecting target market: Review of market opportunities often helps in identifying district
consumer segments with very distinct and unique wants and needs. Identifying these groups,
behave and how they make purchase decisions enable the marketer to design and market
products or services particularly suited to their wants and needs. For example, please sleep
revealed that many existing and potential shampoo users did not want to buy shampoo fax price
at rate 60 for more and would rather prefer a low price package containing enough quantity for
one or two washers. This finding LED companies to introduce the shampoos sachet, which
become a good seller.

8
3) Marketing-mix decisions: Once unsatisfied needs and wants are identified, the marketer has
to determine the right mix of product, price, distribution and promotion. Where too, consumer
behaviour study is very helpful in finding answers too many perplexing questions.

 CONSUMER BUYING PROCESS

1. Problem Recognition

2. Information Search

3. Evaluation of Alternatives

4. Purchase Decision

5. Purchase

6. Post-Purchase Evaluation.

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1.1

10
  The Economic Model of Consumer Behavior

The economic model of consumer behavior focuses on the idea that a consumer’s buying pattern
is based on the idea of getting the most benefits while minimizing costs. Thus, one can predict
consumer behavior based on economic indicators such as the consumer’s purchasing power and
the price of competitive products. For instance, a consumer will buy a similar product that is
being offered at a lower price to maximize the benefits; an increase in a consumer’s purchasing
power will allow him to increase the quantity of the products he is purchasing.

 Maslow's Hierarchy of Needs

This model is based on the idea that consumer behavior is governed by the need to satisfy basic
and learned needs. Maslow stated that people base their actions based on fulfilling certain needs
and that they have to satisfy the lower level needs before reaching for the higher ones. Lower
level needs include food, clothing and shelter, while higher ones include having a feeling of
prestige. Thus, a consumer will have a tendency to buy things that will satisfy their needs and
provide satisfaction. A hungry customer may pass up on buying a nice piece of jewelry to buy
some food, but will later go back to purchase the jewelry once her hunger is satisfied.

 The Psychoanalytical Model

The psychoanalytical model takes into consideration the fact that consumer behavior is
influenced by both the conscious and the subconscious mind. The three levels of consciousness
discussed by Sigmund Freud (id, ego and superego) all work to influence one’s buying decisions
and behaviors. A hidden symbol in a company’s name or logo may have an effect on a person’s
subconscious mind and may influence him to buy that product instead of a similar product from
another company.

 The Sociological Model

The sociological model primarily considers the idea that a consumer’s buying pattern is based on
his role and influence in his society. A consumer's behavior may also be influenced by the people
she associates with and the culture that her society exhibits. For instance, a manager and an
employee may have different buying behaviors given their respective roles in the company they
work for, but if they live in the same community or attend the same church, they may buy
products from the same company or brand.

Consumers will buy goods based on a number of different types of behavior. Knowing these
behaviors is key when developing marketing strategies for your business.

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  FACTORS AFFECT CUNSUMER BUYING BEHAVIOUR

1. INTERNAL OR PSYCHOLOGICAL FACTORS:

a) Motivation.
1. Biogenic needs.
2. Psychogenic needs.

b) Perception.
1. Subjectivity.
2. Categorization.
3. Selectivity.
4. Expectation.
5. Past experience.

2. SOCIAL FACTORS.

a) Family.

Family of orientation.
Family of procreation
i. Face-to-face contact
ii. Shared consumption
iii. Subordination of individual needs.
iv. Purchasing agent.

b) Reference group.

i) Membership or contractual groups

ii) Primary or normative groups
iii) Secondary groups
iv) Aspiration group
v) Dissociative or avoidance groups
vi) Formal groups
vii) Informal groups
viii) Automatic groups
ix) Indirect groups
x) Comparative groups
xi) Contractual group

c) Roles and status

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3. CULTURAL FACTORS:

a) Culture
b) Sub-Culture
c) Social class

4. ECONOMIC FACTORS:

Consumer behaviour is influenced largely by economic factors. Economic factors that influence
consumer behaviour are

a) Personal Income
b) Family income
c) Income Expectations
d) Savings
e) Liquid assets
f) Consumer credit
g) Other economic factor

5. PERSONAL FACTORS:

a) Age
b) Occupation
c) Income
d) Life Style

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CREDAI WELCOMES RERA BUT SUGGESTS SOME CHANGES
Website: http://credainashik.blogspot.com/
Date: Thursday 10th May 2018

We welcome the effective implementation of RERA and stand in favour with the
government’s decision. At the same time we expect certain changes in the
provisions of the bill.
The passing of Real Estate regulatory Bill in both the houses of the parliament has
motivated us. We, the Confederation of Real Estate Developers' Association of
India (CREDAI) Nashik are of the opinion that the real estate sector will now get
the status of a booming industry in the market.
The terms and conditions of this bill would be applicable for the residential
projects coming up on the area of 500 sq m onwards or at least 8 flats. As per the
bill it is mandatory for the builders to register the projects by providing their
details online including the name of the project, name of the builder, types of flats
offered at the projects, specifications and names of the project engineers. This
registration needs to be done with the regulatory authorities and state level
appellate tribunals.
The main motto of timely execution of residential projects by the builders can be
achieved due to RERA. There are many builders in Nashik that are registered with
us such as Parksyde, Karmaa Galaxy, Krishna Darshan, Suyojit, NIrman Group,
Karda Builders and Developers and Empire Realty. They can reap the benefits of
the provisions of RERA on a long term basis. While we enable the builders to
feature their properties online, RERA also supports online registration of projects.

While the real estate sector in Nashik will become organized in a true sense due to
the implementation of RERA, we feel that changes should be made in some of the
provisions of the bill. The condition of depositing 70% of the collections from the
buyers in a separate account called as escrow account seems to be rigid. The costs
of lands in Nashik are higher and thus, builders will face problems if they are
allowed to withdraw 30% of the total collection from the buyers. Instead, it would
be better if the deposit limit is reduced to 50%.
The real estate sector should also get benefits in the form of reduction in the
number of permissions and NOCs.Moreover, RERA will benefit Nashik’s realty
market, but it is essential to draw the central government’s attention to some of the
changes as mentioned above.

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HOW CAN YOU BE WISE ENOUGH TO INVEST IN NASHIK
Date: 22nd July 2017.
https://realestateBloggers.com.blogs
Interested to know about the place, which is worth considering for the people
looking for real estate property within an affordable price range? The answer to
your question is the wine capital of India ‘Nashik.’
Nashik is an emerging real estate destination in the state of Maharashtra after
Mumbai and Pune. It has become a satellite city of Mumbai on the real estate front.
The residential and commercial property rates in Nashik are reasonable if
compared to those of Mumbai and Pune. Nashik is a descent locality, which is all
set to cope up with the population growth by 2030. The city’s real estate is
estimated to provide handsome amount of Returns on Investment in the near
future. You can buy property in Nashik and flats in Nashik at affordable rates.
The wine capital of India is witnessing rapid growth and development of IT Parks
and Manufacturing Industries. Such a productive development has had a profound
impact on the city’s real estate sector.
Nashik’s real estate market was growing at a leisurely pace till the year 2006.
Thereafter, growth appreciated and started showing significant value appreciation
on property investment. In terms of investment, the city has become a realistic
investment destination. Its property market offers minimal entry costs and higher
appreciation rates. The city has thus, become a viable destination, thanks to the
reasonable real estate costs and an ample availability of land for the purpose of
property construction. The areas like Dwarka, Panchawati annex, indiranagar
annex, College Road and Gangapur Road that are the prime areas in Nashik have
drawn attention of many real estate investors in the city.
The investor-friendly 'House Tax Policy' in Nashik enables investors to invest in
real estate industry/market of the city. Experts have projected a higher rate of
growth in the real estate market in Nashik in the coming years. Investment in the
city would prove very lucrative in the coming years. The real estate boom can also
be seen moving to surrounding areas of the city.
So, pull up your socks and take a stride forward in investing in the wine capital of
India!

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5 CONCRETE REASONS TO BUY A HOME IN NASHIK
Date: 4th January 2019
http://propertybaba.says.com/writers/agentblogs/
1) Fourth fastest growing city in the India:
Nashik is the fourth fastest growing city in India, due to which it has got the ability
to transpire as a smart city in the near future. Thus, the city’s realty market is
stipulated to experience growth and development, which would eventually benefit
the builders and developers.

2) Big break for affordable residential projects:

There is an ample amount of availability of affordable residential projects. This has
lured buyers from varied financial backgrounds, including the Middle Income
Groups (MIGs) and working professionals. The reasonable prices of these projects,
combined with the serene atmosphere of the city have enticed the retired personnel
to invest in the residential properties in Nashik for sale.

3) Capital value appreciation of the properties:

The capital value appreciation in Nashik has gone up from 15% to 25% on an
annual basis, thereby bringing the city in to the bright spotlight of real estate
investment. Besides, the developments in the commercial belts have added on to
the value appreciation of the properties and are transforming the investor market
into an end-user friendly one.

4) Make-over from a pilgrimage destination to an investment destination:

Since the last two decades, Nashik has undergone a transformation from being a
pilgrimage destination to an investment destination. The city is shedding away its
image from just being a passers’ by spot. It offers a lot of investment related
options, wherein you can invest in the 1 BHK and 2 BHK Flats in Nashik along
with varied options like Duplex, Full Duplex and Premium properties.

5) Development of Special Economic Zones (SEZs) and Tech parks:

Nashik has witnessed the growth of many SEZs, Tech Parks and IT Parks. Igatpuri
and Sinnar regions of Nashik are a part of Delhi-Mumbai Industrial Corridor
(DMIC). Hence, they have become hotspots for future developments.

16
  INTRODUCTION
The real estate sector is one of the most globally recognized sectors. Real estate sector comprises
four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is well
complemented by the growth of the corporate environment and the demand for office space as
well as urban and semi-urban accommodations. The construction industry ranks third among the
14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
It is also expected that this sector will incur more non-resident Indian (NRI) investments in both
the short term and the long term. Bengaluru is expected to be the most favoured property
investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and
Dehradun.

 MARKET SIZE
Real estate sector in India is expected to reach a market size of US$ US$ 1 trillion by 2030 from
US$ 120 billion in 2017 and contribute 13 per cent of the country’s GDP by 2025. Retail,
hospitality and commercial real estate are also growing significantly, providing the much-needed
infrastructure for India's growing needs.
Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high demand for
office space in recent times. Commercial office stock in India is expected to cross 600 million
square feet by 2018 end while office space leasing in the top eight cities is expected to cross 100
million square feet during 2018-20. Gross office absorption in top Indian cities has increased 26
per cent year-on-year to 36.4 million square feet between Jan-Sep 2018. Co-working space
across top seven cities has increased sharply in 2018 (up to September), reaching 3.44 million
square feet, compared to 1.11 million square feet for the same period in 2017.

17
  INVESTMENTS / DEVELOPMENTS
The Indian real estate sector has witnessed high growth in recent times with the rise in demand
for office as well as residential spaces. Private Equity and Venture Capital investments in the
sector have reached US$ 4.1 billion between Jan-Nov 2018. Private Equity and Venture Capital
investments in the sector have reached US$ 4.1 billion between Jan-Nov 2018. Institutional
investments in India’s real estate are expected to reach US$ 5.5 billion for 2018, the highest in a
decade.
According to data released by Department of Industrial Policy and Promotion (DIPP), the
construction development sector in India has received Foreign Direct Investment (FDI) equity
inflows to the tune of US$ 24.87 billion in the period April 2000-June 2018.
Some of the major investments and developments in this sector are as follows:

 New housing launches across top seven cities in India are expected to increase 32 per
cent year-on-year by 2018 end to 193,600 units.

 In September 2018, Embassy Office Parks announced that it would raise around Rs 52
billion (US$ 775.66 million) through India’s first Real Estate Investment Trust (REIT)
listing.

 New housing launches across top seven cities in India increased 50 per cent quarter-on-
quarter in April-June 2018.

 In May 2018, Blackstone Group acquired One Indiabulls in Chennai from Indiabulls Real
Estate for around Rs 900 crore (US$ 136.9 million).

 In February 2018, DLF bought 11.76 acres of land for Rs 15 billion (US$ 231.7 million)
for its expansion in Gurugram, Haryana.

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  GOVERNMENT INITIATIVES
The Government of India along with the governments of the respective states has taken several
initiatives to encourage the development in the sector. The Smart City Project, where there is a
plan to build 100 smart cities, is a prime opportunity for the real estate companies. Below are
some of the other major Government Initiatives:

 Under the Pradhan Mantri Awas Yojana (PMAY) Urban, more than 6.85 million houses
have been sanctioned up to December 2018.

 In February 2018, creation of National Urban Housing Fund was approved with an outlay
of Rs 60,000 crore (US$ 9.27 billion).

 Under the Pradhan Mantri Awas Yojana (PMAY) Urban 1,427,486 houses have been
sanctioned in 2017-18. In March 2018, construction of additional 3,21,567 affordable
houses was sanctioned under the scheme.

 ROAD AHEAD

The Securities and Exchange Board of India (SEBI) has given its approval for the Real Estate
Investment Trust (REIT) platform which will help in allowing all kinds of investors to invest in
the Indian real estate market. It would create an opportunity worth Rs 1.25 trillion (US$ 19.65
billion) in the Indian market over the years. Responding to an increasingly well-informed
consumer base and, bearing in mind the aspect of globalisation, Indian real estate developers
have shifted gears and accepted fresh challenges. The most marked change has been the shift
from family owned businesses to that of professionally managed ones. Real estate developers, in
meeting the growing need for managing multiple projects across cities, are also investing in
centralised processes to source material and organise manpower and hiring qualified
professionals in areas like project management, architecture and engineering.
The growing flow of FDI into Indian real estate is encouraging increased transparency.
Developers, in order to attract funding, have revamped their accounting and management
systems to meet due diligence standards.

19
  REAL ESTATE AND NASHIK
From all over the globe, property investors are looking out for a pocket-friendly destination to
invest that could shower a better return prospect as compared to the metropolitans and big cities.
Since the realty market of the locations like Mumbai and Pune has come to a saturation point,
investors are more probable to invest in markets like Nashik. The growth in an emerging and a
striking destination like Nashik is now challenging the realty development of the big cities.
Until 2006, the residential property market of Nashik has developed at a leisurely pace. After
that, it picked up the pace and started performing significantly as projected in annual
appreciation rates. To have a sincere glance of Nashik as an attractive real estate destination,
scroll on and on and on!
1.) Key Localities
 Gangapur Road: The prevailing residential sales trend in this locality is multi-storey
apartments that range between Rs 4,300 to 4,650 per sq. ft. If you are looking for
residential plots then it will cost you between Rs 17,000 to 24,550 per sq. yd.
 Pathardi Phata: Amazing road connectivity, Pathardi Phata is an amazing place for the
ones who are looking for property. Furthermore, the place is endowed with a number of
convenient stores, spas, petrol pumps, ATMs and many other basic amenities. The
property price here in this location is Rs. 4,125 Per Sq. Ft.
 Govind Nagar: Govind Nagar is one of the key localities of Nashik having a plethora of
hospitals, clinics, malls, movie theatres, restaurants, cafe and others. The price of
property Per Sq. Ft. is for over Rs 3,819.
2.) Nashik’s Geo-Strategic Location
Amidst a number of other things that is in favor of Nashik is the geo-strategic location of the city
as and when it comes to real estate investment. As compared to the cities like Mumbai and Pune,
Nashik is endowed with the breath of fresh air along with its unexploited investment scenario
that encourages the buyer to buy property here.
Right from multiplexes, hotels, restaurants, shopping malls, showrooms, universities, hospitals,
colleges, to industries have established in the city over the last decade. All these factors have
made the city an attractive place for investment.
3.) Major Development Landmarks
 The five industrial zones established in and around Nashik namely, Dindori, Gonde,
Ambad, Sinnar, and Satpur.
 A successful 6-lane road between the two cities that is the Mumbai-Nashik Expressway.
 The successful and the longest flyover of India that is connecting significant points
within the city.

20
  Nashik is a famous manufacturing and industrial hub and is also home to prominent
companies such as VIP, Bosch, Samsonite, M&M and others.
 Nashik is also the wine capital of India as it is home to for over 35% of total vineyard
count of the country.
Having a clean and green environment, Nashik is endowed with a good quality of life. Its
beautiful surroundings, pleasant climate, unique personality in terms of mythological, cultural,
historical and social importance have attracted a lot to invest and buy a home here. All-in-all,
Nasik is emerging as an attractive real estate destination.

 TOP BUILDERS IN NASHIK

 Jaykumar LLP – Parksyde Homes, Parksyde Residences
 Karda Constructions
 Bagad Properties
 Suyojit
 Samrat Group
 Nirman Group
 Vascon Builders

 TOWNSHIP PROJECTS
The perception of township has recognized its existence in the trend for staying with growing
demand for luxury apartments in integrated townships. The shifting necessities and standard of
living of India’s residential property buyers who have much more than just a simple home on
their thoughts, when they decide to buy that dream house.
Townships have become the most required after now days even though they cost much higher
than individual buildings. Complexes built in large area of lands with all facilities including
schools, hospitals, shopping malls, gymnasium, health spa provide the unique living experience
that people demand these days.
Townships are the next big thing in the Indian real estate development industry; it seems, with a
quiet growth in the number of township development projects that merge in a lot of things to
make grand realty projects successful and sustainable. As land prices peak in key cities and basic
infrastructure lagging to balance with increasing populace, real estate property developers are
building cities away from the city to facilitate better quality lifestyles.

21
  PRADHAN MANTRI AWAS YOJANA (PMAY)
Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which
affordable housing will be provided to the urban poor with a target of building 20 million
affordable houses by 31 March 2022.
It has two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor
and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor.
Cumulative total number of funded houses approved thus far is 39, 25,240 in urban area
including the subsumed RAY scheme and completion of construction of 5 million rural houses
by March 2018 and 10 million rural houses by March 2019.
Pradhan Mantri Awaas Yojana was launched in June 2015 with an aim to provide affordable
housing in urban poor.
Under PMAY, it is proposed to build 2 crore houses for urban poor including Economically
Weaker Sections and Low Income Groups in urban areas by the year 2022 through a financial
assistance of ₹2 trillion (US$28 billion) from central government. This Mission has four
components viz., In-situ Slum Redevelopment with private sector participation using land as
resource, Affordable Housing through Credit Linked Subsidy, Affordable Housing in Partnership
with private and public sector and Beneficiary led house construction/enhancement. Under these
components, central assistance will be in the range of ₹1 lakh (US$1,400) to ₹2.30 lakh
The scheme
The features of Pradhan Mantri Awas Yojana are that the government will provide an interest
subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under
credit link subsidy scheme (CLSS) from the start of a loan. The houses under Pradhan Mantri
Awas Yojana would be constructed through a technology that is eco-friendly, while allotting
ground floors in any housing scheme under PMAY, preference will be given to differently abled
and older persons.
Eligibility
Condition for PMAY:
(a) Beneficiary max age 70 years,
(b) EWS (Economic Weaker Section) annual income Less than Rupees 3 Lac and LIG (Lower
Income Group) Annual Income 4,00,000 to 6,00,000 Lac INR as well as Mid Income group since
Feb 2017, and
(c) The beneficiary should not have an own dwelling unit on the name of any family member in
any part of India.
The houses given under this scheme will be owned by females or jointly with males

22
  READY RECKONER
Ready Reckoner rates are the prices of the residential property, land or commercial property for a
given area and is published and regulated by the respective state government. These rates are
regularly revised on a yearly basis depending on the perception about the government for such
price revisions.
This rate is the government’s estimate of minimum property values in various locations. The rate
differs in every state, city and in different localities in those cities. Authorities determine the
price of real estate in a particular locality, based on several factors. Based on these factors, a
benchmark is set, below which no property transaction can take place in that particular locality.
This benchmark is known as the Ready Reckoner/Circle rate. It is the minimum price on which
the government will charge stamp duty and registration fees.
The RR rates are typically lower than the current market rates of properties in a particular area.
The rate is reviewed periodically and revised, to bring it closer to market rates. As real estate
transactions take place in the private realm and the price is often not disclosed, state governments
need a benchmark, to ensure that they do not lose out on an important source of revenue.

 STAMP DUTY AND REGISTRATION CHARGES

Stamp Duty varies from state to state and is between 5 and 7 per cent, while the Registration
Charges are 1 per cent. Generally, in most of the states, these charges are lesser for women
buyers than their male counterparts.
GST rate to 5 per cent from 12 per cent on premium houses. However, the benefit of input tax
credit (ITC) will not be available with the new lower rate. Similarly, GST figure is 1 per cent
without ITC for affordable homes from the earlier figure of 8 per cent.

23
 TO STUDY CONSUMER BUYING BEHAVIOUR TOWARDS
RESIDENTIAL PROPERTY IN NASHIK.

OUTLINE OF THE PROBLEM:

The study is being conducted for the survey of the overall residential property market in the
developing city of Nashik, and how the consumer buying behavior is towards the various
properties and what all factors influence and affect the buying decisions of the general
individuals while choosing a residential property.

SELECTION OF THE TOPIC:

There are various residential projects inaugurated in Nashik and even more projects are going to
be started, along with numerous number of projects going on. And all of these projects are
mostly successful and the demand is growing.
This study would help understand the core needs of the consumers and what exactly they search
in a property and what are their true requirements.

OBJECTIVES:
1) To understand the consumer buying behavior towards residential property in Nashik.
2) To understand the choices of the consumers and the current trends in the residential properties
which attracts the general consumer.
3) To know what is more important to a consumer amongst various factors affecting the
consumer buying behavior
4) To test the general knowledge of the consumer about the basic concepts in the residential
properties and how that would affect the buying decision.
5) To understand what a general consumer would like in a residential property and would meet
his demands and needs.

24
SCOPE:
 The study would help various real estate companies understand what actually their
consumers need.
 It would help them frame their further strategies accordingly and plan their future
ventures according to the current consumer wants and trends in the markets and meet the
demands of the customers.
 To avoid undertaking any project which would not have demand in the current scenario,
May it be as per location or as per the rate, the cost of the property, the availability of the
market demand and thereby avoiding losses.

LIMITATIONS:
 The study is limited to the locality of only Nashik, it cannot be exactly applied to any
other location, and it would be a total different opinion and behaviour in different city
area.
 The findings are completely based on the opinions of the respondents, and cannot be
applied to whole of the population as humans are dynamic in nature and consumer buying
behavior is subjective and differs from person to person.
 There are approximately 50% of the responses which are filled by the individuals of
student level which can be future potential consumers, but in current state they cannot be
treated as immediate buyers.


25
Research definition:
“Research is careful inquiry or examination to discover new information and
relationship and to expand and to verify exiting knowledge”
Research always starts with questions or a problem. Its purpose is to find answer to
questions through the application of the scientific method. It is a systematic and intensive study
directed towards a more complete knowledge of the subject studies.

RESEARCH METHODOLOGY
Research is the process of systematic & in depth study or search of any particular topic, subject
by the collection, presentation & interpretation of relevant details or data. It is a careful search or
injury into any subject or subject matter, which is an endeavor to discover or to find out valuable
facts which would be useful for further application or utilization Generally research is considered
as an endeavor to arrive at the answer to intellectual and practical problems through the
application of scientific methods to the knowledge universe. It is movement from known to
unknown. Clifford Woody has defined research in a specific manner. According to him, “the
research comprises of defining and redefining problems, formulating hypothesis or suggested
solutions, organizing and evaluating data, making deductions and reaching conclusions and at
last carefully testing the conclusions to determine whether they fit the formulating hypothesis”.
Whereas, research methodology is defined as a highly intellectual human activity used in the
investigation of nature and matter and deals specifically in the manner in which data is collected,
analyzed and interpreted.
The research method of the study explains the systematic way of findings to the predetermined
objectives. Moreover, this provides the clean path to accomplish and achieve clear solution for
the problem stated.
Following are the stages through which the research has passed to obtain the conclusions.
1. Define the research problem
2. Review the literature
3. Design research
4. Collection of data
5. Analyze data
6. Interpret data
7. Report the data

26
RESEARCH DESIGN
“Research design is the plan, structure and strategy of investigation conceived so as to
obtain answer to research question and to control variance.” - BY KERLINGER

SOURCES OF DATA
The sources of data collection methods are as follows:-
A) Primary data:-
The primary data is that which details we collect first time from the market and also used first
time in the research. We also say that the information is first time in the research decision. To
collect the primary data questionnaire is prepared structure non-disguise questionnaire is
prepared.
Primary data: - Questionnaire
B) Secondary data:-
Secondary data are those data which are already collected by someone for some purpose and are
available for the present study; secondary data are already collected by the internet, journals,
research papers and library’s books. When the secondary data are sufficient, the researcher has to
be satisfied with the primary sources of data. Secondary data can be used as bases for
comparison with primary data have been collected by questionnaire.
Secondary data: Websites, Books, E-Journals, etc.

DATA COLLECTION METHOD

Sampling plan
Sampling is a process of obtaining. The information about the entire population by examine a
part of it .The effectiveness of the research depends on the sample size selected for the survey
purpose.

(A) Sampling Unit:-

It means “Who is to be surveyed”.
Here target population is decided and it is them who are most probably going to purchase a
property or are potential future buyers of any residential property and sampling frame is
developed so that everyone in the target population has known chance of being sampled. So the
survey is conducted particularly in NASHIK City.

27
(B) Sample size:-
For the purpose of proper survey, there is need of perfect research instruments to find out sample
size for more accurate result about consumer behavior towards residential property in Nashik.
There were 100 respondents.

(C) Sampling Method:-

“Convenience sampling is the non-probability sampling techniques where subjects are selected
because of their convenient accessibility and proximity to the research”. It is the easiest way to
analyze the data.
Data is collected from as many respondents as possible but since the study is about people of
Nashik so it is assumed that there will be little variation in population making it more approved
generalized to the response rate. The sampling method for people of Nashik took also place on a
convenience basis since the people that agree to answer the questionnaire are those that were
chosen.

TOOLS USED FOR RESEARCH:

Google Forms
MS Excel
MS Word
Various Charts and Graphs
Pie Diagram
Bar Diagram
Percentage Analysis
Questionnaire

28
1] Gender wise distribution of the respondents
a) Male
b) Female

Object 3

5.1
2}] AGE GROUP (in years)
a) 18 - 25
b) 26 – 35
c) 35- 50
d) 50+

Object 5

5.2

29
3] CURRENT RESIDENCE
a) Nashik
b) Pune
c) Mumbai
d) other:

Object 7

5.3

Here we can see that amongst the 100 respondants,

81 are currently belonging from Nashik
09 are currently belonging from Pune
07 are currently belonging from Mumbai, and
the remaining 3 are from Gujrat, Dhule and Bhusawal respectively.
We can say that the respondents are maximum from Nashik itself and staying in Nashik, so they
can be the most preferred customers who would want to buy a new property in Nashik as they
stay in the city.
These respondents would also know fairly about the residential properties all over Nashik and
would give a fair opinions on the research.

30
4] OCCUPATION
a) Business/ Self-Employed
b) Private Service
c) Government Service
d) Agriculture Sector
e) Artist
f) Politician
g) Student
h) other
:

Object 9

5.4
From the above graph we can interpret that the maximum number of respondents are students
who are approximately of age group of 18 to 25years, they are the future buyers of the property
and usually have zero no of properties on their name.
The 2nd highest number of respondents belong to the business sector and are self-employed, they
form 21% of the total sample size.
The 3rd highest number of respondents are of private sector which are 16%
Whereas the government employees are at 6%,
Agriculture sector makes 6%
Politics makes 1%, and artist makes 2% from the total no of respondents.

31
5] HOW MANY PROPERTIES DO YOU OWN IN TOTAL?
a) 0
b) 1
c) 2
d) 3
e) 4+

Object 11

5.5

There are 28% of the respondents who don’t have a property yet and are at the highest number
26% of the respondents own one property,
22% of the respondents own two properties
14% of the respondents own three properties, and
10% of the respondents have more than four properties.

32
6] WHICH TYPE OF PROPERTY ARE YOU INTRESTED TO INVEST IN?
a) Residential Property
b) Plots or agriculture land
c) Shops or commercial spaces

Object 13

5.6

The most preferred option for purchasing the property are the residential properties with almost
70% of votes
The shops or commercial spaces are at 20% and
Plots or agriculture land at 10%

33
7] WHICH RESIDENTIAL PROPERTY WOULD YOU PREFER TO PURCHASE?
a) Flats
b) Row-Houses
c) Bungalows
d) Pent-House

Object 15

5.7

The Flats are the first choice of the 50% of the total respondents
Then comes the Bungalows with 27% preference
Pent houses with 17% of respondents choosing it and
Finally Row houses make least of the preference with 6%

34
8] WHAT IS YOUR PURPOSE FOR BUYING THE RESIDENTIAL PORPERTY?
a) Self-Occupying
b) Investment
c) For gaining rental income
d) For friends/ relatives

Object 17

5.8

The main purpose of buying the property of maximum number of respondents is for Self use or
self-occupying, 38%
A very near to that which is 32% of the respondents’ wants property as an investment
22% of them want to buy property to further give it on rental basis and earn rental income
And 8% of the respondents are searching for a property for their friends or relatives.

35
9] WHERE WOULD YOU PREFER HAVING YOUR RESIDENTIAL PROPERTY AT?
a) Stand-Alone Buildings
b) Township Projects

Object 20

5.9

The maximum preference of the consumers in Nashik have been given to the township projects
and they prefer their residential property in a Township, it makes upto 61% of the respondents.
Whereas, wanting a house in a standalone building sums upto 39% of the total respondents.

36
10] IN WHICH LOCALITY OF NASHIK DO YOU WANT TO BUY YOUR RESIDENTIAL
PROPERTY?
a) College Road
b) Gangapur Road
c) Serene Meadows
d) Govind Nagar
e) Indira Nagar
f) Rane Nagar/ Pathardi Phata
g) Nashik Road/ Jail Road
h) Deolali
i) Cidco
j) Lawate nagar
h) Rasbihari Road

Object 23

5.10

37
Maximum number of the most preferred areas have been covered in the options,
and the options were according to the most influential areas where real estate has high demand
and residential areas are more.
We can find that Gangapur road is the most preferred location with 31%
College road at 18%
Serene Meadows at 11%
Govind nagar at 10%
Indira nagar at 8%
Rane naagar/ Pathardi Phata area at 9%
Nashik road/ Jail road at 3%
Deolali at 3%
Cidco area at 3%
Lawate Nagar at 3%
And Rasbihari Road at 1%.

38
11] WHAT TIME WOULD YOU WANT TO PURCHASE THE PROPERTY?
a) Ready Possession
b) in 3-6 months
c) in 6 months - 1 year
d) after 1 year

Object 25

5.11

We can see that 47% of the respondents want the possession after 1 year or are in need of the
property after a year
Ready possession requirements are at 26%
In 3 to 6 months are at 13%, and
Possession within 6mon to 1year is 17%.

39
12] WHAT TYPE OF FINANCING OPTION WOULD YOU OPT FOR?
a) Self-Financing
b) Bank Loans
c) Personal Loan from friends/ relatives

Object 27

5.12

54% of the respondents are dependent upon the financing from the banks
37% of respondents prefer self-financing, whereas
9% of consumers would prefer taking a personal loan from friends or relatives.

40
13] HOW MUCH INVESTMENT ARE YOU READY TO PUT IN YOUR PROPERTY?
a) Up to 20 lakhs
b) 20 lakh to 50 lakh
c) 50 lakh to 75 lakh
d) 75 lakh to 1 Cr
e) 1 Cr +

Object 30

5.13

How much funds is the consumer willing to invest can be seen from above table,
35% of the respondents prefer investment from 20lakh to 50lakh
24% of the respondents prefer investments from 50lakh to 75lakh
16% of the respondents prefer investments from 75lakh to 1Cr
17% of the respondents prefer investments above 1Cr, and
Only 8% of the respondents are ready to invest upto 20lakh.

41
14] ARE YOU AWARE OF THE PMAY?
a) Yes
b) no
c) Somewhat

Object 32

5.14

The awareness of the PMAY (Pradhan Mantri Awas Yojna) is not upto the mark and needed to be
promoted
Only 49% of the respondents were aware of the scheme
39% were not aware of any such scheme, and
12% were not completely aware of such scheme

42
15] WHICH TYPE OF RESIDENTIAL PROPERTY DO YOU REQUIRE?
a) 1bhk
b) 2bhk
c) 3bhk
d) Terrace attached Flat

Object 34

5.15

The most preferred option is of 3bhk with 37% of respondents

27% with a terrace attached flat
26% looking for 2bhk option, and
Only 10% searching for a 1bhk.
It means that the demand for bigger flats with more number of rooms is required and even
terrace attached flats are a choice of the consumers in Nashik.
Whereas compact flats like 1bhk are not very much preferred.

43
16] HOW MUCH SIZE DO YOU REQUIRE FOR THE FLAT?
a) Upto 500 Sq.Ft
b) 500 Sq.Ft - 1000 Sq.Ft
c) 1000 Sq.Ft - 1800 Sq.Ft
d) 1800 Sq.Ft +

Object 36

5.16

The maximum number of respondents (44%) want their residential property to be between 1000
sq.ft to 1800 sq.ft
30% of the respondents prefer from 500sq.ft to 1000sq.ft
17% want the area to be above 1800sq.ft, and
Only 9% of the respondents want it to be upto 500eq.ft
It means that demand for bigger flats and residential schemes is higher rather than compact
homes.
Consumers want spacious flats and bigger rooms.

44
17] ARE YOU AWARE ABOUT THE DIFFERENCE BETWEEN CARPET AREA AND
BUILT-UP AREA?
a) Yes
b) No
c) Somewhat

Object 38

5.17

The awareness about the difference between carpet area and built-up area is moderate with 59%
knowing what it is,
25% not knowing about it and
16% having a basic idea of it.

45
18] DO YOU PREFER PROPERTIES MADE ACCORDING TO CORRECT VASTU?
a) Yes, Strictly
b) Maybe a little
c) No, not a concern at all

Object 40

5.18

The consumer prefer the properties made according to the Vastu,

47% of the respondents strictly follow the Vastu
39% of the respondents follow a little amount, in a smaller scale
And 14% of them do not care about Vastu.

46
19] WHICH IS YOUR MOST PREFERRED FLOOR IN A NORMAL 7 FLOOR BUILDING?
a) 1st floor
b) 2nd to 4th floor
c) 5th or 6th floor
d) 7th floor/ Top floor

Object 42

5.19

Maximum number of respondents (35%) prefer their flat between 2nd floor to 4th floor
Whereas 26% of them prefer on 5th or 6th floor
25% of them prefer at the Top floor/ 7th floor
And, 14% of the respondents prefer at 1st floor.
Here we can see that the demand for the flat in middle floors in more 35%+25% = 60%
But at the same time there are a decent number of respondents who prefer the top floor,
especially the one who like pent houses or are willing to pay floor rise.

47
20] ARE YOU AWARE OF THE FLOOR RISE? ARE YOU READY TO PAY HIGHER
AMOUNT FOR HIGHER FLOORS?
a) Yes
b) No
c) Maybe

Object 44

5.20

The concept of floor rise has come from the metro cities,
Where 53% of the respondents have the knowledge about the concept of floor rise
24% have a basic idea of it but are not completely sure about it
And 23% of the respondents are not aware the floor rise.

48
21] WHAT ARE YOUR MOST PREFERRED CRITERIA'S WHEN IT COMES TO THE
LOCATION OF THE PROPERTY?
a) Near the core city areas
b) Easy access to public transport
c) Closer to friends or relatives home
d) Near river-sides
e) Easy access to Universities and Colleges
f) Closer to MIDC areas
g) Prime Locations/ Premium colonies

Object 46

5.21

The most preferred factor when choosing the location is the “near the core city areas” which was
chosen by 63 respondents.

49
22] WHAT ARE THE MAIN FACTORS YOU SEEK IN A RESIDENTIAL PROJECT?
a) High class amenities and Club house
b) Greenery and Eco-friendly constructions
c) Ample children play area and Gardens
d) Security and safety
e) Quality of raw materials used
f) 24 hour water supply
g) Solar power and rainwater harvesting plans
h) Decent class of neighbors

Object 48

5.22

The main factor which affects the respondents is the availability of the 24 hour water supply with
69 respondents choosing it.

50
23] WHICH TYPE OF PARKING OPTION DO YOU PREFER?
a) Allotted and Uncovered
b) Allotted and Covered
c) Common Area
d) Doesn't matter

Object 50

5.23

The maximum number of respondents prefer allotted and covered parking with 72%
14% of the consumer prefer allotted and uncovered parking
The parking option does not matter to the 9% of the respondents
And 5% of them choose the common area for parking

51
24] WHAT FACTORS DO YOU CONSIDER MORE IMPORTANT WHILE CHOOSING A
FLAT?
a) Good Ventilation
b) Spacious room sizes
c) French Windows
d) Attached Washrooms
e) Utility Space
f) Garbage Shoots
g) Concealed electrical wiring
h) Gas pipeline facility

Object 52

5.24

The most important factor for the consumer which he considers inside a flat is the criteria of
Good ventilation with 84 respondents choosing it.

52
25] WHICH FINANCE AND COST RELATED FACTORS ARE YOU CONCERNED ABOUT
THE MOST?
a) Per Sq.Ft Rate
b) The Government ready-reckoner rate
c) The maintenance charges
d) Percent of finance cover for the property
e) Applicability of PMAY scheme
f) GST benefits
g) Flexible Payment options

Object 54

5.25

The main influencing cost/ financial factor which the consumers are concerned about is the per
sq.ft rate of the property.

53
26] WHAT QUALITIES DO YOU SEEK IN THE PROJECT DEVELOPER (BUILDER)
BEFORE FINALIZING A PROPERTY?
a) Brand Name of the builder
b) Transparency in working
c) Trustworthiness
d) Goodwill and experience
e) In time project completion
f) Professional and Systematic
g) Of Non-Political Background
h) member of CREDAI Nashik.

Object 56

5.26

Out of the various qualities of the developer the consumers are mostly concerned about the
trustworthiness of the builder with 70 respondents choosing it.

54
 For the research conducted on the Consumer Behaviour towards Residential Property in
Nashik 100 responses were collected out of which 56 were male and 44 were female, and
maximum no belonged to the age group of 18 to 25, but 45 respondents were there who
were above 25.
About 81 respondents were from Nashik itself and having an occupation of self-
employed, private or government service or a student.
 There were 28 respondents who were not owning a property and could be potential
clients in future and 68 respondents owning property who would be financially stable to
buy another.
 Maximum number of respondents prefer residential property.
 More preference in the residential segment is to the flats and then to bungalows with
lowest to the row houses.
 The main purpose of buying the property is for self-use and also most of them for
investment, even more no of respondents want to rent out their property.
 The consumers prefer having their property at a Township project.
 The most preferred area in Nashik is the Gangapur road side which including college
road and serene meadows together form 61% of the total interest of the respondents.
These three areas on the same side of the city has the maximum demand.
 The consumers usually want possession after a year from the date of filling the response.
 Most of the respondents would opt for bank loans which means that there should be
proper tie-up of the construction company with the banks, and have their master file
approved.
 The investment capacity of the consumers is more and they prefer a higher side of
investment for their property, mostly above 25lakh.
 The PMAY scheme of the Indian government for the new buyers of the property is not
well marketed and people are unaware about it, only half of the respondents were aware
about it.
 The consumers usually prefer bigger houses with more rooms and require terrace
attached flats.
 The sizes preferred for the flats are usually larger, more than 500 sqft flats, even some
consumer require more than 1800 sq.ft of space.
 Most of the consumers are not aware of the basic difference between the carpet area and
the built-up area.
 The consumers in Nashik prefer the properties made according to correct vastu.
 Most of the consumers prefer their flats on higher floors and even are ready to pay higher
price for high floor, because of floor rise.
 The location of the residential property is very important to the consumer, they generally
prefer properties which are near the core city areas and prime locations having easy
access to public transport.
 The main factors which affects the consumer in a project and what he actually seeks from
the concerned site are the high class amenities, posh club house with all good facilities,

55
 children play area and garden, which are all the characteristics of a Township Project.
And also 24hr water supply is also necessary.
 The parking is the main concerned in all the residential projects, and most of the
consumers prefer covered and allotted parking.
 While choosing a flat the customer usually checks weather the flat has a good ventilation,
spacious room sizes, concealed electrical wiring and attached washrooms or not.
 The cost factors which affects the decision making of the consumer are the per sq.ft rate,
and flexible payment options.
 The main qualities a consumer seek in a builder is the trustworthiness and the brand
name, also the transparency in working and also the goodwill and experience.

56
There should be immediate beginning of new township projects with maximum number of flats
which are bigger in size and larger spacious rooms, it will automatically have demand.
The buildings should be high storey, as most of the consumers are preferring flats on top floors
and even demanding pent houses, and also ready to pay higher amount for the higher floor
inspite of floor rise which is applicable.
The location of the project would matter the most, it should be near to prime areas and near the
core of the city, and avoid starting a new project in any remote location, as it will get low
demand and also lower per sq.ft rates are traded there.
The customers should be made available of the various benefits of the government schemes and
also financial assistance should be provided by forming tie-ups with various banks to make
available finances.
The developers should try and maintain a good image in the market and gain the trust of the
customers as the trustworthiness is the most important factor they seek in a developer.
Attract the customer by the various facilities they like and provide them in the project, like
various gardens and greenery and lots of amenities like club houses jogging tracks, children play
areas, gyms, crèche facilities, etc.
The residential property is the ultimate product to any individual it is not just an objective thing
but an emotional bond so it should be marketed accordingly.

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There are new potential consumers and having lower age groups which can be effectively
targeted and then converted into sales.
There are consumers already having a property and then they can be further targeted for maybe
investments or for giving on rental income.
The pent houses and bungalows along with flats in residential properties are mostly preferred and
such projects should be undertaken, having an area of more than 500sqft and more than 2bhk or
even penthouses of more than 1800 sqft have demand in the market with proper vastu design,
having good ventilation and spacious rooms, the consumers are even ready to pay floor rise for
higher floors.
And all these variants would be more demanded if they are in a township project having high
class amenities good greenery and constant water supply, with decent rates and flexible payment
options available and extent of financial cover applicable, mostly in the areas of Gangapur road,
college road or serene meadows, which would be near to the prime areas and is the core area of
the city.
The consumer usually prefer the possession after 1 year so the projects should be initiated
accordingly.
The consumers are ready to put in a larger amounts of investments and also prefer bank
financing, so bank loans are promoted and also various schemes of government like PMAY.

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