Brand image and its effects on consumer purchase in real estate

Ronak Ginoya R.No.10145

Introduction
Brand a powerful Add values to the products True brand fulfills the real or perceived needs of customers

Background information of Real estate industry

presently worth $75 billion growing at the rate of 30 % per annum second largest employer Rs.1 invested in real estate sector results in 78 paisa being added to GDP 80% share of the real estate market is garnered by residential sector the Government of India set up the HUDCO to finance housing and urban infrastructure 100 per cent FDI in housing through integrated township development

Indian cities are normally categorized into three tiers:

Tier I comprises the Delhi, Mumbai and Bangalore Tier II consists of Hyderabad, Pune and Chennai Tier iii cities are Ahmedabad, Jaipur, Surat, Nagpur

RESIDENTIAL REAL ESTATE

Growth drivers for Residential estate: Changing demographics employment opportunities people in the earning age bracket (25 to 44 year olds) and higher salaries increasing disposable incomes IT and Its

COMMERCIAL REAL ESTATE

human resources with necessary skill competitive business environments operating cost urban infrastructure

Commercial locations in India

Mature Destinations In transition Emerging The commercial property market has been growing at an annual rate of approximately 30% over the past eight years

Need and Significance of the Study

To monitor the impact of brand on the performance, efficiency and profitability

Objectives of the Study

Examining the impacts of branding on the real estate firm current situation of builders and developers respect to spending on brands

Brand :Does it stand for something

Lodha- Property with luxury Magarpatta- famous township and resident Of many company

Factors are considered while purchasing residential properties

20

53.33% Respondents consider completed project/Reputation of builder it indicates the importance of Branding 63.33% Respondent consider cost (Rate) which indicates the Builders reputation, location, market price 66.66% Respondent consider location

Recall
30 25 20 15 10 5 0
Nyti Kalpataru Sreemanyogi SSD developer

Kalpataru recall rate is 80% Nyti recall rate 66.67%

Shreemanyogi recall 13.33%

SSD developers has 20% recall

How much rate (price) of branded properties is ideal?

2%-5% 8% More than 10% 15%

5%-8% 39% 8%-10% 38%

Ranking Of factors
Location Construction quality Price Brand name

Comment on well known brand properties v/s unknown

Quality of construction Rates are high amenities commitments

Recommendations
Real Estate Company should spend 2-3% on branding and marketing builders should kept their promises and should give possession on time, approve project from legal bodies and quality of construction up to the standards. location is very important aspect so, if you have presence in prime location brand it helps to enhance brand image Instead of creating just devolve building creates a landmark it not just increase visibility but it helps to generate WOM

Configuration should be proper so different class of people will remain separate. It would be better for the brand prospective and customers comfort prospective.