A PROJECT REPORT ON

Matching the residential growth patterns with buyer preference (Pune). AT JONES LANG LASALLE. SUBMITTED TO MAEERs MIT SCHOOL OF BUSINESS BY APOORVA DESHPANDE 2804442 28TH PGDM

Under the esteemed guidance of

Prof. N.J. CHAVAN MIT- SOB, PUNE IN PARTIAL FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT (PGDM) 2010-2012
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Table of contents
Chapter No. Title Declaration from student Certificate from Company Certificate from Guide Acknowledgement List of Tables List of Graphs Executive Summary I 1.1 1.2 1.3 II 2.1 2.2 2.3 2.4 2.5 2.6 Introduction Company profile Objectives of the study Limitations of Study Research Methodology Primary data Secondary data Sample design Population Sample size Sampling method 31- 35 Page No. 4 5 6 7 8 9 10-11 12- 30

2.7 2.8 III IV V VI VII VIII

Method of data collection Instrument for data collection Theoretical Background Data Processing and Analysis Management Lessons Findings Recommendations Conclusions Bibliography 36- 40 41- 72 73- 79 80- 82 83- 84 85- 87 88- 89

DECLARATION

I, Ms. APOORVA M. DESHPANDE hereby declare that this project report is the record of authentic work carried out by me during the period from 12th May 2011 to 2nd July 2011 and has not been submitted to any other University or Institute for the award of any degree / diploma etc.

Signature:

(APOORVA DESHPANDE)

Date:

ACKNOWLEDGEMENT

Completion of research and writing of the report is a satisfying event and the pleasant part is the opportunity to thank those who inspired, contributed and cooperated to it. I am thankful to Mr. Jai Singh, Residential head, Mr. Adhishesh Mitra, Capital markets head and Mr. Sameer Gholve for their constant guidance and support throughout the duration of the project. I would also like to thank all the staff at JLL for their cooperation. I take the opportunity to offer my deep sense gratitude and reverence to Mr. N.J. Chavan, my internal project guide for his beneficial co-operative help. His immense support has been a real force behind completion of this project. Last but not the least, I would like to thank all the respondents who spent their precious time to answer the questions, without their support this project would not have been successfully completed.

Apoorva Deshpande.

List of Tables

Table No. 1 2 3 4 5 6 7 8 9 10 11 12 13 Pune city dashboard Kharadi & Wagholi Projects

Title

Page No. 43 54-55 55 57 59 60-61 62 63-64 65 67-68 69 70-71 71-72

Kharadi & Wagholi absorption Hadapsar & Handewadi Projects Hadapsar & Handewadi absorption NIBM & Undri Projects NIBM & Undri absorption Katraj, Ambegaon, Sinhagad, Kothrud projects Katraj, Ambegaon, Sinhagad absorption Bavdhan, Baner, Pashan, Aundh projects Bavdhan, Baner, Pashan, Aundh absorption Wakad & Hinjewadi projects Wakad & Hinjewadi absorption

List of Graphs
Graph No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Title Population growth Overall demand and supply Kharadi & Wagholi availability Kharadi & Wagholi absorption Kharadi & Wagholi rate Hadapsar & Handewadi availability Hadapsar & Handewadi rate Hadapsar & Handewadi absorption NIBM & Undri availability NIBM & Undri absorption NIBM & Undri rate Katraj, Ambegaon, Sinhagad availability Katraj, Ambegaon, Sinhagad absorption Katraj, Ambegaon, Sinhagad rate Bavdhan, Baner, Pashan, Aundh availability Bavdhan, Baner, Pashan, Aundh absorption Bavdhan, Baner, Pashan, Aundh rate Wakad & Hinjewadi availability Wakad & Hinjewadi absorption Wakad & Hinjewadi rate Page No. 44 50 55 56 56 58 58 59 61 62 62 64 65 66 68 69 69 71 72 72

EXECUTIVE SUMMARY

The objective of the project was matching the residential growth patterns with buyer preference analysis in the city of Pune. The survey required a market research of builders and real estate developers and in Pune and to collect information on various grounds in reference to the site such as the type of offerings, number of apartments/ flats in the scheme, specific requirements, the total ticket size, absorption rate, prevailing price per sq.ft, loading factor, location of the site, etc. The data collected was compiled in a proper format for the analysis of the most potential upcoming zone in comparison to other zones in Pune. The real estate sector is one of the unorganized sectors in India. In the recent past it has been observed that the residential aspect of the real estate industry in India is highly potential, but rather lacks a channelized manner of working. Thus the project title suggested by the company was to capture the core demand and supply analysis in the residential sector for further research analysis. Due to limitations of geographical boundaries the research was limited to the city of Pune including the suburbs. For the convenience of data collection and sampling process, the city was divided into seven (7) zones; north, north east, east, south, south west, west and the central business district. Market research was done through the mode of survey. The task at market research involved travelling across the city of Pune and interacting with the developers, promoters and builders in regards to the upcoming residential projects by them in various parts of the specified zones. Details of the residential projects were collected and
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tabulated in a MS Excel sheet under various categories for the ease of segregation of the data. The data consisted of the residential patterns in the city, pertaining to the size of the apartment, row house and pent house, the cost, amenities provided and other aspects in regards to construction development. The total number of projects visited amounted to 107. A procedure of segmentation was done so as to concentrate only on large projects that consisted of 50 apartments minimum. In contrast to the market research carried out for the demand aspect, a questionnaire in form of an enquiry form was distributed to potential customers (who are in search of an apartment, row house or penthouse). The details were taken on the basis of the any particular area of residence the customer would like to opt for, the budget, any pre- visited or finalized builder or project etc. Further the data helped in analyzing the overall sales in the residential sector along with the upcoming zone and the area in specific which was in demand. It also gave a clear picture of the expenditure patterns of the consumer while purchasing or re- purchasing a house. Both the demand and supply aspects have helped in analyzing the overall aspect of the residential trends that has been observed in the city of Pune in the last one year (2010- 2011).

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INTRODUCTION

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1.1 COMPANY PROFILE

HISTORY AND EVOLUTION:

A Tale of Two Cities and Global Expansion52 Jones Lang LaSalles history spans more than 200 years, but well just give you the highlights: 1783: Richard Winstanley sets up shop as an auctioneer in London and is succeeded by his son James in 1806. 1939: Through partnerships and mergers too numerous to mention, the Winstanley firm is now known by the last names of its three principal members: Jones Lang Wootton (JLW) & Sons. 1945: In a London devastated by World War II bombings that destroyed property records, JLW takes on the enormous job of documenting boundaries and ownerships of thousands of land parcels. JLW secures licenses for development and agency appointments, which places it in an enviable position as the city begins to rebuild in 1954. 1957: JLW begins its global expansion by opening offices in Australia, overcoming an initial prognosis of "outlook favorable but problems formidable." Working from this base, the company expands into New Zealand, Singapore, Kuala Lumpur, Hong Kong and Tokyo. Meanwhile, back in Europe, JLW extends its activities into Scotland, Ireland and continental Europe. 1968: Across the Atlantic, in El Paso, Texas, a small group of professionals forms IDC Real Estate with the goal of bringing much-needed professionalism to the marketplace. IDC quickly outgrows its local market, moves to Chicago, eventually changes its name to LaSalle Partners and becomes one of Americas leading real estate service firms. The firm becomes known for its longstanding client relationships.
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1975: JLW opens its first U.S. office in New York. Throughout the 1970s and 80s, both JLW and LaSalle Partners extend their presence in new markets throughout Asia Pacific, Europe and the Americas. 1997: LaSalle Partners completes its initial public offering of the companys common stock. 1999: In the largest international real estate industry merger to date, JLW and LaSalle Partners join forces and form Jones Lang LaSalle. The resulting company wasand still isthe leading global commercial real estate services and investment management firm. 2006: The firm begins a period of strong growth both organically and through acquisitions. Among four new firms joining the fold in 2006 is Spaulding and Slye, a major real estate player on Americas east coast, plus other strong firms in England, Spain and markets in the Middle East. 2007: Another busy expansion year sees 15 mergers and acquisitions including the transaction that created Jones Lang LaSalle India, the largest real estate firm in India. We also acquire Upstream, the leading sustainability consultancy in the UK, and a leading property advisor in the Netherlands. The awards continue as well, highlighted by a top honor for our energy and sustainability work from the U.S. Environmental Protection Agency. 2008: Acquisitions increase our presence in China, make us the largest retail advisor in Germany, and allow us to expand our presence in Australia and Scotland. We are now the leading real estate firm in Germany and the Netherlands, the two largest real estate markets in Continental Europe. In the United States, we acquire The Staubach Company, a leader in tenant representation. This acquisition significantly enhances our presence in key markets around the United States, establishes us as the market leader in public sector services and adds scale to many of our core businesses. 2011: We establish ourselves as the clear leader in the UK and continental Europe with the acquisition of London-based King Sturge. The transaction gives us scale and depth of expertise that greatly enhance our service delivery capabilities. This string of acquisitions supports our strategy of being a consolidator within a consolidating industry. And were still winning awards, including Fortune Worlds Most Admired Companies in 2011.
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ABOUT JONES LANG LASALLE:

Real Value We are in business to create and deliver real value for clients, shareholders and our own people in a complex world that is constantly changing. Jones Lang LaSalle is a financial and professional services firm specializing in real estate services. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than USD 2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the companys investment management business, is one of the worlds largest and most diverse in real estate with USD 45.3 billion of assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 19,700 employees operating in 78 offices in 13 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at 'The Asia Pacific Property Awards 2011 in association with Bloomberg Television'. Jones Lang LaSalle is proud of the recognition we receive. These distinctions underscore our position as the chosen real estate expert and strategic advisor for leading owners, occupiers and investors worldwide.

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SERVICES OFFERED: Agency Leasing:

A strategic, proactive agency leasing approach for commercial property assets.

Commercial property leasing focused on forging long-term tenant relationships. Earning successful returns on leased commercial property means more than filling space. It begins with a firm grasp of what kind of space the most desirable tenants want and what they will pay for it. And its followed by a marketing and agency leasing strategy that well execute to mix the best tenants at the best lease terms and retain them for lasting value. Whether youre an investor, developer, property company or public entity, thats the way well go to work for you, in every major market in the world. Well bring a strategic, proactive leasing approach to your commercial real estate assets so that you can focus on continuous financial growth. Capital Markets:

Uncovering value in your portfolio with real estate corporate finance.

Given the percentage of corporate budgets devoted to offices and other facilities, nothing dominates a balance sheet more than real estate. Profitability equals your firms success in
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aligning occupancy needs with financial objectives. The value is clear, but the path is complex. Let Jones Lang LaSalles real estate corporate finance experts craft advanced strategies to get the most out of your property. As the largest global professional services firm that is rooted firmly in both real estate and the capital markets, well work with you to uncover value in every facet of your portfolio. Theres no need to shoot from the hip at emerging financial challenges. Well develop corporate real estate finance strategies to align financing and occupancy decisions with tax, financial reporting and treasury objectives. Whether your charge involves a single property or a complex set of worldwide decisions, well assemble a collaborative corporate finance team that has delivered results in initiatives comparable to yours. Corporate Finance:

Let Jones Lang LaSalles real estate corporate finance experts craft advanced strategies to get the most out of your portfolio or a single property. Given the percentage of corporate budgets devoted to owning and managing offices and other real estate assets, nothing dominates a balance sheet more. Profitability equals your firms success in aligning occupancy needs with financial objectives and shareholder value enhanced by sweating each asset optimally including real estate. The value is clear, but the path is complex. Let Jones Lang LaSalles real estate corporate finance experts craft advanced strategies to get the most out of your portfolio or a single property. These strategies are tailored to suit corporate looking to monetize or optimize their portfolios. As the largest global professional services firm that is rooted firmly in both real estate and the corporate finance, well work with you to uncover value in every facet of your portfolio. Our corporate finance team can help evaluate real estate and business objectives through various lenses to determine the most effective solutions and implement them. Well develop and apply corporate real estate finance methods to align financing and occupancy decisions with tax, financial reporting and treasury objectives. Whether your portfolio involves a single location property or a complex set of worldwide decisions, well assemble a collaborative team that has delivered results. Our broad range of offerings for various set of corporate includes:

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Sales lease back structuring & execution Transaction Structuring Fund raising (Equity or Debt) Mergers & Acquisitions Joint Ventures Portfolio / Single Asset Strategy Alternative Ownership Structures Accommodation Strategy Corporate Solutions:

We know what it takes to make real estate outsourcing successful.

Jones Lang LaSalle pioneered the corporate real estate offering in Asia Pacific. Today, our platform provides unmatched services across a single project, country or regional portfolio. Our commitment to shaping our business around the needs of our clients and delivering on our promises keeps us at the forefront of our industry. With real estate being one of the top three costs in a company, having the right partner is critical in finding operational efficiencies. At the heart of our clients success lays the collective expertise of our Corporate Solutions professionals from around the world. Through our collaborative approach in understanding their needs, we help bridge their goals and challenges. No single solution can address different circumstances. By harnessing the power of an individual or integrated suite of our specialized services, we offer clients winning strategies that help them maximize the performance of their real estate portfolio.
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Facility Management:

Facility management providing maximum efficiency, safety and employee comfort.

Efficiency, cost savings and continuous improvement from facility management experts. In an ideal world, real estate executives manage facilities that operate flawlessly, freeing them to focus on real estate strategies that contribute to broader business and financial goals. In reality, many spend much of their work day managing routine facility management and maintenance tasks. As the worlds largest facilities management company, we know that the ideal can be real. Weve shown hundreds of the worlds best-known companies and institutions how to operate facilities with maximum efficiency, safety and employee comfortand dramatically reduce costs in the process. Our facility management services typically show clients a 20 percent or more drop in their overall facility operating expenses. Whats more, we expose our clients to all the best practices weve honed while managing office, industrial, technical, manufacturing, critical environments and one-of-a-kind facilities on five continentsoften for the same company. Our facility management professionals will apply their hands-on experience to drive maximum value and efficiency in your commercial property portfolio. Hotels:

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Whether youre a hotel owner, operator, investor, developer or financier, you strive to enhance your operations and investments in an industry that gets more competitive every day. And real estate is at the heart of it all. Jones Lang LaSalle Hotels can be your single check-in for building profit with comprehensive hotel asset management and investment services. We are the first and largestglobal hotel investment services firm to set up operations in India. . Our clients look to us for advice and execution on everything from investment sales, capital raising and valuation advice to asset management, operator selection and project development. Land & Industrial Services:

Transactions related to land, being the pre-requisite for any real estate development, require specialist advisory services that stem from a background of knowledge that provides critical insights into the potential of projects that may be positioned on land at various locations and the in-depth knowledge of local planning norms. Our land agency division leverages on the

knowledge gained from our internal consulting services, wherein there is a high degree of exposure to various types of real estate markets in various locations across India, along with identification of development opportunities right from their concept stage all across India. This synergistic approach has benefited our clients, who range from land owners, developers, corporates, and various funds seeking to invest in projects, including FII. This group seeks to align expectations of various potential partners in the development of projects with the objective of enabling high level of returns on investments for all partners along with an equitable distribution of risks and project costs. Typically, our range of services include assisting

prospective purchasers in identification, evaluation, and purchase of land; assisting land owners in disposal of their land holdings; facilitating investments for developers in various projects; organizing opportunities for various investors seeking to invest in remunerative projects; structuring joint ventures between landowners and developers/investors/end users; assisting
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developers/corporate in divesting or investing in land portfolios; and assisting clients in sourcing/disposal of Transferable Development Rights, among others. Lease Administration:

Make informed decisions with our comprehensive lease administration and auditing solutions.

If your organization has a diverse and geographically dispersed real estate portfolio, it is critical for you to have accurate, up-to-date portfolio information for strategic planning and mitigate the risks and cost of missing a critical lease date. We can offer you a comprehensive lease administration and auditing solution that facilitates quicker decision making and reduces risk. We have experienced professionals with strong industry expertise that can deliver solutions that meet your business needs. This is further supported by our award winning IT platform, One View Lease Admin, which provides you with easy storage, retrieval and real-time access to every detail of your portfolio. It also gives you a consolidated view of your total real estate portfolio. Project & Development Services:

Whether your organisation is relocating or expanding, you need the assurance of a service provider that has the right experience and knowledge to overcome your unique challenges. No
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other service provider has a stronger combination of global experience, local knowledge, best practices and professional expertise to address your real estate project management needs. Across the Asia Pacific, we have over 600 professionals in 26 offices that managed and advised on over US$6.8 billion worth of capital expenditure in 2009, making us a leader in managing projects that create real value for our clients. In India, we delivered our expertise on over 100 projects with sizes ranging from 1,000 to 2.1 million sq ft in the past year. You gain an unparallel advantage of having greater control of outcomes through our suite of specialized industry solutions Hotel, Commercial, Education, Health, Infrastructure, Industrial, Residential and Retail. Delivered through a specially selected team, well work with you to set measurable goals and achieve them throughout your projects advisory, planning, design, and construction phases. Property and Asset Management: Real Estate Intelligence Service:

In a dynamically growing market, your business needs to have a comprehensive view of the machinations behind Indias fast paced real estate growth. REIS India is a subscription-based research service designed to provide you with timely, accurate, insightful real estate intelligence across India to enable you to make informed decisions. REIS India combines international expertise with local knowledge and is backed by Jones Lang LaSalles award-winning research platform. Real estate professionals across the globe have been relying on REIS in their decisionmaking process for over two decades in Australia and New Zealand, and over a decade in Asia. This service consists of comprehensive real estate data, analyses and forecasts for institutional property players. The wide spectrum of outputs is prepared by a dedicated team of researchers located across 10 offices in India. REIS would give your business access to accurate and timely real estate market intelligence to help you make smart business decisions in a semi-transparent
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and emerging market. In a competitive environment where information is power, REIS India provides you with cutting-edge insights into Indias diverse and challenging real estate markets through collation, analysis and forecasts of property market indicators and trends across all major markets. Carefully prepared and constantly updated by Jones Lang LaSalles highly qualified research professionals, REIS India enables you to identify opportunities and risks first-hand. We gather on ground intelligence via regular collaboration with our colleagues working in areas such as capital markets, leasing, consulting and valuation. REIS empower you with consistent and complete data and analyses. It is supplemented by value-added services including client briefings, presentations and rapid market updates. Research:

Insight, interpretation and analysis tailored to your needs from our real estate research services. Timely and informed research and analysis is an accepted prerequisite to successful decision making. At Jones Lang LaSalle, our extensive market coverage, innovative analysis and prescient forecasting is backed by the market knowledge and commercial acumen of real estates most experienced research team. Our local, regional and global researchers are dedicated to providing a seamless research service from local data sourcing and single assignment analysis through to the construction of global investment, development and locational strategies. Our research services are flexible, practical and backed by best in class proprietary data and analytical models. Projects can be customized to address questions on sectors, geographies or individual assets and we work with you in a manner that best fits with your organization. Please contact the Jones Lang LaSalle commercial real estate market research services group for more information.

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Residential:

Experience and expertise gained through the various residential transactions on behalf of some of the most active developers, corporate and individuals make us the unchallenged market leaders in the residential domain. At Jones Lang LaSalle, our team of professionals dedicated to residential real estate continuously keeps abreast of the ever-changing consumer needs. In addition, we leverage our industry relationships to help developers achieving their sales goals, maximize returns and speed up cash recovery. Retail:

Shoppers change preferences and retailers change strategies. But we never waver in our commitment to providing industry-leading real estate services for retail assets. As a recognized leader in the global retail industry, Jones Lang LaSalle offers unparalleled knowledge and experience. Our specialists provide comprehensive retail services built on a platform to exceed the expectations of our owner, investor and occupier clients. With retail offices in 40 countries around the globe, we manage nearly 250 million square feet of retail with more than 600 properties worldwide. We know that retail offerings and clients needs are constantly changing. Thats why we offer a flexible, customized plan that will ensure that together, well maximize the highest potential of your asset or portfolio.

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Strategic Consulting:

Many real estate initiatives are designed to get the immediate job done. But our commercial property consultants deliver strategies that take a longer view. When real estate decisions align with your organizations broader business and financial objectives, its only natural that expectations are soon exceeded. Our smart, innovative advice helps you gain a competitive advantage and win senior management support for your real estate activities. Successful strategies typically pay for their development costs many times over, and real estate savings of 10 percent to 15 percent are not unusual. Our professionals partner with you to createand executesolutions that not only look good on paper, but work in practice. Youll benefit from our extensive commercial real estate experience helping companies from a broad range of industries meet the challenges of mergers and acquisitions, identify innovative workplace solutions, drive organizational change and engineer the financial optimization of their commercial property. Tenant Representation:

An effective and cost-efficient tenant representation services in New York, Newcastle, New Delhi or anywhere in between. Whether your organization is relocating a single major office or seeking a consistent strategy to acquire space and accommodate global expansion, you need a commercial tenant representation firm that knows the territory. We serve as your strategic advisor, lowering your real estate costs and occupancy risks while maximizing workplace flexibility and productivity. Well analyze your business drivers and occupancy needs, identify and evaluate appropriate options, and manage lease negotiations. In fact, well be your on-call expert for all your leasing and lease administration needs.

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Transaction Management:

In recognition of this, Jones Lang LaSalle has a dedicated Transaction Management discipline within its Tenant representation group. The primary function of the Transaction Management team is to develop and implement processes and tools which support workflow management; promoting cross training, skill sharing and continuous adoption of best practices into local delivery teams. Our transaction management approach provides our corporate clients with: Deal Support Working closely with local Tenant Representation teams, the Transaction

Manager initiates each project, sharing account protocols and processes and imparting captured key learnings which results in increased speed to market and internal efficiencies. Best Practices - Leveraging from the regional and global platforms, the Transaction

Manager is able to cascade best practice tools, policies and processes to drive continuous process improvement and an innovative approach to your account. Market Trends Analysis Through analysis of Lang LaSalles research offerings and

local market expertise, the Transaction Manager is able to identify market trends and create a proactive portfolio strategy that allows you to minimize risk and focus more time on addressing the needs of your internal stakeholders. Tailored Deliverables Working with you, the Transaction Manager will develop

structured and specific portfolio reporting including; benchmark reporting against market, competitor or industry and an operating report that identifies key market trends and themes and the potential impact on your portfolio. Performance Measurement Measuring performance on both individual assignments as

well as overall satisfaction ensures our clients receive services that consistently meet or exceed
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defined metrics and expectations. These results are shared with the delivery teams to drive training and development to ensure continuous improvement and enhance performance across your account. Consistent performance and high levels of client satisfaction have resulted in over 90 strategic alliance partnerships. Across Asia Pacific, we provide exclusive transaction management services for over 150 million square feet of office, retail and industrial space for leading banking, technology, industrial and government organizations. Warehousing and Logistics Solutions:

With new warehousing and logistics frontiers opening throughout India, local and multinational companies are facing more challenges in selecting and managing the best locations. At Jones Lang LaSalle, we understand the unique requirements of the supply chain industry. We have a dedicated team of warehousing and logistics property experts who help clients achieve flexibility and cost-efficiencies through quality advice. With over 49 years of experience in working with high-profile logistics organisations across Asia Pacific, you can rely on us to deliver sophisticated real estate solutions for your businesses. CORPORATE SOCIAL RESPONSIBILITY: As part of our commitment to create real value in a world that is constantly changing, we are determined to be a good corporate citizen in every corner of our global community. We hold ourselves accountable for the social, environmental and economic impact of our operations. We design our policies and business practices to reflect the highest standards of corporate governance, transparency and ethics. We support all aspects of the corporate social responsibility agenda, but one area is particularly relevant for us. We have the skills and opportunity to help minimize the significant impacts that real estate has on the environment. Our goal is to be the

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unquestioned leader in the real estate industry in environmental sustainability and energy management. Environment: We are committed to being the real estate industry leader in environmental sustainability and energy management, both for our clients and ourselves. Our capabilities give us the opportunity to drive change that minimizes the impact of commercial real estate on the environment. Workplace: We focus on creating and maintaining a rewarding and welcoming workplace for our people around the world. We strive to attract and retain the most talented individuals, encouraging and enabling them to succeed. Diversity: We foster an inclusive environment that values the richness of our differences and reflects the diverse world in which we work. By cultivating a dynamic mix of people and ideas, we enrich our service capabilities and the communities in which we operate. Community and Society: We endeavor to be good citizens wherever we live and work. ETHICS AND CORPORATE GOVERNANCE: We are proud of our global reputation for uncompromising integrity, ethical conduct and corporate governance. Our Code of Business Ethics and Vendor Code of Conduct are followed by our own employees and everyone who does business on behalf of our firm. We are also proud of the rigor and quality of the firms corporate governance and the benefits these policies produce for our stakeholders. Code of Business Ethics:

Our Code of Business Ethics helps our people better understand the duties and responsibilities associated with conducting business on behalf of Jones Lang LaSalle. The Code contains sections that address our responsibilities to clients, business partners, shareholders, and the communities and governments in the countries in which we do business. Members of our Board of Directors fully support and mandate our compliance with the Code. Reports of possible violations can be made to our global Ethics Hotline 24 hours a day, seven days a week.

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Vendor Code of Conduct:

We trust that our vendors, including firms and individuals who provide direct service to or directly to our clients, will honor our commitment to integrity. While vendors are viewed as independent entities, their business practices can reflect upon our brand and reputation. We expect all vendors to embrace and adhere to our Vendor Code of Conduct.

1.2 OBJECTIVE OF THE STUDY

Real estate sector is one of the most unorganized sectors in India. The presence of small property agents and real estate brokers poses a great challenge for the established institutions and MNCs to make their presence felt in the market. Thus, creating awareness among the masses is a tough task posed in front of international property consultants. There are two objectives of the study; primary and secondary. The primary objective concentrates on the prime focus of the research carried out, while the secondary objective is a supporting element. Primary objective:

Studying the residential market in Pune Development of the growth corridors. 1. Division of the city into zones.i.e, North, South, East and West. 2. Concentration on the development of the suburbs in the respective zones. 3. Research on the upcoming projects. 4. Feedback from the sales team.

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Secondary objective:

Customer behavior and preferences 1. Customer feedback on the basis of absorption level.

1.3 LIMITATIONS OF THE STUDY:

The survey was divided in two categories Developers/ builders and customers. The method adopted was a personal interaction with the developers and questionnaire (feedback form) for the customers. The entire survey was completely carried out according to the flow as per decided plan. There were a few hurdles in the process of my survey. 1. It was difficult to obtain appointments and availability with the developers/ builders. 2. The marketing and sales personnel lacked the basic knowledge. 3. Some people were not able to give complete information due to professional constraints. 4. Repeat visits were required at some sites, due to unavailability of the staff.

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2. RESEARCH METHODOLOGY

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2.1 PRIMARY DATA:

In the research process primary data was used on a large extent. Personal Survey and telephonic Survey method through certain mandated questions were done, in reference to the supply analysis. A feedback was used to get the response of buyers/ customers, in reference to the demand analysis. For this purpose I have contacted respondents personally to get the feedback forms filled.

2.2 SECONDARY DATA:

The secondary data source used in the form of overall industry details and the ongoing sites in the respective zones through newspaper and internet sites, etc.

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2.3 SAMPLE DESIGN:

Sample design covers the method of selection, the sample structure and plans for analyzing and interpreting the results. Sample designs can vary from simple to complex and depend on the type of information required and the way the sample is selected.

2.4 POPULATION:

The population selected was of all the ongoing residential projects in the segregated respective zones. There was no such biased behavior done in the selection of all the projects targeted in any particular zone.

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2.5 SAMPLE SIZE:

I have used the statistical approach of sample size determination, which is based on well-defined principles. A sample size of one hundred and five (105) was taken into account. All the 105 sample data was gathered and arranged in a manner where the entire information was accessible.

2.6 SAMPLING METHOD:

The Quota Sampling method was used by me for the project analysis. Aim is to obtain a sample that is "representative" of the overall population; the population is divided ("stratified") by the most important variables (e.g. income,. age, location) and a required quota sample is drawn from each stratum. This is the reason only residential projects with a total unit size of minimum 50 were considered.

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2.7 METHOD OF DATA COLLECTION:

Structured interview The interviewer has a standard set / sequence of questions that are asked of all candidates. Interviewers read the questions exactly as they appear on the survey questionnaire.

Personal survey was done to obtain response from respondents conveniently available. I have prepared a structured, non-disguised set of questionnaires. The questionnaire prepared collected different types of questions.

2.8 INSTRUMENT FOR DATA COLLECTION:

A questionnaire with a set of well defined questions was the instrument of data collection that was used so as to facilitate the research process.

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3. THEORETICAL BACKGROUND

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Market Research

According to Philip Kotler, Research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. We can say that research is both problem solving and problem oriented. The research process involves a number of inter related activities which overlap and each step has some influence over the following steps followed by me in the research of this project. The steps are as followed: 1. 2. 3. 4. 5. 6. 7. 8. Formulating the research problem. Choice of research design. Determining sources of data. Designing data collection forms. Determining sampling decisions. Organizing and conducting the field survey. Processing and analyzing the collected data. Preparing the research report.

1. Formulating Research Problem: The first step in research process is formulating a research problem. It is important stage in applied research. It is rightly said, A problem well defined is half solved. Once two or more problems are identified the question should be concerned with is- which of the problem is to be selected? This is necessary because I am not in a position to take up all the problems on account of limited time. So I have selected a problem, which gives maximum net worth of research.

2. Research Design: According to Green and Tull, Research design in the specification of methods and procedures for acquiring the information needed. It is the overall operational patterns or framework of the

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project that stipulates what information is to be collected from which sources by what procedures Research design is a plan, structure and strategy of investigation conceived so as to obtain answers to research question and to control variance. A research design specifies the methods and procedures for conducting a particular study. Broadly speaking, research design can be grouped in three different categories: Exploratory research Descriptive research Casual research

As my research is based on survey of the ongoing residential sites, I have used DESCRIPTIVE RESEARCH design. I have used Personal Survey Method and telephonic Survey Method of Descriptive Research Design. Respondents are contacted personally and through telephone interviewed through questionnaire. I have selected descriptive research design because, exploratory research design helps in exploring a problem or situation to provide insights and understanding; and causal research design helps to obtain evidence of cause and effect relationship, and hence, the use of the descriptive research design in the project is appropriate.

3. Determining Source of Data: This step includes specifying the various sources of data used by the researcher in collecting the factors that affect antivirus buyers. Basically the sources of data are divided into two main categories: (i) Primary Sources of Data. (ii) Secondary Sources of Data. Primary data is the data collected by the researcher at the time of research; its main purpose is to serve the findings of the research and is collected for the first time. Secondary data is the data already collected by someone for his/her purpose of study.

38

4. Designing Data Collection Form: For the study survey method was employed as majority of details, which were collected, were primary in nature. Personal survey was done to obtain response from respondents conveniently available, with the help of well-structured questionnaire. I have prepared a structured, nondisguised type of questionnaire.

5. Determining Sampling Design and Sampling Size: Once the researcher has decided to carry out a field survey he has to decide whether it is to be a census survey or sample survey. When decision is in favor of a sample survey has been taken, it is necessary to have a clear definition of the population for which the sample is to be drawn, and before deciding on the type of sample design is to be used. First, a broad choice is to be made between probability and non-probability sampling. There are two approaches for sample size i.e. practical approach and statistical approach.

6. Organizing and Conducting Field Survey: Having prepared the questionnaire and selecting sample design and size of sample, the next step is to organize and conduct the field survey. Two important aspects should be looked into: interviewing and supervision of fieldwork. The task of interviewing seems to be simple but, in reality, it is one of the most difficult tasks in research. Supervision of fieldwork is equally important to ensure timely and proper completion of field survey. Neglecting these aspects would result in interviewing errors, which, in turn, would undermine the utility of survey. The researcher then has to organize and conducted the survey by interviewing and supervision of fieldwork. It is one of the most difficult tasks in marketing research because respondents are many times busy with their work and some respondents are unwilling to give response due to various constraints. Thus personal survey takes more time.

39

7. Processing and Analyzing the Collected Data: In order to derive meaningful results from the statistical tables, the researcher may use one or more techniques to analyze the collected data and to tabulate it in a proper way. Such analyses use a variety of techniques to determine important relationship among several variables. The data primarily collected by questionnaire are represented by questionnaire in tabulation forms and the findings are represented as the Graphics.

8. Preparing the Research Report: After the data had been analyzed and conclusion reached, the researcher has to report his findings to the management. The reporting has to be done in a clear manner so that the chances of any misunderstandings can be managed. The essence of a good research report is that it effectively communicates its research findings. The researcher has to exercise the entire course to make the report useful and worthwhile document for management.

40

4. DATA PROCESSING AND ANALYSIS

41

PUNE CITY OVERVIEW

Snapshot Pune (180 31' N, 730 51' E), a leading city within the state of Maharashtra, is located approximately 170 kilometres southeast of Mumbai. Rising 560m above sea lea, Pune is situated on the Deccan Plateau where it is surrounded by hills, leading to its moderate climate. The city is positioned near the confluence of the Mula and Mutha rivers with two additional rivers, the Pavna and Indrayani, transversing its north-western outskirts.

Regional Settings of Pune

Pune

The twin cities of Pimpri-Chinchwad, located 15 km from Pune, form a continuous urban stretch adding to Punes urban agglomeration. This region has a thriving industrial belt, primarily consisting of units from the engineering and automobile industries. Together, Pimpri-Chinchwad and Pune region combine to make one of Indias largest industrial areas, and the second largest industrial centre in the state of Maharashtra, behind only Mumbai.

42

Pune City Dashboard Parameter Population (Pune City) Description 2,540,069 ( 2001- Census of Maharashtra State) 3,446,330 ( Estimated for 2010)1 Population (Pune Metropolitan Region) Spread of the City Administrative Status Climate 3,111,052 ( 2001- Census of Maharashtra State) 440 sq kms (Pune city limits) District Headquarters Moderate, with temperatures ranging from 15 C to 40 C. Rainfall of about 700 mm annually, with a majority coming in the monsoon season extending from June to September. Economic Growth Drivers for the Real Estate Sector Permissible FSI & TDR IT / ITeS destination Industrial hub (manufacturing / auto ancillaries / biotechnology) Educational centre IT / ITeS sector Automotive industry, Manufacturing sector Emerging biotechnology hub FSI of 1 for residential, commercial and retail development within city limits (outside core gaothan areas) FSI of 2 is granted for IT / ITeS buildings (STPI sanctioned buildings) TDR of 0.4 is allowed in certain zones Additional TDR of 0.2 could be allowed (over and above of the 0.4 TDR as mentioned above) for slum redevelopment

City Functions

43

Citys Demographic Profile Population Growth Pune city has a population of

Projected PMC Population Growth 6,000 5,633 4,405 3,345 2,538 1,203 1,567

2.54 million, as per Census 2001(census 2001). Its

Population in '000

5,000 4,000 3,000 2,000 1,000 488 1951 1961 1971 1981 Year Population in '000 1991 2001 2011 2021 2031 607 856

population has grown from 1.57 million in 1991 to 2.54 million in 2001, and in the last decade experienced a

compounded annual growth rate (CAGR) of 4.94 percent. The population growth has been influenced by various factors with the migration being the prime factor. It is one of the most preferred destinations for many Indians as it offers a combination of employment opportunities, education, healthcare, affordable real estate investment and a higher quality of life than a crowded Mumbai with a comparatively high cost of living. Industrial and commercial activities along with a large number of educational centres in Thus, Pune attracts a large floating population from all over India into the city. Rapid growth of the city can mainly be attributed to industrialization of Pune Municipal Corporation (PMC)/ Pimpri-Chinchwad Municipal Corporation (PCMC) after 1960 and expansion of the information technology (IT) industry in the last decade. According to the population census 2001, Punes population is estimated at around 5.6 million by end 2031 (fig 1.2a). The average population density for PMC, in 2007 was recorded to be 12,173 persons/sq km, in 2011 it is projected to be approx. 13,718 persons/sq km , in 2021, approx. 18,064 persons/sq km, and in 2031, it is projected to be approx. 23,102 persons/sq km. Linkages and Connectivity Pune has excellent road, rail and air connectivity with most major cities in India. It is well connected by three national highways (NH-4, NH-50 & NH-9) and one expressway (Mumbai Pune) to major urban centers in the western, central and southern parts of the country. Express
44

and long-distance rail connectivity is already established to Mumbai, Delhi, Hyderabad, Chennai, Miraj- Kolhapur, and Goa. Pune International Airport, located in the northeastern quadrant of the city, is located on an Indian Air Force base and is presently used for civil purposes catering to both international and domestic flights. Road Connectivity The city of Pune is situated on the confluence of National Highways (NH), which includes NH-4 connecting Mumbai in the north and Bangalore to the south, NH-50 leading to Nashik and NH-9 connecting to Sholapur and Hyderabad. As the names of these transportation corridors suggest, Pune is well connected through a network of national highways to major cities including Mumbai (163 km), Nashik (202 km), Nagpur (880 km), Bangalore (835 km), Chennai (1,166 km) and Hyderabad (548 km). State Highways connect Pune to smaller prominent centers in vicinity. Key State Highways are SH-60 (PuneAhmednagar), SH-64 (PuneSaswad) and SH-57 (PunePirangut). Rail Connectivity The city of Pune has four major train stations: Pune Junction, Shivajinagar Station, Pimpri and Chinchwad. Pune Junction is a major rail node where a majority of trains halt to connect passengers by broad gauge line to Mumbai, Bangalore, Chennai, Hyderabad and Delhi. In addition, Pune suburban trains also run from Pune Junction to the industrial towns of Khadki, Pimpri and Chinchwad. Air Connectivity Pune has a small international airport located at
Jammu, Srinagar

Lohegaon,

Viman

Nagar,

which

is

Delhi Lucknow Varanasi Indore Nagpur Raipur Mumbai

Goa PUNE

approximately 10 kms from the city centre. This

Guwahati

airport provides domestic connectivity to major metros including New Delhi, Mumbai,

Ahmedabad

Kolkata, Bagdogra

Bangalore, Kolkata, Chennai and Hyderabad, as well as to other cities within India. More than 50 daily flights connect Pune to the rest of the
45

Hyderabad

Bengaluru

Chenna i

country. In addition to this, Pune International Airport also provides air connectivity to foreign destinations including Dubai and Frankfurt. Economic Base and Economic Activities While the city is reputed for its educational institutions, Punes economic base has traditionally been anchored by the strong presence of the engineering and automobile sectors. Economic activity in the city is rooted by the presence of corporate giants like Bajaj, TELCO, Fiat, General Motors and Bharat Forge. Over the years, this has helped consolidate Pune's position as the 'Detroit of India'. In recent times, Pune has emerged as a preferred IT destination in India. Major IT domestic and international players including Infosys, Wipro, TCS and Syntel have set up operations in Pune and are increasing business at a significant pace. Prominent IT/ITeS Destination Pune was one of the prominent cities in India to capitalize on the IT / ITeS boom that started in late 1990s, and it has continued to remain on the forefront of this industry. Progressive state government policies and efforts by the Maharashtra Industrial Corporation (MIDC) in creating enclaves at Hinjewadi, Kharadi and Talawade have been successful in making land and other required infrastructure available to domestic and multi-national companies for setting up their office campuses in Pune. Today Pune has a large and thriving IT/ITeS industry with major domestic software players such as TCS, Wipro, Infosys, Mahindra British Telecom, Mastek and PCS having established their base in the city. Major global players such as HSBC Global Technology, Sakaen, Avayay, TSystems, Syntel, Cognizant, IBM and EDS also have also a significant presence in the city. The IT / ITeS industry has established itself in Pune along two broad locations: North-Western Corridor comprising primarily the Hinjewadi region. This region primarily houses the campus style development of major IT players like Infosys, Wipro, TCS, Cognizant, KPIT, Persistent Systems. Also it houses a majority of Punes existing and upcoming IT SEZ by major developers including DLF, Paranjape, Embassy Group, Kumar Builders and Ascendas.
46

Eastern Corridor comprising areas such as Kalyani Nagar, Yerwada, Viman Nagar, Kharadi, Hadapsar and Fursungi. This region houses some of the most prominent existing and upcoming IT parks in the city with the likes of Magarpatta Cybercity, K Rahejas Commerzone, Vascons Weikfield IT Park, Kumar Builders Cerebrum IT Park and Panchsils Tech Park. Automotive hub

The growth story of Pune as a major automobile hub can be dated back to 1965 with the establishment of commercial motor vehicle units of Telco in Pimpri-Chinchwad. Later the city also witnessed the entry of auto majors such as Tata Motors and Bajaj Auto. This resulted in setting up of numerous auto ancillary industries that catered to the outsourcing requirements of these automobile manufacturers. Today, Pune is home to major automotive companies ranging from two-wheelers and auto rickshaws (Bajaj Auto, Kinetic Motor Company) to cars (Volkswagen, General Motors, Tata Motors, Mercedes-Benz), tractors (John Deere), tempos, excavators (JCB) and trucks (Force Motors). Most of these industries are located in the suburban areas of Pimpri-Chinchwad, Chakan and Talegaon. Engineering industry One of the first major industries to be set up in Pune was Kirloskar Oil Engines Limited during the 1960s in Pimpri Chinchwad. MIDC set up a large industrial estate on 4,000 acres of land at Bhosari. This development led to a spate of engineering ancillary industries being set up in Pimpri-Chinchwad which further spurred the economic and physical development of this region. The major engineering goods manufactured in Pune essentially include forges (Bharat Forge), truck transmissions systems, clutches & hydraulic components (Eaton Corporation) and engines (Kirloskar Oil Engines, Cummins). Other major notable engineering goods manufacturers in Pune are Alfa Laval, Thyssen Krupp, Black & Veatch and Saint-Gobain Sekurit (automotive safety glass). In addition to these large players, many small and medium-sized companies are also active in Pune, producing components for larger companies and creating unique components for the Indian marketplace. Electronic goods and consumer durables are also manufactured in and around Pune. Key companies from this segment which have operations in Pune include
47

National Panasonic, Whirlpool Corporation and the LG Group, located in the Ranjangaon industrial area in Eastern Pune. Food giants like Frito Lay and Coca Cola also have food processing plants located in Pune. Pune Residential Sector Overview Residential Micro Market description

North

North East North West

Prime Central

South East South West

Prime Central Includes old areas of Deccan, Model Colony, University Road, Law College Road and Senapati Bapat Road. These areas predominantly have the presence of bungalows and individual units. Newly developed up-market areas comprise of Koregaon Park, Kalyani Nagar and Boat Club Road
48

New developments in these areas have been mainly in the form of high end luxurious apartments.

North East Includes areas of Viman Nagar, Wadgaon Sheri, Nagar Road, Kharadi, Vishrantwadi, Mundhwa and Wagholi One of recently developed residential areas in Pune. Development in this area can be primarily attributed to massive growth in IT/ITeS sector on Nagar Road stretch including areas of Kharadi, Viman Nagar, Yerwada and Kalyani Nagar. Moreover proximity of this region to the Punes Airport at Lohegaon and central areas has also contributed to the growth of this region. Today it is one of the most vibrant regions in the city in terms of real estate development, primarily in commercial (IT/ITES), retail and hospitality. South East This micro-market comprises two major residential catchments: the entire Magarpatta Road along with Hadapsar, Manjri and Fursungi and other one including Wanowrie, Salunke Vihar, NIBM Road along with Undri, Kondwa and Mohammedwadi. The IT development within Magarpatta Township, together with the industrial units in Hadapsar, primarily drives the residential demand along Magarpatta Road and Hadapsar. With Wanowrie, Salunke Vihar Road and NIBM Road almost saturated, the focus has shifted to Undri, Kondwa and Mohammedwadi. The working population in the CBD and Magarpatta generally resides in this residential pocket within this micro-market. North West Includes the areas of Aundh, Baner, Balewadi, Bavdhan, Wakad, Pimple Saudagar, Pimple Nilkah and Pimple Gaurav and Hinjewadi. Initially better connectivity of certain areas like Aundh, Baner and Balewadi with the Mumbai-Pune Expressway and presence of industrial units in Northern Pune led to residential developments in early 1990s.

49

Over the last decade, particularly in the later half of 2000, areas such as Wakad, Pimple Saudagar, Pimple Nilakh and Pimple Gaurav have emerged as hub of affordable housing category due to large availability of land parcels and their proximity to Hinjewadi IT Park.

South West Includes the areas of Kothrud, Warje, Karve Road, Katraj, Sinhagad Road. This region in Pune as predominantly been a residential area with negligible commercial developments. The region also comprises shopping centers, restaurants and high-density residential housing complexes. This area houses some of the major educational institutes in the city and its proximity to the city centre with good connectivity also adds to its advantage. North The North micro-market comprises Pimpri, Chinchwad, Akrudi, Bhosari and Chakan, Ravet, Alandi and Nigdi. It is one of the cheapest micro-markets in the city. This region has a thriving industrial belt comprising mainly of engineering and automobile industries. As land pressure in the city has risen, this industrial hub is gradually being transformed into a residential area. Its proximity to Hinjewadi IT Park and to establishments of industrial units in Chakan and Bhosari drives the residential demand in this precinct.

Overall Demand and Supply

Fig 2.2a New Launches & Absorption
30,000 25,000 20,000
Units

Slump in number of new launches 3Q08-1Q09 Residential market residential between

15,000 10,000 5,000 0 2005 2006 2007 Year 1H 08

Absorption

3Q08-1Q09

2Q09-4Q09

1Q10-3Q10

activity slowed down considerably 4Q08

New Launches

50

onwards. With the slowdown in the IT sector during this period, impacted by the global financial crisis in 2008, created a lot of uncertainty in the job market and kept the buyers at bay. Source: Real Estate Intelligence Service (REIS), 3Q10. With very minimal absorption levels in the market, developers had to delay the launch of their projects. As a result only 2,355 new residential units were launched in 2H08 out of the total 6,900 units launched during 2008 and only 1,142 units got launched in 1Q09 out of the total 11,214 units launched in 2009. Developers focus on the affordable category housing led to gradual revival of residential sector in 2009. Developers primarily focused on affordable housing launches in 2009, both in terms of specifications and capital values, which played a pivotal role in improving the overall demand for housing sector in the city. Capitalizing on lower capital values and improved demand in first few quarters of 2009, Pune witnessed a huge supply of 11,214 units during the year compared to just 6,900 units in year 2008. Steady recovery of the residential sector since 2H09. Residential affordability increased in 2009, primarily due to rational mortgage rates and reduced residential prices. Several banks lowered the home loan rates from 12-13% in 2008 to 8.5-9% in 2009. Moreover the average capital values in the city fell about 10-25% from their peak values of 2Q08. The confluence of price correction and lowered mortgage rates led to a rise in affordability of buyers. Also developers focus primarily on the affordable housing segment throughout the year 2009 played a pivotal role in improving the overall demand for housing sector in the city. The average quarterly absorption which was recorded at approximately 2,000 units between the period 2Q08-2Q09 had almost doubled and stood at approximately 4,000 units over the last one year since 3Q09, clearly indicating the improved sentiments among the buyer as well as the investor communities. With the improving economic conditions as evident from the increased absorption of office space in the year 2010, the employment security has also strengthened resulting in increased absorption levels in year 2010. As compared to 10,187 units absorbed in 2009, the first three quarters of 2010 alone has witnessed absorption of approximately 13,900 units.

51

Residential micro market description: Pune has a vast land bank. It can be divided into 6(Six) micro markets, such as:

1. Kharadi and Wagholi 2. Hadapsar and Handewadi 3. Undri, NIBM and Kondhwa 4. Katarj, Ambegaon, Sinhagad road, kothrud and Warje 5. Bhavdhan, Pashan, Baner, Balewadi and Aundh 6. Wakad and Hinjewadi.

52

Pune residential sector overview:

53

About Kharadi and Wagholi:

The area of Kharadi and Wagholi lie in the North eastern part of Pune.

The driving factors include: Proximity to Nagar road Location of Eon SEZ and Zensar IT Park. Connectivity to Magarpatta city. Kharadi and Wagholi contribute to 4.97% of residential space available in the city of Pune. The average area in of 1 BHK is 740sq/ft, 2 BHK is 1232sq/ft and of 3 BHK is 1532sq/ft. AREA DEVELOPER NO. OF UNITS ABSORPTION

PROJECT NAME

Forest county Aura county Mio Palazzo Mount and glory Renaissant Ozone

Karadi/Wagoli

Vascon/Clover 384 244

Karadi/Wagoli

Jalan shelter

maple 200 109

Karadi/Wagoli

Shubh developer 88 28

Karadi/Wagoli

Sancheti developer 240 264 120 190 162 68

Karadi/Wagoli Karadi/Wagoli

Alcon Raviraj Group

54

Tuscan Estate Availability:

Karadi/Wagoli

Kolte group

Patil 48 36

1 BHK

2 BHK

3 BHK

6% 32%

62%

As per the survey conducted in the micro market of Kharadi for a sample size of 1344 flats, it was observed that the total segregation of type of flats were: 1BHK- 112150 sq feet 2 BHK- 1092645 sq feet 3 BHK- 569990 sq feet Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 1 BHK- 6%, 2 BHK- 62% and 3 BHK- 32%. Absorption: Type Of Flat 2 BHK 3 BHK 1 BHK Launched 814 370 160 Sold 516 222 99

55

900 800 700 600 500 400 300 200 100 0 2 bhk 3 bhk 1 bhk Launched Sold

As per the survey the total absorption of flats in Kharadi area is 60% as per 2Q11. Rate:

Rate 6000 5000 4000 3000 2000 1000 0 2008

2009

2010

2011

2012

Average rate of residential space at Kharadi in 2009 was Rs. 2900 per sq feet Present rate is 3680 per sq feet Thus a rise of Rs 780 has been observed in the time span of two years, which shows a growth of26.89% in the residential belt of Kharadi and wagholi.

56

About Hadapsar and Handewadi:

The area of Hadapsar and Handewadi lie in the South eastern part of Pune. The driving factors include: Central location of Magarpatta and Amanora city New I.T office setup. Connectivity to Sholapur Highway Heavy infrastructure and Entertainment development Hadapsar and Handewadi contribute to 16.38% of residential space available in the city of Pune. The average area in of 1 BHK is 720sq/ft, 2 BHK is 990sq/ft and of 3 BHK is 1418sq/ft. NO. UNITS OF

PROJECT NAME

AREA

DEVELOPER

ABSORPTION

The Orchard Hadapsar/Handewadi Green City Hadapsar/Handewadi

Shiv parvati developer 330 Arihant Venkateshwara 1584 Dreams realities 240

266 1350 174

Dreams Elina Hadapsar/Handewadi Dreams Aakruti

Hadapsar/Handewadi

Dreams realities

986

852

Pebble park Hadapsar/Handewadi Valay Celebria Seagull Hadapsar/Handewadi Hadapsar/Handewadi Hadapsar/Handewadi

Kumar properties Bhujbal brother Bhosale patil Runwal

320 44 150 576

256 36 114 490

57

Availability:
1 bhk 2 bhk 3 bhk

7% 18%

75%

As per the survey conducted in the micro market of Kharadi for a sample size of 5106 flats, it was observed that the total segregation of type of flats was: 1BHK- 706364 sq feet 2 BHK- 2903010 sq feet 3 BHK- 247000 sq feet Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 1 BHK- 18%, 2 BHK- 75% and 3 BHK- 7%. Rate:
4000 3500 3000 2500 2000 1500 1000 500 0 2006 2008 2010 2012 2014 Rate

58

Average rate of residential space at Hadapsar/Handewadi in 2008 was Rs. 2200 per sq feet Present rate is 3100 per sq feet Thus a rise of Rs 900 has been observed in the time span of three years, which shows a growth of 40.90% in the residential belt of Hadapsar and Handewadi.

Absorption: Type of flat 1 BHK 2 BHK 3 BHK Launched 1147 3004 226 Sold 984 2560 190

6000 5000 4000 3000 2000 1000 0 1 bhk 2bhk 3 bhk Sold Launched

As per the survey the total absorption of flats in Hadapsar/Handewadi area is 84.32% as per 2Q11.

59

About Undri and NIBM:

The area of Undri, NIBM lie in the South eastern part of Pune. The driving factors include: Proximity to Mahatma Gandhi (Camp) road Connectivity to Bengaluru Highway. Undri and NIBM contribute to 7.48% of residential space available in the city of Pune. The average area in of 1 BHK is 720sq/ft, 2 BHK is 1200sq/ft and of 3 BHK is 1750sq/ft and 4 BHK is 3500.

PROJECT NAME Aasamant La Ventana Signare Sparsh Estoria Sublime Nine hills Ivory Urban space Ethos Iris

AREA

DEVELOPER

NO. UNITS 256 60 144 120 88 176 288 192 144 676 132

OF

ABSORPTION

NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri

Nirmaan Group Siddhivinayak Alcon Ganga Ganga Kumar properties Purple and Acropolies Shobha GRM group Nyati builder Nyati builder

79 22 41 63 20 39 230 53 25 99 90

60

Ebony Windchimes Colori Astria Sangria

NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri NIBM/Undri

Nyati builder Nyati builder Amit Construction Raviraj Group Marvel and ganga

176 192 432 60 668

80 121 60 42 420

Availability:
1% 20% 34% I BHK 2BHK 3 BHK 45% 4 BHK

As per the survey conducted in the micro market of NIBM/Undri for a sample size of 4564 flats, it was observed that the total segregation of type of flats was: 1BHK- 35100 sq feet 2 BHK- 1658390 sq feet 3 BHK- 2144641 sq feet 4 BHK-954931 sq feet Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 1 BHK- 1%, 2 BHK- 34% and 3 BHK- 45% and 4 BHK- 20%. Absorption:

61

Type of flat 1 BHK 2 BHK 3 BHK 4 BHK

Launched 1147 1106 929 264

Sold 984 605 430 224

2500 2000 1500 1000 500 0 1 bhk 2bhk 3 bhk 4 Bhk Sold Launched

As per the survey the total absorption of flats in NIBM/Undri area is 84.32% as per 2Q11. Rate:
5000 4000 3000 2000 1000 0 2006 Rate

2008

2010

2012

2014

Average rate of residential space at NIBM/Undri in 2008 was Rs 2600 per sq feet Present average rate is 3840 per sq feet Thus a rise of Rs 1240 has been observed in the time span of three years, which shows a growth of 47.96% in the residential belt of NIBM/Undri.

62

About Katarj, Ambegaon, Sinhagad road, Kothrud and Warje:

The area of Katraj, Ambegoan, Sinhagad and kothrud lie in the South western part of Pune. The driving factors include: Proximity to Jangali Maharaj road Fergussen College road and MG road Connectivity to Mumbai Pune Highway. Excellent road connectivity due to the mega township Nanded city coming up This area contributes to 36.11% of residential space available in the city of Pune. The average area in of 1 BHK is 660sq/ft, 2 BHK is 1150sq/ft and of 3 BHK is 1550sq/ft and 4 BHK is 2750. PROJECT NAME AREA DEVELOPER NO. OF UNITS Absorption

Akruti city

Kataraj/Ambegaon

Akruti

1380

1298

Olive

Kataraj/Ambegaon

Mind space reality shree Venkatesh

216

196

Lake Vista

Kataraj/Ambegaon

buildcon

200

76

Garden View

Kataraj/Ambegaon

Tyagi/mittals/trimurti

704

690

Eros

Kataraj/Ambegaon

Paramount

264

262

Bloomfield

Kataraj/Ambegaon

Amit Construction

466

319

Kalpataru

Sihagard/Warje

Rajlaxmi

162

95

Samarth Puram

Sihagard/Warje

Shree Saarth builders

60

27

63

Vasant vihar

Sihagard/Warje

Savitri developer

116

46

Oakwood County Sihagard/Warje

Darode Jog

168

162

Amrutvel

Sihagard/Warje

Laxmi builders

152 53

Arcdia

Sihagard/Warje

Balark developers

188

30

Miami

Sihagard/Warje

Majestique

224

31

Amrut Ganga

Sihagard/Warje

Goelganga

168

142

Ganga Bhagyoday Sihagard/Warje

Goel ganga

132

68

Nanded City

Sihagard/Warje

Magarpatta City

5160

2874

Availability:

20%

16% 1 BHK 2 BHK 3 BHK 64%

As per the survey conducted in the micro market of Katraj/ Sinhagad/ Warje/ Ambegaon For a sample size of 9760 flats, it was observed that the total segregation of type of flats was:

64

1BHK- 1979496 sq feet 2BHK- 7707155 sq feet 3BHK- 2444494 sq feet. Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 1 BHK- 16%, 2 BHK- 64% and 3 BHK- 20%. Absorption: Type of flat 1 BHK 2 BHK 3 BHK Launched 7251 3045 1482 Sold 4046 1650 672

12000

10000

8000 Sold 6000 Launched

4000

2000

0 1 bhk 2bhk 3 bhk

As per the survey the total absorption of flats in Katraj/ Sinhagad/ Warje/Ambegaon area is 54.36% as per 2Q11.

65

Rate:
Rate 4500 4000 3500 3000 2500 Rate 2000 1500 1000 500 0 2007

2008

2009

2010

2011

Average rate of residential space at Katraj/Sinhagad/Warje/Ambegoan in 2008 was Rs 2200 per sq feet Present average rate is 3600 per sq feet Thus a rise of Rs 1400 has been observed in the time span of three years, which shows a growth of 63.63 in the residential belt of Katraj/Sinhagad/Warje/Ambegaon.

66

About Bhavdhan, Pashan, Baner, Balewadi and Aundh:

The area of Bhavdhan, Pashan, Baner and Aundh lie in the North western part of Pune. The driving factors include: Proximity to Hinjewadi IT park road Connectivity to Mumbai-Pune Highway. Good planned area Centrally located between Pune central and Hinjewadi It contributes to 73.45% of residential space available in the city of Pune. The average area in of 1 BHK is 620sq/ft, 2 BHK is 1250sq/ft and of 3 BHK is 1650sq/ft and 4 BHK is 2500.

PROJECT NAME Skyi Irish Zinnea Pebbles Rohan Ishan Eva Dreams Belle Vue Esplanade Viva hallmark Orvi Crest Avenu Vatika Kool homes Aura 43 Stop Amit Eiffel greens Alcon county

AREA Bhavdhan Bhavdhan Bhavdhan Bhavdhan Bhavdhan Bhavdhan Bhavdhan Bhavdhan Balewadi Balewadi Balewadi Balewadi Balewadi Balewadi Balewadi Balewadi Balewadi Aundh

DEVELOPER Skyi developer Surana Associates Rainbow group Rohan Builder Anshul Realties Dreams realities Nyati builder Vivaswaraj developers Sai Samruddhi Kiriti developer Bhujbal brother kool home Bhandari Associates

NO. OF UNITS 86 129 188 63 60 96 253 330 96 96 180 176 176 192 60 140 192 192

ABSOR PTION 30 114 94 59 51 98 210 192 82 38 132 132 143 0 51 138 160 88

Amit Construction Eiffel builders Pride purple group

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Jarvari Comfort Zone Green Zone Sulochana city Papillon vinyanari Peninsula Orange County Park Ridge Tierra viva Meadow

Aundh Banner Banner Banner Pashan/sus Pashan/sus Pashan/sus Pashan/sus Pashan/sus Pashan/sus Pashan/sus

G.K Fortune Shagun Kundan mehta Nandgude patil Kumar properties DSK Kumar properties Orange group Jk group Achalare Nagpal group

180 108 132 168 120 176 192 88 240 96 192

40 82 90 67 93 117 32 42 165 62 105

Availability:

41% 59% 2bhk 3 bhk

As per the survey conducted in the micro market of Bhavdhan/Pashan/Balewadi/Aundh/ Sus for a sample size of 4205 flats, it was observed that the total segregation of type of flats was: 2 BHK- 2252388 sq feet 3 BHK- 1574462 sq feet Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 2 BHK- 59% and 3 BHK- 41%.

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Absorption: Type of flat 2 BHK 3 BHK Launched 1465 674 Sold 1126 367

2000 1500 1000 500 0 2 BHk 3 Bhk Launched sold

As per the survey the total absorption of flats in Bhavdhan/Pashan/Balewadi/Aundh/Susarea is 63.56% as per 2Q11. Rate:
5000 4000 3000 2000 1000 0 2006 2008 2010 2012 2014 Rate

Average rate of residential space at Bhavdhan/Pashan/Balewadi/Aundh/Sus in 2008 was Rs2500 per sq feet Present average rate is 3100 per sq feet Thus a rise of Rs600 has been observed in the time span of three years, which shows a growth of 24% in the residential belt of Bhavdhan/ Pashan/Balewadi/Aundh and Sus.
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About Wakad and Hinjewadi:

The area of Wakad and Hinjewadi lie in the South East part of Pune. The driving factors include: Hinjewadi is the biggest it park in Pune with 2 lakh people working Connectivity to Mumbai-Pune Highway. Very well connected to Mumbai and lonavala MIDC It contributes to 75.57% of residential space available in the city of Pune.

PROJECT NAME Madhupushpa Navdeep Dynasty Florencia Harmony Petals Lattitude Casa Imperia Apostrophe Splendour Park Titanium Signor Wakad Wakad Wakad Wakad Wakad Wakad Wakad Wakad Wakad Wakad Wakad

AREA

DEVELOPER

NO. OF UNITS 108 80 216 288 124 68 150 120 150 78 192 176

ABSORPTION

Tejraj construction Navdeep developer Sukhwani Chawla Aswini associates Kalpataru Developer Sai Mittal Associates B.U Bhandari Sanskruti Group Kasturi Kalpataru Developer Pride purple group Saarrthi Group
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120 74 245

113 66 140 108 160 22 155 80

Hinjewadi

Beverly hills Xotech Green Olive

Hinjewadi Hinjewadi Hinjewadi

Sheth Realty Vascon KoltePatil group

112 96 192

92 22 105

Availability:

8% 35%
2 Bhk

57%

3 Bhk 4 BHK

As per the survey conducted in the micro market of Wakad and Hinjewadi for a sample size of 2105 flats, it was observed that the total segregation of type of flats were: 2 BHK- 1782338 sq feet 3 BHK- 1109224 sq feet 4 BHK- 241920 sq feet. Thus, it can be concluded that the approximate overall percentage availability of flats in Kharadi are: 2 BHK- 57%, 3 BHK- 35% and 4 BHK- 8%. Absorption: Type of flat 2 BHK Launched 1352 Sold 1112

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3 BHK 4 BHK

274 324

176 260

3000 2000 1000 0 2 Bhk 3 Bhk 4 BHK As per the survey the total absorption of flats in Wakad and Hinjewadi area is 79.38% as per 2Q11. Rate:
5000 4000 3000 2000 1000 0 2006 2008 2010 2012 2014 Rate

Sold Launched

Average rate of residential space at Wakad and Hinjewadiin2008 was Rs. 2800 per sq feet. Present average rate is 3500 per sq feet Thus a rise of Rs 700 has been observed in the time span of three years, which shows a growth of 25% in the residential belt of Wakad and Hinjewadi
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5. MANAGEMENT LESSONS

73

The success of any business depends upon proper and efficient management. Management plays very important and pivotal role in all business concerns. In this era of competition the success of any business greatly depends upon the management skills of high quality. Management is a developing science. It has now involved certain basic principles and elements in the form of process of management which has universal application in each branch of human activity that is profit making as well as non-profit making organization. Management is the development of people. It is an economic organ of the industrial society. Management is a must for the setting up, proper running and success of collective enterprise. It organizes the available human and physical resources and directs them towards better performance and higher productivity, at the minimum of costs. So studying management is must.

1. EFFECTIVE

COMMUNICATION

SKIILS,

CONFIDENCE,

GOOD

BODY

LANGUAGE AND PROCESS OF SCREENING AND PERSONAL INTERVIEW. The first day of mine on which I faced screening and personal interview taught me whatever is asked, even if you dont know the answer you must answer it confidently and with a positive body language, your communication skills play a very vital role in the process of recruitment.

2. UNITY OF COMMAND AND UNITY OF DIRECTION. To get proper work done at the lowest cost and in the best manner, the worker should not be put under two bosses. There should be only one supervisor over him. This will enable the management to get the best possible services within the time limit given to each worker. Under this system, there cannot be conflicts of orders and hence, the system ensures the smooth working of the enterprise. It has been experienced that dual command creates chaos as it undermines authority, puts discipline in jeopardy and disturbs the order and stability of any concern.

3. EMPLOYEE RELATIONS, PROPER RECOGNITION AND GRIEVANCE HANDLING SYSTEM

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The organization should make efforts for proper recognition, appreciation, and encouragement of special skills and capabilities of workers. Similarly, opportunities to participate in managerial decisions should be provided to them.

4. EXTERNAL PUBLIC RELATION It is very important for any organization to acquire customers but before this you need to attract them by showing them some impressive things that is creating a goodwill in the minds of suspects.

5. MANAGEMENT IS GETTING THINGS DONE

6. MANAGEMENT IS AN INTEGRATED PROCESS AND A SYSTEM OF AUTHORITY Any organization whether small or big has so many legalities to be done and verified so that it doesnt face any problem in future.

7. COMPANY

KNOWLEDGE,

PRODUCT

KNOWLEDGE,

CUSTOMER

KNOWLEDGE AND COMPETITOR KNOWLEDGE AWARENESS. Working in an organization is not an easy job. When you tackle your customers you must be absolutely efficient in handling their queries and this can be only done when you have complete knowledge of the company, product, customers and competitors.

8. CONFIDENCE IN FIELD WORK, BOLDNESS AND COMMUNICATION SKILLS. One must have self-belief in oneself and must know how to interact with different personality types. So boldness, confidence, being extrovert are some of the things which must be considered while communicating with others.

9. EFECTIVE COMMUNICATION SKILLS AND NO AGGRESSIVENESS Communication skills play a very important role in an organization. Besides this one must communicate politely and without aggressiveness.

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10. AMPLE PATIENCE.

11. DECISION MAKING, PLANNING AND SOURCE OF INFLUENCE. Staff officers are experts or specialists in their own field. They plan jobs, take decisions and implement them in their respective fields.

12. HOW TO MOTIVATE OTHERS AND SELF- BELIEF. Nothing is impossible in this world. The thing one must keep in mind is that you must not lose your will power and you must be confident enough to do any kind of work.

13. PROFESSIONALISM.

14. INTERNAL PUBLIC RELATION AND LEADERSHIP. This is actually done to build up a good image in the minds of employees that the company cares for them and actually takes initiative if required.

15. PROMPT AND ADEQUATE SERVICE AND CONSUMER AND PRODUCT RESEARCH. The management has to produce goods that meet the requirements of the consumers of different classes, tastes, and with varying purchasing powers. It has to ensure continuous supply of goods and services at fair prices.

16. PUNTUALITY, DISCIPLINE AND ORDER. Time is very valuable. Everything in life can be recovered, but once the time is gone, it cant be recovered. So always consider time as the most precious thing in life.

17. TRAINING AND DEVELOPMENT As the company is concerned with sale of policies it is very important to train a person who will be involved in this particular work. Sales training process consists of three

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broad phases assessing sales training needs, designing and executing sales training programme, and evaluating and reinforcing sales training programme.

18. SUPERVISION AND MAINTAINENCE. It is always good to keep a record or keep a record or keep an eye on the visitors of the company. It always helps in finding out the names of the persons who actually leaves the office before time or it is also helpful to find out a person who comes late and moreover if any illegal thing happens it will be easier to find out a person.

19. MANAGEMENT IS CONCERNED WITH DIRECTION AND CONTROL. Management has got set of rules and regulations to follow. As in any organisation a scalar chain exists, the subordinates are liable to take permission from his boss for any action to be taken.

20. CODE OF CONDUCT 21. MANAGEMENT COORDINATES ALL ACTIVITIES AND RESOURCES Management is concerned with the coordination of all activities and resources through its various functions to attain the stated objective.

22. TECHNOLOGY ADAPTATIONAND TASK ADAPTATION. Due to ever increasing growth and importance of modern technology, an organization has to introduce the changes in the organization to cope up with the changing environment. Task is required to be changed. Technological changes include changes in plant and equipment, techniques of job performance, methods of production, etc.

23. ARBRITRATION. Disputes and conflicts are the part of the firms. People with different mentalities work together under one roof; so fight is a very common thing in an organization. But the main fact to be considered is that how to tackle it.

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24. MUTUAL UNDERSTANDING, CO-OPERATION AND INITIATIVE In an organization employees must cooperate with each other whenever needed. Good management, for the common benefit, shall encourage every employee of the concern in his individual of work and thereby the principle of initiative to work more and better will develop.

25. SOCIAL AND CULTURAL INFLUENCES The social and group norms exert considerable influence on the style of the decision maker. A social form is an evaluating scale designating acceptable latitude and an objectionable latitude for behaviour activity, events, beliefs, or any object of concern to members of a social unit.

26. PROPER WORKING CONDITIONS AND WORKERS WELFARE.

27. WORK FOR THE INTEREST OF ALL ENTERPRISE, IMPROVING PUBLIC IMAGE AND SOCIAL POWER. A socially responsible organization does not operate to benefit a narrow segment of society like shareholders alone. It seeks to pursue the wider public interest. The organization has a sincere concern for public interest and social good which legitimizes the pursuit of private profit. 28. OFFICE MANAGEMENT It is very important for an organization to look after official matters properly. Little problems can create very big problems in the future. So taking a good decision at the right time is very important.

29. NEGATIVE MOTIVATION AND SOUND MOTIVATIONAL SYSTEM. There are two types of motivation. This part tells us about negative motivation, punishments, reprimands, fear of loss of job are the methods, where people work in fear. They will tend to produce minimum enough production to remain safe.

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30. CUSTOMER

EXPECTATION,

USTOMER

PERCEPTIONAND

CUSTOMER

SATISFACTION The customers service expectation acts as a benchmark for final satisfaction of the customer. It is a belief about services delivery that functions as a standard or reference point with which performance is judged .While analyzing the customers expectations, company needs to explore and understand: WHAT THE CUSTOMERS EXPECT OF THE SERVICES WHAT FACTORS INFLUENCE IN THE FORMATION OF CUSTOMERS EXPECTATION HOW THESE EXPECTATIONS CAN BE CHANGED WHAT A COMPANY SHOULD DO TO OVERDO CUSTOMERS EXPECTATION.

31. NO MATTER WHAT NEVER BE ARROGANT TO ANYONE.

32. ALWAYS REMEMBER THAT YOUR BOSS IS RIGHT 33. DO NOT GET INVOLVED INTO ANY CONTROVERSY 34. TIME MANAGEMENT 35. FOLLOW THE CODE OF CONDUCT 36. ADHERE TO THE COMPANY ETHICS.

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6. FINDINGS

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For the ease of research process and segregation of data in a format, the city was divided into various zones. All the residential projects that fall into the respective zones were visited and gathering of data was done. The supply side data was generated by understanding the on- going and upcoming projects; while that on the demand aspect was considered by the absorption rate in the respective zones.

It was found that there has been ample supply from the developers and builders side of residential offerings in the city. Most of these offerings are concentrated in the areas surrounding the Pune central business district.

There have been vast land banks undertaken by the developers, builders and realtors for upcoming huge residential townships that will comprise of various offerings as per the demand of the population.

Concentrations of most of the residential projects have been near the IT and ITES zones around the city of Pune in the segregated zones. It has also been found through the research carried out that the supply and demand equation has a huge difference. The number of residential project offerings is much more that what is demanded in the city of Pune. One of the supporting reasons for this is the lack of demand that was seen during the recessionary period of 2009 and 1Q10, due to which most of the on- going projects then were halted and re-launched in the 3Q10, which are still under construction and some nearing the possession tenure.

From the demand perspective, it was seen that most of the customer base preferred a house, either for residential or investment purpose at a location to nearest proximity of work place.

Along with work place proximity, customers looked at the infrastructure development in the zone with proper connectivity to the central business district and highways.

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Demand for residential space by customers also depended upon the proximity to educational aspect such as kindergarten, schools and colleges.

The total ticket size of various offerings such as 1BHK, 2BHK, 3BHK and 4BHK were determined on the basis of:

the standard of the developer/ builder/ realtor the quality of construction the sq.feet area of the apartment the amenities provided along with the apartment the infrastructure of the locality and prevailing sq.feet area rate in the locality/ vicinity.

Projects which were launched and then halted during the recessionary period .i.e., 1Q09 to 2Q10, were priced at a rate prevailing in the area then. But after the relaunch of those half completed projects in the 3Q10, the rates slashed down to a large extent. This was due to a decrease in the purchasing power of the customer base; especially the IT and ITeS working class. And so the residential offerings were leveraged at a rate which was affordable by the customer base.

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7. RECOMMENDATIONS

83

The entire aspect of an international level property consultant is not known to most of the people. This is due to the unorganized structure of real estate consulting in Indian economy. Lack of awareness at the customer base is the most important aspect that hinders the growth and expansion of well established property consulting in India. Thus there arises a need for first creating awareness within the customers and developers/ realtors of the availability of these property consultants to ease when it comes to dealing with the residential offerings in the respective city.

The developers should offer the customers of what is demanded by them. These will inturn level the proportionate difference between the demand and supply of residential offerings in the city of Pune.

Also, the customer looks for quality of construction first and its life in the long run; rather than the quantity (rooms) offered.

Along with this the infrastructure development in the vicinity is what the customer will look for and hence the developers should make it a point to look at the aspect in the long run and the scope of development in the vicinity.

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8. CONCLUSIONS

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Kharadi and Wagholi: Location Wagholi has emerged as preferred residential destination in past 1.5-2 years primarily due to the competitive price that it offers compared to other residential catchments along Nagar Road like Kharadi, Viman Nagar & Kalyani Nagar. Apart from affordability, Wagholi is the most convenient location to stay for people working in Ranjangaon & Sanaswadi Industrial areas as well as Kharadi-Magarpatta belt and the emergence of EON IT park. Lastly Wagholi has direct link road to Pune Airport and Ahmednagar which further adds to its advantage.

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Aspects influencing residential sales/absorption and its significance in current scenario

Aspect 1) Timing - Currently market condition has improved and is much better than the sluggish period of last year as per the sales and absorption instances - Therefore launching right product at right price in current market can make the project resist in future downside.

Aspect 2) Product - Product should be a mix of both low rise and high rise. - Variation in the sizes and specifications of high rise and uniqueness in terms of experience through planning and space flow in low rise should keep sales steady in all markets scenario

Aspect 3) Pricing - Pricing largely depends upon project location i.e. weather its before Wagholi village or after and access. - So depending on these factors the pricing for high rise should range from INR 3000-4500 per sq.feet and for low rise in the range of INR 2500-3000 per sq.feet

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9. BIBLIOGRAPHY

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Electronic reference: www.joneslanglasalle.com www.google.com www.timesproperty.com www.marvelrealtors.com

Print media reference: Jones Lang LaSalle research documents

Jones Lang LaSalle yearly magazine

Jones Lang LaSalle Homebay journal

Book reference: Marketing Management by Philip Kotler, tenth edition, Prentice- Hall India, ISBN-81203-1609-6, forty- forth printing in February 2001.

Marketing Research by Rajendra Nargundkar, third edition, TATA McGraw Hill, ISBN13: 978-0-07-022087-4 tenth reprint 2011.

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