International Research Journal of Finance and Economics

ISSN 1450-2887 Issue 100 (2012)

EuroJournals Publishing, Inc. 2012
http://www.internationalresearchjournaloffinanceandeconomics.com

Factors that Influence the Decision of Indian Investors to

Invest in the Real Estate Market
Amarjit S. Gill
Corresponding Author, The University of British Columbia (Okanagan Campus)
3333 University Way, Kelowna, BC Canada V1V-1V7
E-mail: agill02@shaw.ca
Tel: 250-807-8000
Harvinder S. Mand
Sikh National College Banga, Sahid Bhagat Singh Nagar
East Punjab, India, Pin Code: 144505
E-mail: hsmand27@gmail.com
Rajen Tibrewala
New York Institute of Technology, 1855 Broadway
New York, 10023-7692, USA
E-mail: tibrewal@nyit.edu
Tel: 212-261-1500
Abstract
This study examines the factors that influence the decision of Indian investors to
invest in the real estate market. This paper seeks to extend the findings of Gill et al. (2012).
Individuals from India were surveyed to find out their perceptions, feelings, and beliefs on
the factors that positively influence their decision to invest in the real estate market. The
results show that the investment expertise of investors, the investors motivation from an
advisor, the investment propensity of investors, and the age positively influence the
decision of Indian investors to invest in the real estate market. The findings also show that
the investment behavior and the decision differ based the age of the investors. This study
contributes to the literature on the factors that influence the decision of the investors in the
real estate market. The study can be useful for the real estate investors and the investment
advisors.

Keywords: Investment Expertise, Investment propensity, Motivation from an Advisor,

Real Estate Market.

1. Introduction
The Indian real estate market plays an important role in the economic development of India.
The Indian financial sector has been experiencing incredible growth during the last decade.
According to Asia Pulse (2012), the economic growth rate of India was 8.50% in year 2010-2011.
Because of the population and the economic growth, the real estate market is expected to grow at a
compounded annual growth rate of 52.5 percent (M2 Presswire, 2012). One of the important factors
contributing to the economic growth and the growth in the real estate market is the globalization of

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multinational corporations (Bardhan and Kroll, 2007); that is, multinational corporations are moving
into the Indian market, which in turn, increases the demand for the real estate properties in India. Other
important factors that are leading to the growth in the Indian real estate market are largely attributed to
the wide population base, rising income level, increasing trend of nuclear families, and rapid
urbanization. According to several new research reports, the demand for affordable housing is
escalating in India. Majority of this demand comes from low-income groups which represents the
highest potential target segment for the real-estate developers. Demand from the middle-income group
is also accelerating at a considerable pace (M2 Presswire, 2012). Thus, Indian real estate market
provides a significant investment opportunity for the investors.
Since the Indian real estate market is an emerging market in a less developed economy, the real
estate investors play an important role in the development of the Indian economy (Gill et al., 2012), it
is important to understand the factors that have positive influence on the investment decision of Indian
investors to invest in the real estate market. Therefore, the resultant thesis is that the investment
decision of investors to invest in the real estate market is the function of investment expertise of
investors, investors motivation from an advisor, investment propensity of investors, and age; the
purpose of this study is to explore these relationships among above variables.
Proxy variables for this study were chosen from previous empirical studies. Five proxy
variables (Investment Expertise of Investors, Investors Motivation from an Advisor, Investment
Propensity of Investors, Age, and Investment Decision of Investors) were used to conduct this study.
The literature in the behavioral finance usually assumes that the information structure and the
characteristics of market participants systematically influence individuals' investment decisions (AlTamimi, 2006, p. 225). The theory claims that investors market behavior derives from psychological
principles of decision making. The field of the behavioral finance focuses upon the ways investors
interpret and act on the information during the process of making investment decisions. In addition, the
field of behavioral finance places an emphasis on the investor behavior that at times leads to various
market anomalies (Gill and Biger, 2009, p. 136; Gill et al., 2011, p. 329).
This study contributes to the literature on the factors that influence the investment decision of
investors in the real estate market. The results of this study can be generalized to the real estate
industry.

2. Literature Review
Many earlier studies have focused on the investment pattern of institutional investors investment,
where as a very few studies have dealt with the investment pattern of individual investors. The field of
investment has also become more dynamic than it was a decade ago. Many individuals find
investments to be fascinating because they can participate in the decision making process and see the
results of their decisions. Not all investments may turn out to be profitable, especially if the investor
has not made the correct investment decision. Therefore, investors should realize that investing is not a
game but a serious issue that can have a major impact on their future wellbeing (Kabra et al., 2010).
Investment in the real estate market is one of the popular investments because everyone needs a
place to live. Factors such as investment expertise of investors, investment motivation from an advisor,
and investment propensity of investors influence the investment decision of investors in the real estate
market (Gill and Biger, 2008, 2009; Gill et al., 2012).
The investment knowledge of investors is one of the principal risk attributes that impact on
their investment propensity. The relative importance of the investors level of the knowledge attribute
is a function of idiosyncratic investor and asset characteristics (Gill and Biger, 2008; Gill et al., 2012).
Byrne (2005) describes that improved investment knowledge and experience enable consumers
to make better investment decisions. That is, the more accurately investors perceive risk, the better they
understand the link between risk and return in the Indian real estate market; and the better the
understanding of the link between risk and return , the higher the investment propensity of investors.

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Hamid (1999) indicates that the risk-averse investors continue to be attracted by the relative
stability of residential properties and buildings. Investors investment knowledge and experience have
both positive and negative impacts on their propensity to invest in the real estate market. That is, if
Indian investors perceive higher risk in the Indian real estate market, they are reluctant to invest capital
and vice versa (Gill et al., 2012, P. 140).
According to Nagy and Obenberger (1994) the recommendations of family members and
friends impact on the investment decisions of investors. ONeal (2004) also suggests that investment
advisors play a significant role in investment decisions of investors.
Some empirical studies on the relationship between investment expertise of investors,
investors knowledge of neutral information, investor consultation of an advisor, and investment
propensity of investors are as follows:
Nagy and Obenberger (1994) collected data through Fortune 500 companies (USA) to examine
factors influencing investor behavior. Their findings suggest that the recommendations of brokerage
house, individual stock brokers, family members, and coworkers play a role in investment decision.
Al-Tamimi (2006) collected data from United Arab Emirates (UAE) and found that the
motivation from an advisor (e.g., family member opinion) and the investors gut feelings on the
economy have some positive influence on the behavior of investors.
Gill and Biger (2008) collected data from Canada and found a positive relationship between
Canadian investors investment expertise and Canadian investors propensity to invest in the Indian
real estate market. The propensity to invest, in turn, positively influences the decision to invest in the
real estate market.
Gill and Biger (2009) collected data from Canada and found investors investment expertise
and investor consultation of an advisor positively impact on the investment decision of investors.
Kabra et al. (2010) collected data from India and found that investors awareness, benefits
provided by investment, and investors age positively impact on the decision of investors.
Gill et al. (2011) collected data from India and found investment expertise of investors, investor
consultation of an advisor, and family positively impact on the investment decision of investors.
In summary, literature review indicates that investment expertise of investors, investors
knowledge of neutral information, motivation from an advisor, and age influence the decision of the
investors to invest.

3. Methods
3.1. Research Design
This study will utilize survey research (a non-experimental field study design).
3.2. Measurement
All measures pertaining to:
(i) Investment Expertise of Investors and Investment Propensity of Investors were taken from Gill
and Biger (2008), and
(ii) Measures pertaining to Investors Motivation from an Advisor and Investment Decision of
investors were taken from Gill and Biger (2009).
All the scale items were reworded to apply to Indian real estate investors and the reliability of
these re-worded items was re-tested. Respondents were asked to indicate their agreement with each
item related to investment expertise of investors, investors motivation from an advisor, investment
propensity of investors, and investment decision of investors using a five-point Likert scale ranging
from Strongly Disagree to Strongly Agree. Respondents were also asked to indicate their
agreement with each item related to investment decision, using a five-point Likert scale ranging from

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0%-5% to 76%-100%. Table 4 shows factor analysis and scale items that were used in this study.
Table 1 shows the proxy variables and their measurements.
Table 1:

Proxy Variables and their Measurements

Dependent Variable
Investment Decision (ID)

Investment expertise of
investors (IEOI)

Investors motivation from

an advisor (IMFA)

Investment propensity of
investors (IPOI)

Age

Measurement
Measured as the extent to which Indian real estate investors perceive that they allocate
proportion of their total individual portfolio (e.g., personal savings, business, etc.) in the
real estate market to i) obtain higher rate of return and ii) diversify risk. Two items were
used to measure investment decision of small business owners.
Cronbach alpha: 0.84
Measured as the extent to which Indian real estate investors are experienced and
understand the Indian real estate market risk. Two items were selected to measure the
IEOI variable.
Cronbach alpha: 0.85
Measured as the extent to which real estate broker, family members, and friends motivate
Indian real estate investors to invest in the real estate market. Three items were used to
measure the IMFA variable.
Cronbach alpha: 0.93
Measured as the extent to which Indian real estate investors are inclined to invest in the
Indian real estate market to: i) get rich quickly, ii) diversify risk, and iii) obtain higher rate
of return. Three items were used to measure the IPOI variable.
Cronbach alpha: 0.89
Age was measured by a single item that asked respondents to indicate their ages. The
average age of Indian real estate investors was calculated (e.g., 31 + 39 / 2 = 35).
Categorized alternative responses were: i) 18-30, ii) 31-39, iii) 40-50, iv) 51-59, and v) 60
and over.

3.3. Sampling Frame, Questionnaire Distribution, and Collection

The current study consisted of the population of Indian investors. Indian investors living in Punjab
(Ludhiana, Malerkotla, Raikot, Banga, Hoshiar Pur, Kaputhala, Phagwara, Jalandhar, and Sahid
Bhagat Singh Nagar) area of India were chosen as a sampling frame.
3.4. Sampling Method, Sampling Issues, and Possible Planned Solutions
Punjab area (Ludhiana, Malerkotla, Raikot, Banga, Hoshiar Pur, Kaputhala, Phagwara, Jalandhar, and
Sahid Bhagat Singh Nagar) of India was chosen as the research site to collect data. The survey did not
need to be translated into Punjabi or Hindi for the Indian participants since almost all the investors can
read and write English. Researchers were also available for translation. The instruction sheet indicated
that participants could contact the researchers by telephone and/or email regarding any questions or
concerns they might have about the research.
To avoid sampling bias, data collection team was asked to only choose participants that
represent the target population. Non-Indian investors were excluded.
To achieve a convenience sample, an exhaustive list of Indian investors names and telephone
numbers were created to distribute surveys and to conduct telephone interviews. Survey questionnaire
bundles coupled with an instruction sheet were provided to the surveyors for distribution.
The sample included approximately 800 research participants encompassing Indian investors. A
total of 209 surveys were completed over the telephone (approximately 10% of the surveys were
completed over the telephone), through personal visits, and received by mail. Two of the surveys were
non-usable. The response rate was roughly 26.12%. The remaining cases were assumed to be similar to
the selected research participants.

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3.5. Issues Related to Confidentiality of the Research Participants

All individuals who were approached were ensured that their names will not be disclosed and
confidentiality will be strictly maintained. In addition all subjects were requested not to disclose their
names on the questionnaire. Since the research was based on the survey questionnaire small business
owners were not forced to respond to each specific question.
All subjects were provided with stamped envelopes and confidentiality was ensured. There was
no obligation for the subjects to answer our questions over the telephone and in person. Before any
telephone interview the person was asked for willingness to participate and of course no one was
forced to participate.
Investors Consent Letter specifically indicated that by completing the survey, subjects have
consented to participate in the study. Any information that was obtained in connection with this study
and that can be identified with subjects will remain confidential and will be disclosed only with
subjects permission or as required by law.

4. Analysis, Findings, Discussion, Conclusion, Limitations, and Recommendations

for Future Research
Table 2 shows descriptive statistics related to this study.
Skewness (all the items): Within the range of -0.591 to -1.121
Cronbach Alpha on the clusters of items (entire sample): IEOI 0.83; IMFA 0.87; IPOI 0.90; and
IDOI 0.93.
Table 2:

Investment Expertise of Investors, Investors Motivation from an Advisor, Investment propensity of

Investors, and Investment Decision of Investors a

Desire to invest capital to get rich quickly

Desire to invest capital to diversify risk
Desire to invest capital obtain higher rate of return

Strongly
Disagree
1.4%
1.4%
Strongly
Disagree
1%
1%
1.9%
Strongly
Disagree
2.4%
3.9%
3.9%

IDOI

(0%-5%)

(6%-25%)

7.7%
8.7%

12.1%
11.1%

IEOI
Understands the real estate investment risk
Experienced in the Indian real estate investment
IMFAz
Motivation from real estate broker
Motivation from family members
Motivation from friends
IPOI

Proportion of asset allocation to obtain higher rate of return

Proportion of asset allocation to diversify risk

Disagree

Uncertain

Agree

6.3%
9.2%

10.1%
20.8%

56.5%
51.2%

Disagree

Uncertain

Agree

9.7%
7.7%
5.8%

10.6%
11.6%
13%

57.5%
54.6%
57.5%

Disagree

Uncertain

Agree

9.2%
4.8%
5.8%`

12.1%
18.8%
15.9%
(26%50%)
31.9%
31.9%

56%
50.7%
58%
(51%75%)
42.5%
39.6%

Strongly
Agree
25.7%
17.4%
Strongly
Agree
21.2%
25.1%
21.8%
Strongly
Agree
20.3%
21.8%
16.4%
(76%100%)
5.8%
8.7%

N = 207
IEOI = Investment Expertise of Investors
IMFA = Investors Motivation from an Advisor
IPOI = Investment Propensity of Investors
IDOI = Investment Decision of Investors

The principle components analysis (a cluster analysis tool designed to capture the variance in a
dataset in terms of principle components) with number of factors set to 4 and a varimax rotation
explained 85.29% of the variance in the original scores (see Table 3). As can be seen in Table 4, all the
items loaded on the expected factors.

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Table 3:

Total Variance Explained Rotation Sums of Square Loadings

Component
Total
1
2.577
2
2.173
3
1.949
4
1.829
Extraction Method: Principal Component Analysis

Table 4:

Total Variance Explained

Rotation Sums of Squared Loadings
% of Variance
25.770
21.735
19.486
18.294

Cumulative %
25.770
47.505
66.991
85.286

Rotated Component Matrix a

1
Investment Expertise of Investors (IEOI)
IEOI1) I understand the real estate investment risk in India.
IEOI2) I have an experience in the Indian real estate investment.
Investors Motivation from an Advisor (IMFA)
IMFA1) My real estate broker motivates me to invest capital in the real
estate market.
IMFA2) My family motivates me to invest capital in the real estate market.
IMFA3) My friends motivate me to invest capital in the real estate market.
Investment Propensity of Investors (IPOI)
I desire to invest capital in the Indian real estate market to:
IPOI1) Get rich quickly.
IPOI2) Diversify risk.
IPOI3) Obtain higher rate of return.
Investment Decision of Investors (IDOI)
What proportion of your total individual portfolio (e.g., personal savings,
business, etc.) do you allocate in real estate market to?
IDOI1) Obtain higher rate of return?
IDOI2) Diversify risk?
Notes: aExtraction Method: Principal Component Analysis
Rotation Method: Varimax with Kaiser Normalization
Rotation converged in 5 iterations

Component
2
3

0.237
0.188

0.135
0.282

0.110
0.243

0.894
0.819

0.189

0.818

0.299

0.185

0.399
0.499

0.726
0.707

0.225
0.160

0.248
0.196

0.754
0.810
0.810

0.327
0.268
0.274

0.194
0.298
0.282

0.288
0.166
0.206

0.291
0.276

0.240
0.258

0.858
0.877

0.218
0.156

The question subsets were analyzed in order to enable the calculation of the weighted factor
scores. In terms of these weighted factor score items: two IEOI, three IMFA, three IPOI, and two
IDOI, loaded approximately equally.
Table 5 provides the Pearson correlation for the variables used in the regression model. As
shown in Table 5, investment decision of investors (IDOI) is positively correlated with investment
expertise of investors (IEOI), investors motivation from an advisor (IMFA), investment propensity of
investors (IPOI), and age.
Table 5:

Pearson Bivariate Correlation Analysis

IDOI
IDOI
1
IEOI
IMFA
IPOI
Age
**
Correlation is significant at the 0.01 level (2-tailed)
*
Correlation is significant at the 0.05 level (2-tailed)

IEOI
0.475**
1

IMFA
0.610**
0.549**
1

IPOI
0.622**
0.548**
0.743**
1

Age
0.302**
0.143*
0.292**
0.239**
1

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4.1. Regression Analysis

In this section, we present the empirical findings on the relationships between investment expertise of
investors (IEOI), investors motivation from an advisor (IMFA), investment propensity of investors
(IPOI), Age, and investment decision of investors (IDOI).
Positive relationships between i) IEOI and IDOI, ii) IMFA and IDOI, iii) IPOI and IDOI, and
iv) Age and IDOI were found (see Table 6); that is, investment expertise of investors, investors
motivation from an advisor, investment propensity of investors, and age are the predictors of
investment decision of investors to invest in the Indian real estate market.
Table 6:

Regression Coefficients a, b, c

R2 = 0.463; Adjusted R2 = 0.452; SEE = 0.736; F = 43.55; ANOVAs Test Sig. = 0.000
Regression Equation: IDOI = -0.604 + 0.138 IEOI + 0.251 IMFA + 0.327 IPOI + 0.013 Age
Unstandardized Coefficients

Standardized Coefficients

B
Std. Error
(Constant)
-0.604
0.269
IEOI
0.138
0.063
IMFA
0.251
0.081
IPOI
0.327
0.079
Age
0.013
0.005
a
Dependent Variable: IDOI
b
Independent Variables: IEOI, IMFA, IPOI, and Age
c
Linear Regression through the Origin
SEE = Standard Error of the Estimate

Sig.

-2.243
2.175
3.112
4.126
2.406

0.026
0.031
0.002
0.000
0.01

Beta
0.139
0.252
0.328
0.130

Collinearity
Statistics
Tolerance

VIF

0.654
0.406
0.420
0.913

1.529
2.462
2.383
1.096

Note that:
A test for multicollinearity was performed. All the variance inflation factor (VIF) coefficients
are less than 3 and tolerance coefficients are greater than 0.40.
Age, IEOI, IPOI, and IMFA explain 46.3% of the variance in the degree of IDOI.

4.2. The Differences in Perceived Investment Behavior and Investment Decision Based the Age of
Investors
4.2.1. Multivariate Analysis
(i) The exact probability (p) of 0.002 tells that there is a difference between younger investors,
middle age investors, and old age investor on the impact of motivation from an advisor on the
investment decision of investors to invest in the real estate market.
(ii) The exact probability (p) of 0.018 tells that there is a difference between younger investors,
middle age investors, and old age investor on the impact of investment propensity on the
investment decision of investors to invest in the real estate market.
(iii) The exact probability (p) of 0.001 tells that there is a difference between younger investors,
middle age investors, and old age investors when they make investment decision to invest in the
real estate investors (see Table 7).
Table 7:

Multivariate Analysis

Source

Corrected Model

Dependent
Variable
IEOI
IMFA
IPOI
IDOI

Type III Sum

of Squares
4.712a
18.027b
13.377c
20.860d

df

Mean Square

Sig.

5
5
5
5

0.942
3.605
2.675
4.172

0.941
3.855
2.792
4.576

0.455
0.002
0.018
0.001

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International Research Journal of Finance and Economics - Issue 100 (2012)

Table 7:

Multivariate Analysis - continued

IEOI
0.079
IMFA
0.327
Intercept
IPOI
0.065
IDOI
0.712
IEOI
4.712
IMFA
18.027
AGE
IPOI
13.377
IDOI
20.860
IEOI
201.288
IMFA
187.973
Error
IPOI
192.623
IDOI
183.243
IEOI
206.000
IMFA
206.000
Total
IPOI
206.000
IDOI
204.313
IEOI
206.000
IMFA
206.000
Corrected Total
IPOI
206.000
IDOI
204.103
Notes: aR2 = 0.023 (Adjusted R2 = -0.001)
b 2
R = 0.088 (Adjusted R2 = 0.065)
c 2
R = 0.065 (Adjusted R2 = 0.042)
d 2
R = 0.102 (Adjusted R2 = 0.080)

1
1
1
1
5
5
5
5
201
201
201
201
207
207
207
207
206
206
206
206

0.079
0.327
0.065
0.712
0.942
3.605
2.675
4.172
1.001
0.935
0.958
0.912

0.079
0.349
0.068
0.781
0.941
3.855
2.792
4.576

0.779
0.555
0.794
0.378
0.455
0.002
0.018
0.001

4.2.2. Multivariate Regression Analysis

(i) Age range (18-35; n = 38): Based on Multiple Regression Analysis, it is concluded that
investment decision of younger investors is a positive function of their i) investment expertise
(Beta = 0.274, Sig. = 0.075) and ii) propensity to invest in the real estate market (Beta = 0.391,
Sig. = 0.052). In terms of variance explained, IPOI, IEOI, and IMFA explain 44.20% of the
variance in investment decision of younger investors.
(ii) Age range (36-55; n = 140): Based on Multiple Regression Analysis, it is concluded that
investment decision of middle age investors is a positive function of the motivation from an
advisor (Beta = 0.198, Sig. = 0.053) and their propensity to invest in the real estate market
(Beta = 0.442, Sig. = 0.000). In terms of variance explained, IPOI, IEOI, and IMFA explain
44.50% of the variance in investment decision of middle age investors.
(iii) Age range (56 and over; n = 29): Based on Multiple Regression Analysis, it is concluded that
investment decision of old age investors is a positive function of the motivation from an advisor
(Beta = 0.588, Sig. = 0.003). In terms of variance explained, IPOI, IEOI, and IMFA explain
40% of the variance in investment decision of old age investors.
4.2. Discussion
This study concentrated on the perceived factors that positively influence the decision of Indian
investors to invest in the real estate market. This was done by surveying a sample of real estate
investors from Punjab area of India. The findings show that the perceived investment decision of
investors is positively associated with investment expertise of investors, investors motivation from an
advisor, investment propensity of investors, and age. The findings of this study lend some support to
the findings of:
(i) Nagy and Obenberger (1994) who found that the recommendations of brokerage house,
individual stock brokers, family members, and coworkers play some role in investment
decision.

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International Research Journal of Finance and Economics - Issue 100 (2012)

(ii) Al-Tamimi (2006) who found that motivation from an advisor (e.g., family member opinion)
and investors gut feelings on the economy have some positive influence on the behavior of
investors.
Gill and Biger (2009) who found investors investment expertise and investor consultation of
an advisor positively impact on the investment decision of investors.
Kabra et al. (2010) who found that investors awareness, benefits provided by investment, and
investors age positively impact on the decision of investors.
Gill et al. (2011) who found that investment expertise of investors, investor consultation of an
advisor, and family positively impact on the investment decision of investors.
Figure 1: Factors Influencing the Real Estate Investment Decision of Investors

Figure 1 shows the factors that influence the real estate investment decision of Indian investors.
The overall ranking of the factors that influence the perceived investor behavior to invest in the real
estate market is as follows:
(i) IPOI (Beta = 0.328),
(ii) IMFA (Beta = 0.252),
(iii) IEOI (Beta = 0.139), and
(iv) Age (Beta = 0.130).
In conclusion, the investment expertise of investors, the investors motivation from an advisor,
the investment propensity of investors, and the age positively influence the Indian propensity to invest
in the real estate market. The findings of this study also show that the investor age improves the
investment expertise and the investment propensity of investors (see Table 4).
The findings indicate that the old age investors get motivated more than the middle age
investors with the consultation of an advisor. The motivation from an advisor does not impact on the
investment behavior and the decision of younger investors. It may be because of the level of education,
the generation gap, and the level of financial sources. For example, the younger investors may have
lower financial sources than the older investors.
The results show that the older investors do not get motivated by their own expertise and the
propensity. Since older investors consult investment advisors, get motivated, and make decisions to
invest in the real estate market, investment consultants should be careful to advise older investors to
invest in the risky real estate market. The investment advice should be provided based on the risk
tolerance of the real estate investors.
4.4. Limitations
This study utilized a fixed format, set-questions in the survey , which could have excluded the
respondents from providing additional input.
The practical implications of this study are that if Indian investors perceive that:

International Research Journal of Finance and Economics - Issue 100 (2012)

121

(i) Their investment expertise is higher, they are more likely to invest in the real estate
market.
(ii) Motivation from an advisor is higher, they are more likely to invest in the real estate
market.
(iii) Their propensity to invest is higher, they are more likely to invest in the real estate market
4.5. Future Research
This study is limited to perceptions and intentions. Because research was done based on the survey
questionnaire, respondents did have a chance to add additional information. The future study should
consider using other variables such as education, gender, culture, and religion.

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