Analysis of factors determining Consumer Buying in Real Estate of Nagpur.

INTRODUCTION TO THE TOPIC

The largest city in central India, Nagpur is a rapidly growing metropolis. Its one of
Indias most industrialized cities, besides being the 13th largest urban agglomeration and
the 13th most populous city in India.

During the winters, Nagpur is the seat of the annual winter session of the Maharashtra
state assembly. Politically, its an important city as it lies in the Vidarbha region of
Maharashtra and forms its commercial and political center.

Famous for the Nagpur Orange and being a major trade center for oranges cultivated in
the region, Nagpur is also called the Orange City. It also has a lush cover of green, which
often helps it rank highly among cities in environmental preservation.

Fruit and greenery aside, infrastructure development in Nagpur is on the rise. The Multi-
Modal International Cargo Hub and Airport at Nagpur is a major development project in
the pipeline. In the Nagpur real estate segment, the MIHAN project, construction of a
residential zone extending across 40 sq. km., holds plenty of promise.

Facts And Figures

The population of Nagpur as per the provisional reports of Census India, 2011 stands
at 2,405,421. The urban/metropolitan population, on the other hand, is 2,497,777.

Sex ratio in Nagpur is 961 per 1000 males. Child sex ratio is 921 per 1000 boys. Both
sex ratio and child sex ratio are above the national average of 940 per 1000 males and
914 per 1000 boys, as per the Population Census of 2011.

Nagpurs average literacy rate is 93.13%. Literacy rates in males and females are
96.16% and 89.99% respectively.

The city has a strong education base, with over 8,600 engineers, 1,000 MBA students
and 800 MCA students graduating every year.

Gond King BakhtBuland Shah of Devagad founded Nagpur in 1702 AD.

It was made the capital of the central province under British Raj in the 19th century.

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Today, Nagpurs real estate landscape perfectly blends the old world charm with the
modernity of the present times.

Besides the oranges, Nagpur is also famous for its cotton production.

Nagpur has also been called the Tiger Capital of India because of the large number of
wildlife sanctuaries and national parks situated in and around the district.

In March 2013, ABP News, in its Best City Awards Survey, pronounced Nagpur as the
best city to live in India. It was proclaimed as the greenest city, and one with the best
public transport and healthcare services.

Industrial Sector

The Butibori industrial area, which is the largest industrial area in Asia, forms the
backbone of Nagpurs economy.

Synthetic polyester yarn is the major produce in the Butibori industrial area.

The prominent industrial companies in Nagpur are KEC, Hyundai Unitech, ACC
Nijon Casting Limited, Videocon Washing Machine plants, and major textile units.

The Hingna Industrial Estate located to the west of the city, hosts as many as 900
small and medium-scale plants, including Bajaj Auto Group, Mahindra and Mahindra,
Vicco Laboratories and Ajanta Toothbrushes.

Nagpur is rich in natural resources, therefore mining is a major activity in this region.
One of Coal Indias eight fully-owned subsidiaries, Western Coalfield Limited has its
head office in Nagpur.

Connectivity

Nagpur connects to major cities like Mumbai, Delhi, Bangalore, Pune and Hyderabad,
and to prominent international cities like Sharjah, Doha and Bangkok through the
Babasaheb Ambedkar International Airport. The airport is situated just 7 km from the city
center.

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Being centrally located, Nagpur is connected to the four major Indian metropolises,
Mumbai, Chennai, Delhi and Kolkata by road as well. A total of 160 trains are known to
halt at Nagpur.

Two major national highways, Hajira-Kolkata (NH 6) and Kanyakumari-Varanasi

(NH 7) pass through the city. Nagpur also lies at the junction of two Asian highways,
AH43 and AH46. The Nagpur-Aurangabad-Mumbai expressway is a new state highway,
which significantly reduces the distance travelled through NH 3 and NH 6.

The Nagpur metro rail project has already been sanctioned by the state government.
The project will be executed by Nagpur Metro Transport Co Ltd (NMTCL), which is
formed under the Nagpur Improvement Trust (NIT).

Nagpur MahanagarParivahan Ltd. (NMPL) is responsible for providing public

transport in the city. It has a fleet of 470 low-floor StarBuses, of which are 88 low-floor
MiniBuses and 382 low-floor 50-seater StarBuses.

Nagpur Civic Administration

Nagpur Municipal Corporation (NMC) is responsible for the civic administration in

Nagpur. It works in partnership with Nagpur Improvement Trust (NIT) and develops and
maintains civic infrastructure and new urban areas.

The corporation is headed by the Mayor of the NMC.

The city of Nagpur is divided into 13 talukas and 1874 villages. There are 13
panchayat samitis, 778 gram panchayats, 10 nagarparishads and 1 katakmandal.

The city is divided into 10 zones comprising 145 wards. A corporator heads each
ward.

Nagpur has 59 police stations and 121 police outposts.

Nagpur Infrastructure

Although Nagpur is a Tier II city, its urban infrastructure is comparable to many of the
Tier I cities. The excellent IT infrastructure in Nagpur, besides its convenient geographic

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location, has made it one of the favorable IT destinations in the country. Recognizing
this, the citys development plans indicate a shift in focus to the creation of ICT
infrastructure. There is a lot of potential, therefore, in terms of IT, ITES and healthcare
services.

The water supply system in Nagpur is robust. The per-capita availability of water in
Nagpur is high as well, at 200 lpcd. The city is moving towards 100% availability of
water on every day of the week. A water and energy audit process has been planned for
this purpose. Plans for the reuse of water in Nagpur are underway.

Defining measures are being taken to manage solid wastes. An NGO initiative called
SwatchataDootAplya Dari - translates in English as sanitation worker at your doorstep -
is a door-to-door scheme for solid waste management. Approximately 75% of all waste is
collected through this scheme.

Infrastructure Projects
Name of the Project Impact Areas Expected Completion Date Remarks
Multi-Modal International Passenger and Cargo Hub Aircraft (MIHAN) The
Vidarbha region Under Development The project has two parts convert existing
airport into a major cargo hub that meets international standards and the development of
a Special Economic Zone in the south of Nagpur.
Nagpur Metro Rail Sitabuldi, Mihan, Butibori December 2016 A rapid
transit system, the metro rail will traverse 25 km, from Sitabuldi to Butibori via Mihan
Meghdoot Project Meghdoot, New Nagpur Under Development Development of a
modern township
Capital Heights Rambagh (and the southern parts of the city) 2014 Construction of
352 flats, multiplex, shopping mall, and other amenities and facilities
Ultra Mega Power Project Maharashtra Industrial Development Construction
(MIDC) area, Nagpur Completed Two 300 MW units have been commissioned,
providing a total power output of 600 MW
Mahindra Satyams IT Development Center Multi-modal International Cargo Hub
and Airport (MIHAN) Special Economic Zone (SEZ) Phase I operations likely to begin
by March 2014 An investment of INR 80 crore is being made on developing a 1000-
seat capacity in the development center

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Nagpur Real Estate Market

End-users dominate the real estate market in Nagpur.
Nagpurs real estate is fueled more by the citys residents, as there is no visible
migration pattern to Nagpur from other cities. Although some areas like Zafar Nagar
witness NRI inflows from Dubai.
Short-term rental housing in Nagpur spurts whenever a Test or One-Day International
cricket match is played in the city. The international stadium in Nagpur is a tremendous
asset to the rental housing market.
Because of the presence of large industrial units in the MIDC industrial area,
residential housing in the area is impacted. For those looking to enter the manufacturing
sector, industrial plots are made more easily accessible.
Mall culture in Nagpur hasnt taken off as yet. The residents choose to spend more
time in gardens, which are abundant in Nagpur.
Some of the prominent real estate agencies in the city are The Raj Green Land
Consultancy, Gigeo Real Estate and The Trans Techno Construction Private Ltd.
Famous building companies in the city are Bharadwaj Builders and Developers
Private Limited, Pioneer Infrastructure Company Private Limited and Aren Builders and
Promoters.

Major categories in India and the Asian Subcontinent

Co-operative Housing Societies (CHS)
Condominiums
Chawls
Villas
Havelis

The size is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

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INTRODUCTION TO INDUSTRY

The real estate sector is one of the most globally recognized sectors. In India, real estate is the
second largest employer after agriculture and is slated to grow at 30 per cent over the next
decade.

The real estate sector comprises four sub sectors - housing, retail, hospitality, and
commercial. The growth of this sector is well complemented by the growth of the corporate
environment and the demand for office space as well as urban and semi-urban
accommodations.

The construction industry ranks third among the 14 major sectors in terms of direct, indirect
and induced effects in all sectors of the economy.

The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing
sector alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP).

In the period FY2008-2020, the market size of this sector is expected to increase at a
Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality and commercial
real estate are also growing significantly, providing the much-needed infrastructure for India's
growing needs.

Private Equity (PE) investments by domestic and international investors in the Indian realty
market declined 30 per cent year-on-year to US$ 2.5 billion across 48 deals during January-
September 2016.

Over April-June 2016, India's office space absorption grew 46 per cent year-on-year to over
10.2 million sqft, primarily led by Delhi National Capital Region (NCR) and Bangalore,
which accounted for almost 50 per cent of the total space take-up. On the supply front, over 7
million sqft of fresh office space was added during April-June 2016, led by Hyderabad and
Mumbai, accounting for more than 65 per cent of the total supply of fresh office space across
leading cities during the quarter.

The Indian real estate sector has witnessed high growth in recent times with the rise in
demand for office as well as residential spaces. According to data released by Department of
Industrial Policy and Promotion (DIPP), the construction development sector in India has

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received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.19 billion in
the period April 2000-March 2016.

Some of the major investments in this sector are as follows:

Fosun International Limited, a Chinese international conglomerate and investment company,

plans to enter the Indian real estate market by investing US$ 1 billion through real estate
private equity platform.

India bulls Housing Finance has raised over Rs 1,300 crore (US$ 193.85 million) by selling
masala bonds to foreign investors, which would be used partly for its affordable housing
segment.

Altico Capital, the non-banking finance company (NBFC) backed by Clearwater Capital, has
invested Rs 200 crore (US$ 29.82 million) in Bengaluru-based real estate developer Legacy
Group, which will be used to fund the ongoing construction as well as to refinance the
developers existing loans.

Ivanhoe Cambridge, the real estate arm of Canadas second largest pension fund manager
Caisse de dpt et placement du Qubec (CDPQ), plans to enter into a Joint Venture (JV)
agreement with Piramal Fund Management to set up a US$ 250 million venture, which will
provide equity capital to developers of residential projects in the country.

Apollo Asia RE Singapore Private Limited and realty firm Salarpuria Sattva Group have
entered into a JV to acquire 100 per cent stake in two real estate projects at Bangalore and
Vadodara from a consortium of offshore investors in a deal worth Rs 275 crores (US$ 41
million).

MrNandanNilekani, co-founder of Infosys Limited, has invested around US$ 25 million in a

real estate NBFC unit of KKR India, one of the local arms of the US-based private equity
firm KKR & Co LP.

Piramal Fund Management, one of India's largest real estate investors, has invested Rs 425
crore (US$ 63.4million)in realty firm Lodha Groups residential project in central Mumbai
through the structured debt route.

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Real estate private equity fund of the Kotak group, Kotak Realty Fund, has raised US$ 250
million from institutional investors for equity investments in realty projects across India's top
six property markets including Mumbai, Delhi, Pune, Bengaluru, Hyderabad and Chennai
over the next 24 to 36 months.

Indospace, a developer of industrial realty and logistics parks, plans to invest US$ 1 billion in
India over the next five years, increasing its development pipeline in the country from 20
million square feet to 50 million square feet.

Peninsula Brookfield Investment Managers Private Limited, a joint venture of real estate
firm Peninsula Land Ltd and global alternative asset management firm Brookfield Asset
Management, has invested Rs 100 crore (US$ 14.91 million) in mid-income housing projects
of Bengaluru-based property developer Mahaveer Group.

Quikr, an online classifieds platform, has acquired real estate portal Commonfloor.com for
US$ 200 million in a stock-cum-cash deal.

Goldman Sachs bought shares worth Rs 255 crore (US$ 38.02 million) in Vatika Hotels
Private Limited, a company owned by real estate and hospitality firm Vatika Group.

SoftBank, Falcon Edge Capital and a few others invested US$ 90 million in Locon Solutions
Private Limited, which runs Housing.com - a realty website.

PE firm Warburg Pincus invested Rs 1,800 crore (US$ 268.4 million) in Piramal Realty for
a minority stake in the company.

Government Initiatives

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

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The Cabinet Committee on Economic Affairs (CCEA) has approved various measures to
revive the construction sector, putting in place a mechanism to release funds stuck in
arbitration awards to revive stalled projects.

The Make in India initiative has helped to accelerate leasing of commercial property by the
manufacturing sector, which has outpaced the Information Technology (IT) sector by
registering two-fold increase in office transacted space in the first six months of 2016.

Brihanmumbai Municipal Corporation (BMC) has introduced a single-window clearance for

construction which will cut the time taken for getting approvals for a building project and
lead to correction in prices of residential property, thereby giving a fillip to Mumbai realty.

The Securities and Exchange Board of India (Sebi) has proposed easier regulations for real
estate investment trusts (REITs), such as raising the cap of investment of REITs assets in
under-construction projects from 10 per cent to 20 per cent, in order to attract the interest of
developers, and also plans to relax the rules for foreign fund managers to relocate to India.

The Government of India has brought into force the Real Estate (Regulation and
Development) Act, 2016 on May 01, 2016, which is aimed at making necessary operational
rules and creating an institutional infrastructure for protecting the interests of consumers and
promoting growth of the real estate sector in India.

The Securities and Exchange Board of India (SEBI) has allowed Foreign Portfolio
Investors (FPI) to invest in units of Real Estate Investment Trusts (REITs), infrastructure
investment trusts (InvITs), category III alternative investment funds (AIFs), and also
permitted them to acquire corporate bonds under default.

The Rajya Sabha or the upper house of the Parliament has passed the Real Estate
(Regulation and Development) Bill, 2013, which aims to protect consumer interest, ensure
efficiency in all property related transactions, improve accountability of real estate
developers, increase transparency and attract more investments into the realty sector in India.

The Securities and Exchange Board of India (SEBI) has issued the consultation paper for
public issue of Real Estate Investment Trusts (REITs), which include provisions such as
capping of allocation to qualified institutional buyers (QIBs) at 75 per cent, among other
topics.

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Indias Prime Minister Mr. Narendra Modi approved the launch of Housing for All by
2022. Under the Sardar Patel Urban Housing Mission, 30 million houses will be built in India
by 2022, mostly for the economically weaker sections and low-income groups, through
public-private-partnership (PPP) and interest subsidy.

The Securities and Exchange Board of India (SEBI) has notified final regulations that will
govern real estate investment trusts (REITs) and infrastructure investment trusts (InvITs).
This move will enable easier access to funds for cash-strapped developers and create a new
investment avenue for institutions and high net worth individuals, and eventually ordinary
investors.

The State Government of Kerala has decided to make the process of securing permits from
local bodies for construction of houses smoother, as it plans to make the process online with
the launch of software called 'Sanketham'. This will ensure a more standardized procedure,
more transparency, and less corruption and bribery.

Road Ahead

Responding to an increasingly well-informed consumer base and, bearing in mind the aspect
of globalization, Indian real estate developers have shifted gears and accepted fresh
challenges. The most marked change has been the shift from family owned businesses to that
of professionally managed ones. Real estate developers, in meeting the growing need for
managing multiple projects across cities, are also investing in centralized processes to source
material and organize manpower and hiring qualified professionals in areas like project
management, architecture and engineering.

The growing flow of FDI into Indian real estate is encouraging increased transparency.
Developers, in order to attract funding, have revamped their accounting and management
systems to meet due diligence standards.

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Literature Review

Karen Gibler and Susan Nelson (2003) Consumer Behavior Applications to Real
Estate Education. Journal of Real Estate Practice and Education: 2003, Vol. 6, No. 1, pp. 63-
83.

Executive Summary. Most real estate study is based on neoclassical economics.

Consumers are expected to make decisions that maximize utility and wealth, given price and
income constraints. Tastes and preferences are typically inferred from observing outcomes of
consumer actions. However, the study of real estate can, and in some ways already does,
benefit from inclusion of consumer behavior concepts. Incorporation of these concepts into
real estate education would help explain and predict the behavior of real estate decision-
makers. This article presents a review of some consumer behavior concepts relevant to real
estate and suggests how these can expand real estate study.

Zumpano, L.V., Elder, H.W. & Baryla, E.A. J Real Estate Finan Econ (1996) 13: 169.
doi:10.1007/BF00154054

This study examines the factors that affect the decision by home buyers to use real
estate brokers and the subsequent effect this decision has on home prices. Buyers with high
opportunity costs and the least amount of information about local market conditions are the
most likely to use brokers; a finding consistent with the role of the real estate broker as a
market intermediary. Not surprisingly, these were some of the same factors that also have a
positive impact on selling price. An important finding of this study is that when selection
bias is adequately controlled, the real estate broker has no appreciable, independent impact
on selling price. This, in turn, suggests a non segmented, highly competitive housing
market.

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Deborah S. Levy, Christina KwaiChoi Lee, (2004) "The influence of family members
on housing purchase decisions", Journal of Property Investment & Finance, Vol. 22 Issue: 4,
pp.320-338, doi: 10.1108/14635780410550885

Families and households make up a significant proportion of the real estate market.
There is, however, little information in mainstream real estate literature on the impact of
family behaviour on real estate decisions. This paper clarifies some of these issues by
analysing and expanding on many of the findings from the marketing literature, in particular
the topic of influence between different family members in the purchase of a new home. This
paper presents some important issues to be considered when examining family decision
making. These include the roles played by different family members and their influence at
different stages of the decisionmaking process. It also reports on the findings of a study
involving a series of indepth interviews with real estate agents to determine their perception
of the family decisionmaking process in relation to a house purchase decision. This
culminates in a conceptual framework on family decision making specifically for the
purchase of residential real estate, before discussing the implications of these findings to the
general real estate market, including service, promotion and valuation.

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Research Methodology

Research is a scientific and systematic search for pertinent information on a specific topic.
Research is an art of scientific investigation. According to Clifford Woody, Research
comprises defining and redefining problems, formulating hypothesis or suggested solutions,
collecting, organizing and evaluating data, making deductions and reaching conclusions and
at last carefully testing the conclusions to determine whether they fit the formulating
hypothesis.

Research Design

Research design aids the researcher in the allocation of limited resources by posing crucial
choices in methodology. Research design is the plan and structure of investigation so
conceived as to obtain answers to research questions. The plan is the overall scheme or
program of the research. It includes an outline of what the investigator will do from writing
hypothesis and their operational implications to the final analysis of data.

Descriptive Research Design

The design for this study is descriptive research design. This design was chosen as it
describes accurately the characteristics of a particular system as well as the views held by
individuals about the system. The views and opinions of employees about the system help to
study the suitability of the system as well as the constraints that might restrict its
effectiveness.

Sampling Techniques

The sampling technique adopted for the purpose of the study is convenience sampling. As the
name implies a convenience sample means selecting particular units of the universe to
constitute a sample.

Sample Size

The sample size of the study is 100. This sample is considered as representative.

Methodology Used For Data Analysis

The methodology used for data analysis consist of pie chart, Tabulation, Graphic
Representations, percentage analysis etc are used in the analysis of data.

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Objectives

1. To Identify the Real Estate price trend in different localities in Nagpur.

2. To Determine the factors affecting the buying in real estate
3. To Study the growth rate of properties in Nagpur.
4. To study the future aspect of real estate market in Nagpur.
5. To prepare ward wise details of socio economic status of people in Nagpur

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Scope
1. The study the consumer Buying Behavior.
2. The study is to know the latest crisis faced by the real estate companies
and how it can effect the growth of the country.
3. The study is to also determine the demand and future expectation of real
estate companies.

Limitation
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1. The study takes into account only the operations of Nagpur.

2. The Survey was done in only one area of Nagpur.
3. Maximum Data are obtained from Online Property Listing Websites.
4. There was a time constraint, as study continues for a limited period.
5. A single person has conducted the study and as a result only limited numbers of

people were being contacted.

6. The data provided by the investors may be biased, which may affect the purpose

of study.
7. Some people found it unsafe to disclose actual information about their

investments, which affected study, as targeted population sometimes has to be

skipped.

Data Collection

Primary Source

The primary source of data is through Questionnaire. The main reason for selecting the
questionnaire method for the study is:

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Respondents have adequate time to give well thought out answers.

The time of the study was also a limiting factor.

Secondary Source:

The secondary source of information is based on the various details retrieved

from Journals, Websites and Magazines. Secondary data will consist of different
literatures like books which are published, articles, internet , the company manuals and
websites of company Data from existing records created for other purposes (secondary
sources)

Such as data from report cards, membership list or social service agency records.

Sources may include industrial figures, databases, library sources, government publications
and so forth. The information for project report has been collected from websites, books,
unstructured interviews etc. therefore, the sources of information in this project report are
both primary and secondary data.

The data for this study has been collected through primary sources. Primary data for this
study was collected with the help of Questionnaires and evaluation feedback forms. The extra
information was collected through interviews with the employees at various companies.

Data Analysis

Key Localities In Nagpur

Localities Per Sq. Ft. Price Q3 2013 Rent Per Month For A 2 BHK Apartment in
(INR) Nagpur

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(approx.) (Figures in INR 1,000)

Civil Lines 5,263 11 17

Manish Nagar 3,331 7 11

Wardha Road 2,911 9 13

Laxmi Nagar 7,265 10 14

Narendra 4,006 7 8
Nagar

Charges By Government Bodies

Property Registration

Stamp Duty: 6.5%

Registration Charge: 1%, or to a maximum of INR 30,000

VAT: 1%

Service Tax: 2.58% payable proportionately with each installment

Property Tax: 0.1% of capital value

Sewage Tax: 12%

Lighting Tax: 1%

Increasing disposable Income is giving a boost in real estate market.

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Other factors affecting the decisions are

High value property deals fall in Nagpur post

demonetization

almost 1% cut in home loan rates prior to

Demonitisation

Octobe Decembe Januar

r November r y
Property
Registration 5422 3413 4588
% Change -36% -15%
42.21 Cr
Stamp duty to gov loss

Nagpur civic body seeks relaxation in 10% big

building property tax

To woo voters in the 2017 municipal elections, Bharatiya

Janata Party-led Nagpur Municipal Corporation (NMC) has
decided to seek relaxation in the 10% big building tax being
recovered by the state government from property taxpayers.

20,000 new homes expected to be added in

Nagpur in FY17

The real estate market in the city is expected to get a fresh

supply of 20,000 residential units by the end of the financial
year.
4000 Flats Premium Segment >1 Cr
6000 Flats 50Lakh To 1 Cr

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<50
10,000 Flats Lakhs

Stamp duty hiked by 1% in Nagpur Metro Rail

corridor

The corridor is the area lying within 500 metres on both sides
of the Metro track. The duty will now be 7.5% instead of 6.5%.
The 1% registration charge (maximum Rs 30,000) will remain
unchanged

Main Factors

1. Increasing Disposable Income

2. Property Trend:

3. Increasing Income of consumer:

4. Good quality of property available at affordable price

5. Realization for need of own house

6. Family becoming Nuclear

7. Urbanization

8. Better Job opportunities

9. Investment Purpose:

10. Commercial Purpose

11. Residential Purpose

12.

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Conclusion :

A significant portion of the study of real estate deals with the consequences of consumer
decisions regarding real estate assets and services. Appraisal attempts to estimate the value of
property to consumers. Market analysis attempts to predict consumer demand for real estate
services. Investment analysis examines the required and expected rate of return to an investor,
and finance analyzes consumers mortgage choices and likelihood of repayment.
The study of consumer behavior involves trying to understand complex human beings and the
reasons they act the way they do in the marketplace. It recognizes that consumer decisions
take place inside a person who is distinctive in his personality and attitudes, yet similar to
other consumers who have been exposed to the same external influences of culture and
society.
Rather than ignoring these complexities, real estate researchers should embrace the study of
consumer behavior to better understand the reasons behind market choices.
Within appraisal, the sales comparison approach estimates the value of a property based on
what consumers are willing to pay for individual components of the property. The study of
consumer behavior examines why people value those components, and why preferences
change over time. A review of the consumer behavior literature would suggest that
buyer/seller attributes be explicitly considered in appraisal to determine market
characteristics and the properties considered to have the same utility and amenities
Attitudes, lifestyle, and tastes affect consumer preferences for space. Market analysts should
not rely exclusively on census-based economic and demographic data from which they infer
information about consumers contend that the incorporation of information about consumer
attitudes, preferences, and perceptions into economic models of housing demand is critical to
any reduction of the large margin of unexplained variance in housing consumption behavior.
The importance of the individual in the study of investments is reflected in the discussion of
investment value. The value of a particular property to an individual investor reflects the
investors unique situation with respect to such factors as taxes, investment objectives,
financing opportunities, and the need for liquidity . Each person may vary as to level of risk
aversion as well.
The incorporation of consumer behavior concepts into traditional real estate study in these
and other areas will improve understanding of individual decision-making in a real estate
context. This understanding will lead to better explanations and predictions in real estate
markets and, as a result, greater success in the marketplace.

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http://www.ibef.org/industry/indian-real-estate-industry-analysis-presentation

http://www.crisil.com/star-ratings/cities/rated-projects-kanpur.html

https://www.realtyfact.com/factors-boosting-lucknow-real-estate-market/

http://www.business-standard.com/article/companies/lucknow-metro-to-boost-

realty-market-113070400735_1.html

http://www.earthcon.co/

www.google.com

Tirpude Institute of Management Education Page 22