TO STUDY THE CONSUMERS EXPECTATION AND PERCEPTION OF

BUYING HOUSE AT WISTERIA PROPERTIES PVT LTD

PREPARED BY

Karthik sushant nalloor

ENROLLMENT NUMBER

201IMPBBA123

BBA BATCH 2020-23

UNDER THE GUIDANCE OF PROF. SWAPNIL KHARADE

ACADEMIC YEAR

2020-23

SUBMITTED TO

SHREE CHANAKYA EDUCATION SOCIETY'S INDIRA INSTITUTE OF

MANAGEMENT-BBA
 Certificate

Course Name: Bachelor’s in business administration Date:10 DEC 2022

PRN No: 20IIMPBBA123

This is to certify that the Summer Internship Project entitled “TO STUDY
THE CONSUMERS EXPECTATION AND PERCEPTION OF BUYING
HOUSE AT WISTERIA PROPERTIES PVT LTD” which is being
submitted herewith for the award of the degree of BBA in Digital Business
and Marketing from Indira Institute of Management Pune, is the result of the
original research work completed by Mr Karthik Sushant Nalloor under the
supervision and guidance of Prof. SWAPNIL

To the best of our knowledge and belief the work embodied in this Summer
Internship Project has not formed earlier the basis for the award of any
degree of similar title of this or any other University or examining body.

Dr. Pandit Mali Dr. Anjali Kalkar Prof Swapnil kharade

Director Dean, UG Programs Internal Project Guide
Indira Institute of Management, Pune Indira Institute of Management, Pune Indira Institute of Management, Pune
 COMPANY’S CERTIFICATE

DECLARATION

I hereby declare that the project report titled "A study of consumer's expectation buying a
house and making suitable recommendations for future growth" submitted for the BBA
Digital Business and Marketing is my original work and the project report has not formed
the basis for award of any degree, diploma, or other similar titles.

Date:

Place: Pune.

Submitted by: Karthik nalloor

 4

Acknowledgement

A two-month long Industry training is a golden opportunity for learning and self-
development. I consider myself privileged to get an opportunity to work with emerging
leaders in the real estate sector, Wisteria Properties Pvt Ltd.

First things first, I would like to express my deep sense of gratitude and sincere thanks to

Mr. Siddharth Lodha and Mr. Rishabh Jain, Directors of Wisteria Properties, for
providing an opportunity to discover the corporate world, from a close perspective.

Last but not the least I am grateful to entire staff at Wisteria Properties for guiding me in
completion of my internship along with my project work.

I am thankful to Sir Prof. Swapnil kharade , my mentor at IIMP for encouraging and
keeping me motivated along with close check on my regularity and completion of project
titled '

Wisteria Properties had been an important step for my career and has helped me in all
possible ways to grow and learn.

Date:

Signature:
 5

Contents

SN Contents Pg no

1 Introduction 8

2 Industry / Company overview 10

3 Objectives 18

4 Research Methodology 22

5 Data Analysis, Results and Interpretation 26

6 Findings & Conclusions 32

7 Recommendations 35

8 Limitations of the project 37

9 BIBLIOGRAPHY 39

10 ANNEXURE 41
 6

EXECUTIVE SUMMARY

With the increased growth in Indian economy, it is witnessed Real Estate sector of India
has contributed larger percentage in National Income of the country. Real Estate
continues to be a favoured destination globally for Investors. Driven largely by investor
friendly government policies and increasing globalisation. Hence project is throwing light
on Real Estate sector of India started on Sep 10,2010 in Wisteria Properties Pvt. Ltd (A
Real Estate Consultancy Company) and was asked to study

'The consumer's expectations and perception of buying a house'.

Information was collected related to real estate and the information needed to buy or
search property from the educated people who can really have experience of purchasing
property or want to buy house or property. For that those people were targeted who were
doing jobs at top levels in various organizations.

First of all questionnaire was prepared according to the job given. The objectives of
questionnaire are as follows -

Finding the consumer's perception while he goes to buy a house.

Finding the expectations of a consumer when he goes to buy a house.

Finding all the solution to their perceptions and expectations.

A secondary objective was to gather information about what customers want from real
estate developer and Regulatory body working in Real estate sector.

CHAPTER I

INTRODUCTION TO THE TOPIC

 8

Whenever a person goes to buy a house, he is very confused. At that time he doesn’t have
a clear cut vision of, whether to go for that builder, that builder, which place, genuine price
and various other factors. So at that time what is there in the mind of the consumer and
what all the things he/she is expecting from the builders, etc

Real estate sector is a vital section of Indian market structure. Since a lot of opportunities
are available in the real estate sector so there are a lot of companies and Project developer
are operating in Indian real estate sector. Then at this junction the understanding of
perception and knowing the expectations become very much important.

So after finding the reason of all these we can provide maximum satisfaction to customer.

The reason of choosing Wisteria Properties Pvt Ltd

The work of culture at Wisteria properties Pvt Ltd. Is based on the fundamental belief that
employees are its most important asset. Respect and genuine concern for each employee
in the organization is the basic principle on which the organization functions. They
believe that by giving mutual respect, recognition, trust ,open communication,
transparency and opportunities for growth, employees will perform to their fullest
potential and will be sincere, dedicated and committed to their jobs .Wisteria Properties
Pvt Ltd. Offers to their employees a wide range of benefits to ame work and life more
enjoyable, this includes monetary rewards in recognition of excellent work.
 9

CHAPTER II

OVERVIEW OF REAL ESTATE

INDUSTRY IN INDIA
 10

Real Estate Industry in India;

The size of the real estate industry in India is estimated by FICCI, to be around US$

12 billion. This figure is growing at a pace of 30% for the last few years. Almost 80 % of
real estate developed in India, is residential space and the rest comprise office, shopping
malls, hotels and hospitals. This double-digit growth is mainly attributed to the off
shoring business, including high-end technology consulting, call centres and software
programming houses which in 2003-04, is estimated to have accounted for more than 10
million square feet of real estate development. This is the ideal time to invest in the
country as policy makers have begun to emphasize on developing adequate infrastructure
for the country. Real estate companies would also do well to maximize their own
performance and operational efficiency.

The future of the real estate sector in India is going to be guided by two important factors,
namely suitable amendments in the Foreign Direct Investment (FDI) guidelines in
townships, housing, built-up infrastructure and construction development projects as well
as abolition of Service Tax on the construction industry especially the housing sector.
Conversely, if the abolition per se is not possible then drastic modifications in the existing
Service Tax norms is the need of the hour. This Sector is already overburdened with
taxes; any further imposition of taxes in any form would adversely affect the growth of
this sector of the economy.

The importance of the Real Estate sector, as an engine of the nation's growth, can be gauged
from the fact that it is the second largest employer next only to agriculture and its size is
close to US $ 12 billion and grows at about 30% per annum. Five per cent of the country's
GDP is contributed by the housing sector. In the next three or four or five years this
contribution to the GDP is expected to rise to 6%. The Real Estate Industry has significant
linkages with several other sectors of the economy and over 250 associated industries. One
Rupee invested in this sector results in 78 paise being added to the GDP of the State. A unit
increase in expenditure in this sector has a multiplier effect and the capacity to generate
income as high as five times.

11

If the economy grows at the rate of 10% the housing sector has the capacity to grow at 14%
and generate 3.2 million new jobs over a decade. Furthermore, this sector has witnessed a
spurt in demand not just residential property but also in commercial property. A fast
growing area is the I.T. and IT.-enabled services along with the BPO boom. Estimates
worked out show that 42 million sq. ft. of space will be required every year till 2008, only
in I.T. and IT.-enabled services especially in the cities like Bangalore, Chennai, Hyderabad
and Pune, which is also now gradually shifting to North India.

Real Estate Industry in Maharashtra

Maharashtra is situated on the west coast of India. The state shares borders with Gujarat,
Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Goa and the Union Territory
of Dadra and Nagar Haveli.

At current prices, Maharashtra’s gross state domestic product was estimated at Rs. 31.98
trillion (US$ 430.62 billion) in 2021-22AE.

Mumbai, the state's capital, is the commercial capital of India and has evolved into a global
financial hub. The city is home to several global banking and financial services providers.
Pune, another major city in the state, has emerged as the educational hub. The state
government has taken numerous initiatives to upgrade the education system such as
slashing of school fees by 15% for the year 2021-22, planning on recruiting 3,064
professors in the state and allotting 1% education and job quota to COVID orphans.
Maharashtra has emerged as a key hub for IT & ITeS, electronics, and captive business
outsourcing industries.
 12

OVERVIEW OF WISTERIA
PROPERTIES
 13

Wisteria Properties is a leading Real Estate Strategic Solutions Mandate Consultancy

established in 2010. It’s a chequered path through the last dozen years in the Pune circuit
that has seen Wisteria emerge as the chief provider of Residential and Commercial Real
Estate services.

The company has a wide range of interests in real estate and uses its technological platform
to speed up marketing and sales. The Strategic Consultant has worked closely with reputed
developers all across Pune. It has also diversified to not only provide real estate services
but also assist in project planning and framing marketing strategies.

Technology and processes are at the heart of our company concept. Our tech driven
integrated marketing solutions make us provide far superior results to our clients.

We provide services across the whole real estate value chain. We assist developers in
disposing of large volumes of inventory, offer a wide range of options at the best price for
house purchasers, maximise property value for investors, and provide the best terms and
prompt payment to channel partners—quantitative and qualitative data generated by our
in-house research team back up our services.

The company offers a one-of-a-kind business model that combines traditional product
sales with a cutting-edge technology platform that includes automated analysis and
reporting tools. This provides clients with rapid responses while also delivering
financially beneficial and efficient outcomes.
Five core values of wisteria properties.

Integrity: We grow our business with a clear conscience. No matter how profitable or
tough the situation is, we do not compromise with values.

14

Honesty: We keep transparency in business with our clients. No hidden words… No

hidden actions.

Promise: We do not sell words. We put words into action and deliver results as promised.

Client Value: Client comes first. We go beyond our comfort zone to earn clients’
satisfaction. It’s a matter of pride to us.

Accountability: We take charge of delivered performance. We do not step back with

excuses.

The Company's questions faced by consumer before buying a house:

1. How do I buy a house?

Be an informed consumer; buying a house is one of the most complicated and expensive
purchases you will ever make. As with most other things, you get what you pay for. Look at
and compare many houses in different areas. Once you have seen something you like, assess
its location. How far will you have to commute?

What is the traffic like? How does the neighbour look? What services are available? How
good are the local schools? Will you be able to get your children into them? What is the
crime rate in the area, and what types of crimes have occurred in the past couple of years?
Visit the home on multiple occasions and at different times of the day. Remember: location,
location, location. It's one of the biggest factors in setting the price of the home.

Before you make a written offer, know exactly what you are buying and what the costs will
be after you own it. For example, in addition to the monthly principal and interest payments
that you will have to finance the purchase of your home, you will need to budget for utility
bills, property taxes, and insurance and maintenance costs.

15

2. Do I need a real estate agent?

An experienced local real estate agent can assist you in finding a home that meets your
particular needs. He or she will also have information about the home and area that an
outsider would never find just by looking at the particular home. Most homes are listed for
sale by a real estate broker who is referred to as the seller's agent. The seller's agent
represents the seller. The agent who helps you find the home is called the buyer's agent.
Usually you will not have to pay your agent a fee for the time and energy he or she spends in
finding the home and assisting you in closing the sale. The buyer's agent's fee will be paid by
the seller when you complete the purchase of the home.

3.How do I make an offer on a house?

Most homes are sold through real estate agents who have expertise in valuing homes. You
can also get information on home sales in your area by visiting a host of Internet sites
provided by professionals in the industry, or by reading the real estate section of your local
newspaper. Once you have found the home of your choice and have determined how much
you are willing to pay, you need to make a deposit (called earnest money) to show the seller
that you are serious about buying the house. The deposit is considered a down payment on
the price of the home. In some instances you may have to increase your deposit or increase
your offer, especially if there are multiple offers on the home.

4. What is a Residential Purchase Agreement and Receipt for Deposit?

This agreement is an offer which, upon acceptance by the seller, results in a binding
contract. It should cover all of the important terms of the sale. For example, it should include
a complete description of the property and of any personal property that will be sold with the
house, such as window coverings, kitchen appliances, washers and dryers. It should state the
exact purchase price, including the amount of your initial deposit, any increases in that
deposit, the amount you will pay in cash, check or wire transfer, and the amount you will
need to finance to complete the purchase price. This agreement should also list any
conditions that may allow you to back out of the contract.

16

5. Can I change my mind?

You should not make an offer to purchase a house unless you are serious about buying it.
You can, however, revoke your offer before it is accepted by the seller. This revocation
should be in writing. If your offer has already been accepted by the seller, you may be able
to terminate or revise your offer if you are unhappy with what your inspections reveal or if
other conditions of the offer are not met.

The Residential Purchase Agreement and Receipt for Deposit contains several provisions
that discuss what will happen in the event the sale does not go through.
 17

CHAPTER III

COMPANY’S OBJECTIVE
 18

Provide cost effectiveness to customers with innovation in marketing, finance, media

management and engineering.

SERVICES OF Wisteria Properties Pvt Ltd.

Wisteria Properties Pvt Ltd. provide following services to customer -

➢ Marketing consultancy

➢ Project management

➢ Finance advisor and Project financing

➢ Engineering and Design consultant

➢ Selling/ under writing of new projects

Wisteria properties Pvt Ltd. CONCEPT "TRUSTED PROPERTY"

Trusted Property, a concept designed Wisteria properties Pvt Ltd, to show case Certified
Residential Projects or Residential Properties on the internet Site.

What is a Trusted Property?

• A Property with Clear Title, Approved Maps & Finance-able.

• A Property Developed by a Certified Developer.

• A Property easily saleable.

• Clear Status & Surety of finance / Home Loan.

• A Property with better future Appreciation.

19

What is the requirement of TRUSTED PROPERTY for Real Estate Developers?

• For the following reason need of trusted property for real estate developer-

• STAND OUT in CROWD as real Developer of Real Estate.

• To Encourage Healthy Competition.

• VALUE for MONEY.

• Extend Help to Customers to take Right Decision

• Project Information & Documents available on 3rd Party site.

WHY SHOULD PEOPLE LOOK FOR TRUSTED PROPERTY?

• For the following reason there is need of trusted property for people-

• One Stop Source for Legal, Technical & other information of the Project of the
Developers.

• One Stop Source to judge the available opportunity for purchase of house/flat/land.

• Authenticity of Property of a developer from the 3rd party.

• Continuous watch on the project.

 20

OBJECTIVE OF TRUSTED PROPERTY -

• Create a system where a developer can be differentiated with unknown

developer.

• Where Customer cannot be cheated.

• Where information available for all.

• Developer can demand right price for their product.

• Where investment risk is minimal.

• Where update of project available regularly.

 21

CHAPTER IV

RESEARCH METHODOLOGY
 22
The research methodology of the study covers the following aspects –

Data Collection:
The data of the study is collected from following sources-
(A) Primary data: The primary data is collected through -
i) Observation Method
ii) Interview Method
iii) Survey through questionnaires & schedules

Advantages of Observation Method

(1) Subjective bias is eliminated
(2) Active participation of respondent is not required
(3) The student can study the customers, traditions and mind sets.

Limitations of Observation Method

(1) Expensive Method
(2) Active participation of respondent is not taken place
(3) Limited information is available
(4) Some unforeseen forces may affect the observation.
(5) Low reliability of conclusions

Advantages of Interview Method

(1) In depth information can be obtained
(2) Questions are restructured as per the requirement
(3) Personal information is easily obtained.
(4) Non-response by respondent is minimized
(5) Ambiguity in questions can be removed
(6) The information is accurate

23
Limitations of Interview Method
(1) Information given by respondents are sometimes misleading
(2) Wide coverage becomes costly
(3) Influenced by personal bias of interviewer
(4) Difficulty in getting descriptive answer
.
Advantages of Questionnaires & Schedules
(1) A good degree of accuracy in data
(2) It covers wide area
(3) Personal bias is removed

Limitations of Questionnaires & schedules

(1) Very expensive
(2) Time consuming
(3) Requires lot of labour
(4) Personal information is not given by the respondents.

(B) Secondary Data:

The secondary data for the study is collected from books, records and registers maintained
by the organization, govt. publications, semi-govt. publications of Universities & Research
Institutions, Publications of banks & financial institutions, newspaper and periodicals,
reports of committees and commissions, publications of International Bodies, Unpublished
sources, internet and so on.

Advantages of Secondary data

(1) Highly convenient to use
(2) Saves money of the research
(3) Saves time

24

Limitations of Secondary data

(1) Degree of accuracy is not high as primary data
(2) Not available for all type of investigations

Sampling:
For the purpose of research study, a student has to go for sampling i.e. selecting a sample
from a given population. A student has to determine the sample design i.e. size of the
sample. Sampling is necessary when population is large. The student has to take care that
the sample size should fulfil the criterion of flexibility, reliability, efficiency and
representativeness. In other words, the sample size should cover all the characteristics of
the population.
Sample Size:
(1) Deliberate Sampling
(2) Simple Random Sampling
(3) Systematic Sampling
(4) Stratified Sampling
(5) Quota Sampling
(6) Area Sampling
(7) Cluster Sampling
(8) Multi-Stage Sampling
(9) Spot Sampling
 25

CHAPTER V

DATA ANANLYSIS AND

INTERPRETATION
 26

Q) The professions of the people I met.........

Profession type

Professions Frequency Precent Valid Percent Cumulative

Percent
PRIVATE 10 40% 40% 40%
BUSINESS 5 20% 20% 60%
GOVT 9 36% 36% 96%
OWNER 1 4% 4% 100%
TOTAL 25 100% 100%

Chart Title

PVT BUSINESS GOVT OWNER

During the survey I visited many Government and Private Offices to meet with people
who can give me proper response of my questionnaire. I met with total 25 people out
of which 36% (09) people are doing Government services, 40%(10) people are doing
Private services and 20 % (5) people are doing business.

27

Q: Is there any need for any regulating body in the real estate?

Chart Title

5% 10%
15% CANT SAY
NO
YES
70%
NO REPLY

In this question, majority of the people have a view that there is a need for some
regulatory body which can have a continuous eye on the real estate sector.

Very less people say the answer as 'No', and least no of people have 'No reply.
 28

Q: Do the Real Estate developers give possession timely?

Possession Frequency Precent Cumulative

Percent
Yes 8 32% 32%
no 11 44% 76%
Can’t say 6 24% 100%
Total 25 100%

Chart Title

CANT SAY YES

24% 32%

NO
44%

YES NO CANT SAY

The answer of majority was not in favor. Out of 25 people, 11 said 'no' to this
comprising of 44% of the whole population. Whereas 8 said 'Yes' and Rest were in
two minds.

29

Q) People likely to buy which BHK?

BHK Frequency Precent Cumulative

Percent
1 BHK 6 25% 25
2 BHK 13 54% 79
3 BHK 5 21% 100
TOTAL 25 100%

Chart Title

13
14

12

10

8
6
5
6

0
1BHK 2BHK 3BHK
The answer of majority was in 2BHK favour . Out of 25 people, 6 said '1 BHK' and 5 said
‘3bhk’ and rest 13 said ‘2Bhk’.

30

Q) In which area of Pune people are likely to purchase the property?

Area Frequency Precent Cumulative Percent

Ravet 5 20 % 20

Chinchwad 5 20 40
Nigdi 2 8 48
Wakad 7 28 76
Hinjewadi 6 24 100
Total 25 100

Chart Title

Hinjewadi

Wakad

Nigdi

Chinchwad

Ravet

0 1 2 3 4 5 6 7
The answer of majority was in Wakad favour. Out of 25 people, 6 said 'Hinjewadi' , 5
said ‘Ravet’ , 5 said ‘Chinchwad’, 2 said ‘Nigdi’ and rest was in Wakad favour.

31

CHAPTER VI

FINDINGS AND CONCLUSION

 32

Findings:

• Most of the people are dissatisfied from the real estate marketing information
provided by the real estate companies, but very few people are strongly satisfied.

• 89% people are checking legal status of construction while buying/ searching

a house

• 70.7% people want to check details of booking before buying or searching

house.

• Most of the people have chosen PRINT MEDIA & BROKERS as a source of
information while buying or searching for a property.

• There is great demand of 2, 3 BHK house in near future in Maharashtra and local
region.

• Most of the people chose information related to the property documents as

their first preference compared to the marketing details of the project, past record of
builder and new policies of govt. related to real estate sector.

• Most of the people wanted the government to make policies in terms of legal,
technical and financial aspects which could create transparency in real estate sector.

• Most of the people know only the names of few property documents and they check
only these documents while searching a property.

• A number of builders do not want to show the property documents to the

customers.

33

CONCLUSION:-

Now a day's people who go for buying a house have become more aware about what
they should look for and the information they should seek, and are more concerned
about the selection of the right type of house for them. But majority of the people are
still unaware of the documents which they should look for before going to buying a
house. Here I have collected the perception and analyzed the expectations of the
general public as a whole. The conclusion thus is that people need to be more aware
of all the documents, the total legalities, and collect as much as information from the
builders, and then only they can do their investment with a free mind.

Thus because of the above reasons there is a need to create awareness among the
customers as well as project developers to give the customers the complete
information and the role of 'TRUSTED PROPERTY' to educate people is appreciated
in this regard.
 34

CHAPTER VII
RECOMMENDATION
 35

On the basis of my findings, I want to make certain recommendations as follows -

Recommendation to WISTERIA PROPERTIES PVT. LTD. -

• Company should provide information according to people's need and necessity. And for
that they can open daily polling on their web portal.

• Company should not always try to attract the new customers only, but should also take
feedbacks from existing once, and try to remove their problems and learn from their
experience.

• Company should make more contact with contractors and Architects to tap more
builders.

Recommendation to customer -

• Customers should check all the legal and technical documents and not only the
marketing details of the builders/project, before buying or searching house.

• Customers should go through all the terms and conditions of the project developed.

• Customer should be aware of the government's policy related to 'Real Estate'.

Recommendation to Project Developer (Builder) -

Builders should show their legal and technical documents to the customers, to make
them satisfied because most of the customers want to check it and this also helps in
creating a unique identity of the developers.
 36

CHAPTER VIII
LIMITATIONS
 37

• Un-availability of the desired personnel was the biggest constraint to this study

• Although appointments were made and followed up where possible but still there
were instances where the desired people were either unavailable or unwilling to
meet.

• No prior information regarding the addresses or other details of the offices to be

visited was provided, thus a few target persons were left uncovered.

• Some dealers were hesitating to give supportive data. Some of them ignored the
questions which were supposed to be filled by them. Thus affecting the scientific
accuracy.

• Since the data is not evenly collected from the local region hence there is a chance
of business.
 38

CHAPTER IX
BIBLIOGRAPHY
 39

Referred Books:

• Kothari C.R.- "Research Methodology" Tata McGraw Hill In (95-102)

• Kotler Phillip - "Marketing management "analysis, planning implementation and

control.

• Schiffman Leon G.& Kanuk Leslie Lazar, "Consumer Behavior", Prentice Hall of
India "6th edition

• Singh Harpreet-"Research Methodology"-Kalyani Publishers.(page no. 1-8,68-

102)

Referred Websites:

www.wisteriaproperties.in

www.trustedproperty.org

www.indianrealestateforum.com

www.google.com

www.propertywala.com

www.indiatimes.com

www.buisnessstanderd.com
www.economicstimes.com

40

CHAPTER X
ANNEXURE
 41

Questionnaire

Real Estate Questionnaire

1.What is your name?

__________________________________________

2.What is your employment type?

a) Private
b) Business
c) Government
d) Owner

3. Do you own any property before?

a) Yes

b) No

4.Which type of property do you own?

a) Bungalow
b) Apartment
c) Rowhouse
 d) Townhouse
e) I do not any property

42

5.Why are you looking for new property?

a) Investment Purpose
b) Using Purpose
c) Others:___________________

6.What is the price range of the property you are willing to consider?

a) 56 lac - 65 lac

b) 66 lac - 65 lac

c) 66 lac – 75 lac

d)76 lac -85 lac

e) Other: _______________________

7. Which type of possession is looking for?

a) Early

b) Late

c)Instant

8.Which type of flat you looking for?

a) 1 BHK
b) 2 BHK

c) 3 BHK

d) other: _____________

43

9.Do you consider any channel partner for consultancy of the

property?

a) Yes

b) No

c) Other: ____________

10.Do you got any property through channel partner?

a) Yes

b) No

c)Maybe in future

11.In which area of pune are you looking to purchase the property?

a) Ravet

b) Chinchwad

c) Nigdi

d) Wakad

e) Hinjewadi

f) other: __________________
44