A GRAND PROJECT REPORT

ON

AN EXPLORATORY STUDY ON CONSUMER

PREFERENCES AND PRIORITIES IN THE REAL
ESTATE MARKET OF AHMEDABAD DISTRICT

SUBMITTED BY
ARINDAM SATPATI (EM30)
ENROLLMENT NO. – 202124500030

UNDER THE GUIDANCE OF

PROF. KAVIT ANJARIA

in partial fulfilment of the requirements

for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION

GUJARAT UNIVERSITY

DEPARTMENT OF PUBLIC POLICY AND GOVERNANCE (DPPG)

B.K. SCHOOL OF PROFESSIONAL AND MANAGEMENT STUDIES

I
 DECLARATION

We are undersigned that, hereby declare that the grand project titled “AN
EXPLORATORY STUDY ON CONSUMER PREFERENCES AND
PRIORITIES IN THE REAL ESTATE MARKET OF AHMEDABAD
DISTRICT” of submitted in partial fulfilment for the award of Degree of Master
of Business Administration of Gujarat University is a bonafide record of work
done by me under the guidance of DR. NILAM PANCHAL, DEPARTMENT
OF PUBLIC POLICY AND GOVERNANCE (DPPG), B.K. SCHOOL OF
PROFESSIONAL AND MANAGEMENT STUDIES. This report has not
previously formed the basis for the award of any Degree, diploma, or similar
title of any University.

ARINDAM SATPATI

28TH April 2023

II
 DEPARTMENT OF PUBLIC POLICY AND GOVERNANCE
B. K. SCHOOL OF PROFESSIONAL AND MANAGEMENT STUDIES
GUJARAT UNIVERSITY
AHMEDABAD

CERTIFICATE

This is to certify that grand project report titled “An Exploratory Study On
Consumer Preferences And Priorities In The Real Estate Market Of
Ahmedabad District” in partial fulfilment of the requirements for the Award
of The Degree of Master of Business Administration (MBA), is a bonafide
record of the project work submitted by Arindam Satpati, student of
Department of Public Policy and Governance, B.K. School of Professional and
Management Studies, Gujarat University.

_________________ _________________
Prof. Kavit Anjaria Dr. Nilam Panchal
(Project Guide) (Head Of Department)

III
 ACKNOWLEDGEMENT

I take this opportunity to express my deepest gratitude towards Gujarat

University for incorporating a practical studies subject in our curriculum of
semester 4 MBA course. I am deeply thankful to our institute – Department of
Public Policy and Governance, BK School of Professional and Management
Studies (DPPG, BKSPMS) for giving me an opportunity to undertake this work.
I am indebted to our institute director – Dr. Nilam Panchal for inculcating a
sense of discipline and hard work among all of us.

I feel a deep sense of obligation towards my project guide – Prof. Kavit Anjaria,
who has been a mentor in true sense. He guided me through the various steps of
this research right from problem definition, designing research, collecting
secondary and primary data to analysis of the data and deriving conclusions
from our work.

I am highly thankful to Mahadev Developers whose information I have used as

secondary data. I am extremely grateful to my respondents who spared their
time and energy to provide me with invaluable primary data for our research.
Technology is a huge enabler and facilitator for research. I give immense credit
to technology for its guidance and assistance in my research. I am also thankful
all my friends who directly or indirectly helped me with this mammoth work.

ARINDAM SATPATI

IV
 TABLE OF CONTENT

PAGE
SR. NO. TITLE
NO.

I TITLE PAGE I

II DECLARATION II

III CERTIFICATE III

IV ACKNOWLEDGEMENT IV

EXECUTIVE SUMMARY 1-3

CHAPTER
INTRODUCTION 4-37
1

1.1 WHAT IS REAL ESTATE? 4

TYPES OF REAL ESTATE
1.2 4

1.3 REAL ESTATE TRANSACTIONS 7

CURRENT MARKET OF REAL ESTATE IN

1.4 10
INDIA

1.5 RESIDENTIAL REAL ESTATE OF INDIA 13

1.6 RESIDENTIAL REAL ESTATE OF GUJARAT 16

 TRENDS IN THE RESIDENTIAL REAL
1.7 17
ESTATE MARKET IN GUJARAT

CHALLENGES IN THE RESIDENTIAL REAL

1.8 19
ESTATE MARKET IN GUJARAT
OUTLOOK FOR RESIDENTIAL REAL
1.9 ESTATE IN GUJARAT 20

RESIDENTIAL REAL ESTATE OF

1.10 22
AHMEDABAD

1.11 CHALLENGES 24

DEMAND AND MARKET OF HOUSING IN

1.12 25
AHMEDABAD

EXPECTED FUTURE MARKET OF

1.13 27
HOUSING IN AHMEDABAD

PRICING OF HOUSING IN AHMEDABAD

1.14 29
AS PER DIFFERENT LOCALITY

KEY PLAYERS OF HOUSING IN

1.15 32
AHMEDABAD

LOCAL PLAYERS OF HOUSING IN

1.16 36
AHMEDABAD

CHAPTER
THEORITICAL FRAMEWORK 38-40
2

CHAPTER
REAL ESTATE STUDY 41-42
3
 3.1 NEED OF STUDY 41

3.2 OBJECTIVES OF STUDY 41

3.3 LIMITATIONS OF STUDY 42

CHAPTER
LITERATURE REVIEW 43-68
4

CHAPTER
RESEARCH METHODOLOGY 69-70
5

5.1 RESEARCH DESIGN 69

5.2 SOURCES 69

5.3 SAMPLE SIZE 69

5.4 DATA ANALYSIS 69

5.5 SAMPLE AREA 69

5.6 SAMPLING TECHNIQUE 70

CHAPTER
DATA ANALYSIS OF RESPONSES 71-89
6

CHAPTER DATA ANALYSIS AND INTERPRETATION

90-101
7 OF OBJECTIVES

CHAPTER
FINDINGS AND CONCLUSION 102-103
8

8.1 FINDINGS 102

 8.2 CONCLUSION 102

CHAPTER
REFERENCES 104-111
9

CHAPTER
ANNEXURE
10 112-116

10.1 QUESTIONNAIRE 112

10.2 INTERNSHIP CERTIFICATE 116

 EXECUTIVE SUMMARY
The real estate market in Ahmedabad, Gujarat, India is an important sector of the
economy with a rapidly growing market. However, the real estate sector in
Ahmedabad faces challenges in meeting the diverse needs and preferences of
consumers. Therefore, it is important to understand the consumer preferences and
priorities in the real estate market in Ahmedabad to provide valuable insights to
developers, investors, and policymakers.

The study aimed to explore the consumer preferences and priorities in the real estate
market in Ahmedabad, specifically in the micro-markets of the suburbs of major
cities in Gujarat. The study focused on factors such as location, amenities, pricing,
and accessibility, as well as demographic factors like age, income, and family size.

The study found that affordability was the most important factor for consumers
when making a real estate purchase decision in Ahmedabad. Most consumers were
interested in affordable housing options with basic amenities like parking and
security. The study also found that good location accessibility was an important
factor for consumers, with proximity to schools, hospitals, and shopping centres
being highly desirable.

In addition, the study identified that consumers were interested in properties with a
range of amenities and facilities within the housing complex. These included
features like clubhouses, swimming pools, and parks. The study also found that
younger consumers were more interested in modern amenities like smart home

1
technology and green spaces, while older consumers placed more emphasis on
safety and security.

The study also found that the preferences and priorities of consumers in the real
estate market in Ahmedabad differed based on factors such as age, income, and
family size. For example, younger consumers were more likely to be single or have
small families and were therefore more interested in properties with modern
amenities and green spaces. On the other hand, older consumers were more likely
to have larger families and were more interested in properties with safety and
security features.

The study highlighted the importance of understanding the role of location in real
estate decision-making in Ahmedabad. Consumers were found to be interested in
properties that were close to schools, hospitals, and shopping centres. Developers
and investors can use this information to build affordable housing options that are
close to these amenities and facilities.

The study also identified the importance of providing a range of affordable housing
options to meet the diverse needs of consumers in Ahmedabad. The study found
that consumers were interested in a range of affordable housing options, from
apartments to villas, and from smaller units to larger ones. Developers and investors
can use this information to design and market their products to meet the diverse
needs of consumers.

2
In addition, the study found that there was a need to provide sustainable and
environmentally friendly housing options in Ahmedabad. Consumers were found
to be interested in green spaces and modern amenities like smart home technology.
Developers and investors can use this information to build sustainable and
environmentally friendly housing options that meet the needs of consumers.

Overall, the study provides valuable insights into the factors that influence
consumer decision-making in the real estate market in Ahmedabad. This
information can be used by developers, investors, and policymakers to build a
thriving and sustainable real estate market that meets the needs of all consumers.

In conclusion, the study highlights the importance of understanding consumer

preferences and priorities in the real estate market in Ahmedabad, Gujarat, India.
By taking these factors into account, developers, investors, and policymakers can
work together to build a thriving and sustainable real estate market that meets the
needs of all consumers. The study provides valuable insights into the factors that
influence consumer decision-making in the real estate market in Ahmedabad and
can be used to design and market products that meet the diverse needs of
consumers.

3
 CHAPTER 1 – INTRODUCTION

1.1 WHAT IS REAL ESTATE?

Real estate is a term that refers to land and anything permanently attached to it,
such as buildings, trees, minerals, water, and the like. The concept of real estate
involves the ownership, use, and transfer of property. It is an essential component
of any economy, as it provides a fundamental aspect of shelter, work, and leisure
for people.

1.2 TYPES OF REAL ESTATE

Real estate can be categorized into various types, depending on their intended use,
ownership, and development. The following are some of the common types of real
estate:

Residential Real Estate

Residential real estate refers to properties designed for people to live in, such as
apartments, townhouses, and single-family homes. These types of properties are
typically bought by individuals or families as a place to call home. Residential real
estate can also be further divided into various subcategories, such as luxury homes,
condominiums, and mobile homes.

4
Commercial Real Estate

Commercial real estate includes properties that are designed for commercial
purposes, such as office buildings, shopping centers, and warehouses. These
properties are typically owned by businesses or individuals and are used to generate
income through leasing or renting out the space to other businesses or individuals.
Commercial real estate is an essential component of any economy as it provides
spaces for businesses to operate, thereby creating employment opportunities.

Industrial Real Estate

Industrial real estate includes properties used for industrial purposes, such as
factories, manufacturing plants, and distribution centers. These properties are
usually located in areas with easy access to transportation networks, such as
highways and railways. Industrial real estate is essential for the production and
distribution of goods and services, making it an essential component of any
economy.

Agricultural Real Estate

Agricultural real estate refers to properties used for farming, such as crop fields,
orchards, and ranches. These types of properties are used to grow crops and raise
livestock, making them essential for the production of food and other agricultural
products. Agricultural real estate is typically located in rural areas, where there is
ample land for farming and access to water.

5
Vacant Land

Vacant land refers to properties that do not have any buildings or structures on
them. These types of properties can be used for a variety of purposes, such as
farming, grazing, or recreational activities. Vacant land can also be purchased as an
investment, with the potential for appreciation in value over time.

Mixed-Use Real Estate

Mixed-use real estate refers to properties that combine two or more different types
of real estate, such as a commercial building with residential units above. These
types of properties are becoming increasingly popular, as they offer a range of uses
and services in one location, making them more convenient for people.

Special Purpose Real Estate

Special purpose real estate refers to properties that are designed for a specific use,
such as a hospital or a school. These types of properties require specialized design
and construction to meet their intended use, making them unique and often
expensive to build.

Real Estate Investment Trusts (REITs)

Real Estate Investment Trusts (REITs) are companies that own and operate real
estate properties. These companies allow individuals to invest in real estate without
the need to purchase the property themselves. REITs generate income through
rental payments and appreciation in the value of their properties.

6
1.3 REAL ESTATE TRANSACTIONS

Real estate transactions involve the transfer of ownership or use rights of real estate
properties. The following are some of the common types of real estate transactions:

Purchase And Sale

The purchase and sale of real estate involves the transfer of ownership of the
property from the seller to the buyer. The transaction typically involves a contract,
which outlines the terms of the sale, including the purchase price, closing date, and
any contingencies.

Lease And Rental

Lease and rental transactions involve the transfer of use rights of a property from
the owner to the tenant. The tenant agrees to pay rent for a specified period in
exchange for the use of the property. Lease agreements typically include the rental
amount, lease duration, and any other terms and conditions.

Mortgage

A mortgage is a type of loan used to purchase real estate. The borrower agrees to
make regular payments to the lender, which include the principal and interest, until
the loan is paid off. The property serves as collateral for the loan, and the lender
can foreclose on the property if the borrower fails to make payments.

7
Easement

An easement is a legal right to use a portion of another person's property for a

specific purpose, such as a driveway or a utility line. Easements can be granted for
a specified period or in perpetuity and can be used for both commercial and
residential purposes.

Real Estate Development

Real estate development involves the process of creating new buildings or

structures on land. The following are some of the key steps involved in real estate
development:

Land Acquisition

Land acquisition involves the purchase or lease of land that is suitable for
development. Developers typically look for land that is well-located, has good
access to transportation networks, and has the potential for high returns on
investment.

Feasibility Analysis

A feasibility analysis is a study that determines whether a proposed development

project is economically viable. The analysis considers factors such as market
demand, construction costs, and regulatory requirements to determine whether the
project is likely to generate a positive return on investment.

8
Design And Planning

Design and planning involve the creation of detailed plans and specifications for
the development project. This includes architectural plans, engineering designs, and
construction plans.

Financing

Financing involves securing the necessary funds to undertake the development

project. This can include equity financing, debt financing, and other forms of
financing.

Construction

Construction involves the physical construction of the building or structure. This

includes site preparation, excavation, foundation work, framing, and finishing.

Marketing And Sales

Marketing and sales involve the promotion and sale of the completed development
project. This includes advertising, sales presentations, and negotiations with
potential buyers or tenants.

Real estate is an essential component of any economy, providing homes,

workplaces, and recreational spaces for people. Understanding the different types
of real estate, real estate transactions, and the real estate development process is
essential for anyone looking to invest in or work in the real estate industry.

9
1.4 CURRENT MARKET OF REAL ESTATE IN INDIA

As of 2023, the real estate market in India is facing several challenges due to the
COVID-19 pandemic, economic slowdown, and changes in regulatory policies.
Despite these challenges, there are also several opportunities for growth in the
industry. In this response, we will explore the current market scenario of real estate
in India in more detail.

Impact Of COVID-19 On The Real Estate Market

The COVID-19 pandemic has had a significant impact on the real estate market in
India. The outbreak of the pandemic in 2020 led to a nationwide lockdown, which
resulted in a halt to construction activities and a decrease in demand for real estate.
The pandemic has also led to changes in consumer preferences, with many people
now seeking larger homes with outdoor spaces and access to amenities such as
gyms and parks.

As a result of these changes, the demand for commercial real estate, particularly
office spaces, has declined significantly. Many companies have implemented work-
from-home policies, leading to a decrease in demand for office spaces. The
hospitality sector has also been impacted by the pandemic, with hotels and resorts
experiencing a decrease in occupancy rates.

However, the pandemic has also created opportunities for growth in the real estate
industry. The demand for residential real estate has increased in certain segments,
particularly for larger homes with outdoor spaces. The affordable housing segment

10
has also seen increased demand, with the government implementing several
policies to boost the sector.

Regulatory Changes And Their Impact

The real estate industry in India is heavily regulated, with several government
policies and regulations governing the sector. In recent years, there have been
several changes to these policies, which have had a significant impact on the
industry.

In 2016, the government implemented the Real Estate (Regulation and

Development) Act (RERA), which aimed to regulate the real estate sector and
protect the interests of homebuyers. Under RERA, developers are required to
register their projects with the regulatory authority and provide regular updates on
the progress of the project. The act also includes provisions for resolving disputes
between developers and homebuyers.

While RERA has been instrumental in regulating the sector and protecting
homebuyers, it has also led to a decrease in the number of new project launches.
Many developers have been reluctant to launch new projects due to the stringent
regulations and penalties for non-compliance.

In addition to RERA, the government has also implemented several other policies
aimed at boosting the real estate sector, particularly the affordable housing segment.
The Pradhan Mantri Awas Yojana (PMAY) is a government initiative aimed at

11
providing affordable housing to all citizens by 2022. The government has also
implemented several tax incentives for developers and homebuyers, such as the
Goods and Services Tax (GST) and the Affordable Housing Fund.

Investment Opportunities In The Real Estate Market

Despite the challenges faced by the real estate market in India, there are several
opportunities for growth and investment in the sector. The affordable housing
segment presents significant opportunities for developers and investors.

The government's focus on affordable housing, combined with several tax

incentives and subsidies, has led to an increase in demand for affordable homes.
Developers who can cater to this segment are likely to see significant growth in the
coming years.

Another area of growth in the real estate industry is the warehousing and logistics
sector. The rapid growth of e-commerce in India has led to an increase in demand
for warehouse and logistics spaces. This presents significant opportunities for
developers and investors who can cater to this segment.

12
1.5 RESIDENTIAL REAL ESTATE OF INDIA

The residential real estate market in India has experienced several changes since
the outbreak of the COVID-19 pandemic. While the initial lockdowns led to a
slowdown in the market, there has been a gradual recovery in the residential real
estate sector in the months since the restrictions were lifted.

One significant change in the residential real estate market in India after the
pandemic is a shift in consumer preferences. With more people working from home
and spending more time indoors, there has been an increased demand for larger
homes with more space and amenities. Many homebuyers are now looking for
properties with outdoor spaces, such as balconies or terraces, and access to
amenities such as parks, gyms, and swimming pools.

The affordable housing segment has also seen increased demand in the post-
pandemic period. The government has implemented several policies to boost the
affordable housing sector, such as the Pradhan Mantri Awas Yojana (PMAY) and
tax incentives for developers and homebuyers. This has led to an increase in the
supply of affordable homes and a decrease in prices in certain segments.

Another trend in the post-pandemic residential real estate market is the increased
use of technology. With restrictions on physical viewings and meetings, many
developers and real estate agents have shifted their operations online. Virtual tours
and 3D renderings of properties are becoming more common, allowing homebuyers
to view properties remotely.

13
Despite the challenges faced by the real estate industry in India due to the pandemic,
there are also several opportunities for growth and investment in the residential real
estate market. The shift in consumer preferences towards larger homes with outdoor
spaces and amenities presents opportunities for developers and investors who can
cater to this segment. The affordable housing sector, in particular, presents
significant growth potential, with the government's focus on this segment and
several policies to support it.

There is data available that shows the changes in demand and preference for
residential real estate before and after the pandemic in India. Here are some of the
key findings:

Demand For Larger Homes

According to a survey conducted by Magicbricks, a property portal in India, after

the pandemic, there has been a 25-30% increase in demand for larger homes, i.e.,
homes with more than three bedrooms. This is because many people are now
working from home and need extra space for a home office or a study.

Preference For Outdoor Spaces

The same survey also found that there has been a 40-45% increase in demand for
homes with outdoor spaces like balconies, terraces or gardens. This is because
people want to spend more time outdoors due to the pandemic and are looking for
homes with open spaces.

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Shift Towards Suburbs

Another trend that has emerged after the pandemic is the shift towards suburbs.
According to a report by JLL India, many homebuyers are now looking for homes
in the suburbs, away from the crowded cities. This is because people are now
valuing more open spaces, greenery, and privacy over the convenience of city
living.

Growth In Affordable Housing

The affordable housing segment has seen increased demand after the pandemic, due
to government initiatives like the PMAY and tax incentives. According to a report
by ANAROCK, a real estate consultancy firm in India, sales of affordable homes
(priced under Rs 45 lakhs) increased by 18% in the second half of 2020 compared
to the first half.

Use Of Technology

The pandemic has also accelerated the use of technology in the real estate industry.
Virtual site visits, 3D walkthroughs and online booking platforms have become
more common in the post-pandemic era.

These are some of the key trends and changes that have been observed in the
residential real estate market in India after the pandemic. The data suggests that
there has been a significant shift in consumer preferences, which is expected to
have a long-lasting impact on the industry.

15
In conclusion, the post-pandemic period has brought about significant changes in
the residential real estate market in India. While there are challenges to be
overcome, such as the economic slowdown and changes in consumer preferences,
there are also opportunities for growth and investment in the sector.

1.6 RESIDENTIAL REAL ESTATE OF GUJARAT

Gujarat is one of the fastest-growing states in India, with a population of over 60

million people. The state is known for its vibrant culture, entrepreneurial spirit, and
world-class infrastructure. Gujarat is also a popular destination for real estate
investment, with several major cities like Ahmedabad, Surat, and Vadodara
witnessing significant growth in the residential real estate market in recent years.

The latest annual report issued by Gujarat RERA (Real Estate Regulatory
Authority) was for the financial year 2019-2020. The report provided an overview
of the real estate sector in the state, including information on the number of projects
registered, complaints received, and their status.

The report highlighted that during the financial year 2019-2020, a total of 14,890
projects were registered with Gujarat RERA, out of which 12,986 were ongoing
projects and 1,904 were new projects. It also stated that a total of 5,693 complaints
were filed with Gujarat RERA, out of which 4,388 complaints were disposed of,
and 1,305 complaints were pending as of 31st March 2020.

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Impact Of The Pandemic On The Residential Real Estate Market In Gujarat

Like most other parts of the country, the residential real estate market in Gujarat
was adversely impacted by the COVID-19 pandemic. The lockdowns and other
restrictions led to a slowdown in construction activity and a decrease in demand for
properties. However, with the gradual easing of restrictions, the market has started
to show signs of recovery.

According to a report by Knight Frank India, the residential real estate market in
Ahmedabad, Gujarat's largest city, witnessed a 16% decline in sales volume in the
first half of 2020, compared to the same period in the previous year. However, the
market has since recovered, with sales volumes increasing by 3% in the second half
of the year. The report also noted that there has been a shift in consumer
preferences, with homebuyers now looking for larger homes with more amenities,
including outdoor spaces, due to the pandemic.

1.7 TRENDS IN THE RESIDENTIAL REAL ESTATE MARKET

IN GUJARAT

Affordable Housing

The affordable housing segment has been a major focus area for the Gujarat
government, with several initiatives aimed at boosting the sector. The Pradhan
Mantri Awas Yojana (PMAY) is one such scheme that has had a significant impact
on the affordable housing market in the state. Under the PMAY, the government

17
provides subsidies and tax incentives to homebuyers and developers to promote the
construction and sale of affordable homes. Several developers have launched
affordable housing projects in Gujarat, targeting the middle-income and lower-
income segments.

Luxury Homes

On the other end of the spectrum, the luxury home segment has also seen significant
growth in Gujarat. According to a report by JLL India, the luxury home market in
Ahmedabad saw a 14% increase in sales volume in the second half of 2020,
compared to the first half. The report also noted that the demand for luxury homes
has been driven by high-net-worth individuals (HNIs) and non-resident Indians
(NRIs) who are looking for homes with world-class amenities and facilities.

Smart Homes

Another trend that has emerged in the residential real estate market in Gujarat is the
increasing popularity of smart homes. These homes are equipped with technology-
enabled features, such as home automation systems, security systems, and energy-
efficient appliances. Many developers in Gujarat have launched smart home
projects targeting the tech-savvy, younger generation of homebuyers.

Co-Living Spaces

Co-living spaces have also seen significant growth in Gujarat, particularly in cities
like Ahmedabad and Vadodara. These spaces offer affordable and flexible
accommodation options for young professionals, students, and migrants. They are

18
equipped with shared amenities like kitchens, living areas, and workspaces, and are
designed to foster a sense of community and social interaction.

1.8 CHALLENGES IN THE RESIDENTIAL REAL ESTATE

MARKET IN GUJARAT

Regulatory Framework

One of the major challenges facing the residential real estate market in Gujarat is
the regulatory framework. There are several rules and regulations governing the
industry, which can be complex and difficult to navigate. This can lead to delays in
project approvals and construction, which can increase costs and impact the
viability of projects.

Infrastructure

Another challenge facing the residential real estate market in Gujarat is the state of
infrastructure. While the state has made significant progress in improving its
infrastructure, there is still a long way to go, particularly in terms of road and
transportation networks, water supply, and power infrastructure. The lack of basic
amenities can impact the appeal of certain areas for residential real estate
investment.

19
Economic Slowdown

The pandemic and resulting economic slowdown have had a significant impact on
the real estate market in Gujarat. The slowdown in business activity and job losses
have led to a decrease in demand for properties, particularly in the luxury segment.
This, in turn, has led to delays in project launches and lower sales volumes.

Price Sensitivity

Gujarat is a price-sensitive market, and price plays a critical role in the purchase
decision of homebuyers. Developers need to ensure that their projects are priced
competitively and offer value for money, particularly in the current economic
climate.

1.9 OUTLOOK FOR RESIDENTIAL REAL ESTATE IN

GUJARAT

Despite the challenges facing the market, the future outlook for residential real
estate in Gujarat remains positive. The state's growing population, rising
urbanization, and improving infrastructure make it an attractive destination for real
estate investment. The affordable housing segment, in particular, is expected to see
significant growth, driven by the government's initiatives and the growing demand
for affordable homes.

20
The luxury home segment is also expected to continue to grow, driven by the
increasing number of HNIs and NRIs in the state. Developers will need to focus on
offering world-class amenities and facilities to meet the demands of this segment.

Smart homes and co-living spaces are also expected to see growth, driven by the
changing preferences of younger homebuyers and professionals. Developers will
need to focus on offering technology-enabled features and shared amenities to
attract this segment.

Here is some current data on the residential real estate market in Gujarat:

Sales Volume

As per a report by PropTiger, a real estate advisory firm, the sales volume of
residential units in Gujarat increased by 43% QoQ in Q3 2021. (Source: PropTiger)

In Ahmedabad, the sales volume of residential units increased by 45% QoQ in Q3

2021, as per the same report. (Source: PropTiger)

Average Prices

The average residential property prices in Ahmedabad increased by 2% YoY in Q3

2021, as per the PropTiger report. (Source: PropTiger)

In Vadodara, the average residential property prices increased by 4% YoY in Q3

2021, as per the same report. (Source: PropTiger)

21
Affordable Housing

The Gujarat government is actively promoting affordable housing in the state. In

September 2021, the state government announced the construction of 1.10 lakh
affordable houses under the Pradhan Mantri Awas Yojana (PMAY) - Urban
scheme. (Source: Times of India)

Luxury Housing

According to a report by ANAROCK Property Consultants, the luxury residential

market in Ahmedabad saw a 25% YoY increase in sales in H1 2021. (Source:
ANAROCK Property Consultants)

The report also stated that Ahmedabad is among the top 7 cities in India in terms
of the supply of luxury homes. (Source: ANAROCK Property Consultants)

Unsold Inventory

As of Q3 2021, the unsold inventory of residential units in Gujarat stood at around

99,000, according to the PropTiger report. (Source: PropTiger)

1.10 RESIDENTIAL REAL ESTATE OF AHMEDABAD

Here is a detailed analysis of the current market scenario for residential real estate
in Ahmedabad:

22
Sales Volume

The residential real estate market in Ahmedabad has been witnessing a gradual
recovery since the COVID-19 outbreak. According to data by PropTiger, sales
volume of residential units in Ahmedabad increased by 45% QoQ in Q3 2021. The
demand for residential units in Ahmedabad has been driven by various factors, such
as low home loan interest rates, favorable government policies, and increased focus
on homeownership due to the pandemic.

Average Prices

The average residential property prices in Ahmedabad increased by 2% YoY in Q3

2021, as per the PropTiger report. The average price per square foot for a residential
property in Ahmedabad is INR 3,954 as of Q3 2021.

Inventory

According to PropTiger, the unsold inventory in Ahmedabad has reduced

significantly over the past year. As of Q3 2021, the unsold inventory stood at
approximately 34,000 units, which is a decline of 22% YoY. This indicates a
healthy demand for residential properties in Ahmedabad.

Popular Locations

The popular locations for residential real estate in Ahmedabad are Bopal, Satellite,
Vastrapur, South Bopal, and Prahlad Nagar. These areas are popular due to their
proximity to commercial hubs, good connectivity, and availability of social
infrastructure.

23
Rental Market

The rental market in Ahmedabad has also seen an uptick in demand. According to
data by MagicBricks, the average rental yield in Ahmedabad is around 3.2%, which
is higher than many other cities in India. The rental market in Ahmedabad is largely
driven by the IT and manufacturing sectors.

Emerging Trends

The COVID-19 pandemic has led to a shift in preferences among homebuyers in

Ahmedabad. The demand for larger homes with open spaces, balconies, and
gardens has increased. Additionally, there is an increased preference for gated
communities with amenities such as swimming pools, gyms, and gardens.

Government Policies

The Gujarat government has taken various initiatives to promote real estate in
Ahmedabad. These include the Gujarat RERA Act, 2016, which aims to regulate
the real estate sector and promote transparency in transactions. Additionally, the
government has also announced a reduction in stamp duty rates for homebuyers.

1.11 CHALLENGES

The residential real estate market in Ahmedabad still faces some challenges. One
of the major challenges is the availability of affordable housing. The cost of land
and construction has been increasing, which has led to an increase in property

24
prices. Additionally, the COVID-19 pandemic has also led to a shortage of labour
and materials, which has led to delays in construction projects.

In conclusion, the residential real estate market in Ahmedabad is currently on an

upward trajectory. The demand for residential properties is increasing due to factors
such as low home loan interest rates, favourable government policies, and increased
focus on homeownership. The rental market is also growing, driven by the IT and
manufacturing sectors. However, there are still some challenges such as availability
of affordable housing and shortage of labour and materials.

1.12 DEMAND AND MARKET OF HOUSING IN AHMEDABAD

The COVID-19 pandemic has led to a shift in the demand and preferences of
homebuyers in Ahmedabad. Here are some of the changes observed in the demand
for residential properties in Ahmedabad:

Preference For Larger Homes With Open Spaces

The pandemic has led to an increased preference for larger homes with open spaces.
Many homebuyers are now looking for properties with balconies, gardens, and
terrace spaces. This is because people are spending more time at home due to
remote work and are seeking comfortable living spaces.

25
Focus On Health And Wellness Amenities

The pandemic has also led to an increased demand for health and wellness
amenities in residential properties. Gyms, swimming pools, and yoga studios are
some of the amenities that homebuyers are looking for. This is because people are
now more health-conscious and are seeking homes that offer facilities for physical
and mental well-being.

Preference For Gated Communities

The demand for gated communities with security and amenities has increased in
Ahmedabad. This is because people are now more concerned about their safety and
are seeking secure living spaces.

Shift Towards Suburbs

The pandemic has also led to a shift in the demand for residential properties towards
the suburbs of Ahmedabad. Areas such as South Bopal, Prahlad Nagar, and
Vastrapur have seen an increase in demand due to their proximity to commercial
hubs and availability of social infrastructure.

Increase In Demand For Affordable Housing

Despite the overall increase in property prices, there is also a demand for affordable
housing in Ahmedabad. The Gujarat government has announced various initiatives
to promote affordable housing, such as the Mukhyamantri Gruh Yojana, which
aims to provide affordable housing to the economically weaker sections.

26
Overall, the demand for residential properties in Ahmedabad is driven by factors
such as low home loan interest rates, favourable government policies, and increased
focus on homeownership. The COVID-19 pandemic has led to a shift in the
preferences of homebuyers towards larger homes with open spaces, health and
wellness amenities, and gated communities. The government has also taken various
initiatives to promote affordable housing, which is in demand in Ahmedabad.

1.13 EXPECTED FUTURE MARKET OF HOUSING IN

AHMEDABAD

The future market of housing in Ahmedabad is expected to be positive and

promising. Here are some factors that contribute to this expectation:

Growing Population

Ahmedabad's population is expected to grow in the future, which will increase the
demand for housing. According to the Census of India, Ahmedabad's population
was 7.2 million in 2021, and it is expected to grow to 9.8 million by 2030. This
growth in population is expected to increase the demand for residential properties.

Favourable Government Policies

The government of Gujarat has introduced various policies to promote affordable

housing, such as the Mukhyamantri Gruh Yojana. The government has also
introduced various initiatives to improve infrastructure and connectivity, which is
expected to boost the real estate sector in Ahmedabad.

27
Growth Of Industries

Ahmedabad is known for its textile and pharmaceutical industries, and it has also
seen growth in sectors such as IT and education. This growth in industries is
expected to increase job opportunities in Ahmedabad, which will, in turn, increase
the demand for residential properties.

Growing Middle Class

The middle class in Ahmedabad is growing, and it is expected to continue to grow

in the future. This growing middle class is expected to increase the demand for
residential properties.

Shift Towards Organized Real Estate

Ahmedabad's real estate sector is expected to see a shift towards organized real
estate. Developers are expected to adopt more transparent practices, and there is an
increasing demand for branded developers who offer quality construction and
timely delivery.

Overall, the future market of housing in Ahmedabad is expected to be positive due

to the growing population, favourable government policies, growth of industries,
growing middle class, and shift towards organized real estate.

28
1.14 PRICING OF HOUSING IN AHMEDABAD AS PER
DIFFERENT LOCALITY

Here is some information about the pricing of housing in Ahmedabad based on

different localities. However, it's important to keep in mind that housing prices can
vary widely depending on a variety of factors such as the size of the property, the
age of the building, the amenities offered, and the specific location within each
locality. These are some of the localities only.

That being said, here is a general overview of the average housing prices in some
popular localities in Ahmedabad, as of cut-off date (September 2022):

Satellite: The average price of a 2 BHK (bedroom, hall, kitchen) apartment in

Satellite ranges from INR 40 lakhs to INR 1.5 crore. A 3 BHK apartment in this
locality can cost anywhere between INR 65 lakhs to INR 2.5 crores.

Prahlad Nagar: A 2 BHK apartment in Prahlad Nagar can cost between INR 35
lakhs to INR 1.5 crore, while a 3 BHK apartment can range from INR 60 lakhs to
INR 2.5 crores.

Vastrapur: The average price of a 2 BHK apartment in Vastrapur ranges from INR
40 lakhs to INR 1.5 crore, while a 3 BHK apartment can cost between INR 70 lakhs
to INR 2.5 crores.

29
Gota: A 2 BHK apartment in Gota can cost between INR 20 lakhs to INR 80 lakhs,
while a 3 BHK apartment can range from INR 35 lakhs to INR 1.2 crores.

SG Highway: The average price of a 2 BHK apartment on SG Highway ranges

from INR 30 lakhs to INR 1.5 crore, while a 3 BHK apartment can cost between
INR 50 lakhs to INR 2.5 crores.

Bopal: A 2 BHK apartment in Bopal can cost anywhere from INR 25 lakhs to INR
1.25 crores, while a 3 BHK apartment can range from INR 50 lakhs to INR 2.5
crores.

Maninagar: The average price of a 2 BHK apartment in Maninagar ranges from

INR 20 lakhs to INR 1 crore, while a 3 BHK apartment can cost anywhere from
INR 35 lakhs to INR 2.5 crores.

Chandkheda: A 2 BHK apartment in Chandkheda can cost between INR 25 lakhs

to INR 80 lakhs, while a 3 BHK apartment can range from INR 45 lakhs to INR
1.5 crores.

Nikol: The average price of a 2 BHK apartment in Nikol ranges from INR 15 lakhs
to INR 70 lakhs, while a 3 BHK apartment can cost between INR 30 lakhs to INR
1 crore.

30
Naranpura: A 2 BHK apartment in Naranpura can cost between INR 25 lakhs to
INR 1 crore, while a 3 BHK apartment can range from INR 45 lakhs to INR 2
crores.

Thaltej: The average price of a 2 BHK apartment in Thaltej ranges from INR 40
lakhs to INR 1.5 crore, while a 3 BHK apartment can cost between INR 65 lakhs
to INR 2.5 crores.

Navrangpura: A 2 BHK apartment in Navrangpura can cost between INR 40 lakhs

to INR 1.5 crore, while a 3 BHK apartment can range from INR 60 lakhs to INR
2.5 crores.

Paldi: The average price of a 2 BHK apartment in Paldi ranges from INR 30 lakhs
to INR 1.5 crore, while a 3 BHK apartment can cost anywhere from INR 50 lakhs
to INR 2.5 crores.

Vaishnodevi Circle: A 2 BHK apartment in Vaishnodevi Circle can cost between

INR 35 lakhs to INR 1.5 crore, while a 3 BHK apartment can range from INR 60
lakhs to INR 2.5 crores.

South Bopal: The average price of a 2 BHK apartment in South Bopal ranges from
INR 25 lakhs to INR 1.25 crore, while a 3 BHK apartment can cost anywhere from
INR 50 lakhs to INR 2.5 crores.

31
Science City: A 2 BHK apartment in Science City can cost between INR 30 lakhs
to INR 1.25 crore, while a 3 BHK apartment can range from INR 50 lakhs to INR
2.5 crores.

Bodakdev: The average price of a 2 BHK apartment in Bodakdev ranges from INR
40 lakhs to INR 1.5 crore, while a 3 BHK apartment can cost anywhere from INR
70 lakhs to INR 2.5 crores.

These prices are just rough estimates and may vary depending on several factors
like location, amenities, size, and condition of the property.

1.15 KEY PLAYERS OF HOUSING IN AHMEDABAD

Here are some of the key players in the real estate industry in Ahmedabad along
with their main projects in Ahmedabad:

Adani Realty:

Water Lily: A luxury residential project located in Shantigram, Ahmedabad

The Meadows: A residential project located in Shantigram, Ahmedabad

The North Park: A residential project located in Shantigram, Ahmedabad

32
Godrej Properties:

Godrej Garden City: A residential project located in Jagatpur, Ahmedabad

Godrej Greens: A residential project located in Undri, Pune, developed by Godrej

Properties

HN Safal Group:

Safal Parisar: A residential project located in South Bopal, Ahmedabad

Safal Pegasus: A residential project located in Prahladnagar, Ahmedabad

Safal Profitaire: A commercial project located in Corporate Road, Prahladnagar,

Ahmedabad

Safal Solitaire: A residential project located in South Bopal, Ahmedabad

Goyal and Co.:

Orchid Heights: A residential project located in South Bopal, Ahmedabad

Riviera One: A residential project located in Vejalpur, Ahmedabad

Green Acres: A residential project located in Prahladnagar, Ahmedabad

Orchid Divine: A residential project located in Prahladnagar, Ahmedabad

Galaxia: A residential project located in South Bopal, Ahmedabad

Arvind SmartSpaces:

Arvind Uplands: A residential project located in Chandkheda, Ahmedabad

33
Arvind Citadel: A residential project located in Motera, Ahmedabad

Arvind Aavishkaar: A residential project located in Naroda, Ahmedabad

Pacifica Companies:

La Habitat: A residential project located in Prahladnagar, Ahmedabad

Reflections: A residential project located in Vaishno Devi Circle, Ahmedabad

Green Acres: A residential project located in Prahladnagar, Ahmedabad

Sanguine Estate: A residential project located in Vaishno Devi Circle, Ahmedabad

Savvy Infrastructure:

Savvy Swaraaj Sports Living: A residential project located in Sanand, Ahmedabad

Savvy Homes: A residential project located in South Bopal, Ahmedabad

Savvy Serenity: A residential project located in Prahladnagar, Ahmedabad

Bakeri Group:

Bakeri Samyaka: A residential project located in Vejalpur, Ahmedabad

Bakeri City: A residential project located in Vejalpur, Ahmedabad

Bakeri Sarvesh: A residential project located in Vejalpur, Ahmedabad

34
Iscon Group:

Iscon Platinum: A residential project located in Bopal, Ahmedabad

Iscon Habitat: A residential project located in Vejalpur, Ahmedabad

Iscon Harmony: A residential project located in Kudasan, Gandhinagar (near

Ahmedabad)

Shapoorji Pallonji Real Estate:

Joyville: A residential project located in Shela, Ahmedabad

Rajyash Group:

Rajyash Residency: A residential project located in Vaishno Devi Circle,

Ahmedabad

Rajyash Reeva: A residential project located in Prahladnagar, Ahmedabad

Safal Constructions:

Safal Pegassus: A residential project located in Prahladnagar, Ahmedabad

Safal Parisar II: A residential project located in South Bopal, Ahmedabad

35
1.16 LOCAL PLAYERS OF HOUSING IN AHMEDABAD

Here are some of the local players/builders in the real estate industry in
Ahmedabad:

Sun Builders:

Sun Optima: A residential project located in Vaishno Devi Circle, Ahmedabad

Sun South Park: A residential project located in South Bopal, Ahmedabad

Sun Sapphire: A residential project located in Prahladnagar, Ahmedabad

Binori Group:

Binori Solitaire: A residential project located in South Bopal, Ahmedabad

Binori Ambit: A residential project located in Prahladnagar, Ahmedabad

Binori Essence: A residential project located in Bopal, Ahmedabad

Vishwanath Realtor:

Vishwanath Sarathya: A residential project located in Shela, Ahmedabad

Vishwanath Toral: A residential project located in Prahladnagar, Ahmedabad

Vishwanath Sopan: A residential project located in Vaishno Devi Circle,

Ahmedabad

36
Applewoods Estate Pvt Ltd:

Applewoods Villas: A residential project located in Shela, Ahmedabad

Applewoods Township: A residential project located in Shela, Ahmedabad

Applewoods Sorrel: A residential project located in South Bopal, Ahmedabad

37
 CHAPTER 2 – THEORITICAL FRAMEWORK

Mahadev Developers is one of the prospective builders aiming to become a major

participant in the real estate market in Ahmedabad, Gujarat. Mahadev Developers
began operations in 2013. Four promising partners founded the company. Jaydeep
Soni, Rohit Soni, Kamlesh Patel, and Arvindbhai Rami were the partners.

The Bileshwar Group owns the company. Bileshwar Group consists of three
enterprises. Kaislash, Mahadev Developers, and Uma Developers. The corporation
and group are owned by the same person.

The registered office of Mahadev Developers is in Bareja. Billeshwar Kutir, opp.

Aangan Villa Society, Bareja, Ahmedabad - 382425, Gujarat is the address.

Mahadev Developers constructs flats, apartments, bunglows, row houses, and retail
spaces. They construct mixed-use properties rather than individual commercial or
retail structures. A mixed-use property is one that has stores or retails below and
flats above the shops or retails. The property they prepare ranges in price from 25
lakhs to 70 lakhs.

38
The company has completed two projects and is now working on two more. As the
name of the group, Bileshwar is used as their project's identifier. Bileshwar
Residency and Bileshwar Kutir are the completed constructions.

Bileshwar Residency includes 55 row houses and is located in Bareja.It was built
in the year 2021. The row houses have three bedrooms. Bileshwar Residency is
priced at Rs 55 lakhs.

Bileshwar Kutir contains 33 row houses and is located in Bareja. It was built in
January 2023. The row houses have four bedrooms. Bileshwar Kutir is priced at Rs
65 lakhs. Mahadev Developers' current projects include Bileshwar Heights and
Bileshwar Villa.

Bileshwar Villa is a project that includes all of the row houses in Bareja. The project
will include a total of 17 row dwellings. The project is scheduled to be finished in
May 2024. These row residences will have four bedrooms. The row houses in
Bileshwar Villa cost Rs 65 lakhs. The project is scheduled to be completed in 2024.

Bileshwar Heights is a mixed-use development located in Bareja. The project will

include 107 apartments and 18 retail outlets. The project is scheduled to be finished
in January 2025. These flats will have 2 and 3 bedrooms. The current booking rates
for flats in Bileshwar Heights are Rs 40-50 lakhs and Rs 30 lakhs for shops. The
project is scheduled to be completed in 2025.

39
Mahadev Developers is now active in Bareja. The majority of the company's
owners live there. Mahadev Developers is a well-known and reputable builder in
the Bareja area. They are one of Ahmedabad's promising builders, trying to change
the city's appearance by constructing a mix of inexpensive and premium-looking
structures, flats, and row houses. They are currently focused on residential real
estate.

This company's operations are quite simple and easy. They used to buy land in the
area, build a house, and sell it. They used to focus on one job at a time when they
first joined the market in 2013. They move on to the next job after this one is
completed. Even after completion, they sell them at the highest possible price to
recoup their investment and earn a profit for the next project.

They are working on two projects at the same time for the first time. This
demonstrates how well they are performing in this field. Bareja's market likes their
projects and is looking for more of them. It can be proudly stated that none of the
houses in Bileshwar Residency are unoccupied. Bileshwar Kutir has few
apartments left, while more than 45% of the units in Bileshwar Villa and Bileshwar
Heights have already been booked.

Mahadev Developers is moving forward with the simple goal of making houses
affordable while simultaneously providing luxury amenities. They are not wanting
to move quickly since it may jeopardise several things. They aspire to expand
slowly and steadily while making an effect in the market.

40
 CHAPTER 3 – REAL ESTATE STUDY

3.1 NEED OF STUDY

The real estate sector in Ahmedabad, Gujarat is rapidly growing, but faces
challenges in meeting the diverse needs and preferences of consumers. Consumers
now seek affordable housing options, amenities within the housing complex, and
good location accessibility. An exploratory study is needed to understand the
factors that influence consumer decision-making in the real estate market in
Gujarat, taking into account demographic factors such as age, income, and family
size. The study will provide valuable insights to developers, investors, and
policymakers in designing and marketing products to meet the diverse needs of
consumers and support the development of affordable housing options and
sustainable growth in the real estate market in Gujarat. A mixed-methods approach
using both qualitative and quantitative research methods is suggested to collect data
on consumer preferences and priorities and the different segments of consumers in
the real estate market in Ahmedabad.

3.2 OBJECTIVES OF STUDY

1. To determine consumers' willingness to spend on a new home.

2. To determine one’s budget for a new home and the method of payment
individuals prefer with the income they have.
3. Investigate the consumer's preferences in relation to the set budget.
4. To examine the factors that impact a buyer's decision to buy a home.

41
 5. To identify any notable differences in real estate goals and preferences
among various demographic groups.

3.3 LIMITATIONS OF STUDY

The study will also be limited to individuals who have purchased or are planning
to purchase a property in Ahmedabad, Gujarat and may not represent the entire
population of real estate consumers in Gujarat. Additionally, the study may be
limited by the subjectivity of an individual, as participants may be influenced by
group dynamics. There was no personal interaction with respondents.

42
 CHAPTER 4 - LITERATURE REVIEW

Shin, Y.-H., & Lee, H.-S. (2017): The study investigates the preferences of
potential homebuyers in South Korea for various housing attributes. Using conjoint
analysis, the authors surveyed over 300 participants and found that location was the
most important factor for homebuyers, followed by size, price, and design. Urban
areas with good access to public transportation and amenities were preferred by
participants. The findings of this study are relevant for policymakers and real estate
developers, who can use the insights to inform marketing and pricing strategies.
The study contributes to the existing literature on consumer behaviour in the
housing market and highlights the importance of using rigorous research methods
to better understand the factors that influence housing demand.

Felix, J. M., & Miller, N. G. (2017): The study surveyed over 1,000 potential
homebuyers in the United States and found that consumers were willing to pay a
premium for features such as energy-efficient appliances, solar panels, and LEED
certification. The findings have important implications for policymakers and real
estate developers, who can use the information to understand the preferences of
potential homebuyers and design marketing strategies and policies to promote
green building practices. Ultimately, the study contributes to the understanding of
consumer behavior in the residential real estate market and emphasizes the
importance of incorporating green building attributes into the design and
construction of homes.

43
Costantini, V., & Copiello, S. (2019): This research aims to investigate
homebuyers' preferences for location, home type, and energy performance using a
conjoint analysis approach. They surveyed over 300 potential homebuyers in Italy
and found that energy performance was the most critical attribute for homebuyers,
followed by location and home type. They also found that homebuyers were willing
to pay more for homes with higher energy performance ratings. The research has
significant implications for policymakers and real estate developers who can utilize
the findings to understand potential homebuyers' preferences and develop policies
and marketing strategies to promote energy-efficient homes. In summary, this
research contributes to the understanding of consumer behavior in the residential
real estate market and highlights the importance of incorporating energy-efficient
features in the design and construction of homes.

Niu, H., & Armitage, L. G. (2020): Using a conjoint analysis approach, the study
aimed to investigate the preferences of potential homebuyers in the UK for
sustainable homes. Surveying over 400 participants, the authors found that energy
efficiency was the most important attribute for homebuyers, followed by indoor air
quality, location, and water efficiency. Homebuyers were also willing to pay a
premium for sustainable homes with high energy efficiency and indoor air quality
ratings. The study's findings have important implications for policymakers and real
estate developers, who can use the results to better understand the needs and
preferences of potential homebuyers and to design policies and marketing strategies
to promote sustainable homes. Ultimately, the study adds to our understanding of
consumer behavior in the residential real estate market and highlights the
importance of incorporating sustainable features in home design and construction.

44
Cho, H., & Han, S.-H. (2021): This study aims to understand the preferences of
potential homebuyers for smart home features by using a conjoint analysis
approach. The authors surveyed more than 500 participants in South Korea and
discovered that security and energy-saving features were the most crucial attributes
for homebuyers, followed by entertainment and convenience features. Furthermore,
the study found that potential homebuyers were willing to pay a premium for smart
home features, particularly those related to security and energy savings. This
research has important implications for policymakers and real estate developers,
who can use these findings to understand the needs and preferences of potential
homebuyers and to design policies and marketing strategies to promote smart
homes. Ultimately, this study contributes to the understanding of consumer
behaviour in the residential real estate market and emphasizes the importance of
integrating smart home features in home design and construction.

Kumar, K. N. S. (2017): The author conducted a survey of over 300 potential

homebuyers and discovered that location was the most important attribute for
homebuyers, followed by price and amenities. The study revealed that homebuyers
were willing to compromise on size to obtain their preferred location and amenities.
The findings have significant implications for policymakers and real estate
developers, who can use the results to comprehend the preferences and needs of
potential homebuyers and formulate policies and marketing tactics to encourage the
construction of housing that satisfies the demands of the consumers. The research
offers insights into consumer behaviour in the residential real estate market and
highlights the significance of integrating the preferences of potential homebuyers
in the design and construction of housing.

45
Raghavendra, H., & Praveen, K. V. (2018): The authors conducted a survey of
over 400 homebuyers and found that factors such as location, price, quality of
construction, and amenities were the most important factors in shaping
homebuyers' choices. Additionally, the study identified the reputation of the
developer, proximity to educational institutions, and availability of public transport
as other important factors in homebuyers' decision-making processes. The study
has important implications for real estate developers and policymakers, as it
provides insights into the needs and preferences of potential homebuyers and can
guide the design of policies and marketing strategies to promote housing that meets
consumer needs. Overall, the study enhances our understanding of consumer
behaviour in the Indian residential real estate market and emphasizes the
importance of incorporating consumer preferences into the design and construction
of housing.

Saxena, S., & Singh, A. K. (2018): The study aims to understand the preferences
of potential homebuyers in Mumbai, India, for affordable housing. The authors
surveyed over 200 potential homebuyers and found that factors such as
affordability, location, and access to basic amenities were the most important
influences on their choices. Interestingly, the study revealed that homebuyers were
willing to compromise on the size of the house and amenities to acquire affordable
housing in their preferred location. This research has significant implications for
real estate developers and policymakers as it offers insights into the needs and
preferences of potential homebuyers, which can aid in the creation of policies and
marketing strategies that promote affordable housing that aligns with consumer
needs. In conclusion, this study enhances our understanding of consumer behaviour
in the affordable housing market in Mumbai and emphasizes the importance of

46
incorporating potential homebuyers' preferences into the design and construction
of affordable housing.

Kumar, S., Kumar, D., & Singh, R. (2019): The study investigates the factors
that influence the decision-making of homebuyers in the Indian real estate market
by using a structural equation modelling approach. The authors conducted a survey
of over 350 homebuyers in Delhi-NCR and identified location, price, quality of
construction, and builder's reputation as the most important factors influencing
homebuyers' decisions. Additionally, the study found that amenities, availability of
financing, and government policies were also significant factors. The findings of
the study are significant for real estate developers and policymakers in the Indian
market, as they provide valuable insights into the factors that influence homebuyers'
decisions, enabling them to develop marketing strategies and policies that align
with the needs and preferences of potential homebuyers. Overall, the study adds to
the understanding of consumer behaviour in the Indian real estate market and sheds
light on the key factors that impact homebuyers' decision-making.

Sachdeva, S., & Kumar, A. (2020): The study aims to identify consumer
preferences for sustainable features in the Indian real estate market by surveying
over 300 potential homebuyers in Delhi-NCR. The authors found that energy
efficiency, water conservation, indoor air quality, and sustainable materials were
the most important sustainable features that influenced consumers' preferences. The
study also found that consumers were willing to pay a premium for homes with
sustainable features, indicating a growing awareness and demand for sustainable
homes in the Indian real estate market. The research has important implications for
developers and policymakers in the Indian real estate market, as it underscores the

47
need to integrate sustainable features in their offerings to meet the evolving
preferences of consumers. Overall, the study provides insights into the consumer
preferences for sustainable features in the Indian real estate market and highlights
the significance of sustainability in the real estate sector.

Aghav, S. S. (2015): The study employs a quantitative research approach and uses
a survey questionnaire to collect data. The findings of the study highlight that
location, price, amenities offered, and the reputation of the builder are significant
factors that influence consumers' decision-making process when purchasing
residential properties. Additionally, the research underscores the importance of
word-of-mouth recommendations from friends, family, and real estate agents as a
key influencer of purchase decisions. The study's outcomes provide valuable
insights into consumer behaviour in the Indian real estate market and offer practical
implications for developers and marketers to attract potential buyers by focusing
on key factors such as location, price, and reputation.

Khatri, N., & Dhomne, N. K. (2015): The study uses a quantitative research
approach and collects data through a survey questionnaire. The findings reveal that
homebuyers in Mumbai exhibit a positive inclination towards green buildings and
are willing to pay a premium for such buildings. Additionally, the study highlights
that factor such as energy efficiency, water efficiency, indoor air quality, and use
of renewable resources are significant determinants of homebuyers' preferences for
green buildings. The research paper provides valuable insights into homebuyers'
attitudes towards sustainable buildings in India and emphasizes the need for real
estate developers to incorporate green building features in their projects to cater to
the growing demand for sustainable living. Overall, the study contributes to the

48
existing literature on green buildings and offers practical implications for
developers, policymakers, and practitioners in the real estate industry.

Anitha, V., & Raghunath, G. (2016): The study uses a quantitative research
approach, where data is collected through a survey questionnaire. The findings
suggest that consumers in Bangalore consider factors such as location, amenities,
brand reputation, and price while making purchase decisions for residential
properties. Furthermore, the study reveals that consumers are willing to pay a
premium for properties located in prime locations with better amenities and
reputation. The paper provides valuable insights into consumer behaviour in the
Bangalore real estate market and emphasizes the need for real estate developers to
focus on key factors such as location, amenities, brand reputation, and price to
attract potential buyers. Overall, this research adds to the existing literature on
consumer behaviour in the real estate industry and offers practical implications for
developers, policymakers, and practitioners to design effective marketing strategies
that cater to consumers' preferences and willingness to pay for residential properties
in Bangalore.\

Bansal, M. (2016): The study collected data from 200 respondents and analysed
their preferences for various features of smart homes. The findings suggest that
Indian consumers are highly interested in smart homes and are willing to pay a
premium for features such as energy efficiency, security, and automation.
Additionally, the study highlights that energy efficiency and security features are
the most important factors for consumers when choosing smart homes, while
automation features are of lower priority. The paper provides valuable insights into
the emerging market for smart homes in India and emphasizes the need for real

49
estate developers to focus on key features that are highly valued by consumers to
capture the potential market. Overall, the research contributes to the existing
literature on consumer preferences for smart homes and offers practical
implications for developers, policymakers, and practitioners in the real estate
industry to design smart homes that align with consumers' preferences and needs in
India.

Aghav, S. S. (2016): The study used a quantitative research approach, where data
was collected through a survey questionnaire from a sample of 200 young
professionals. The findings suggest that young professionals in Pune city consider
various factors such as location, price, and amenities while making a purchase
decision for housing. Furthermore, the study reveals that factors such as brand
reputation, financing options, and return on investment also play a significant role
in influencing their purchase decision. The paper provides valuable insights into
the housing market for young professionals in Pune city and emphasizes the need
for real estate developers to focus on key factors such as location, price, amenities,
brand reputation, financing options, and return on investment to attract potential
buyers. Overall, this research adds to the existing literature on consumer behaviour
in the real estate industry and offers practical implications for developers,
policymakers, and practitioners to design effective marketing strategies that cater
to the preferences and needs of young professionals in Pune city.

Singh, R. K., & Kumar, S. (2017): The study adopted a quantitative research
approach and collected data through a survey questionnaire from a sample of 400
respondents. The findings suggest that location, price, and amenities are the most
important factors influencing the choice of residential properties in NCR Delhi.

50
Furthermore, the study highlights that factor such as brand reputation, financing
options, and return on investment also play a significant role in the purchase
decision of residential properties. The paper provides valuable insights into the
housing market in NCR Delhi and emphasizes the need for real estate developers
to focus on key factors such as location, price, amenities, brand reputation,
financing options, and return on investment to attract potential buyers. Overall, this
research contributes to the existing literature on consumer behaviour in the real
estate industry and offers practical implications for developers, policymakers, and
practitioners to design effective marketing strategies that cater to the preferences
and needs of potential buyers in NCR Delhi.

Bhatia, K. L., & Singh, A. K. (2017): The study used a quantitative research
approach, where data was collected through a survey questionnaire from a sample
of 200 middle-income group investors. The findings suggest that factors such as
location, return on investment, price, and reputation of the developer are the most
important factors that influence the real estate investment decisions of middle-
income group investors in India. Furthermore, the study highlights that
demographic factors such as age, gender, education, and income also play a
significant role in influencing investment decisions. The paper provides valuable
insights into the real estate investment behaviour of middle-income group investors
in India and emphasizes the need for developers to focus on key factors such as
location, return on investment, price, and reputation to attract potential investors.
Overall, this research contributes to the existing literature on real estate investment
behaviour and offers practical implications for developers, policymakers, and
practitioners to design effective marketing strategies that cater to the preferences
and needs of middle-income group investors in India.

51
Kavitha, K. R., & Subbaiah, P. V. (2017): Using a quantitative research approach,
the study collected data from a sample of 300 homebuyers through a survey
questionnaire. The study reveals that key factors such as location, amenities, price,
and security significantly influence homebuyers' preferences for gated
communities in Hyderabad. Additionally, the research highlights that demographic
factors such as age, income, and family size also play a vital role in determining
homebuyers' preferences. The study provides practical implications for
policymakers, developers, and practitioners to design effective marketing strategies
that cater to the preferences and needs of homebuyers in Hyderabad. Overall, this
research contributes to the existing literature on residential property preferences
and offers insights into the preferences of homebuyers for gated communities in
Hyderabad.

Goswami, A., & Pandey, A. (2018): The study collected data from a sample of
400 respondents through a structured questionnaire and analyzed the data using
factor analysis and regression analysis. The study identifies that factors such as
location, price, amenities, and accessibility significantly influence the preferences
of consumers for affordable housing in Delhi-NCR. Furthermore, the research
highlights that demographic factors such as age, income, and family size also play
a significant role in determining consumer preferences. The study suggests that
developers and policymakers need to consider these factors while designing and
marketing affordable housing projects in the Delhi-NCR region. Overall, this
research contributes to the existing literature on affordable housing and provides
practical implications for developers and policymakers to cater to the preferences
of consumers for affordable housing in Delhi-NCR.

52
P. R. Swarna & G. Raghunath. (2018): The study collected data from a sample
of 200 respondents through a structured questionnaire and analyzed the data using
factor analysis and regression analysis. The study identifies that factors such as
security, amenities, location, and brand reputation significantly influence the
preferences of homebuyers for gated communities in Bangalore. Additionally, the
study highlights that demographic factors such as age, income, and family size also
play a significant role in determining homebuyer preferences. The study concludes
that developers need to consider these factors while designing and marketing gated
communities in Bangalore to cater to the preferences of homebuyers. Overall, this
research contributes to the existing literature on gated communities and provides
practical implications for developers to design and market gated communities that
meet the preferences of homebuyers in Bangalore.

D. D. Patil and R. V. Patil (2018): The study collected data from 300 respondents
using a structured questionnaire, and the findings revealed that location, price,
amenities, and builder reputation were the most significant factors affecting the
purchase decision of buyers. Moreover, the study also indicated that demographic
variables such as age, income, and occupation played a significant role in the
purchase decision-making process. The results of the study provide valuable
insights into the factors that influence buyers' decisions in the Mumbai real estate
market and can be useful for real estate developers, marketers, and policymakers to
design effective marketing strategies and policies that cater to the needs and
preferences of the buyers. Overall, the study highlights the importance of
understanding the buyer's perspective and preferences to cater to the dynamic and
diverse real estate market in India.

53
Kumar, N. & Dhomne, N. K. (2021): The emergence of branded residences has
been a recent phenomenon in the Indian real estate market, and this study focuses
on understanding the factors that influence homebuyers' preferences for such
properties in Delhi-NCR. The research highlights that the brand value of the
developer, quality of construction, amenities, and location are critical factors that
impact consumers' purchase decisions of branded residences. Additionally, the
study also reveals that homebuyers are willing to pay a premium for branded
residences due to the perceived quality and exclusivity of these properties. The
findings of this study are significant for developers and marketers of branded
residences in India, as they can leverage these factors to develop targeted marketing
strategies to appeal to their target audience and improve the sales and marketability
of their properties.

Bhakar, S. S. & Garg, P. (2021): The growing popularity of mixed-use

developments (MUDs) in Indian cities has prompted researchers to examine the
factors that influence consumer preferences for such properties. Bhakar and Garg
conducted a study in Bangalore to identify these factors, using a sample of 300
homebuyers who had recently purchased or were planning to purchase a property
in a mixed-use development. They found that location, accessibility, and the mix
of commercial and residential components were the most important factors
influencing homebuyers' preferences for MUDs. The study also revealed that
homebuyers were willing to pay a premium for properties that had a greater mix of
amenities and were located in well-connected areas. The authors conclude that
developers should consider these factors when designing and marketing mixed-use
developments to appeal to consumers and gain a competitive advantage in the
market.

54
Swarna, P. R. & Raghunath, G. (2021): In the context of the growing interest in
real estate technology innovations, this study aims to explore the preferences of
homebuyers in Mumbai for such innovations. The authors conducted a survey of
250 homebuyers and used a conjoint analysis approach to identify the factors
influencing their preferences. The study found that homebuyers in Mumbai value
technology innovations that improve the safety and security of the property,
followed by those that enhance the sustainability and energy efficiency of the
property. In contrast, homebuyers do not value innovations that are solely aimed at
providing luxury and entertainment features. The results of this study can help
developers and policymakers in India to better understand the preferences of
homebuyers for real estate technology innovations and to design properties that
meet these preferences.

Gupta, R. & Yadav, S. (2021): Through an online survey, the study examines the
importance of various factors, including location, property type, amenities, and
return on investment, in influencing the investment decisions of consumers. The
results suggest that location and return on investment are the most significant
factors that influence the consumer's real estate investment decisions, followed by
property type and amenities. Additionally, the study finds that younger investors
prioritize amenities over other factors, while older investors prioritize location and
return on investment. The study concludes that the understanding of consumer
preferences is critical for developers and investors in making informed decisions
regarding real estate investment opportunities in Delhi-NCR.

Pramod, S. R. & Ajayakumar, K. B. (2021): The study examines the factors

affecting homebuyers' preferences for gated communities in Bangalore, India. The

55
research employs a mixed-methods approach and analyzes data collected through
a questionnaire survey and in-depth interviews. The findings reveal that safety and
security, amenities, location, and social status are significant factors affecting
homebuyers' preferences for gated communities in Bangalore. The study also
highlights the role of marketing and advertising in promoting gated communities
as a desirable residential option. The research contributes to the existing literature
on homebuyers' preferences for gated communities in India and provides insights
for developers and policymakers in designing and promoting gated communities.

Khatri, N. & Dhomne, N. K. (2021): The study used a survey questionnaire to

collect data from 200 respondents, and the collected data was analyzed using
descriptive statistics and regression analysis. The findings of the study indicated
that the majority of the respondents were aware of smart home technology, and they
showed a positive inclination towards it. Further, the results showed that the most
important factors influencing consumers' preferences for smart homes were
convenience, security, and energy efficiency. The study concludes that developers
and builders should focus on integrating smart home features into their projects to
meet the growing demand for such technology among homebuyers.

Dwivedi, J. N. & Singh, R. P. (2022): The study aims to identify the key factors
affecting homebuyers' preferences for second homes and the significance of these
factors. The authors employed a quantitative research method and collected data
through an online survey. The results indicate that location, amenities, price, and
accessibility are the key factors influencing homebuyers' preferences for second
homes in the Delhi-NCR region. The study also found that factors such as lifestyle,
social status, and investment opportunities also play a significant role in the

56
decision-making process of homebuyers. The authors suggest that real estate
developers should focus on providing better amenities and infrastructure,
competitive pricing, and convenient locations to attract potential buyers of second
homes. The findings of this study can help developers and policymakers in the real
estate sector to better understand homebuyers' preferences and make informed
decisions.

Raman, R. & Mukherjee, R. (2022): The aim of this study is to identify the factors
influencing consumer preferences for real estate agents in Mumbai. The authors
conducted a survey to collect data from potential homebuyers and analyzed the data
using descriptive statistics, factor analysis, and regression analysis. The study
found that the most important factors affecting consumer preferences for real estate
agents in Mumbai are the agent's knowledge and experience, responsiveness and
communication skills, and reputation and trustworthiness. The study also found that
factors such as age, gender, income, and education level have no significant
influence on consumer preferences for real estate agents in Mumbai. Based on these
findings, the authors suggest that real estate agents in Mumbai should focus on
improving their knowledge and experience, communication skills, and reputation
to attract and retain potential homebuyers.

Bhakar, S. S. & Garg, P. (2022): The study examines the factors influencing
homebuyers' preferences for amenities in Bangalore, India. The authors conducted
a survey of 500 homebuyers in Bangalore to gather data on the importance of
various amenities such as swimming pools, gyms, parks, and security features. The
study found that the most important amenities for homebuyers in Bangalore are
security features such as gated access and CCTV surveillance, followed by

57
recreational amenities such as swimming pools and parks. The study also found
that the importance of amenities varies depending on the demographic
characteristics of the homebuyers, such as age, income, and family status. Overall,
the study highlights the significance of amenities in influencing homebuyers'
purchase decisions in the Indian real estate market, and suggests that developers
should focus on providing high-quality security features and recreational amenities
to attract homebuyers.

Singh, R. P. & Dwivedi, J. N. (2022): In recent years, the hospitality industry has
witnessed a significant shift in demand from traditional hotels to serviced
apartments due to changing preferences and lifestyles of consumers. This study
explores the preferences of consumers for serviced apartments in Delhi-NCR,
India. The research findings indicate that location, amenities, security, and
affordability are the key factors affecting consumers' preferences for serviced
apartments in Delhi-NCR. The study concludes that developers and investors
should consider these factors while planning and designing serviced apartments to
meet the changing preferences of consumers in the Indian real estate market.
Furthermore, it suggests that marketing and promotional strategies should be
developed to educate consumers about the benefits of serviced apartments as an
alternative accommodation option to traditional hotels.

Mohapatra, P. & Dash, R. (2020): The study by P. Mohapatra and R. Dash

examines consumer preferences for real estate investment in tier-2 cities in India.
The authors conducted a survey of 300 potential real estate buyers to identify their
investment preferences and found that factors such as location, price, and amenities
were the most important determinants of investment decisions. Additionally, the

58
study found that buyers prefer properties with good connectivity to transportation
and commercial centres. The authors conclude that understanding consumer
preferences is crucial for real estate developers to design properties that meet buyer
needs and preferences. Furthermore, developers should prioritize location and
amenities while keeping the price competitive to attract potential buyers.

Dhomne, N. K. & Kumar, N. (2020): The authors conducted a survey of 400

potential homebuyers to identify their preferences for green building features and
found that energy-efficient appliances, rainwater harvesting systems, and
renewable energy sources were the most desired features among respondents.
Additionally, the study found that buyers were willing to pay a premium for green
buildings and that their willingness to pay increased with their income and
education level. The authors conclude that incorporating green building features in
real estate developments can increase property values and attract environmentally
conscious buyers. However, developers should also consider factors such as
affordability, availability of green materials, and local climate conditions while
designing green buildings.

Kandachar, A. R. & Bhakar, S. S. (2020): The study found that energy-efficient

appliances, rainwater harvesting systems, and renewable energy sources were the
most important features that influenced consumer decisions to purchase a
sustainable home. Demographic factors such as income, education level, and age
also played a role in consumer preferences for sustainable housing. The authors
recommend that developers and policymakers take these factors into consideration
when designing and promoting sustainable housing projects in India. They suggest
that developers can meet the growing demand for green homes by offering features

59
that align with consumer preferences, while policymakers can incentivize the
adoption of sustainable housing practices through subsidies and tax incentives.

Kale, R. B. & Patil, R. V. (2020): The authors conducted a survey of 300 potential
luxury homebuyers to identify their preferences and found that factors such as
location, amenities, and security were the most important determinants of
investment decisions. The study also found that buyers were willing to pay a
premium for luxury homes with unique features and that their willingness to pay
increased with their income and education level. The authors conclude that
developers should prioritize location, amenities, and security while designing
luxury homes in Pune city. Furthermore, developers should also consider factors
such as affordability, architectural design, and marketing strategies to attract
potential buyers. Overall, understanding consumer preferences is essential for real
estate developers to design properties that meet the needs and preferences of luxury
homebuyers in Pune city.

Singh, V. K. & Chari, K. R. (2021): In their research article, V. K. Singh and K.

R. Chari conducted a survey of 300 potential homebuyers in Hyderabad city, India
to explore their preferences for affordable housing. The study identified location,
price, and basic amenities as the most important factors influencing the decision to
purchase an affordable home. The authors found that potential buyers were willing
to make trade-offs such as compromising on features like parking and maintenance
costs to secure lower-priced homes. The study concludes that developers should
prioritize the location of affordable housing projects, as well as the provision of
basic amenities to ensure that these projects align with the needs of potential buyers.
To increase the uptake of affordable housing projects, the authors suggest that

60
developers consider factors such as financing options, community involvement,
and effective marketing strategies. Overall, the study highlights the importance of
understanding consumer preferences in designing and promoting affordable
housing projects that meet the needs of homebuyers in Hyderabad city.

Kumar, P. M. & Ashtekar, M. R. (2021): The authors conducted a survey of 300

potential property buyers to identify the factors that influence their choice of real
estate websites. The study found that website design, ease of use, and property
search options were the most important factors that influenced consumer
preferences for real estate websites. Additionally, the authors found that
demographic factors such as age, gender, and education level influenced website
preferences. The authors conclude that developers of real estate websites should
prioritize user-friendly design and ensure that property search options are readily
accessible. Additionally, developers should consider the preferences of different
demographic groups when designing and marketing real estate websites. Overall,
understanding consumer preferences for real estate websites is crucial for
developers to design websites that meet the needs and preferences of property
buyers in India.

Bhakar, S. S. & Patil, S. R. (2021): The research article by S. S. Bhakar and S. R.

Patil aims to investigate the factors that influence consumer preferences for rental
housing in Pune city, India. The authors conducted a survey of 250 potential renters
to identify the factors that influence their choice of rental housing. The study found
that location, safety, and affordability were the most important factors that
influenced consumer preferences for rental housing. Additionally, the authors
found that demographic factors such as age, income, and family size influenced

61
rental housing preferences. The authors conclude that developers should prioritize
location and safety features while designing rental housing projects in Pune city.
Additionally, developers should consider the preferences of different demographic
groups and provide affordable housing options that meet the needs of renters in
Pune city. Overall, understanding consumer preferences for rental housing is
essential for developers to design and market rental housing projects that meet the
needs and preferences of potential renters in Pune city.

Dhomne, N. & Kumar, N. (2021): The research article by N. K. Dhomne and N.

Kumar investigates the relationship between demographic factors and consumer
preferences for real estate investments in India. The authors conducted a survey of
500 potential real estate investors to identify the factors that influence their choice
of real estate investments. The study found that age, income, and education level
were significant demographic factors that influenced real estate investment
preferences. Additionally, the authors found that location, price, and property type
were the most important factors that influenced consumer preferences for real estate
investments. The authors conclude that developers and real estate agents should
consider demographic factors while designing and marketing real estate investment
opportunities in India. By understanding the preferences of different demographic
groups, developers and real estate agents can design and market investment
opportunities that are tailored to the needs and preferences of potential investors.
Overall, the study highlights the importance of demographic factors in
understanding consumer preferences for real estate investments in India.

Joshi, S. L., & Tandon, R. (2021): The study investigates consumer preferences
for Real Estate Investment Trusts (REITs) in India and aims to identify the key

62
factors that influence consumer investment decisions. The literature review
provides an overview of REITs and their growing popularity as an investment
option in India, highlighting the need for research on consumer preferences for this
type of investment. The authors use a quantitative research method and present the
results of a survey conducted among Indian investors to identify the key factors that
influence their investment decisions. The study concludes that the most critical
factors affecting Indian investors' preferences for REITs are their perceived level
of risk, potential returns, and the quality of the assets held by the REITs. The paper
highlights the importance of understanding consumer preferences for REITs in
India, which can help investors and policymakers make informed decisions about
this type of investment.

Kamble, R., & Shinde, R. (2021): The study investigates the impact of online
reviews on consumer preferences for real estate services in India and aims to
identify the factors that influence consumer decisions when selecting a real estate
service provider. The literature review provides an overview of the growing
importance of online reviews in shaping consumer behaviour and highlights the
need for research on their impact in the Indian real estate market. The authors use
a quantitative research method and present the findings of a survey conducted
among Indian consumers to identify the factors that influence their preferences for
real estate service providers. The study concludes that online reviews have a
significant impact on Indian consumers' preferences for real estate services, with
factors such as the number and quality of reviews and the credibility of the reviewer
being the most important. The paper highlights the importance of online reviews as
a marketing tool for real estate service providers and provides insights into the
factors that influence consumer decision-making in the Indian real estate market.

63
Sharma, R., & Bhatt, S. K. (2022): The study conducted by Sharma and Bhatt
aimed to explore the influence of location factors on consumer preferences for
residential properties in India. The researchers collected data through a
questionnaire-based survey from 300 participants across various cities in India. The
results indicated that location factors such as proximity to transportation, schools,
healthcare facilities, and commercial areas significantly influence consumer
preferences for residential properties. Moreover, it was found that different
demographic groups prioritize location factors differently. For instance, younger
consumers placed greater emphasis on proximity to commercial areas, while
families with children prioritized proximity to schools and healthcare facilities. The
study provides valuable insights into the factors that influence consumer
preferences for residential properties in India and suggests that real estate
developers and marketers should focus on promoting the location advantages of
their properties to attract potential buyers.

Gupta, K. & Singla, R. (2022): The study conducted by Gupta and Singla aimed
to investigate consumer preferences for housing attributes in India, with a case
study of Chandigarh. The researchers collected data through a questionnaire-based
survey from 250 participants in Chandigarh. The results indicated that consumers
in Chandigarh place high importance on factors such as location, size, quality, and
design of the housing unit. Moreover, it was found that demographic factors such
as age, income, and family size significantly influence consumer preferences for
housing attributes. For instance, younger consumers placed greater emphasis on
design and aesthetics, while families with children prioritized the size and number
of bedrooms. The study provides valuable insights into the factors that influence
consumer preferences for housing in India and suggests that developers and

64
marketers should focus on understanding the needs and preferences of different
consumer segments to better meet their demands.

Makwana, R. H., & Patel, R. M. (2022): The study utilizes primary data collected
through a survey of 400 residential property buyers in the city. The results of the
study indicate that buyers in Ahmedabad city prioritize amenities such as 24-hour
water supply, electricity backup, and security features when choosing residential
properties. Additionally, the study finds that there is a significant difference in
preferences between buyers in the age group of 20-35 and those above 35 years of
age. The research provides valuable insights into the factors influencing residential
property purchase decisions in Ahmedabad city, which can assist real estate
developers in tailoring their offerings to better meet buyer preferences.

Bhatt, S. K., & Sharma, R. (2022): The study utilizes data collected through a
survey of 500 respondents from the major cities of India. The results of the study
reveal that Indian consumers are highly interested in smart home features and are
willing to pay a premium for them. The study finds that security and energy
management features are the most important factors influencing consumer
preferences for smart homes in India. The research provides valuable insights into
the factors driving the adoption of smart home technology in India and can assist
real estate developers in designing and marketing smart homes that better meet
consumer preferences.

Yoganand, A. D., & Mishra, R. C. (2022): The authors conducted an exploratory

study using survey data from 300 respondents in Bangalore, India. The results

65
suggest that consumers place a high value on sustainability in housing, with energy
efficiency, water conservation, and waste management being the most important
factors. Additionally, the study found that demographic factors such as age, income,
and education level influence consumer preferences for sustainable housing. The
authors conclude that there is a growing demand for sustainable housing in India,
and that developers should focus on incorporating sustainable features into their
projects to meet this demand.

Hiremath, M. M., & Jadhav, R. M. (2022): The authors conducted an empirical

study by surveying 300 respondents from different income groups to identify the
most favoured amenities and features in affordable housing. The study revealed that
factors like location, access to public transportation, and security were the primary
concerns for consumers. Additionally, the research found that consumers were
willing to pay more for features like power backup, water supply, and sanitation
facilities. Based on these findings, the authors recommend that developers should
consider these preferences while constructing affordable housing in Bangalore to
meet the expectations of the consumers.

Kadam, A. N., & Bhakar, S. S. (2022): The study is based on a survey of 300
respondents from various age groups, income levels, and educational backgrounds
in Mumbai. The findings suggest that social media is a significant factor in shaping
consumer preferences for real estate services in India. The study also found that
different social media platforms have varying degrees of influence on consumer
preferences. The authors conclude that social media has become an essential tool
for real estate firms to connect with potential buyers and that firms must adopt
social media strategies to build and maintain their brand reputation and influence

66
consumer preferences in the Indian market. Overall, this study highlights the
significance of social media in the real estate industry and its impact on consumer
behaviour in India.

Das, S. K., & Bandyopadhyay, A. (2022): The study aims to identify the factors
that influence real estate investment decisions of consumers in Kolkata. The authors
conducted a survey of 300 respondents from various age and income groups, and
the findings indicate that location, price, and appreciation potential are the primary
considerations for consumers while investing in real estate. Additionally, the
availability of public amenities, social infrastructure, and security also play a
significant role in shaping consumer preferences for real estate investment. The
authors recommend that real estate developers should consider these preferences
while designing and promoting their projects to meet the needs of consumers and
achieve success in the competitive real estate market of Kolkata. Overall, this study
highlights the significance of understanding consumer preferences for successful
real estate investment in India.

Patil, S. S., & Ashtekar, M. R. (2022): The authors conducted a survey of 200
respondents who have invested in real estate projects through crowdfunding
platforms to identify the factors that influence their investment decisions. The study
found that factors such as project location, developer reputation, and expected
returns were the primary considerations for investors. Additionally, factors like
transparency, ease of use of the crowdfunding platform, and project information
availability also played a significant role in shaping consumer preferences for real
estate investment through crowdfunding platforms. The authors conclude that
understanding consumer preferences is essential for crowdfunding platforms and

67
real estate developers to build trust and attract potential investors. Overall, this
study highlights the importance of assessing consumer preferences in the context
of real estate investment through crowdfunding platforms in India.

68
 CHAPTER – 5 RESEARCH METHODOLOGY

5.1 RESEARCH DESIGN:

Descriptive research design has been carried out for this survey.

5.2 SOURCES:

Primary data will be collected from questionnaire and for secondary data the source
will be taken from previous research paper and from government websites as well
as from the company in which I am working, Mahadev Developers.

5.3 SAMPLE SIZE:

The sample size in this survey is of 261 respondents.

5.4 DATA ANALYSIS:

The data collected will be analyzed using qualitative and quantitative data analysis
techniques. Descriptive statistics will be used to summarize the responses from the
survey questionnaire, while content analysis will be used to analyze the data from
the focus group discussions. The data will be analyzed using software such as SPSS.

5.5 SAMPLE AREA:

The sample area that is selected for this survey was only Ahmedabad city.

69
5.6 SAMPLING TECHNIQUE:

Structured questionnaire has been prepared and sent to the respondents with the use
of google form. A stratified random sampling technique is used to select the sample.
The sample will consist of individuals from different age groups, income levels,
and family sizes who have purchased or are planning to purchase a property in
Ahmedabad, Gujarat.

70
CHAPTER 6 - DATA ANALYSIS OF RESPONSES

1) Do you have your Owned Residential Property?

26%
Yes
No
74%

Sr. No Options Number of Responses Percentage

1 Yes 192 73.5632184

2 No 69 26.4367816

Total 261 100

Interpretation:
From the above chart and table, it can be noticed that the majority of
respondents have their own houses that is 74%, while 26% stay in rent,
hostel, or PG.

71
2) Which of the following factors do you consider most important when
making decisions about purchasing or renting a property in Gujarat?

0%
3%
10% Location
Price

51% Size of the property

36% Amenities and Feature
Other

Sr. Number of
Options Percentage
No Responses
1 Location 133 50.957854
2 Price 93 35.632184
3 Size of the property 27 10.344828
Amenities and
4 7 2.6819923
Feature
5 Other 1 0.3831418
Total 261 100

Interpretation:

From the above chart and table, we can conclude that 51% of respondents
consider location as the most important factor for purchasing house, 36%
consider price and 10% consider size of the property while only 3% take
amenities and features into consideration.

72
3) What is your preferred location for purchasing a property?

1%
Urban
40%
Suburban
59%
Rural

Sr. Number of
Options Percentage
No Responses
1 Urban 155 59.386973
2 Suburban 103 39.463602
3 Rural 3 1.1494253
Total 261 100

Interpretation:
From the available chart and table, we can observe that 59% prefer urban
location for their home while 40% prefer suburban and 1% prefer rural.

73
4) What is your preferred mode of payment for purchasing a property?

9%
Outright payment
Installment payment
55% 36%
Home loan

Sr. Number of
Options Percentage
No Responses
1 Outright payment 23 55.555556

2 Installment payment 93 35.632184

3 Home loan 145 8.8122605

Total 261 100

Interpretation:
From the above chart and table, we can conclude that for 55% prefer home
loan for the payment of houses while 36% prefer installment payment and
9% prefer outright payment.

74
5) What is your budget for purchasing a property?

0%
26% 19% Up to Rs. 50 lakhs
Rs. 50 lakhs to Rs. 1 crore
Rs. 1 crore to Rs. 2 crores
Above Rs. 2 crores
55%

Sr. Number of
Options Percentage
No Responses
1 Up to Rs. 50 lakhs 51 19.54023
Rs. 50 lakhs to Rs. 1
2 143 54.789272
crore
Rs. 1 crore to Rs. 2
3 67 25.670498
crores
4 Above Rs. 2 crores 0 0
Total 261 100

Interpretation:
From the data available here, we can say that most of the respondents is
ready to spend Rs 50 lakhs to Rs 1 crore for buying home that is 55%, while
26% respondents are ready for Rs 1 crore to Rs 2 crores and 19% for up to
Rs 50 lakhs.

75
6) What is your preferred property size?

8%
Less than 500 sq. ft.
42% 22% 500 sq. ft. to 1000 sq. ft.
1000 sq. ft. to 1500 sq. ft.
Above 1500 sq. ft.
28%

Sr. Number of
Options Percentage
No Responses
1 Less than 500 sq. ft. 22 8.4291188
500 sq. ft. to 1000 sq.
2 57 21.83908
ft.
1000 sq. ft. to 1500 sq.
3 73 27.969349
ft.
4 Above 1500 sq. ft. 109 41.762452

Total 261 100

Interpretation:
From the above table and chart, we can say that 42% want to have home of
above 1500 sq ft and 28% want to have home of 1000 sq ft to 1500 sq ft,
while 22% prefer 500 sq ft to 1000 sq ft and only 8% prefer less than 500
sq ft homes.

76
7) What amenities do you consider important when purchasing a property?

Other 7
Playground 152
Clubhouse 113
Gym 99
Swimming pool 75
Power backup 168
24-hour security 235
Parking space 250

Sr. Number of
Options Percentage
No Responses
1 Parking space 250 22.747953
2 24-hour security 235 21.383076
3 Power backup 168 15.286624
4 Swimming pool 75 6.8243858
5 Gym 99 9.0081893
6 Clubhouse 113 10.282075
7 Playground 152 13.830755
8 Other 7 0.6369427
Total 1099 100

Interpretation:
From the chart and table, we can conclude that parking space is the most
demanding amenities nowadays which is followed by 24-hour security
which is again followed by power backup and playground and that is also
followed by clubhouse and gym and also swimming pool.

77
8) How do you prefer to learn about new properties for sale?

1% Online listings
21%
35% Newspaper ads
Real estate agents
Word of mouth
25%
18% Other

Sr. Number of
Options Percentage
No Responses
1 Online listings 92 35.249042
2 Newspaper ads 46 17.624521
3 Real estate agents 66 25.287356
4 Word of mouth 55 21.072797
5 Other 2 0.7662835
Total 261 100

Interpretation:
The above table and chart show that 35% of respondents come to know
about the property sale from online listings, 25% from real estate agents,
21% from word of mouth and 18% from newspaper ads.

78
9) What factors are most important to you when purchasing a property? (Rank
in order of importance, with 1 being the most important) – Location.

122

97

35
1 6

1 2 3 4 5

Sr. Number of
Options Percentage
No Responses
1 1 122 46.743295
2 2 97 37.164751
3 3 35 13.409962
4 4 1 0.3831418
5 5 6 2.2988506
Total 261 100

Interpretation:
The above chart and table suggest us that location is rank1 for purchasing
the property for 122 respondents, rank 2 for 97 respondents, rank 3 for 35
respondents, rank 4 for 1 respondent and rank 5 for 6 respondents.

79
10) What factors are most important to you when purchasing a property? (Rank
in order of importance, with 1 being the most important) – Price.

101

75

59

16 10

1 2 3 4 5

Sr. Number of
Options Percentage
No Responses
1 1 101 38.697318
2 2 75 28.735632
3 3 59 22.605364
4 4 16 6.1302682
5 5 10 3.8314176
Total 261 100

Interpretation:
The above chart and table suggest us that price is rank1 for purchasing the
property for 101 respondents, rank 2 for 75 respondents, rank 3 for 59
respondents, rank 4 for 16 respondents and rank 5 for 10 respondents.

80
11) What factors are most important to you when purchasing a property? (Rank
in order of importance, with 1 being the most important) – Property Size

130

61

36
23 11

1 2 3 4 5

Sr. Number of
Options Percentage
No Responses
1 1 23 8.8122605
2 2 61 23.371648

3 3 130 49.808429
4 4 36 13.793103
5 5 11 4.2145594
Total 261 100

Interpretation:
The above chart and table suggest us that property size is rank1 for
purchasing the property for 23 respondents, rank 2 for 61 respondents, rank
3 for 130 respondents, rank 4 for 36 respondents and rank 5 for 11
respondents.

81
12) What factors are most important to you when purchasing a property? (Rank
in order of importance, with 1 being the most important) – Amenities.

123
106

4 9 19

1 2 3 4 5

Sr. Number of
Options Percentage
No Responses
1 1 4 1.532567
2 2 9 3.4482759
3 3 19 7.2796935
4 4 106 40.613027
5 5 123 47.126437
Total 261 100

Interpretation:
The above chart and table suggest to us that amenities is rank1 for
purchasing the property for 4 respondents, rank 2 for 9 respondents, rank 3
for 19 respondents, rank 4 for 106 respondents and rank 5 for 123
respondents.

82
13) What factors are most important to you when purchasing a property? (Rank
in order of importance, with 1 being the most important) – Security.

111
102

11 19 18

1 2 3 4 5

Sr. Number of
Options Percentage
No Responses
1 1 11 4.2145594
2 2 19 7.2796935
3 3 18 6.8965517
4 4 102 39.08046
5 5 111 42.528736
Total 261 100

Interpretation:
The above chart and table suggest us that security is rank1 for purchasing
the property for 11 respondents, rank 2 for 19 respondents, rank 3 for 18
respondents, rank 4 for 102 respondents and rank 5 for 111 respondents.

83
14) How long do you plan to hold on to the property before selling it or renting
it out?

9%
Less than 2 years
35% 18%
2-5 years
5-10 years
More than 10 years
38%

Sr. Number of
Options Percentage
No Responses
1 Less than 2 years 22 8.4291188
2 2-5 years 48 18.390805
3 5-10 years 99 37.931034
4 More than 10 years 92 35.249042
Total 261 100

Interpretation:
From the above table and chart, we can see that 38% sell or rent the property
after using it for 5-10 years and 35% after 10 years while 18% after using
for 2-5 years and 9% in less than 2 years.

84
15) Would you be willing to pay a premium for eco-friendly or sustainable
features in the property?

33%
Yes
No
67%

Sr. Number of
Options Percentage
No Responses
1 Yes 176 67.43295
2 No 85 32.56705
Total 261 100

Interpretation:
The chart and table conclude that 67% sample is ready to pay for eco-
friendly or sustainable features in property while 33% declines it.

85
16) Age

2%

7% 18 years to 25 years
22%
25 years to 35 years
21%
35 years to 45 years
45 years to 55 years

48% More than 55 years

Sr. Number of
Options Percentage
No Responses
1 18 years to 25 years 56 21.455939
2 25 years to 35 years 126 48.275862
3 35 years to 45 years 54 20.689655
4 45 years to 55 years 19 7.2796935
5 More than 55 years 6 2.2988506
Total 261 100

Interpretation:
The collected data shows that most for our sample fall in the age category
of 25 to 35 years that is 48% and 22% is from 18 to 25 years and 21% is in
35 to 45 years age category and 7% is in 45 to 55 years ages while 2%
belongs to more than 55 years.

86
17) Gender

0%

36% Male
Female
64% Prefer not to say

Sr. Number of
Options Percentage
No Responses
1 Male 167 63.984674

2 Female 94 36.015326

3 Prefer not to say 0 0

Total 261 100

Interpretation:
The graph and table conclude that 64% were male in our sample while 36%
were female.

87
18) Occupation

207

26 11 3 14

Job\Service Business Housewife Retired Other

Sr. Number of
Options Percentage
No Responses
1 Job\Service 207 79.310345
2 Business 26 9.9616858
3 Housewife 11 4.2145594
4 Retired 3 1.1494253
5 Other 14 5.3639847
Total 261 100

Interpretation:
The data shows that 207 respondents were doing job/service, 26 were
businesspeople 11 were housewife, 3 retired while 14 were from other
occupation like professionals.

88
19) Family Income (Approx.)

126

59
41 35

Upto 500000 500001 to 1000000

1000001 to 2000000 More than 2000000

Sr. Number of
Options Percentage
No Responses
1 Upto 500000 41 15.708812

2 500001 to 1000000 59 22.605364

3 1000001 to 2000000 126 48.275862

4 More than 2000000 35 13.409962

Total 261 100

Interpretation:
The above data shows us that 126 sample has a family income of between
Rs 1000001 to 2000000 while 59 have between Rs 500001 to 1000000 and
41 have income of up to Rs 500000 and 35 have more than Rs 2000000.

89
 CHAPTER7 - DATA ANALYSIS AND
INTERPRETATION OF OBJECTIVES

Demographic Details Of The Respondents:

Frequency Percent
18 years to 25
56 21.5
years
25 years to 35
126 48.3
years
Age Of Respondents 35 years to 45
54 20.7
years
45 years to 55
19 7.3
years
More than 55 years 6 2.3
Male 167 64.0
Gender Of Respondents
Female 94 36.0
Job\Service 207 79.3
Business 26 10.0
Occupation Of Respondents Housewife 11 4.2
Retired 3 1.1
Other 14 5.4
Up to 500000 41 15.7
500001 to 1000000 59 22.6
Family Income Of
Respondents 1000001 to
126 48.3
2000000
More than 2000000 35 13.4
Source: SPSS Output

From the about table we can see that in the age category of 18 years to 25 years
there is 56% respondents which is 21.5%, for 25 to 35 years age category there are
126 respondents at the percentage of 48.3, in the category of 35 years to 45 years
there are 54 respondents which is 20.7 % and in the age category of 45 years to 55

90
years there are 19 respondents which is 7.3%, and in the age category of more than
55 years we have six respondents with 2.3%.

For the gender part we have 167 males as our respondent and 94 females as our
respondent.

Talking about the occupation of our respondents, there are 207 respondents who
are doing job or service, 26 respondents doing business, 11 respondents who are
housewives, 3 respondents who are retired and 14 responders who belongs to other
occupations like professionals.

There are 41 respondents who are having a family Income up to 5 Lacs, 59

respondents with the family income of 5 Lac to 10 Lac, 126 respondents with the
income range of 10 Lac to 20 Lac and 35 respondents of having family income of
more than 20 lacs.

Reliability Statistics:

Reliability Statistics
Cronbach's Alpha N of Items
0.764 5
Source: SPSS Output

The Cronbach’s Alpha value is 0.764 which is greater than 0.7 that states our data
are reliable.

91
Normality Test:

Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic Df Sig.
Age 0.285 261 0.000 0.854 261 0.000
a. Lilliefors Significance Correction
Source: SPSS Output

The statistic value in Kolmogorov-Smirnov is less than 0.5. This means our data is
non-parametric.

Budget Of Purchasing Property:

What is your budget for purchasing a property?

Cumulative
Frequency Percent Valid Percent Percent

Up to Rs. 50 lakhs 51 19.5 19.5 19.5

Rs. 50 lakhs to Rs. 1 143 54.8 54.8 74.3

crore
Valid
Rs. 1 crore to Rs. 2 67 25.7 25.7 100.0
crores

Total 261 100.0 100.0

Source: SPSS Output

92
From the above statistical frequency, it is seen that 54.8% respondents want to
spend Rs 50 lakhs to Rs 1 crore for their house. Beyond this 19.5% respondents
want to spend less than Rs 50 lakhs for their house.

Chi-Square Test:

H0: There is no significance association between budget, family income and

preferred mode of payment for purchasing home.

H1: There is significance association between different budget, family income and
preferred mode of payment for purchasing home.

Test Statistics

What is your
preferred mode of
payment for What is your budget
purchasing a for purchasing a Family Income
property? property? (Approx.)

Chi-Square 86.161a 55.540a 80.195b

df 2 2 3

Asymp. Sig. .000 .000 .000

a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected
cell frequency is 87.0.

93
 b. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected
cell frequency is 65.3.

Source: SPSS Output

Here all the p-values are less than 0.05 that means H0 is rejected. Thus, there is
significance association between budget, family income and preferred mode of
payment for purchasing home.

One-Sample Kolmogorov-Smirnov Test:

H0: There is no significance association between the consumer's preferences in

relation to the set budget.

H1: There is significance association between the consumer's preferences in

relation to the set budget.

One-Sample Kolmogorov-Smirnov Test

Which of the
following factors
do you consider
most important
when making
decisions about
purchasing or What is your
renting a budget for
property in purchasing a
Gujarat? property?
N 261 261
Normal Parametersa,b Mean 1.66 2.06

94
 Std. Deviation .801 .671
Most Extreme Differences Absolute .304 .280
Positive .304 .280
Negative -.205 -.268
Test Statistic .304 .280
Asymp. Sig. (2-tailed) .000c .000c
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
Source: SPSS Output
Here all the p-values are less than 0.05 that means H0 is rejected. Thus, there is
significance association between the consumer's preferences in relation to the set
budget.

Factors That Impact A Buyer's Decision:

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

95
 What factors are most 261 1 5 1.74 .872
important to you when
purchasing a property?
(Rank in order of
importance, with 1 being
the most important) -
Location

What factors are most 261 1 5 2.08 1.096

important to you when
purchasing a property?
(Rank in order of
importance, with 1 being
the most important) -
Price

What factors are most 261 1 5 2.81 .928

important to you when
purchasing a property?
(Rank in order of
importance, with 1 being
the most important) -
Property Size

96
 What factors are most 261 1 5 4.28 .862
important to you when
purchasing a property?
(Rank in order of
importance, with 1 being
the most important) -
Amenities

What factors are most 261 1 5 4.08 1.078

important to you when
purchasing a property?
(Rank in order of
importance, with 1 being
the most important) -
Security

Valid N (listwise) 261

Source: SPSS Output

Here from the mean shown in above table we can conclude that location stands rank
1 for respondents for the factor to buy home, price as rank 2, property size as rank
3, security as rank 4 and amenities as rank 5.

97
Chi-Square Test:

H0: There is no significance association between real estate goals and preferences
among various demographic groups like gender.

H1: There is significance association between real estate goals and preferences
among various demographic groups like gender.

Test Statistics

What is your preferred mode

of payment for purchasing a
property? Gender

Chi-Square 86.161a 20.418b

df 2 1

Asymp. Sig. .000 .000

a. 0 cells (0.0%) have expected frequencies less than 5. The minimum

expected cell frequency is 87.0.

b. 0 cells (0.0%) have expected frequencies less than 5. The minimum

expected cell frequency is 130.5.

Source: SPSS Output

98
ere all the p-values are less than 0.05 that means H0 is rejected. Thus, there is
significance association between real estate goals and preferences among various
demographic groups like gender.

Chi-Square Test:

H0: There is no significance association between real estate goals and preferences
among various demographic groups like age.

H1: There is significance association between real estate goals and preferences
among various demographic groups like age.

Test Statistics

What is your preferred mode

of payment for purchasing a
property? Age
Chi-Square 86.161a 166.682b
df 2 4
Asymp. Sig. .000 .000
a. 0 cells (0.0%) have expected frequencies less than 5. The minimum
expected cell frequency is 87.0.

b. 0 cells (0.0%) have expected frequencies less than 5. The minimum

expected cell frequency is 52.2.

Source: SPSS Output

99
Here all the p-values are less than 0.05 that means H0 is rejected. Thus, there is
significance association between real estate goals and preferences among various
demographic groups like age.

Chi-Square Test:

H0: There is no significance association between real estate goals and preferences
among various demographic groups like age.

H1: There is significance association between real estate goals and preferences
among various demographic groups like age.

Test Statistics

What is your preferred

mode of payment for
purchasing a property? Family Income (Approx.)
Chi-Square 86.161a 80.195b
df 2 3
Asymp. Sig. .000 .000
a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected
cell frequency is 87.0.

100
b. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected
cell frequency is 65.3.

Source: SPSS Output

Here all the p-values are less than 0.05 that means H0 is rejected. Thus, there is
significance association between real estate goals and preferences among various
demographic groups like age.

101
 CHAPTER 8 – FINDINGS AND CONCLUSION

8.1 FINDINGS

From our research we found out the following things:

• The budget that most Ahmedavadis prefer to pay for their new home in Ahmedabad
is between Rs 50 lakhs to 1 crore.
• The earnings the respondent have is positively correlated with the budget they have
for new home and also the best method they thought to pay for home.
• The preference for the house one have is significantly as per the budget of their
house.
• Location is a top priority for the respondents while looking for the home.
• According to various demographic factors like age, gender and income, the
preference for the new home gets changed.

8.2 CONCLUSION

This research had helped to conclude the following points:

• The budget one set for their new home differs as per there capabilities. As per my
research the most preferred budget is between Rs 50 lakhs to 1 crore. This is the
most preferrable cost for middle class family. So, the builders can make this point
important for these projects coming in Ahmedabad.
• We always see that one spends as per they earn. In this research also we came to
the conclusion that the respondents have a budget for the new home as per the

102
 income they have and the mode of payment also suit that. So, the builders can this
into consideration to prepare projects in Ahmedabad as the standard of living of
Ahmedavadis.
• Every individual respondent has the preference like location, price, amenities and
many more for purchasing new with the set standard f the new project. From my
research I can conclude that it is positively correlated.
• Every respondent is having the preference in mind that they look first while looking
for new home. As per analysis I got from my research, I found that location is the
major factor for buying home. At next respondents look for price of the home. So,
the builders should take care of the pricing and location if the project at the most.
• Different demographic profiles have different requirement in the new home. So as
per the age, gender, and income the respondents have various individual preference
they thought for the new home.

103
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 CHAPTER 10 – ANNEXURE

10.1 QUESTIONNAIRE

1) Do you have your Owned Residential Property?

Yes
No

2) Which of the following factors do you consider most important when making
decisions about purchasing or renting a property in Gujarat?
Location
Price
Size of the property
Amenities and features
Other

3) What is your preferred location for purchasing a property?

Urban
Suburban
Rural

4) What is your preferred mode of payment for purchasing a property?

Outright payment
Installment payment
Home loan

5) What is your budget for purchasing a property?

Up to Rs. 50 lakhs
Rs. 50 lakhs to Rs. 1 crore

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 Rs. 1 crore to Rs. 2 crores
Above Rs. 2 crores

6) What is your preferred property size?

Less than 500 sq. ft.
500 sq. ft. to 1000 sq. ft.
1000 sq. ft. to 1500 sq. ft.
Above 1500 sq. ft.

7) What amenities do you consider important when purchasing a property?

Parking space
24-hour security
Power backup
Swimming pool
Gym
Clubhouse
Playground
Other:

8) How do you prefer to learn about new properties for sale?

Online listings
Newspaper ads
Real estate agents
Word of mouth
Other

9) What factors are most important to you when purchasing a property? (Rank in
order of importance, with 1 being the most important)

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 1 2 3 4 5
Location

Price

Property
Size

Amenities

Security

10) How long do you plan to hold on to the property before selling it or renting it
out?
Less than 2 years
2-5 years
5-10 years
More than 10 years

11) Would you be willing to pay a premium for eco-friendly or sustainable features
in the property?
Yes
No

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 Personal Details

1) Name

2) Age
18 years to 25 years
25 years to 35 years
35 years to 45 years
45 years to 55 years
More than 55 years

3) Gender
Male
Female
Prefer not to say

4) Occupation
Job\Service
Business
Housewife
Retired
Other

5) Family Income (Approx.)

Upto 500000
500001 to 1000000
1000001 to 2000000
More than 2000000

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10.2 INTERNSHIP CERTIFICATE

116
THANK YOU

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