CONSUMERS’ BUYING BEHAVIOUR TOWARDS THE REAL ESTATE OF MARVEL REALTORS

Submitted by: Priya WadateRoll no. 61

Introduction• Construction company involved in constructing residential and

commercial properties.• They have different strategy to cater competition, to satisfy

their customer’s, to increase their sales and market share. • The main motive of study is to find out such features that

influence the buying behavior of consumers and also the of product which are important in customer’s point of view

• The real estate industry’s is concerned with developments in the • Residential properties• Commercial properties• Retail• Educational (Schools, colleges)• Hospitality and entertainment (hotels, resorts, cinema theatres)

• Contribution to GDP- 6.3% in 2013• Generated : 7.6 million jobs in 2013• Major Players:• Major players –

• DLF:• Tata Projects• Sobha Developers Ltd: • India Bulls Real Estate: • HDIL: • Emaarr-MGF

ORGANIZATIONAL PROFILE AND BUSINESS OVERVIEW

• Marvel Realtor, began its operations in the year 2001

• Board Of Directors

Corporate Identification Number U70102PN2006PLC128506Name MARVEL REALTORS AND DEVELOPERS LIMITEDRoC RoC-PuneRegistration Number 128506Company Category Company limited by sharesCompany Sub Category Indian Non-Government CompanyClass of Company Public Company

Registered Address 1 OFFICE NO 301-302, JEWEL TOWER, SURVEY NO 25/H,

Registered Address 2 LANE NO 5, KOREGAON PARKCity PUNEState MaharashtraCountry INDIAPin 411001Whether listed or not UnlistedDate of Last AGM 28 September 2012Date of Balance sheet 31 March 2012Company Status (for eFiling) Active

Director Identification Number Name 00158193 VINAY MAHAVIRPRASAD CHUDIWAL 00158203 VISHWAJEET SUBHASH JHAVAR 00158212 MAHESH BANSILAL LADDHA 01880078 PRITHVIRAJ PRAKASH SOLANKE

Major Product LinesPROJECTS

RESIDENTIAL PROPERTIES Ongoing Projects Marvel SorrentoMarvel BasiloMarvel AurumMarvel SimroseMarvel CrestMarvel KyraMarvel ArcoMarvel BountyMarvel Diva IIMarvel IzaraMarvel SangriaMarvel IsolaMarvel ClaroMarvel EscasoMarvel AeriesMarvel SufalamMarvel CeriseMarvel CitrineMarvel ZephyrMarvel AquanasMarval CascadaMarvel BrisaMarvel Selva RidgeMarvel AlberoMarvel FriaMarvel BellazaMarvel AristaMarvel VientoMarvel AmoraMarvel Orial

Completed Projects Marvel CoronetMarvel ElanMarvel GrandeurMarvel ImperialMarvel MystiqueMarvel CrescentMarvel VivacityMarvel VivaldiMarvel EnigmaMarvel ExoticaMarvel MerlotMarvel Diva IMarvel RitzMarvel AzureMarvel MatrixMarvel Sonnet

Future Projects Marvel EvoraMarvel RiberaMarvel Verano

COMMERCIAL PROPERTIES Office Space EdgeTruenoSentinelFugeoVistaMarvel Boulevard

Retail Space SangriaVistaEdgeFuego

RENT AND RESALE Both Residential And Commercial space for Rent and Resale

Literature review

• “Consumer behavior include mental activity, emotional and physical that people use during selection, purchase, use and dispose of products and services that satisfy their needs and desires”

Objectives of Project

PRIMARY OBJECTIVES OF THE PROJECT • To study people’s buying behaviour of Marvel Realtors Ltd.’s

products • To understand the factors that affect the willingness of buyers

to buy Marvel Realtors Ltd.’s real estate. • To find out what are the factors that attract the buyers to buy

Marvel Realtors Ltd. products,

SECONDARY OBJECTIVE• To find out the different and possible methods to attract the

customers towards the organization• To understand customer perceptions about the product and

expectations from the company.

Research Design • Questionnaires Design Process• Data Collection by Survey Method.• Data Analysis

Data collection design• In this study data collection is done in Pune. Data is collected

by questionnaires, Interviews, Observation.

Sampling Methodology• Random Sampling is used as sampling method.• Random Sampling (every object has the same probability of

being chosen)

Data Analysis• In India, men are still in the

main position of supplying the house for living.

• But it is already a big increase of females supplying the house from past. In modern society, it is common to see that both partners are workers and they supply a house together, which may be one reason of this gender composition.

• The company can use this data for STP and make strategies to target the female population

62%

38%

GenderMale Female

• Figure shows that the majority of the respondents are people from 20 years old to

• 30 years old. This phenomenon is also the reflection of although the young people are not financially good enough, but they are the group with the great need for buying real estate.

• So company can use this data and the CRM team can make strategies to cater to needs f the customers and assist them accordingly.

45%

16%

21%

14%

4%

Age21-30 31-40 41-5051-60 61 and above

To what extent do you think the real estate products of Marvel Realtors Ltd. are appealing to you?

• It was necessary to find out why the real estate of Marvel Realtors Ltd. was not so appealing.

Very Strong Strong Weak Not at all0

5

10

15

20

25

30

35

29

18

76

No. Of Respondants

What do you think are the most appealing selling points of Marvel Realtors Ltd.'s real estate products?

• Figure shows that quality design and design and style were the factors the customers cherish most.

• While additional facilities, competitive price was not some distinct, which means facilities and location were not considered when making the buying decision.

Location Quality Afliated FacilitiesDesign and Style0

5

10

15

20

25

30

10

24

12

14

No. of Respondants

What do you think is the part of the real estate products of Marvel Realtors Ltd that should be improved?

• Figure shows that the affiliated facilities and after sales services and competitive price needs to be improved.

• It means the price of Marvel Realtors Ltd. Is considerable as higher compared with the real estates of other developers.

• Also the result is contradiction as Marvels UPS is its affiliated facilities and Aftersales services.

Location Quality Affliated Facilities

Design and Style

Competitive Price

0

5

10

15

20

25

8

10

17

4

21

No. of Respondents

From which media did you find out about Marvel Realtors Ltd.?

• Figure shows most of the people know Marvel Realtors Ltd. from internet, then from referrals, hoardings is the third, the effect of friend referrals should not be underestimated.

Newsp

aper

Reffere

d by Frie

ndAge

nt

Propert

y Fair

Internet

Hoardings

TV/R

adio

Other0

2

4

6

8

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12

14

16

18

20

6

14

7

4

18

10

23

No. of Respondents

What is your purpose in buying a house?

• Figure shows that the purpose for buying a house was rather diversified, the number one was buying house for Self living.

• The item ranked second is for improving the living quality.

• Investing in real estate is popular in the world, and in it is in a higher degree

• Buying house for the investment was also an important purpose for buying real estate, as many customers of Marvel were NRIs who were currently not residing here but have an intension to settle here in long term so they choose to keep invested in property.

Investm

ent

Self L

iving

Luxu

ry/co

mfort

Impro

vinf s

tandard

of livin

g

Do not own a

house

For p

arents

Convenien

ce

The e

ducation of c

hildren

0

2

4

6

8

10

12

14

16

10

14

8

13

2 2

4

6

No. of Respondents

What do you think is the tendency of real estate price in 2014-15?

• The tendency of the real estate price can affect the buying behaviour of the customers.

• Here the majority of people think the real estate prices will go down, in this situation it was reasonable to predict that for the hope of the falling of real estate price People will postpone to buy the houses.

Go down Remain stable Go uo0

5

10

15

20

25

30

35

40

37

9

14

No. of espondents

In which way will you buy the houses?

• Figure shows that the majority of people will choose to buy the house by loan.

Loan Self Finance0

10

20

30

40

50

60

48

12

No. of Respondents

How far can you accept the location of the house from your working place if measured by car?

• The high degree of acceptance in long commute time means the critical situation of the real estate market, to own a house.• A big proportion of

people are willing to spend more time on the road and shoulder the burden of loan.

15 mins 20 mins 30 mins 40 mins 60 mins 90 mins0

5

10

15

20

25

30

35

1

4

9

29

13

4

No. of Respondents

CONCLUSIONS

• The significant factors in the survey analysis are the location of the real estate, the price of the real estate, the quality of the real estate.

• Among them all are positive factors except price, the price of real estate was a strong negative factor that affects the willingness of buying the real estate product of Marvel Realtors Ltd.

• The findings in the survey research mean the quality, location, serving as a way of investment. But if high price still goes up, the willingness will be lower.

• The survey research has shown respondents were most satisfied with the house location, quality, design and style, amenities and the expect little betterment of affiliated facilities especially the after sales services which is the USP of the company

• The CRM should be more active and provide a lesser and accurate lead time and a lesser turnaround time.

• But people expect Marvel Realtors Ltd, to do more on reducing price and build more affiliated facilities.

• As for the marketing communication, most of the people know Marvel Realtors Ltd. through internet which requires the marketing of Marvel Realtors Ltd. to catch up with time and invest more on internet and social media marketing. Marvel has an active presence o Facebook, LinkedIn, Youtube and SlideShare, but not on twitter and Pintrest. They should consider getting active on other social media platforms as well.

Recommendations.1) Controlling the price • The research has shown most of the real estate buyers think the price of the real

estate of Marvel Realtors Ltd. was too high. Price is the most unwelcomed part in all the feathers of Marvel’s real estate.

2) Enhancing the investment on online marketing • India has the largest number of netizens Unfortunately, online market as the

untraditional way of marketing becomes more and more important. Marvel has an active presence o Facebook, LinkedIn, Youtube and SlideShare, but not on twitter and Pintrest. They should consider getting active on other social media platforms as well.

3) Controlling the quality • As the analysis has shown. Quality problem can lead to serious public crisis and hurt

the public image of the company, it takes a lot of efforts and long time to build the brand image but the image can be destroyed by only one accident. Company should pay attention on it after sales services as it is the USP of the company. The company needs to enhance its customer relations management as as to reduce the turnaround time and provide lead time and adhare to the same.