Luxury Flat Project

8/13/2019 Luxury Flat Project

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Study of the Positioning of High End

Luxury Flats in Ahmedabad

ABSTRACT

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Positioning is the marketing art of knowing what available space or position the

company and its offering fill in the market and then getting that message to exactly

the people who want what you’re offering. By first figuring out the position your

offering fills the company can easily figure who should the company want to talk,

what they want to say, and what marketing vehicles – from advertising to direct

mail to online to personal calls – you should use to reach the people you’re

targeting. or example, say that you’re offering a lower!priced home in a

neighborhood that primarily attracts first!time buyers. "our product position is

lower end. #ith that knowledge, you’d hardly want to craft a message geared to

the interests and motivations of high!income buyers. $or would you want to deliver

your message using media channels that lower!income prospects don’t read, tune

into, or sign onto. %nderstanding the product position can make the difference

between reaching to prospect or not, between motivating interest and action or

not, and between making a sale or not. &n real estate, price is the cornerstone of

positioning. &n past experience, '() of the marketing strategy is set during the

listing presentation when the company and the seller agree on the right price and

therefore the right market position for their home. *his pro+ect focuses to

understand the positioning strategy of luxury flats in hmedabad.

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ontentsB/*0 *.................................................................................................................. 1

ontents........................................................................................................... .........

&ntroduction..................................................................................................... .......... 2

3iterature review.................................................................................. .............. ....... 4

0esearch 5ethodology................................................................................... ......... -6

indings nalysis............................................................................................. ........ -4

0ecommendations................................................................................................... 4

onclusion...................................................................................................... ......... '

0eferences............................................................................................................... 7

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ntrodu!tion

ntrodu!tion"

5any property managers are facing lots of challenges during this 8reat 0ecession.9ccupancy and your $9& are both down: tenants are fidgety and unsatisfied:

property values are in the pits along with the owner’s confidence level. *o add

insult to in+ury, property showings are few and far between. ll of these things add

up to stress and a loss of +ob stability: or even loss of a +ob. /o what can you, as a

property manager, do to stay out of the unemployment line and at the top of your

property management game; ocus on your property’s marketability. 5ake sure

your property is in the best, most eye!catching condition it could possibly be in.

#hat’s the best way to do this; urb appeal. #e all know the old adage, <you

never get a second chance to make a first impression.= #ell, this holds true even in

the leasing game. & know your mom always told you that it’s what’s on the inside

that counts: but come on: let’s face it: nobody is ever going to take a look at

the inside if they don’t like what they see when they do their drive!by. 3et’s be

honest: we’ve all done it: driven by a house or business and +ust kept on going

because it looked <sketchy= or dated: or ugly: or maybe: +ust maybe you even

had a blind date that you skipped out on because you facebook stalked him>her

ahead of time and he>she wasn’t ?uite the cat’s pa+amas. 3ike this, curb appeal has

everything to do with the first impression of your property to a drive!by tour or first

property showing.

/o: how can you give a great first impression and have your property in knock!

your!socks!off condition when you have a budget that’s been cut to shreds; #ell,

let’s take a hard look at your bidding process. *o our horror, we have found that

there are a surprising amount of property managers that only bid out every -, or

even ( years@ 9r: in extremely alarming cases: they only bid out if there’s a

problem with their current provider. &n fact, many property managers will ?uickly

shut down any idea of even receiving a bid for landscape services if asked. *his is a

costly mistake. *hink about it: if the last time you bid out something was in -AA6

five years agoC: look at how much has changed since then@ 3ook at the economy@

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*he financial crisis and ensuing 8reat 0ecession have brought about price deflation

in labor!intensive property services. 5argins for vendors have become raDor thin:

so if you’re still paying your -AA6 prices: you could be pouring lots of money down

the proverbial drain. $ow is the time to get the maximum performance for your

landscape maintenance budget. "ou may even find sufficient expense savings to

allow for some upgrades or to address some deferred landscape issues that were

inherited from a previous regime.

/o: bid out your landscape: often: but remember: not all landscape firms are

created e?ually. /ome landscape companies may low ball the bid to get the

business and then underperform on the property, leaving you with bigger problems

than you started with: which speaks truth to the old saying, <you get what you

pay for.= Be careful when you do bid: don’t always go with the low guy: find out

about the company’s recent service history: how their clients, or former clients,

feel about the ?uality of services they perform edC. "our landscaper should make

your +ob easier. *hey should be proactive, taking care of problems before you even

know you have them, and doing what they say they will do when they say they will

do it. fter all, you have to +ump through hoops for your clients: so why shouldn’t

landscapers have to +ump through hoops for theirs; 8etting your landscaper to do

their +ob shouldn’t be comparable to trying to get your teenage son to clean his

room. 5ake sure you do your work on the bidding end so you don’t have to do their

work on the other side. *he last thing you want to be stuck with is a landscaper

that constantly drops the ball, makes you work harder and causes you to lose

potential tenants.

The m#ortan!e of Setting the Right Pri!e

9nce you’ve worked with a seller to agree upon the right listing price, your

marketing strategy unfolds naturally following these stepsE

• reate a description of the home’s likely buyer.

• 3ist the home’s benefits and the reasons why likely buyers won’t want to let

the home go to anyone else.

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• /elect media channels or communications approaches that a1re most apt to

get your marketing message in front of your target audience of likely buyers.

$sing Positioning to %our Com#etiti&e Sales Ad&antage

*ake time to look inside some of the other homes that compete for the same

product position as your listing in terms of price and location. /ee how their

features and benefits compare. Fspecially when handling ad and sign calls this

comparative information will be valuable in two waysE

By expressing with certainty your listing’s benefits compared to those of other

available properties you’ll convince callers that they must see and consider the

home. By offering information on other homes in addition to the one you’ve listed

you’ll increase the odds of converting callers into buyer clients by establishing

yourself as a skilled agent and valuable home!buying resource.

The 'anger of (&er#ri!ing

&f you give into a seller’s desire to set an unreasonably high listing price, your

marketing task will be vastly more difficult because with an overpriced homeE "ou’ll

be forced to market to the wrong audience. &n order to reach buyers who can afford

the price the seller is asking you’ll be talking to people seeking a higher!level home

than the property you’re offering. "our product will lose in competitive

comparisons. &t won’t take long for buyers to realiDe that the home you’re offering

is inferior to others they can buy with the same amount of money. #hen you list an

overpriced property you have only two hopes for success. "ou can hope that the

marketplace will heat up dramatically and lead to escalating prices that bring your

listing price into line, or you can hope that your seller will agree to a rapid price

reduction.

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Literature re&ie)

Positioning Strategy in Real Estate"

#hen talking with prospects at a listing presentation we are usually talking about

our marketing and advertising pieces. #e often try to draw the prospect to convert

to client status through our colorful brochures, &nternet sites, and overall exposure.

#e are, again, selling through feelings rather than tangible proof of results.

Because of your positioning strategy, can you prove that you produce more leads

or more meaningful ad calls, sign calls, or &nternet in?uiries; Goes this increase of

leads generate more showing activity or more buyer consultations; Goes how you

position the property with the real estate agent community result in more showings

to more buyers; *he first step is to prove to the client that your positioning

strategy generates more showing activity. hampion gent will generate more

showing activity than other agents in the marketplace. Go you have an inventory

advantage that creates more showings, as well; Because, on average, & carried

around thirty listings at any one time, it enabled me to cross!market my properties

more effectively with a wider reach to generate more showings than many other

agents in the marketplace. &ncreased ?uantity of leads creates more opportunity

for the seller. 5ore leads generate more showings. 5ore showings increase the

probability of selling the home. *he increased showings can also lead to a high

potential sales price in a high demand home. #e all know the more people through

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a well priced home, the greater the chance of attracting a high ?uality buyer and

high ?uality transaction. #e need to move the prospect step!by!step through each

stage to see clear benefits of why they should hire you. & also believe better

positioning links with a primary rule of real estate sales. 5ost people miss this

primary ruleH even agents miss it. #hen we break down the basic rules of real

estate this one leads the packE

Real estate sales are go&erned by the la) of su##ly and demand"

*he law of supply and demand drives real estate sales and real estate values in any

marketplace. &t drives appreciation, investment, and activity. &t can also drive list

price to sales price ratios, days on the market, and listings sold verses listings

taken ratios for most agents. hampion gent will always filter their strategy and

positioning and tactics through the laws of supply and demand, and they will end

up with far superior stats than other agents. *hey will counsel their prospects,

customers, and clients on the influence the law of supply and demand is playing in

the marketplace. *his is especially true when the marketplace is shifting. #hen we

shift from a sellerIs market where inventory is low and demand is highC to a

neutral marketplace, a hampion gent will show inventory levels, sales price

ratios, and sales per month and will counsel their clients based on where the

market is now and where it is heading. 9ur +ob, as hampion gents, is to inform

our clients of the current and emerging market conditions. *he law of supply and

demand controls the frenDy in sellerIs markets and the slow cautiousness in a

heavy buyerIs marketplace.

By knowing and tracking the marketplace, you can better position your clients to

achieve the best results in todayIs marketplace. 9ur +ob is to clearly communicate

how the law of supply and demand will affect each of our clients and how it is

impossible to achieve significant results contrary to the law of supply and demand.

&f any agent is promising them those results, they either donIt really understand the

marketplace, are overly optimistic and delusional, or lack the skill to be able to

really represent their interest at the highest level. *his will become very obvious to

prospects if your discussion about the law of supply and demand is delivered with

conviction and power.

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#e need to tell the sellers and buyers that the reason marketplaces lead up to and

explode is because demand is greater than supply ... itIs that simple@ #hen supply

increases and demand lowers, the activity level goes the other direction.

&nterest rates certainly can affect demand as well. &nterest rates influence the

buying power of each person looking for a property. & believe, however, the largest

influence is the law of supply and demand. #e can respond to it far better than we

can respond to interest rates.

/trategic positioning works well with the law of supply and demand. Fffectively

executed, it will work to create a maximum benefit for your client based on the

odds of the marketplace.

*ar+et ,ro)th"

Fstimate provided by //9 J 5, a leading industry body, suggest that the siDe of

the &ndian real estate sector is around %/K 16 billion, growing at the rate of A per

cent per annum. ccording to a recent estimate by %B/ the total siDe of the &ndian

real estate market in terms of total economic value of development activity, is %/K

2A!2( billion representing ( ! 6 per cent of 8GP.

Rush to raise !a#ital"

3ast two years have been eventful years for the &ndian real estate sector on the

capital markets, with the &P9 market witnessing the shifting focus towards the

realty sector. &n a bid to raise their capital base and fund ambitious pro+ect pipeline,

real estate companies approached both the domestic and international stock

markets. lose to -A real estate and construction companies opted for stock

exchange listing since ugust -AA4 to ugust -AA'. umulatively, these companies

were able to raise around %/K 2 (6. million from the public for various pro+ects.

/everal prominent real estate players such as G3 , Parsvanath, Purvankara, /obha,

Lolte Patil and 9maxe came up with their public issues during the last 1' months.

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nother trend that seems to find favour with &ndian realty developers is listing on

the offshore exchanges like &5, /ingapore listed 0F&*, /ingapore /tock Fxchange

and Gubai &nternational inancial Fxchange. &ndia’s largest real estate developer

G3 ’s group company G3 ssets has filed for 0F&* &P9 in /ingapore stock

exchange.

Strategi! Allian!es"

/trategic alliance for synergetic benefits and capacity augmentation, a trend that

started in the year -A11!1- continued throughout the year -A1-!1 . *he year saw

several regional, national and international players partnering for the ob+ective of

fulfilling the funding re?uirement, mitigating risk in pro+ects with high gestation

periods, obtaining technical expertise, brand e?uity etc. /everal tie!ups to enhance

execution capability were also forged in the form of Moint Nentures with the large

national and international contracting companies. /ome prominent such tie!ups

included Fmmar!58 (AE(A +oint venture with a leading ustralian contractor

3eighton Joldings 3td and G3 ’s +oint venture with 3aing A’ 0ourke of %L.

,lobal Realtors in ndia"

&ndian real estate sector continued to remain on the radar of several global

realtors. &nternational developers originating primarily from 5iddle Fast, /outh Fast

sia, and Furope have been hunting for business opportunities in &ndia and several

strategic tie!ups were announced in the year -AA4!A'. Prominent 5iddle Fast

based developers such as $akeel 8roup GubaiCH /ignature 8roup GubaiC

announced their plans or pro+ects in &ndia. *echnology and 5edia ree Oone

uthority *F 95C of Gubai has also entered into a 5o% with the /tate 8overnment

of Lerala to develop the </mart ity= pro+ect near Lochi city in /outhern &ndia.

ommercial 0eal FstateE

*he phenomenal growth witnessed in &ndian real estate has widened the

opportunity spectrum of the sector even beyond the established asset classes’ viD.

commercial, retail, residential, industrial and hospitality. *his section maps the

opportunity in both the asset classes and the emerging asset classes. *he boom in

the ommercial 0eal Fstate 0FC segment is being fuelled by a robust demand

from 5$ s and corporate &ndia alike, particularly from &*>&*e/, B /&, *elecom and

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Pharma companies. &n the year -AA4 supply of commercial grade office space,

remained concentrated in the top seven cities. ccording to F " estimates total

supply of commercial office space grade , non captiveC in the $ational apital

0egion $ 0C, 5umbai, Jyderabad, Bangalore, Pune and hennai together was

recorded in the range of 2A!2( million s?. ft. *he absorption was primarily driven by

the &*>&*F/ industry accounting for almost 4A!4( per cent of the total absorption.

*he supply format was primarily in the form of &* Parks, integrated campuses and a

few /FO developments.

Residential Real Estate"

Griven by increasing urbaniDation, rising incomes and decreasing household siDes,

the residential segment in &ndia has been on an upswing over the past few years. &n

terms of value, the residential property market constitutes almost 4( per cent of

the real estate market in &ndia. *he #orking ommittee of the 11th Plan -AA4!1-C

has concluded that the total shortage of dwelling units at the beginning of Fleventh

Plan Period i.e. -AA4 was -2.4 million. F " estimates that more than 4A per cent of

the shortage of dwelling units is for middle and low income brackets. /everal policy

interventions and initiatives are expected to correct this demand!supply gap.

(utloo+"

9ver next five years, the commercial real estate market is expected to grow at a

80 of -A!-- per cent and would continue to derive its growth from the thriving

9ffshoring industry. 9ver the medium term, the further opening up of the economy

is expected to lead to a broader occupier base. *he supply of commercial office

space will remain concentrated in the suburban areas and in the form of &* Parks

and integrated campuses. 3arge supply of commercial space is also expected from

/FOs over the next few years. ccording to the %nited $ations Population und

%$ P C, &ndia is getting urbaniDed at a faster rate than the rest of the world and by

-A A more than 2A.4 per cent of the country’s population would be living in urban

areas. Presently, more than -'.4 per cent of &ndia’s area is urban as against the

global average of 2'.4 per cent. Jowever, the growth rate of urban areas.

8rowing number of first!time home buyersE

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&ndia has a much younger population compared to most other economies. urrently

the population in the working age group 16!6( yearsC is about 4AA million

representing about 62 per cent of the total population. &ndia is expected to emerge

as the highest contributor to the global work force by -A1A. 8iven that a ma+ority of

the population would still be young the per capita income generation capability of

&ndia would continue to remain robust. #ith the average age of home buyers

declining fast the young working population would further push demand for housing

units higher. irst!time home buyer numbers have multiplied over the years and

the median age of home buyers has reduced from ' years to -' years today.

n!reasing in!ome le&els"

*he per capita disposable income has grown manifold in the past one decade. *he

current annual per capita disposable income stands at around %/K 67 and is

further expected to grow by '!1 per cent in the next five years. 0obust economic

growth, particularly in the services sector has led to an increase in income levels in

the country. /everal studies have indicated that salaries in &ndia have been

increasing by an average of 1A!1( per cent on a year on! year basis. *his has

increased the affordability of homes in spite of higher property prices and has

further created more discerning buyers.

Penetration of mortgage finan!e"

9ver the past five years loan disbursals by housing finance companies have grown

by A!2A per cent annually. Jowever, despite such growth, mortgage loans are

presently only 2!( per cent of 8GP, primarily due to the low penetration of

mortgage financing. Banks and housing finance companies have planned to

increase penetration aggressively. 5ost of the growth is expected to take place in

the mid market and premium>luxury sub!segments. #ith the 8overnment

promoting low!cost housing, developers may also start investing in the budget sub!

segment.

9verall as housing supply catches up with demand in the next few years the

residential prices are expected to stabiliDe. 8overnment of &ndia habitat policy

envisages that by the year -A1- the housing shortage should be removed and

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everybody should have a house of his own. ructification of such a policy will

translate into large scale development in this segment. Gue to availability of land

and proximity to upcoming knowledge industries, peripheral regions of ma+or

metropolitan cities Bangalore!#hitefield, Gelhi – 8reater $9&G and 8urgaon,

Lolkata! 0a+arhaat, hennai!along 950C are expected to attract maximum

development. *hough national developers are expanding their geographical base,

regional developers are expected to dominate supply in short term, especially in

mid!segment category. /everal satellite cities on the lines of $avi 5umbai for

5umbai, hmedabad, Banglore, $9&G and 8urgaon for Gelhi are expected to

emerge to offer housing to burgeoning population and demand for affordable

housing. Besides rising incomes other factors that have increased home

affordability areE easier access to mortgage finance, longer loan tenures, higher

loan!to!value ratios and tax incentives. *hough home loan rates have increased by

almost -AA basis points in the past two years they are still 2( per cent cheaper

than what they were in 5arch -AA1. *ax savings on interest payments %/K 2''C

and principal repayments %/K - -(C per annum on mortgage loans have also

made home purchases more attractive.

s per Pun+ and Brookes -AA-C, an interesting ?uestion to be explored empirically

is how consumer knowledge about available alternatives in the market and about

product criteria is created. or a complicated product such as a house, the

information stemming solely from a buyer’s memory is generally inade?uate.

actors such as experience, marketing communication, distribution and individual

goals all influence the evoked set formation. *he choice of criteria for evaluation

evolves in a similar fashion. actors such as a buyer’s specific goals, his>her

motivation, involvement, product knowledge and similarities among alternatives

may play a role. ontext specific criteria for a prefabricated custom!made houseC

include ob+ective physical properties specified by a manufacturer, e. g., ?uality,

warranty, isolation, price per s?uare meter. 9ther features such as the house siDe,

its ground plan and location are not decisive criteria for a custom!made

prefabricated house as they are defined by the buyer. *he stages of the buying

process are as followsE attention, comprehension, evaluation, decision making,

behavior and usage.

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5itra, 0eiss, and apella 1777C described that the goal Qto own a product’ leads

the consumer to a conscious interpretation of information linked to this goal. $ew

information is interpreted and linked to existing knowledge. s a result, new

attitudes towards the alternatives are formed. *he buyer usually does not get to

know all the alternatives simultaneouslyH rather, new alternatives are gradually

added. *herefore, the customer experiences the process of interpretation and

integration over and over again. *he evaluation takes place for both the new and

the known alternatives. s far as the specific product in the study is concerned, we

dealt with prefabricated house purchase, since this presents a good example of

strategic purchase or decision making. *here is a higher level of complexity in this

process. *his is usually associated with high involvement on the buyer’s side, and

high perceived risk, therefore the decision process is more deliberative and the

external information search is more extensive. custom!made prefabricated house

is a product not bound to any specific location. Jence, the location itself is not a

conse?uence of the purchase, although it may notably influence the choice of

criteria in the buying process. *he decision making process will also depend upon

the situation, available alternatives in the market, a buyer’s motivation, his>her

involvement and prior knowledge with the product. &n addition, product

specification offered by the producer may be of ma+or importance to the potential

buyer. long with the ob+ective physical properties of the product, the level of

service offered by the company as well as adaptability of the basic house design

offered may play a role in consumer decision making.

9Danne, Brucks and 8rewal 177-C presented their view that the analytic stage of

our research, we followed the procedure for analyDing ?ualitative data. *hese

guidelines enable investigators to produce compelling analytic conclusions and

enhance the internal validity of the study. *he analyses involved three types of

activitiesE data reduction, data display and conclusion drawing. *he data reduction

process began with compiling the literature review, developing the conceptual

framework for the study and setting up the procedures for data collection e. g.,

respondent selection, interview guidelinesC. udio tapes with interviews were

transcribed and reviewed several times by the researchers. ontent analysis is the

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most appropriate techni?ue for analyDing interviews. *he conclusion drawing was

based on the cross!case i. e., householdC comparisons, reference to previously

review empirical studies and to the theoretical framework developed in this study.

Fxamination of patterns, themes and regularities provided the basis for drawing

conclusions.

&n the view of Peter and 9lson -AA-C, while the product has different meanings to

different people, a custom!made house carries a sub+ective message of its

residents and presents a strong source of personal identity. *his is consistent with

the literature in the field. #ith the exception of a single sample unit, all

respondents view the house as a part of their personality or the extended self. *he

house ownership enables them to express their personality and lifestyle. 0elative to

the house owners of the house, the sample group of potential buyers of the house

expressed a stronger desire for homeliness and warmth. &n general, women and

men perceived a house differently. #hile women Qfeel’ the house and relate to it on

the emotional level, men tend to evaluate the house more on the rational and

functional level. Jowever, both women and men believe that Qthe feeling of

wellnesses in the house is an important choice criterion. onceptually, we posited

that lifestyle exerts a certain influence upon buyers’ needs and desires as well as

upon indirect external and internal determinants of the buying process. *he

households included in this research proved to lead ?uite different lifestyles, and

most of them wanted the custom!made house to reflect their lifestyles. 0easons

behind the respondents’ decision to buy>search for a custom!made house are

similar across the sample units. $amely, the household members are intimately

familiar with their desires and lifestyles which lead to their house design

preferences. 9n the other hand, the manufacturers>producers have little knowledge

of this aspect of their individual customers’ lives.

Gowns -AA(C argued that in contrast to the owners, potential buyers emphasiDed

the existence of a continuous tradeoff between their desires and needs in their

decision making for the house. *his provides an overview of the main common

themes and ?uotes, reflecting each theme in a more detailed manner. Based on the

empirical research of this study, it is the main contention that people want to have

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a house designed according to their ideal self! concept while taking into account

realistic limitations. *his result is consistent with position that people want a house

to reflect their actual or ideal self!concept. &t is found that the ground plan and the

choice of materials in the house directly indicate the tenant’s lifestyle, either actual

or ideal. 0espondents mentioned various circumstances as reasons for their home

purchaseH however, they all related this purchase to a higher ?uality of living.

5iles and Juberman 1772C confirmed that the buying process in the case of a

custom! made prefabricated house is influenced by both internal and external

factors. long with previously discussed general determinants, factors fre?uently

mentioned by our respondents wereE marketing communications in the housing

market, other people’s opinions, time pressure, and the seller’s manufacturers’C

behavior. By analyDing ?ualitative data gathered in this study, it appeared that

most respondents form their attitudes toward the manufacturer>company at the

moment when they contact the seller.

Rualls, #illiam -AA1C reveal that recommendations provided by friends or other

house owners with experiences and information about the custom!made

prefabricated house were very important. &t seems that word!of!mouth

recommendations might be even more important in a house buyer’s information

gathering and evaluation stages than the seller>company’s behavior. 5oreover, it is

found that the owners of the sample house played a ma+or role in making potential

buyers enthusiastic. *hat is, they honestly shared their experience about living in a

wooden prefabricated house, and the potential buyers see for themselves what it is

like to live in such a house. long with making a favorable first impression, the

seller>company also needs to follow its customers after the purchase. onsistent

with the literature suggesting that the external factors exert an important in

Nolume influence, particularly for less experienced customers, it is also probed into

the role of social factors in the respondents’ buying process for the house. *he

influence of culture can be identified in the buyers’ desire to own a custom!made

house, i. e., based on their individualistic preferences. &n this study it is suggested

that the value placed on individualism as a part of culture is reflected in the

demand for customiDed homes. *his work summariDes the main external factors for

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each sample unit interviewed. s suggested by our conceptual model for the study

above figureC, the group of internal factors which mostly influences the

decision>making process, includes an individual’s motivation, involvement,

personality, self!confidence, knowledge, affect, and prior experience. indings of

this empirical work seem to corroborate the notion that a custom!made house

re?uires high involvement and strong motivation.

&n the study of $ewman, Moseph and 0ichard /taelin 174-C, it was reflected in an

intensive search for information about various producers>sellers in the housing

market. 0espondents actively engaged in information gathering, mostly because

they found their existing knowledge insufficient. *his stage was followed by

comparing and evaluating identified alternatives of the product. &n the buying

process for a house, an individual’s affect played an important role. *his was

reflected in the feelings aroused when imagining the house, meeting with company

representatives, and when inspecting a sample house. *his conclusion is consistent

with suggestion that researchers should focus more attention on subconscious

processes, needs, goals and affect. &n comparison to existing house!owners,

potential buyers much more strongly expressed their feelings with respect to their

future house. lso, women emphasiDed their feelings more than men. *his work

also provides the main internal factors, which could be identified during the

interviews. Jowever, considering a house purchase is financially demanding for

most buyers, cognition also plays an important role, particularly with respect to

evaluation of its price and its functionality. Jigh involvement is reflected in an

intensive information search about different house. #hile most of our respondents

had no previous experience or knowledge related to house purchase, they

gradually gained sufficient self!confidence in making decisions on their own.

ccording to $icosa, rancesco -AA-C, this conceptual model above figureC

suggests that the consumer decision! making process is composed of several

stages, strongly intertwined with each other. s this sample consisted of two

groups, i. e., the potential buyers and the owners, the two group experienced

different stages. #hile the group of potential buyers only reached the stage of

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evaluation of the alternatives, the group of house owners was in the stage of

having bought and using the house.

&t is also suggest that the purchase criteria used by individual households include

product characteristics or specific conse?uences of buying a certain alternative.

ive respondents went through a cyclic process of improving already established

criteria with additional new knowledge, gained from producers, building experts,

and prefabricated house owners. *he criteria used for choosing a house among the

respondents in this study can be ranked as demonstrated and featuring the

essential criteria for each individual sample unit and ranked based on their

importance. *he most commonly used criterion was that the house is custom!made

8rewal, 5ehta and Lardes. -AA2C.

*he second most often used selective criterion is company’s behavior, namely, how

the representatives of the house producer communicated with the potential buyers.

*wo significant choice criteria with respect to a house as a product were also

?uality of the product and its price. #hat respondents mentioned several times was

feeling confident about the company. *his means that potential buyers need to

have trust in the company’s process of production and delivery of their house.

*aking into consideration the fact that different house producers offer different

architectural solutions, four respondents also mentioned the importance of this

characteristic. Gecision making in the case of house buying is a complex process,

composed of several minor processes. Q#hile respondents used different criteria for

evaluating alternatives, no more than ten alternatives composed the consideration

set of an individual household. 5oreover, less than five alternatives were included

in the final stages of respondents’ decision making Bargh, -AA-C.

*his research indicate that consumers use two approaches or principles when

evaluating the alternatives, aC gradual concentration and evaluation of separate

alternatives, and bC simultaneous evaluation of several alternatives. *he first

principle is much simpler to use as it only focuses on one alternative at a time. *his

result is consistent with research, indicating that people have limited capabilities

1' | P a g e



and knowledge, which in turn prompts them to simplify their information

processing.

*he choice criteria mentioned earlier carry different meanings to different decision

makers. &f a producer>company and its offering meet the most important criterion,

it is considered in further stages S this is the evaluation principle called

Qelimination by aspects’. s described in this mode of integration as a non!

compensatory process whereby salient beliefs about positive and negative

conse?uences do not balance or compensate for each other. *his principle has

been documented in other empirical studies as well, e.g., choice of ground coffee,

choice of road and rail freight, choice of fictitious cars, career decisions, and choice

of washing machine. fter forming a positive attitude toward a certain company its

offeringC on the basis of previously formed criteria, the buyer forms a behavioral

intention which leads either to a purchase or to a search for additional

information>ideas &sen and 5eans, 17' C.

ader and 5c lister 177AC suggested that a house buyer’s consideration of a

specific manufacturer>company depends on two ma+or factors, aC information kept

in memory, and bC the word!of!mouth recommendations. 9nce the potential buyer

actually buys the house, he>she experiences either satisfaction or dissatisfaction.

*his, in turn, creates grounds for recommendations to other people. *he results of

this exploratory research with in!depth interviews can be graphically depicted by

exposing those factors in the conceptual model that could be explored more in

detail in future studies.

Consumer Choi!e and 'e!ision-*a+ing"

5uch of the study of consumer behavior focuses on consumer choice. %tility theory

in economics and attitude theory in social psychology have strong similarities and

constitute a basis for examining consumer decision and choice processes.

onsumers purchase products and services for the benefits derived from their use.

#hile the study of economics focuses on outcomes, consumer behavior emphasiDes

the process 8ronhaug, Lleppe, and Jaukedal, 17'4C. 0ather than assuming

perfect conditions, researchers of consumer behavior explicitly recogniDe the

impact of situational elements on behavior and the variance among individuals

17 | P a g e



faced with the same conditions. 5ost real estate purchases and leases are

considered high involvement goods that re?uire complex decision!making. *hus,

the three ma+or comprehensive models of complex consumer decision!making

would be applicable to most real estate decisions. *hese models trace the

psychological state and behavior of a consumer from the point at which he or she

perceives a need through the purchase and use of a product to satisfy that need.

*he following sections examine some of the key elements of these modelsE

information search, evaluation of alternatives and decision rules. ccording to

Jauser and %rban 17'6C, consumers seek information to help them decide how

best to satisfy a need. *wo well established theoretical perspectives of external

information search are the economic and psychological>information processing

approaches. *he economic perspective examines search on a cost>benefit basis,

with consumers searching so long as the marginal benefit of obtaining an additional

piece of information exceeds the marginal cost. *he psychological approach

examines the cognitive process consumers go through in deciding to search for

information, gathering information and processing the data gathered. *he impact of

consumer, situational and product characteristics are considered. onsumers first

check internally for information they already possess. Gepth of experience, length

of time since last purchase and satisfaction with previous purchases will affect the

consumer’s reliance on internal information. s most consumers purchase real

estate infre?uently, they rarely rely solely on past knowledge when selecting a new

property to purchaseH rather they also undertake an external information search

5egbolugbe, &saac, llen P. 5arks, 1771C.

*he effect of ?uantity of previous experience with real estate on the amount and

type of search undertaken appears to vary. 9ne the one hand, knowledge can

reduce search by allowing the consumer to rely more heavily on internal

information. &nversely, it can also encourage search by enabling more effective use

of newly ac?uired information. #hen consumers feel more confident about their

ability to +udge products, they will typically ac?uire more information. *his implies

that there may be an inverted!% relationship between knowledge and ?uantity of

external search Pun+, 8irish, 17'4C. onsumers may obtain external information

directly from personal inspection or from other sources such as real estate brokers,

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newspapers, and friends and relatives. onsumers with extremely limited

knowledge such as first!time homebuyers or interurban moversC rely heavily on

personal sources such as friends, relatives and real estate agents for information.

5eanwhile, moderately informed consumers possess sufficient knowledge to

explore and understand more information, so they will undertake more extensive

external search on their own. *hose consumers with the greatest knowledge of the

product and market may already possess all the information they need to make a

decision without a formal extended search of any type. Fxperience may also affect

what type of information is gathered. Fxperienced consumers know which

dimensions were useful in the past for comparing alternatives. Jowever,

inexperienced buyers are more susceptible to external influences such as real

estate agents in determining what criteria they should use to select a property

Pun+, 8irish and 0ichard /taelin, 17' C.

consumer’s beliefs and attitudes may affect external search. /ome consumers

en+oy the shopping process more than others do and like searching for information.

*hey will want to visit open houses and inspect more properties before making a

decision +ust because they en+oy the process. Nisiting more houses per week with a

real estate agent was associated with longer search time. 0abianski, Moseph 177(C

explained that consumer search is also related to demographic characteristics. or

example, age is often negatively related to amount of information search. *his may

be reflective of the greater accumulated experience and knowledge as one age

creating a reduced desire for additional information. nother characteristic that

appears related to the amount of search is education. onsumers that are more

educated usually search more, perhaps because of greater confidence in their

ability to undertake the search and use the information gathered effectively.

/ituational constraints on the consumer’s external information search include the

?uantity and availability of information in the marketplace and time pressure on

the buyer. *he ?uantity and ?uality of information available to real estate buyers

varies by market. 5any buyers may feel they lack access to sufficient information

to make an informed decision, as is evidenced by consumers wishing they had

access to more information even after having come to a decision and purchasing a

house. ccess to information within a market is not uniform 0atcliff, 0ichard,

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174-C. Buyers with uneven access to information will search for differing time

periods and with differing intensity. 0eal estate buyers often rely heavily on real

estate agents to provide them with market information, making the agents

gatekeepers who may influence the length of search. *ime constraints are reflected

in real estate decisions, for example, when a transferred worker must find a home

in a new city before starting work. *ime constraints reduce the extent of real estate

information search. Product determinants that can influence the need for an

external information search include the variety and type of product features and

the price. or example, if consumers perceive few differences between various

available properties, they are likely to make fewer comparisons and view fewer

properties. &nnovative products such as smart houses re?uire consumers to ac?uire

new information to evaluate these products and features. *he relatively high price

of real estate creates concern about the financial risks involved in the purchase and

leads to greater search to reduce the risk involved in evaluating and selecting an

alternative. &nformation search provides consumers with an information base for

making decisions. *he following discussion describes mechanisms by which

consumers use information in the evaluation of alternatives Mohnson, 5ichael,

17'2C.

Buyers Pers#e!ti&e"

./ 0uality of Constru!tion – 9bviously when one buys a property he makes

sure that the ?uality of construction is good. Fveryone while buying a new

product wants to buy ?uality stuff. /ame applies to the property. Fvery buyer

wants to buy a well built house.

1/ Pollution Free En&ironment – *he immediate surroundings of the property

is always evaluated by the buyer. *hese days developers give due

importance in making the surroundings beautiful with innovative and

creative landscaping. *hey involve landscape architects from different

corners of the world to give their customers the best. *he $ 0 is becoming

more and more popular among home buyers because of its greenery and

pollution!free environment.

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2/ 3ater A&ailability – #ater vailability, power backup and safety and

security are some very important factors which people do consider while

purchasing the property. ll these factors are hugely responsible for the

transition of people from Gelhi to housing complexes in $ 0 as many

colonies of Gelhi faces problem of shortage of water and power failure while

availability of these essential facilities are ensured in housing complexes by

the respective developers.

4/ (!!u#an!y ! Gue to increasing crime this factor is becoming more and more

important for the buyers. *hey don’t want to settle down in such a place

where hardly anyone else lives. People prefer to stay in a reasonably well!

occupied housing complex. But its also true that people don’t prefer to stay

in highly populated areas as it was observed in the case of /hipra /un ity,

8haDiabad where (AAA families living in one single housing complex fight for

space and car parking place.

5/ Suitability of Home Ty#e – $owadays due to the wide range of options

available people can afford to be choosy. $ow they don’t need to

compromise on anything. *hey don’t buy a property till the time all of the

essential things match their re?uirements. Gevelopers do pay attention to

the different re?uirements of different customers. /ome want a flat on thesecond floor while some want a flat with two bedrooms. ll these

re?uirements are tried to be met by the developers.

6/ S#ort Com#lex 7 Re!reational Fa!ilities – < ll work and no play makes

Mack a dull boy=. People have started believing in this concept. $ow each

parent wants that within the complex his>her kids get all kind of sports to

play. Fven adults want different recreational facilities to be available in the

housing complex, which may help them in eliminating work stress.

'e&elo#ers Pers#e!ti&e"

1. *he ma+or external factors which people consider while purchasing the

property are Price, vailability of loan and Proximity to workplace.

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-. *he ma+or &n!3ocality factors which people consider while purchasing the

property are Ruality of construction, vailability of water and Pollution!free

environment

Real Estate is a ,ro)ing Se!tor in ndia

0eal estate in &ndia will continue to rock. Profound economic suggest that the realty

sector would grow at A) per annum to reach to K2( to (A billion by -A1A from the

existing K1- billion. *o achieve this growth real estate in &ndia would re?uire huge

investments over the next five years. By -A1( it is pro+ected that the market siDe

would grow to K 7A billion.

Fstimated suggest that the urban housing sector would re?uire investments

to the tune of K-( billion 0s 1.1A lakh croreC over the next five years. Prices have

remained buoyant as new construction lags. ccording to surveys there is a

shortage of 17.2 million units 1-.4 million units in rural areas and 6.4 million units

in urban areasC in the country about three years ago, which will re?uire real estate

in &ndia. 0eal estate in &ndia will trigger economic growth infrastructure

development and enabling government policies would help trigger growth. 0eal

estate in &ndia will help high economic growth has fuelled the demand for real

estate. ities continue to attract interest from &* and &*F/ companies that are

either establishing a base or are looking to expand which will give rise to real

estate developer in &ndia. &t is the suburban locations that are witnessing

development activity due to easier availability of land construction of large floor

plate and offer of built to suit facilities thus helping housing construction company

in &ndia. ccording to one estimate the &* and &*F/ sector are creating -AA,AAA +obs

per annum which itself will create a demand in commercial space of 1( million

s?uare feet. Besides it will generate a huge demand for residential flats. /o more

need for luxury residential apartments in &ndia.

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0eal estate in &ndia assumes that -( ) of the work force +oining the &*>&*F/

sector re?uired independent housing there would be demand for (A million s? ft of

residential accommodation every year to meet the need of the workforce +oining

the &*>&*F/ sector alone. *he demand has been aided by the ease in documentation

and formality of property registration in &ndia. &t leads to boost property developer

in &ndia. *he &ndian realty sector would see unchanged interest from $ 0 &s aided by

the relaxation in G& norms in real estate. *he government has also helped by

permitting banks to advance home loans to $ 0 &s. *he report acknowledges that

the government had also played a pivotal role in the development of this sector .&t

had aided the sector by giving income tax benefits to consumer and benefits to

developers. &t initiated the rationaliDation of stamp duty and repealed the %rban

3and eiling ct in 7 states. number of state governments are moving towards

computeriDation of land records.

0eal estate in &ndia has a bright future .*he report also pointed out certain issues,

which need to be addressed by the government to ensure rapid growth. /ome of

the issues are absence of large listed companies in these sectors, which has

affected fund flow. oreign still cannot buy or sell undeveloped land, and

reassessment of the legal aspect to stamp duty and rent control. t last, changing

demographics, low interest rate regime, rising disposable income, and fiscal

incentives have provided huge demand for housing. urther nucleariDation of &ndianfamilies has accelerate the demand for mortgages and for fresh housing thus give

rise to more real estate developer in &ndia.

Politi!al reforms in relation to real estate" *he government is ?uite rational

when it comes to infrastructure and development in the country as it is re?uired to

achieve and maintain a growth rate for the economy. *he real estate sector being

directly related to it, is being given due importance. *he government has made

suitable amendments in the G& regulations, taxation structures and various land

acts in order to attract more foreign investment into the country.

E!onomi! fa!tors" *he lower interest rates and ease of credit availability is

fueling the demand for real estate in the country. *his scenario coupled with the

-( | P a g e



huge potential for consumer credit penetration in &ndia is favoring the real estate

sector.

'emogra#hi! fa!tors" Gemographic factors like increasing literacy rates, higher

disposable incomes, and increasing urbaniDation in the country are important

factors propelling the demand for real estate in the country. *he above factors are

going to generate huge demand for residential space, which comprises 'A) of the

total real estate demand in the country.

Resear!h *ethodology

Resear!h (b8e!ti&es

*he basic ob+ective of this study is to understand the positioning strategy of luxury

flats in hmedabad

Resear!h methodology"

Resear!h design"

*he descriptive form of research method is adopted for study.

*he ma+or purpose of descriptive research is description of state of affairs of the

institution as it exists at present. *he nature and characteristics of the positioning

strategy of luxury flats have been described in this study.

9ature of data"

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-7) respondents were from -(yrs! Ayrs age group however 1') respondentswere from 2Ayrs!2(yrs age group

01/ 3hat is your gender:

'2) respondents were male and 16) respondents were female

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02/ *arital Status

67) respondents were married and 1) respondents were unmarried

04/ From ho) many years you ha&e been staying in your !urrent#ro#erty:

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6() respondents have been staying in current property from - to less than 2 yearshowever -2) respondents have been staying in current property from less than -years

05/ 3hat fa!tor )ill be the first #ull to !hoose this ty#e of #ro#erty:

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-') respondents replied that they consider brand name of developer however 7)respondents replied that they consider location

06/ 3hi!h of the follo)ing are the reasons for shifting residen!e:

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-) respondents replied that they need more space however --) respondentsreplied that they want to increase in status of living

0;/ Please tell me through )hi!h #ur!hase resour!e you got theinformation about #ro#erty:

14) respondents replied that they got information from mobile advertisementhowever -A) respondnets replied that they got information from the internet

0</ Please tell me about the !hara!teristi!s of #ro#erty on )hi!h basisyou e&aluated the #ro#erty/

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16) respondents replied that they evaluate the property on the basis of locationhowever 1() respondnets replied that they evaluate the property on the basis ofcommunity environment

5arket positioning can be the key to maximum market exposure and, ultimately, asatisfactory sale.

The existing #ool of #ros#e!ti&e buyers

determines a #ro#erty=s &alue> based on"

3ocation, design, amenities and condition.

vailability of comparable competingC

properties. *his includes not +ust your

neighborhood but similar priced

neighborhoods in the region.

Fconomic conditions that affect real property transactions.

Fa!tors that ha&e little or no influen!e on the mar+et &alue of a house

in!lude"

*he price the seller originally paid for the property.

*he seller’s expected net proceeds.

*he amount spent on improvements.

The im#a!t of a!!urate #ositioning"

Properties positioned within market range generate more showings

and offers, and sell in a shorter period of time.

Properties positioned too high have a difficult time selling.

Summary of ; Strategies

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! 7 out of 1A homebuyers used the &nternet as a tool when searching for a

home

! 4) of buyers found their home online

! '() of buyers who used the internet in their home search, used an agent for

their home purchase

! 61) of buyers found virtual tours <very useful=

! 6) of home buyers first learned about the home they purchased using the

internet

'igital Promotional Strategies• #eb ommercials• Nirtual *ours• Property /lide /hows• Jouston Jomes for /ale mobile app• e ards• eBrochures• e$ewsletters

( | P a g e



• raigslist ds

9et)or+ing 7 Target *ar+eting• Personal sphere of influence• Professional agent network

• *arget marketing to showing agent• neighborhood agents• your right buyer

significant portion of the study of real estate deals with the conse?uences of

consumer decisions regarding real estate assets and services. ppraisal attempts

to estimate the value of property to consumers. 5arket analysis attempts to predict

consumer demand for real estate services. &nvestment analysis examines the

re?uired and expected rate of return to an investor, and finance analyDes

consumers’ mortgage choices and likelihood of repayment. *he study of consumer

behavior involves trying to understand complex human beings and the reasons

they act the way they do in the marketplace. &t recogniDes that consumer decisions

take place inside a person who is distinctive in his personality and attitudes, yet

similar to other consumers who have been exposed to the same external influences

of culture and society. 0ather than ignoring these complexities, real estate

researchers should embrace the study of consumer behavior to better understand

the reasons behind market choices. #ithin appraisal, the sales comparison

approach estimates the value of a property based on what consumers are willing to

pay for individual components of the property. *he study of consumer behavior

examines why people value those components, which people value those

components, and why preferences change over time. review of the consumer

behavior literature would suggest that buyer>seller attributes be explicitly

considered in appraisal to determine market characteristics and the properties

considered to have the same utility and amenities. ttitudes, lifestyle, and tastes

affect consumer preferences for space. 5arket analysts should not rely exclusively

on census!based economic and demographic data from which they infer

information about consumers contend that the incorporation of information about

6 | P a g e





. 0emind consumers that their choice of agent matters. gents need to band

together to get this message into the minds of real estate buyers and sellers.

s an industry, we haven’t convinced clients that the right agent makes a

difference in terms of down payment, sales price, purchase price, net e?uity

at closing, ease of transaction, level of satisfaction, after!sale service, and

countless other benefits. 5ake it your +ob to convey to the public that not

only does the right agent make a difference, but that you’re the best agent

to make a difference in their deal.

Con!lusion

&ndia circa -A1 is no different. Ginner parties are filled with casual conversations

on which apartment or piece of land to invest in. *here’s this sweeping confidence

in real estate giving a -A!-( percent return every year. ccording to /an+ay Gutt,

chief executive at ushman and #akefield, if a developer sells -,AAA flats and 4A

percent of those are to people who plan to put them on the market in a couple of

years, those shouldn’t be counted as sales. *his leads to a situation in large metros

where houses in under!construction pro+ects are available anywhere between 0s

1,AAA!1,(AA less than what the builder is selling them for. *hose who want to sell

houses are willing to take a small haircut. #hat happens when this becomes too

acute is not too hard to see. *he market would correct. 3astly, according to the

5inistry of Jousing and %rban Poverty lleviation, 11.A7 million homes in urban

areas are lying empty. /ellers are holding out in the hope that capital values

continue to appreciate while buyers find the prices too steep. #hen that stock

comes on stream this could also portend a correction. or middle class &ndians,

investing in property has been the surest bang for the buck. 9n an average,

property values have ?uadrupled in the last decade. But now there are increasing

signs that the dream run that real estate has en+oyed over the last decade could be

coming to an end. 0eal estate practitioners point to slowing sales and rising

inventories. s this story in *he Fconomic *imes explained, there is a glut of

independent homes in south Gelhi. round the country, in separate micro!markets,

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the story is no different. *he purported benefits of housing, and of homeownership

in particular, have been stressed in theoretical and empirical literature on housing.

*he social value creation by housing, such as social stability, functional

neighbourhoods, development of civil society, abatement of crime, and general

enhancement of welfare, have been well recogniDed. *his is particularly true of

provision of affordable housing for the poor, in addition to the widely acclaimed

ob+ectives of e?uity and social +ustice. TJomeowners accumulate wealth as the

investment in their homes grows, en+oy better living conditions, are often more

involved in their communities, and have children who tend on average to do better

in school and are less likely to become involved with crime. ommunities benefit

from real estate taxes homeowners pay, and from stable neighborhoods

homeowners createT %./. Gepartment of Jousing and %rban Gevelopment -AAAC.

Jomeownership creates neighborhoods with a collective sense of identity through

the development of stake holding that is linked in terms of its value to the

dynamics of the neighborhood at large.

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