Project Report Geetha_MBA
- 1. “A Study on Customer’s Preferences for High-Class Gated Community Residential Flats in OMR, Chennai” Geetha. P 13MBA1022
- 2. INDUSTRY PROFILE Residential Real Estate Industry has increase in growth in the past few years owing to the following reasons: Continuous growth in population Migration towards urban areas Ample job opportunities Growing income levels Rise in nuclear families Easy availability of finance Demand for houses increased especially in urban areas
- 3. COMPANY PROFILE 'Passion, Principles and Performance'
- 4. • Akshaya Private Ltd. is a construction and a real estate company • Founded in 1995 by T. Chitty Babu • Both commercial and residential projects all over India • More than 10 successful projects in OMR, viz. Akshaya Today/January/Adair/unCompromise/Abov/Tango • CREDAI partner/member • IGBC certified • Competitors : Pacifica Aurum, TVH, Appasamy Real Estates, Radiance Shine , Hiranandhini, Ceebros, Adorit etc
- 5. RESEARCH OBJECTIVES To find out customer preference for the key attributes with reference to the buying decisions of high class gated community residential flats. To study the set of factors that a consumer takes into consideration while making a decision of buying a home in OMR, Chennai. To find out buying preferences of the consumers with respect to Location Prize Size Brand preference Amenities of the property
- 6. RESEARCH METHODOLOGY Research type : Descriptive Method Sampling method : Non Probabilistic method Sample size : 120 Period of study : 3 months Data collection : Primary data - from Akshaya Customers & General customers from property fair Statistical Tools : SPSS, MS Excel
- 7. FACTORS INFLUENCING BUYING DECISION OF THE PROPERTY PURCHASE OF FLATS Location Cost Facilities Growth Rate Proximity to Work Place privacy Amenities Exteriors Interiors Neighbor hood Timely possession Green Environ ment
- 8. FACTORS INFLUENCING BUYING DECISION OF THE PROPERTY 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 MEAN 7.10 FACTORS INFLUENCING BUYING DECISION OF THE PROPERTY Location / Place Cost/Price Facilities/Product Growth Rate/ Promotion Proximity to Work Place Privacy Amenities Ideal Ticket size of the Flat Day Lightning Provision/NaturalLight Exteriors Interiors Social Class of Neighbourhood Timely Possession of the Property Green Environment
- 9. PREFERENCES ON LOCATION & LOCALITIES LOCATION LOCALITIES 0 5 10 15 20 25 30 35 40 45 MEAN 7.20 LOCATION PREFERRED Center Of City Within City Limit Out Side City Limit Rural Area No Specific Perferences 0 5 10 15 20 25 MEAN 7.23 LOCALITIES PREFERRED IN OMR TO BUY THE PROPERTY Taramani Perungudi Karapakkam Shollinganallur Navalur Padur Kelambakkam Thiruporur
- 10. PROXIMITY/ PURPOSE PROXIMITY PURPOSE 3.60 3.70 3.80 3.90 4.00 4.10 4.20 4.30 VALUES 7.24 Importance given to PROXIMITY / ACCESSIBILITIES to Key facilities Public Transport Work place Schools & Colleges Hospitals Shopping malls Recreational Facilities Own Use 27% Invesment 25% Gift 12% Rental 13% Business 9% Guest house 14% 9.14 PURPOSE OF BUYING THE PROPERTY
- 11. BUDJET OF THE PROPERTY PREFERRED RS25 Lakh-RS 50 Lakh 30% RS 50 Lakh-RS 75 Lakh 33% RS 75 Lakh-RS 1 CR 27% RS 1CR-RS 1.5 CR 6% RS 1.5CR-RS 2 CR 2% No Money Constraints 2%
- 12. PREFERENCE ON SIZE & TYPE OF THE PROPERTY SIZE TYPE OF FLAT 0 5 10 15 20 25 30 35 40 MEAN 7.26 IDEAL TICKET SIZE OF THE FLAT PREFERRED 500 Sq. Ft. - 1000 Sq. Ft. 1000 Sq. Ft. - 1 500 Sq. Ft. 1500 Sq. Ft - 2000 Sq. Ft. 2000 Sq. Ft - 2500 Sq. Ft. More than 2500 Sq. Ft. No Specific Preferences 0 5 10 15 20 25 30 35 1BHK+1toilet+1CarPark 2BHK+2toilets+1CarPark 2BHK+2toilets+2CarParks 3BHK+2toilets+1CarPark 3BHK+2toilets+2CarParks 3BHK+3toilets+2CarParks 3BHK+3toilets+3CarParks 4BHK+3toilets+2CarParks 4BHK+3toilets+3CarParks MEAN 7.27TYPE OF FLAT PREFERRED 1 BHK + 1 toilet + 1 Car Park 2 BHK + 2 toilets + 1 Car Park 2 BHK + 2 toilets + 2 Car Parks 3 BHK + 2 toilets + 1 Car Park 3 BHK + 2 toilets + 2 Car Parks 3 BHK + 3 toilets + 2 Car Parks 3 BHK + 3 toilets + 3 Car Parks 4 BHK + 3 toilets + 2 Car Parks 4 BHK + 3 toilets + 3 Car Parks
- 13. CONSIDERATIONS WHILE BUYING THE PROPERTY • BRAND – (4.05) • CREDAI (CONFEDERATION OF REAL ESTATE DEVELOPERS ASSOCIATIONS OF INDIA) – (4.03) • IGBC(INDIAN GREEN BUILDING COUNCIL) – (3.91) 3.80 3.85 3.90 3.95 4.00 4.05 4.10 MEAN 7.13 CONSIDERATIONS WHILE BUYING THE PROPERTY Brand Credai Certification Green Building Certification Vaastu Numerology Customization
- 14. BRAND PREFERENCE 0 10 20 30 40 50 60 VALUES 7.15 CHOOSING A REAL ESTATE PROPERTY Akshaya Pacifica Aurum TVH Ceebros Boulevard Adorit Appasamy ETA Radian Shine Vijay Shanthi DLF Tata Value Homes SSPDL Prestige Silver Springs Hiranandhini Opaline XS Real Gem Groove Puravankara Mantri Synergy L&T Bollineni Hill Side Jain Housing Shoba Meritta Color Homes Casa Grande Amarprakash
- 15. 3.00 3.10 3.20 3.30 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 VALUES 7.32 PREFERENCES ON BASIC AMENITIES INSIDE THE GATED COMMUNITY Power Backup Water Treatment Plant Piped Gas Line Waste Management System Rain Water Harvesting Departmental Store Intercom Facility Gymnasium Swimming Pool/Kids Pool Dressing room with locker facility Children’s Play Area Day Care/ Play School Club House/Conference Room ATM PREFERENCES ON BASIC AMENITIES
- 16. 2.50 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 VALUES 7.33 PREFERENCES ON SPECIALAMENITIES INSIDE THE GATED COMMUNITY Library Mini Auditorium/Mini Theatre Yoga & Meditation Hall Aerobics & Dance Wi-Fi Access CCTV for Security Video Door Phone Walker’s Pathway Multipurpose Hall For Parties/functions Rooms for staffs/Securities & drivers Mini Restaurant Beauty Parlour Clinic Pharmacy School Paid Guest House Visitor’s Car park PREFERENCES ON SPECIAL AMENITIES
- 17. 3.70 3.75 3.80 3.85 3.90 3.95 4.00 4.05 4.10 4.15 VALUES 7.34 PREFERENCES ON ADDITIONALAMENITIES INSIDE THE GATED COMMUNITY Balcony Garden Roof Garden Water body/Fountain Sculptures Music’s in amenities area Plantation of trees Flower plants in park Wide Open Space/ park area Amphi Theatre Signage’s at required places PREFERENCES ON ADDITIONAL AMENITIES
- 18. FINDINGS Location, price, size, Amenities, Proximity to Work Place, Growth Rate and Price are the important factors to be considered in buying the property. 60% - Nuclear family types, 26% are Joint Family and 14% are Single living . 40.8% of the customers are Professional Degree Holders and 28.3% are Master degree holders. 72% are salaried class while 28% have their own business 32.5% are in the income level of Less than 10 Lacs, and 23.3% are 10-15Lacs, 16- 20 lacs and above 30 lacs category has 15 % and 10.8 % respectively. Most of them are migrants from outside 38% of Customers are living in Chennai for 5-10 yrs, are willing to buy Gated Community Flats in OMR, Chennai --contd…
- 19. 26.7% of customers are below 30 years of Age groups and 46.7% are 40-50 years. People in early age group are more interested on buying gated community flats due to their change in trends among generations because of early job opportunities and easy availability of bank loans. Most of them are planned to buy a property by both Loan and Own Funding, and few of them having their own funds. 27% of respondents are willing to purchase flat for their own use and 25% are for Investment purpose, followed by rental/ leasing purposes. 32.5% of respondents are looking for their flat with in the city limit and 27.5% are willing in the center of the city for easy access of all types of facilities. 30.8% of respondents are preferred their flats proximity to work place with the distance of 20kms and 24.2% are interested by less than 10kms. Accessibility to public transport, proximity to work place, hospitals is their main preference followed by proximity to shopping malls, Educational Institutions & other recreational facilities . -contd… FINDINGS
- 20. FINDINGS Sholinganallur, Navalur, Kelambakkam ,- most preferred locality in OMR region in terms of customer’s preference mainly because of high growth rate and increase in job opportunities. Multi-storey Apartments is the most preferred type of property, closely followed by builder floors. People are more aware of brands such as Akshaya, Pacifica, Ceebros, Hiranandhini, Shine and Bollieni group in the real estate Industry. Customers are also ready to pay an additional cost to buy from such renowned real estate developers. 26.7% of respondents are below 30 years of Age groups and 21.7% are 40-50 years Age levels. It shows that early age group people are more interested on buying gated community flats due to their change in trends among generations and lot of early job opportunities and easy availability of bank loans for household purchase. People who are in less than 10 lacs annual income level prefer buying studio /single BHK multi-storey apartments with a price range of (25-50 lacs) & people in income level of 10- 20 lacs income group prefer multi-storey apartments with price range of (50 lac - 1cr) & expecting lot of amenities within the gated community. --contd…
- 21. 35% of customers are shown their floor preference as Less than 5 floors, 30% prefer 6-15 floors and 20% prefer 16-20 floors 36.7 % of customers have shown their interests that the flats in each floor is limited to Four, 28.3% are upto Six flats and 14.2% are Two flats. Basic amenities in various aspects such as Water treatment plan (mean 3.96), Power backup (mean 3.93), Club House (mean 3.62), Children’s play area (mean 3.57). Special amenities -Video Door Phone (mean 4.0), Mini Restaurant (mean 3.20), Wide Open Space (mean 3.18) & Pharmacy (mean 2.78). Builders needs to observe the modern world needs that are highly scaled inside the gated community flats for ease of accessibility. Additional amenities - Balcony Garden (4.12), Wide open Space / Park Area (mean 4.09), Sculptures (mean 4.03), Amphi Theatre (mean 4.02). Most of them prefered -> one-time payment mode (mean 23.3) for maintenance amount than Monthly / Quarterly payments. FINDINGS
- 22. SUGGESTIONS OMR is popularly known for IT ES (Information Technology Enable Services) sector, Akshaya can concentrate on developing Corporate Real Estate projects and commercial buildings. Price is the most important factor which helps to take potential decisions to purchase the Flats. Few Customers are not precise on investing more money when meets their exact needs and preferences. Akshaya can maintain quality standards in providing all facilities Introduce multi level marketing through existing Akshaya Customers As most of the customers preferred more 1BHK and 2BHK types with the price ranges 25L-50L;50L-75L; Akshaya developers can concentrate more on these segments to increase sales promotion Builder needs to create an environment with permanent employees in construction work.(instead of rented labor) Suggesting Akshaya to introduce one-time payment scheme (for a period of years) towards maintenance fees as CORPUS FUND.
- 23. As customers are now well educated and have access to the Internet, Property sites such as Common floors.com, 99acres.com or magicbricks.com . Akshaya has to showcase their successful project details and creating a good brand image through social media marketing. Customer is very sensitive about the privacy hence Akshaya can concentrate on building each flats of main door should not face each other. Periodical review/feedback from the existing Akshaya customers would create more value adds to the Akshaya developers Due to frequent change in the mindset of the customers, more market research needs to be conducted in real estate sector using BIG DATAANALYTICS & SMAC services towards(STP) customer’s segmentation - in turn Akshaya can target the exact customer requirements and by positioning well in the market place with its competitors. SUGGESTIONS
- 24. THANK YOU
Editor's Notes
- #5: s