Dissertation Report

On CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR

By

Pawan Khatri A4111410015 MBA Class of 2010-2012

Under the Supervision of Anshul Goswami Lecturer

In Partial Fulfillment of Award of Master of Business Administration In Real Estate And Urban Infrastructure

AMITY SCHOOL OF URBAN MANAGEMENT AMITY UNIVERSITY UTTAR PRADESH SECTOR 125, NOIDA - 201303, UTTAR PRADESH, INDIA

AMITY UNIVERSITY UTTAR PRADESH

AMITY SCHOOL OF URBAN MANAGEMENT

DECLARATION

I Pawan Khatri , student of Masters of Business Administration from Amity school of urban Infrastuture , Amity University Uttar Pradesh hereby declare that I have completed this Dissertation Report on CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR as part of the course requirement . I further declare that the information presented in this project is true and original to the best of my knowledge .

Date Place : Noida Pawan Khatri Enroll No A4111410015

AMITY UNIVERSITY UTTAR PRADESH AMITY SCHOOL OF URBAN MANAGEMENT

CERTIFICATE

I, Anshul Goswami hereby certify that the dissertation titled is a bonafide work submitted by Pawan Khatri, student of Amity School of Urban Management, Amity University Uttar Pradesh under my guidance and support. This report relates is original in thought, expression, content and style.

Anshul Goswami Lecturer, MBA

CERTIFICATATE OF ORIGIN

This is to certify that Mr. Pawan Khatri, a student of Post Graduate Degree in MBA in Real Estate and Urban Infrastructure (2010-2012), Amity School of Urban Infrastructure, Amity University, Uttar Pradesh has worked on the Dissertation Project CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR, under the able guidance and supervision of Mr Anshul Goswami, ASUM, AU. This dissertation report has the requisite standard for the partial fulfillment the Post Graduate Degree in Masters of Business Administration. To the best of our knowledge no part of this report has been reproduced from any other report and the contents are based on original research.

Mr. Anshul Goswami (Faculty Guide)

Pawan Khatri MBA (Class of 2012) Amity Business School

ACKNOWLEDGEMENT

This dissertation has been an eye-opener for me as it opened new vista of information to me. Words shall never be sufficient to describe my experience while doing this dissertation. It is the product of countless hours. My thanks go out to all those who helped, whether through their comments, feedback or suggestions. Im deeply indebted to my revered faculty guide Mr Anshul Goswami, Asum, AUUP, for his valuable guidance, constant supervision and above all his continuous encouragement & support during the tenure of my project. Im also very thankful to our Director General, Er Ak Shrivastav, for providing me with all facilities. I would also like to thank all those people who have helped me in the successful completion of my project by giving their precious time in filling my questionnaire without which it would not have been possible to complete my project. Lastly, no words could adequately convey my thanks to my family members and friends who indirectly co-operated with me.

Pawan Khatri MBA (Class of 2012) Amity School of Urban Management

TABLE OF CONTENTS
Chapter No.
Ch-1 Ch-2 2.1 2.2 2.3 2.4 2.5 2.6 Ch-3

Subject
Executive Summary Real Estate in India Commercial Residential Retail National Capital Region (NCR) Growth Drivers of Real Estate Major Players in India Critical Review of Literature

Page No.
7 10

23

Ch-4
4.1 4.2 4.3 4.4 4.5

Research Methodology Objective of the study Scope of the study Data Collection Method Sample Design Data Processing Findings and Analysis Recommendation Bibliography Annexure

37

Ch-5 Ch-6 Ch-7 Ch-8

40 54 57 59
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Chapter.1 EXECUTIVE SUMMARY

EXECUTIVE SUMMARY
This research work is related to customers and investors research study, titled CUSTOMERS PERCEPTION TOWARDS INVESTMENT IN RESIDENTIAL REAL ESTATE IN NCR in high tech cities like Noida, Ghaziabad, Gurgaon, Greater Noida, Faridabad and New Delhi. The research addresses the factors influencing the customers and investors decision to allocate resources to real estate. The survey includes a sample of major customers and investors via a questionnaire. They answered question about their target real estate investment according to the preferences such as location, budget, infrastructure, and the major reasons for investing in real estate, and their view point on major factors which are to be considered before investment. I collect the information related to real estate and the information needed to buy or search property from the educated people who can really have experience of purchasing property or want to buy house or property. For that I targeted to meet people from various organizations who were working. I collected data from Delhi and NCR region. The objectives of my questionnaire are as follows
Knowing the consumers perception while he goes to buy a residential apartment. Knowing the expectations of a consumer when he goes to buy a property

Finding all the solution to their perceptions and expectations. A secondary objective was to gather information about what customers want from real estate developer and Regulatory body working in Real estate sector.

I started my survey from Real Estate Expo held at New Delhi. I collected the data of 200 people which has helped me to find out their perception and expectations. Few of them are as follows People do not have a well defined expectation from the Developers. People are not aware about the process of buying a house /property.
People are not aware of the legal and technical documents which they should check

while buying or searching house/property. Whatever information builder provide to customer in there broachers are condition based and customer does not understand it in same way. Builders not selling their project directly to END User.

People do not know much about the Real Estate sector

During the course of this research work I was provided with an opportunity to interact with the number of people to receive their responses for questionnaire gave a glimpse of the behaviors of people and how a researcher should proceed to elicit the responses comfortably. The experience gathered during this research study will help me to understand the real estate sector and customers perception about investing in real estate

CHAPTER 2 REAL ESTATE IN INDIA

REAL ESTATE IN INDIA

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Notwithstanding the global uncertainties arising out of the subprime meltdown, potential slowdown in US and weakening of the dollar, the real estate demand in India across sectors remains strong on the back of phenomenal economic performance. India, like many other parts of the world is zooming away in the face of a real estate boom. In India there is a real estate boom in any direction you wish to see. Whether it is Bangalore, Pune, Calcutta or Hyderabad or even already sky high Mumbai and Delhi the story is the same. Now apartments are more than just houses. They are about lifestyle. So while the first housing colonies had nothing but a security guard, these new housing colonies have a gym (spa, Jacuzzi, steam), swimming pool (heated, lined with Italian marble). Some have a multiplex, shopping complex. There are those which offer a servant entrance. The next step is creating an ambience. What does on differentiate in a house? So you now have themed houses. The concern is that in India, the stock prices are at the height of a boom. As it happens, a boom in one sector translates into a boom in another sector with invertors rushing to park their money in a safe place. Also, add the foreign exchange glut in India fuelled to a great extent by software engineers parking their dollar salaries in real estate (especially near the tech hubs). Low interest rates (relatively, as compared to 10 years back) over the last few years made bank loans easier. Driven by positive growth in the economy, real estate in India is booming. The year 2006 started as on a promising note when the Government of India opened the construction and development sector in February 2006, and allowed 100 percent foreign direct investment (FDI) under the automatic route in order to spur investment in the vital infrastructure sector. The government has thrown open the lucrative parts of the Indian reality market to global investors for the first time. The relaxation of the FDI ceiling saw big names joining hands with the Delhi based developments to announce Indias largest FDI in the reality sector. Groups showing interest in India include major Indian and International Companies. The development of real estate in India focuses on two primary areas: retail and residential.
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 The global real-estate consulting group Knight Frank has ranked 5th in the list of 30

emerging retail markets and predicted an impressive 20 percent growth rate for the organized retail segment by 2010. The organized segment is expected to grow from a mere 2 percent to 20 percent by the end of the decade, it said. The boom is also attracting interest from foreign players. In recent years, non-resident Indians (NRIs) have played a very important role in transforming the Indian real estate market. Openingup of the Indian economy provided them with new opportunities and they have shown a great deal of confidence in the changed set up. Since 1994, NRIs have invested in sizeable amount, of which a big chunk has found its way into the property market. Anticipation by NRIs has brought about a lot of maturity in the market which in the past had solely banked on the actual users.

2.1 COMMERCIAL

India has been hit by the global outsourcing waves. If IT/ITES continues to grow at the estimated growth rate for the next four years it will be an approximately US$24 bn. Industry by FY 2010.

NASSCOM-MCKINSEY surveys have predicted that the ITES sector in India will provide jobs to 1.1mn sq. ft. of office space.

Over the course of the past five to ten years, the major occupier of the commercial real estate has been the IT/ITES/BPO sector as opposed to banking, finance, multinational, corporate and large Indian manufacturing companies. Almost 80 percent of demand for commercial space today is thanks to the above sector.

Accordingly, a shift is happening towards cheaper and larger locations in the suburbs closer to dense population pockets supplying quality workforce at
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competitive rates. Thus, a gradual decline in the status of the CBDs, which is already experiencing vacancy rates of over 20-30 percent, is expected over time. More and more developers are building quality built-to suit space catering to the end user in the suburbs. In a nutshell, there will be a huge demand for commercial space in suburban area of major cities. Most developers are providing a more efficient and better class of product than they were five years ago. At cheaper costs. These products are of a global standard and developers are using new age technologies in order to reduce delivery times. The capital values of commercial properties have moved up by 10-12 percent over the past 12 months, even though the rental values have remained the same. This disparity will cease once the interest rates moving upwards. Looking into the future, we expect supply to continue to match demand. A number of developers will put up quality products on to the market, thereby stabilizing rental property rates.

2.2 RESIDENTIAL

Residential property is gaining ground as an attractive mode of investing for middle-class people leading to growing demand.

The residential market has picked up due to the lower interest rates coupled with easy accessibility to loans.

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The increase in prices of residential properties nationally has been 15-20 percent. This can be largely attributed to the increase in the land prices as well as the input costs.

With the shifting of more and more companies and offices to the suburbs, growth in the suburban residential real estate market has also been witnessed. Lavish townships with good quality construction with luxurious amenities and facilities are now coming up.

The demand for good housing is evident, as most of these developments have witnessed a pre-construction booking of 75-80 percent and even 100 percent in some cases, both by end users and investors.

There is the total national housing shortage of 41 mn. Units. Out of the above, close to 80 percent consists of housing for the weaker section.

A study has shown that 50 percent of the formal housing in the country is accessed through the rental route and not ownership. It is thus pertinent to put in place an environment to encourage more stock of rental housing.

2.3

Retail
Retail is considered the worlds largest private industry with total sales of US$ 6.6tn. With close to 12 mn. Outlets, India has the largest outlet density in the world. The consumers demand for international quality ambience, convenience and infrastructure will drive future growth.

Retailing is becoming the next boom industry with organized retail being a market of US$6 bn. It is due to the growing eight fold in the coming decade. It is expected
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that the share of modern retail shall grow from about 8 percent in 2007 to 20 percent by the end of the decade.

The total retail industry growing exponentially at 8.5 percent per annum and consumer spending has increased at 12 percent per annum during the last 3 years.

The Indian consumer today is evolving. The increased purchasing power of the urban educated middle class, more exposure to brands and products through television and foreign trips, and the growing number of working couples has led to a change in buying habits and thus the retail scope in India today about 50 mn. Sq. ft. of organized retail space will be coming up across the country by the year 2010.

However, the real estate industry is at a critical point. Currently, we have a depleting pool of retailers and successful department store chains with a lot of shopping center space competing for the same tenants. This accordingly, creates an opportunity for foreign retailers. There is a dire need to allow 100 percent in retailing.

Developers who can show most ingenuity in creating an interesting environment, both from a shopping and an experimental standing point, will be the ones that will create an asset that will withstand the test of times.

A notable trend in the market is the development of integrated retail-cumentertainment centers. An increasing number of retailers are focusing on malls as opposed to stand-alone developments. Several factors determine a retailers attraction towards a particular mall. A recent survey revealed that, for a retailer, the most important parameters in selecting a mall as a potential location are:
1. Consumer demographics 2. Developer reputation 3. Cost of leasing space

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4. Quality of other tenants 5. Car parking 6. Support facilitie 7. Infrastructure 8. Maintenance

Whilst the number of shopping malls has seen a surge in the recent past, the future development is now focused on providing for leisure activities as well. A significant number of multiplexes are being developed as an integral part of retail malls, along with amenities such as food courts and video game parlors. PVR, INOX, Satyam Cineplexs and Shringar Films are diving the multiplex business expansion across the nation while Appu Ghar, The Delhi Based Amusement Park, has plans of starting operations in at least two new locations. The next step in the evolution of malls in India is specialty malls and theme malls that cater to a specific target audience. These would include wedding malls, auto malls, home accessories and life style malls, factory outlet malls, etc. Some of these chains after setting up in the metros are already looking to foray in to the non-metros to reach out to a broader customer base.

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Source: Knight Frank Research

2.4 National Capital Region (NCR)

Market Overview
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The real estate market in the National Capital Region (NCR) has experienced large-scale as well as wide spread development in the last few years. Real estate opportunity in the region has transformed Gurgaon and Noida into sought after destinations of the country. The primary reason behind the rise in development in Delhi's neighboring towns is the lack of availability of land in the capital. As per the Gurgaon Master Plan 2021, Haryana Urban Development Authority (HUDA) plans to develop around 37,069 hectares of land across 115 sectors (including the industrial sectors). On similar lines, the Ghaziabad Development Authority (GDA) has ensured that the districts of Greater Noida, Bulandshahr, Meerut, etc. also provide potential for real estate development. Further, Delhi Development Authority (DDA) plans to release some more land parcels for development near Dwarka, close to the domestic airport. National Capital Region (NCR) Delhi is the hub of commercial activities ranging from small entrepreneurships to large scale industries as well as the IT/ITES sector. Rising office space demand has led to the development of neighboring satellite towns like Gurgaon, Noida, Ghaziabad, Faridabad, etc. In order to accommodate increasing demand, local bodies have been encouraged to promote district centers at Janakpuri, Dwarka, Saket, Jasola and community centre at Laxmi Nagar in Delhi. These off-CBD locations, district centers and peripheral business districts are undergoing rapid commercialization. The residential growth in the region is following a radial pattern with substantial development taking place in the peripheral locations of Delhi, viz. development of new sectors in Faridabad. New residential pockets have formed owing to the active residential development around Gurgaon undertaken by developers like Unitech, Emaar MGF and Gaursons, as well as projects taken up by Ansals towards east of Delhi. Retail market in the city has witnessed intensification in various micro-markets, particularly in peripheral locations where organized retail space has come up in a big way. New retail destinations in Delhi include locations like Saket, Rajouri Garden, Preet Vihar. Notable mall developments, reflecting organized retail expansion in the peripheral markets, include Ambience Mall and DLF Mall in Gurgaon and Great India Place in Noida.

Residential Supply and Demand

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Delhi
With the commissioning of Delhi Metro, the residential locations of Dwarka and Rohini have experienced substantial appreciation in capital values. Most of the residential construction in Delhi primarily constitutes of Builder Floors in the already developed areas. This is primarily because of non-availability of land parcels in the city. Parsvnath has two projects under construction in north and west Delhi. DLF has also acquired land for development in south Delhi. The total residential supply expected in Delhi by 2010 is 2.65 mn.sq.ft.

Gurgaon
Upcoming residential growth pockets in Gurgaon include Golf Course Road, Sohna Road, DLF Phase V (Nirvana Country) and sectors 47, 56, 57. Gurgaon accounts for about 53.68 mn.sq.ft. of total residential space coming up by 2010, of which about 22.34 mn.sq.ft. Shall be ready by 2008. Projects in Gurgaon and Manesar have achieved an occupancy rate of 80%.

Noida
Noida has been one of the most sought after residential markets in NCR with recorded occupancy of 75%. The stretch along the Greater Noida Expressway has large quantum of office development planned and thus is expected to see demand for quality residential space. Noida has around 41.17 mn.sq.ft. of residential space coming up by the year 2010, out of which 1.74 mn.sq.ft will be added in 2008 alone. The sectors along the Greater Noida Expressway are expected to receive the maximum (approximately 95%) of the total supply.

Greater Noida
The residential development was earlier concentrated in the sectors Omega I, II; Gamma I, II; Beta I, II; Delta II, III, Alpha I, II. With the increase in demand, development is shifting towards sectors Zeta II; Eta II; Omicron I, II, III; Phi I, II, III; Chi I, II; Psi II; Sigma I, II,
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III, IV; Pi I, II. The locations of the future include Sector Tau, Swarn Nagari, sectors Mu I, II; Nu I, II; Xu I, II, Kappa I, II; Eta I, II; Iota I,II. Approximately 27.72 mn.sq.ft. of residential space shall come up in Greater Noida by 2010 and 5.12 mn.sq.ft. is added in 2008 alone.

Faridabad
A large number of residential projects were announced in Faridabad in the year 2007. Even Surajkund- Badkal area has seen substantial development over the last 2 years. However, as the market is primarily investment driven, there has been very little end-user demand in the area. The Delhi metro is expected to be extended to the satellite township in the near future and this is expected to increase the number of people willing to settle down in Faridabad. A total of 37.42 mn.sq.ft. of residential development is proposed to come up in the city by 2010.

Ghaziabad
The locational advantage has been one of the primary drivers for the growth of residential market in Ghaziabad. The construction of the Delhi metro has already begun and is expected to boost the housing demand in the region. The city is estimated to have a considerable supply of 66.19 mn.sq.ft., thereby responsible for contributing around 28% of the total estimated supply of NCR. The development is concentrated more in the Indirapuram area along the NH-24. There are also various residential projects coming up along the NH-58, leading to Meerut.

2.5

GROWTH DRIVERS OF REAL ESTATE

Indian Real Estate Market Growth Drivers:

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Source: www.bnicapital.com/GrowthDrivers

The robust growth in IT sector has pumped the growth in real estate sector. An estimation of 70 percent of new construction is for the IT sector. Retail sector is growing at a fast pace. India has been ranked as 5th in the list of 30 emerging retail market and 20 percent growth is predicted for the organized retail segment by 2010.

Spiraling demand for hotel rooms has bought boom in hotel industry. The demand supply will remain over 50 percent beyond 2009 generating substantial business for real estate.

The correlation between the stock market and the property market is marginal enough to be insignificant. While the stock market is driven by investors on a desire-to-earn basis, the property market is driven by the end users on a need-to-use basis.

2.6

MAJOR PLAYERS IN INDIA

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Real Estate Developers: To name a few of them DLF UNITECH ANSALS PARSVNATH DEVELOPERS OMAXE LTD. ELDECO EROS EMAAR MGF JAYPEE LOGIX GROUP AMRAPALI GROUP

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CHAPTER 3 CRITICAL REVIEW OF LITERATURE

Fallout of real estate boom:

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The boom in the real estate saw emergence of many builders, who played upon the emotional side of human nature to own one's own dream house, commercial space etc. Besides the ever rising prices of the houses/flats etc attracted many to invest in the real estate with a hope that their money will give the best returns if invested in the real estate sector. The interest of the consumer in the real estate lead to heavy bookings of the buildings, innovation of the concept of pre-launch bookings, the flats/commercial space were sold while at the drawing board stage. The consumer never bothered to check the credentials of the builder, sanctions by the competent offices etc. Instead the consumers were led by alluring advertisements issued by the builders, promising delivery of possession of constructed building/flat within the stipulated time. After the bubble has burst, needless to say, the promises of the builders have gone for six. The purchaser/consumers have paid the entire sale price/major consideration and they are under debt of bank/financial institutions, savings have evaporated and there is no sight of completed building. The promising builder has vanished or has started avoiding calls; request for refunds, delivery of possession is unheeded. Instead some builders have the audacity to demand more money on account of alleged escalation cost with a remote possibility of possession being handed over to them. I need to emphasize consumer is not helpless and should not allow the builder to run over him. He should fight for his right, the law of land supports him in this regard. The Consumer Protection Act, 1986, will come to the rescue of such erring builders and will force the builders to pay compensation to the consumer, hand over the possession of the flat booked/alternative flat in the same locality and will ask to builder to bear the cost of escalation, if any, on account of rise in price of constructing a building. The purchaser/buyer is a consumer within the meaning of the above mentioned Act and failure of the builder to hold on to the promise made at the time of booking in delivering possession A cheated customer can lodge a complaint with the consumer forums pointing out the deficiency of services by the builder. A consumer court is divided into three forums namely, district forum, state commission and National Commission. Where the value of the property is less than twenty lakhs, the complaint will be filed in the District Forum. Where the value of the property is more than twenty lakhs but less than one Crore the complaint will be filed before the State Commission and where the value of the property is in excess of One Crore the complaint will have to be filed in the
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National

Commission.

In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood, the National Commission, reported as MANU/CF/0069/2007 was faced with a situation, wherein the consumer was led by the advertisement of the builder of delivery within stipulated time and consequently on the failure to deliver, the builder contended that government permissions, such as approval of zoning plan, layout plan and schematic building plan were not given, thus the delay in construction should not be a ground for grant of compensation to the consumer. The consumer was further burdened with the escalation cost due to such delay. The Honorable National Commission observed that it is unfair trade practice on the part of the builder to collect money from the prospective buyers without obtaining the required permissions such as zoning plan, layout plan etc. It was further held that it is the duty of the builder to obtain the requisite permissions or sanctions for construction etc in the first instance, and thereafter recover the consideration money from the purchaser of the flat/buildings. The National Commission further observed that if there is any express promise that the premises would be delivered within the stipulated time and if it is not done so, cost is required to be borne by the builder. In another matter titled as Veena Khanna Vs Ansal Properties and Industries limited, reported as III (2007) CPJ 185(NC), the National Commission set aside an order of the State Commission, wherein the builder was directed to refund the money to the consumer along with the interest @ 13%. In the alternative, it was directed that if the builder chooses to hand over the possession of the flat, the order of refund with interest will not come in operation. The builder taking advantage of the order refunded the money, because of the rise in the prices of the immovable properties. The National Commission observed that refund of money with interest at bank rate does not mean that the complainant is adequately compensated for delay in construction of flat by the builder and not delivering the possession of the flat. It was noted that because of the delay in construction it is practically impossible for a consumer to purchase a flat at the market price. It was held that it was the duty of the state commission to direct the builder to deliver the possession of the same flat or flat of similar size to the consumer with compensation for delay in delivering the possession. Or in any circumstances, adequate compensation ought
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to have been given so that the complaint could purchase a new flat of the same size at the prevailing market rate. Mere payment of interest is not an adequate compensation.

NEED OF REGULATORY BODY IN REAL ESTATE

These days many people are cheated by builder and since builder are big gun so very few people get justices against builder. It Raises a question - Does our constitution really needs the law? We already have unlawful Activities (Prevention) Act 1967 .We have laws but the same story, nobody cares/dares it. A question arises that- Do we need RBI or SEBI. How many get people (individuals) participate to in investing share or reaping market money from result. shares/bonds/MF, etc. may be 40% maximum. Its a different issue that 70% of the people affected due Similarly in today's real estate may be 50% of Indians get affected directly but 90% indirectly. You know the real cause of recession is the real-estate sector in the US Actually we need to understand where a regulator is needed and where not. Three basic needs Food, Clothing & shelter. Now everybody knows Regulatory body in Food and Beverage is really important (not in India - so Pepsi and Coke are doing business - poor us, 1st world countries do have). We don't have as such a proper regulatory authority for Clothing (as it is cheaper here - look at any 1st world country, they have). About home....... a dream of every man - whether rich/poor it takes whole life to get a home. Govt. advertises about checking food quality, prices of a commodity, and problems with auto and credit cards but hasnt seen this effort to educate people about real estate. What to do if you are at problem with your builder, what is map approval, how can a common man get it, what is mutation, why is it important, - really more important to any man than running after some credit card inflated bill or some inflated charges taken by Big Bazaar - sort of problems. The amount of business real-estate industry is generating can't be no-longer ignored. After 2001, probably everyman directly or indirectly is associated with real-estate sector (see the investments in Infrastructure bonds only). After IT and ITES industry, real-estate sector comes next in terms of people employed. The value of stake holders in this sector is no lesser than 90%.
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The involvement of more than 50% of the population (public representatives) makes a govt. Why not a industry. People within (i.e. employees) and outside (investors, buyers, and share-holders) if moderated by a central agency like RBI.

Complete information of how to buy a home or property:

1. How do I buy a house? Be an informed consumer; buying a house is one of the most complicated and expensive purchases you will ever make. As with most other things, you get what you pay for. Look at and compare many houses in different areas. Once you have seen something you like, assess its location. How far will you have to commute? What is the traffic like? How does the neighborhood look? What services are available? How good are the local schools? Will you be able to get your children into them? What is the crime rate in the area, and what types of crimes have occurred in the past couple of years? Visit the home on multiple occasions and at different times of the day. Remember: location, location, location. It's one of the biggest factors in setting the price of the home. Before you make a written offer, know exactly what you are buying and what the costs will be after you own it. For example, in addition to the monthly principal and interest payments that you will have to finance the purchase of your home, you will need to budget for utility bills, property taxes, and insurance and maintenance costs. If you buy a home that has a homeowner's association, you will also have to pay association fees. Some homes have special assessments in addition to the regular property taxes. Make sure that you ask the seller for copies of the past years" bills for these services, and that you inquire as to whether there are any assessments scheduled to be placed on the property in the future. Also, check the condition of the house and any appliances, window coverings and other items that you want included in the sale. Consider purchasing a home warranty. For a minimum fee, the home warranty company will insure that the house and the appliances are in working condition. Many companies will provide coverage for washers, dryers, pools and pool equipment, air conditioning, and some roof repairs. Your agent or escrow holder can provide you with information on these policies.
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2. Do I need a real estate agent or an attorney? An experienced local real estate agent can assist you in finding a home that meets your particular needs. He or she will also have information about the home and area that an outsider would never find just by looking at the particular home. Most homes are listed for sale by a real estate broker who is referred to as the seller's agent. The seller's agent represents the seller. The agent who helps you find the home is called the buyer's agent. Usually you will not have to pay your agent a fee for the time and energy he or she spends in finding the home and assisting you in closing the sale. The buyer's agent's fee will be paid by the seller when you complete the purchase of the home. Your real estate agent will also assist you in negotiating the price, learning about the community, obtaining a loan, inspecting the home, and in closing the escrow. In some instances, a real estate agent can represent both the buyer and the seller. This is referred to as a dual agency. This must be disclosed to you before you make an offer. It is advised that you proceed carefully in this situation, since your agent will be working for both the seller and you at the same time. If you are not sure that you understand all of your rights and responsibilities, it is advisable to see an attorney who is experienced in the purchase of residential real estate. An attorney can help you with legal and tax questions that come up during the purchase of the home, and can assist you in reviewing all of the documents and reports that will be provided to you in the process of purchasing the home. For more information on how to locate a qualified attorney, order a free copy of the State Bar pamphlet How Can I Find and Hire the Right Lawyer? To find out how to order a free copy of this pamphlet and other State Bar consumer education pamphlets, call 415-538-2280. Or visit the State Bar's web site (www.calbar.ca.gov) where you'll find the bar's consumer education pamphlets, as well as information on ordering them. The pamphlets also can be ordered in bulk. 3. What information must the seller provide us? In most cases, when you are preparing to buy a home, the seller must provide you with a
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Real Estate Transfer Disclosure Statement. This is a pre-printed form that lists many features or conditions about the home, the land, and the area where the home is located. The seller must list on this form any possible problems he or she is aware of that might affect your willingness to purchase the home. This includes, for example, easements, rights of others to control how you use the property, environmental problems, nonfunctioning equipment, zoning and building violations, and special assessments. The seller's agent must visually inspect the home and report all facts that he or she feels might affect your decision to buy this property. If you want information that is not covered in the Real Estate Disclosure Statement or additional information that is disclosed, put your questions in writing and ask the seller to respond in writing. You should review the Disclosure Statement immediately and carefully. In most instances, you will have a limited period of time to decide whether you wish to proceed with the purchase despite the stated disclosures. Depending upon your purchase agreement, some sellers will require a written acceptance of the conditions contained in the statement. Other sellers will consider your silence as acceptance of all of the conditions contained in the Disclosure Statement. If you buy a condominium, the seller must give you copies of the homeowners association's rules and bylaws, and financial statements, and must inform you if there are any unpaid assessments. You should also ask to see the past minutes of the association board meetings. You might find that there are pending or future lawsuits or defects in the construction of the complex being discussed in these meetings. All of which would affect the value of what you are buying. 4. Should the house be inspected? Before buying any property, it is advisable to have it inspected by trained specialists. The kinds of inspections you need depend on the location and condition of the property. For example, in a hillside area, you might want a soil stability inspection. If you are buying a home built before 1978, you should seriously consider an inspection for lead-based paint. At a minimum, you should have the home inspected to determine if it is structurally sound, a pest control inspection to see if the house has been infected by termites or dry rot, and a
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natural hazards inspection to see if the home is located in an area subject to fire, earthquakes or flooding. The real estate agent can advise you about additional inspections that might be warranted under the circumstances. Keep in mind that while the seller has to tell you about anything he is aware of that is wrong with the house, he is not insuring the quality of the house; for this reason, and an inspection is a good idea. 5. How do I make an offer on a house? Most homes are sold through real estate agents who have expertise in valuing homes. You can also get information on home sales in your area by visiting a host of Internet sites provided by professionals in the industry, or by reading the real estate section of your local newspaper. Once you have found the home of your choice and have determined how much you are willing to pay, you need to make a deposit (called earnest money) to show the seller that you are serious about buying the house. The deposit is considered a down payment on the price of the home. In some instances you may have to increase your deposit or increase your offer, especially if there are multiple offers on the home. The deposit is usually deposited in escrow upon the acceptance of your offer. You submit a written offer on a form known as the Residential Purchase Agreement and Receipt for Deposit. This form sets out the terms upon which you are willing to purchase the property. The price you offer on a home will, in most cases, be less than the amount you will need to purchase the home. There will be expenses incurred in purchasing the home that will have to be paid by either the buyer or the seller. These include, for example, title reports, document preparation, recording fees, local taxes, fees for inspections, escrow fees, homeowner's insurance, and notary fees. Ask your agent or escrow officer to provide you with an estimated closing statement. This will give you an idea of some of the additional costs you will incur in purchasing your home. You do not want any surprises. 6. What is a Residential Purchase Agreement and Receipt for Deposit? This agreement is an offer which, upon acceptance by the seller, results in a binding contract.
30

It should cover all of the important terms of the sale. For example, it should include a complete description of the property and of any personal property that will be sold with the house, such as window coverings, kitchen appliances, washers and dryers. It should state the exact purchase price, including the amount of your initial deposit, any increases in that deposit, the amount you will pay in cash, check or wire transfer, and the amount you will need to finance to complete the purchase price. This agreement should also list any conditions that may allow you to back out of the contract. You will want a condition that allows you to cancel the contract if you cannot obtain a loan on favorable terms or if the inspections reveal substantial defects or problems with the home. You may also need a condition that allows you to cancel the sale if you cannot sell your current home. Please understand, however, the more conditions you have, the less likely the seller is to accept your offer. This agreement should also set forth what will happen to your deposit if you cancel the sale, what will happen if you and the seller have a disagreement over the terms of the sale, and how the brokers will be paid. The agreement should also indicate whether you are purchasing the property in "as is condition" or the seller is warranting the condition of the property. Take the time to go over each and every term of the agreement with your agent before you sign the agreement. 7. Can I change my mind? You should not make an offer to purchase a house unless you are serious about buying it. You can, however, revoke your offer before it is accepted by the seller. This revocation should be in writing. If your offer has already been accepted by the seller, you may be able to terminate or revise your offer if you are unhappy with what your inspections reveal or if other conditions of the offer are not met. The Residential Purchase Agreement and Receipt for Deposit contains several provisions that discuss what will happen in the event the sale does not go through. There is a mediation provision, an arbitration provision and a liquidated damages provision. The liquidated damages provision can result in you losing most if not all of your deposit (up to 3 percent of the contract price) in the event you elect not to complete the purchase price, and your
31

election is without good cause. There is no provision in the standard contract for liquidated damages in favor of the buyer in the event the seller wrongfully refuses to go through with the sale. You do not have to agree to this provision. Carefully discuss the pros and cons of initialing this provision with your agent or attorney. 8. How can I get a loan? Most home loans are made by financial institutions such as banks, savings and loan associations, and credit unions. Other sources of loans are insurance companies, mortgage bankers, finance lenders, mortgage loan brokers, pension funds and investment trusts. Lenders charge different fees and offer different interest rates so it pays to shop around. Your agent will be able to recommend lenders in your area. When you apply for a home loan, the lender will check your credit rating and review your past employment, income history, and credit and debt obligations. It will also obtain information about the property that will be security for the loan. This will include an appraisal or estimate of the fair market value of the home, a review of the preliminary report prepared by the title insurance company to determine what liens, easements and other conditions will be superior to its loan, and a review of any taxes, assessments and zoning regulations that affect the property. Some lenders will charge you a loan application fee, document preparation fee, appraisal fee and other fees to consider or close the sale. You should discuss these fees with your lender before you submit your application.

9. What types of home loans are available? In exchange for cash from the lender, you agree to pay interest and to make payments over a period of time. In most instances, the property you purchase will be security for repayment of the loan. Sometimes a seller will offer a seller-financed or carry back deed of trust. This financing method is often used when a seller wants to receive income over a period of time or when lenders are stringent in their loan requirements. The terms of these loans should be discussed
32

with your agent or attorney. He or she is best qualified to determine if the loan documents and agreement meet all legal requirements. Occasionally, you can "assume a loan or take over a loan that the seller has been paying off. You should be careful in assuming any loan. Most loans have an acceleration or due on sale clause. This means that the lender can demand that the seller's loan be paid in full when the property is sold. If you wish to assume a loan, you should have your agent or attorney review all of the seller's loan documents and make approval by the lender a condition to your offer. Most home loans that are available to Californians offer one of two interest rate structures. A fixed rate loan offers a set interest rate, so that your monthly payment never changes. Some fixed rate loans are federally insured or guaranteed, such as a Veteran's loan or an FHA loan. These loans usually have a lower interest rate and require smaller down payments. For more information on these loans, get in touch with a local office of the California Department of Veterans Affairs, the U.S. Veterans Administration or the U.S. Department of Housing and Urban Development (HUD). Another type of loan that is available is an adjustable rate mortgage loan, sometimes called an ARM. An ARM is a mortgage loan which provides for adjustment of its interest rate as market rate interest rates change. The ARM's interest rate is tied to an index that reflects changes in the market rates of interest. Some indexes used are the Cost-of-Funds Index published by the Office of Thrift Supervision, and the Federal Reserve Discount Rate. These loans usually have interest rates that are lower than the fixed rate loan interest. ARMs can be complicated. Make sure that you understand all of the terms of these loans before you agree to accept one. Occasionally, new mortgage plans become available that are intended to meet specific needs of a community. These include loans for first-time homebuyers, and loans for teachers. Check with your local consumer affairs office and housing departments for up-to-date information on these types of loans. 10. What occurs when I "close" on a home? For the protection of the seller and the buyer, a person or company that has no connection
33

with you or the seller holds the money and papers involved in the purchase. This procedure is called escrow. The escrow holder's job is to make sure that all of the terms and conditions of the agreement are met. He or she will also coordinate all of the activities of the broker, the lender and the title insurance company. The escrow holder will deliver the deed to the county for recording when it can pay the seller the money. Escrow services can be provided by title companies, banks, savings and loan associations, independent escrow companies, realtors or lawyers. The escrow holder does not act as a mediator, a lawyer or an advisor. The escrow holder is required by law to remain neutral. Its only job is to carry out the terms of the escrow instructions. In Southern California, escrow instructions are signed when the escrow is opened. They are modified throughout the course of the escrow as the agreement between the buyer and seller change. In Northern California, escrow instructions are executed just prior to the close of escrow. These instructions should be clear and certain as to the intentions of the parties and the duties of the escrow holder. Make sure your Purchase Agreement does not conflict with your escrow instructions. If they do conflict, the escrow instructions may be considered your final agreement as to the terms of the purchase. If you are uncertain as to what the instructions say, discuss them with your agent, your lawyer, and the escrow holder. After the close of escrow, the escrow holder will provide you with a Settlement Statement. This document will show you, as the buyer, all of the costs incurred by you in purchasing the property. You should review this document carefully and save this statement for later. Many of these costs may be deductible from either your state or federal taxes. If you have any questions or concerns about the charges you incurred, contact the escrow holder immediately and ask for an explanation.

11. How should the title to the home be held? Prior to the close of escrow, the escrow holder will ask you how you wish to hold title to your new home. How someone holds title will affect what will happen to the property in the event of the death of one of the owners. It also will affect whether certain taxes will be
34

incurred or whether a probate of the estate will be necessary. You should discuss your options with a tax specialist and your agent before you make your selection. You can hold title to the home by yourself, as separate property, with your spouse, as community property, or with your spouse or a third party, as joint tenants or tenants in common. You can also hold title to the property in a family trust. For more information on the different forms of ownership, see the State Bar pamphlet Do I Need Estate Planning? To obtain a complimentary copy of this pamphlet, mail a self-addressed envelope (with 55 cents in postage) to the Estate Planning, Trust and Probate Law Section, The State Bar of California, 180 Howard Street, San Francisco, California, 94105-1639. For information on ordering multiple copies, call 1-888-460-7364.

12. Do I need title insurance? Title insurance is necessary for your protection when you buy a home. It is, however, not a guarantee that problems will not arise after the close of escrow. When you make an offer to buy a home, you, as the buyer, have the right to choose the title company. This decision should be based on the local office's expertise, and the company's record for fairly handling claims under its policies. You should discuss these issues with your agent. Once you have chosen a company, you should make one of the conditions of the close of escrow clear title to the property. "Clear title" means that when the sale to you is completed, the title to the property will be free from liens, judgments and other claims that you have not agreed to accept. You should also discuss with your agent the need for a survey of the property and title insurance coverage for boundary line disputes. In many instances, especially in rural areas, boundary lines are not where they should be. A survey and survey coverage can help eliminate future disputes with your new neighbors. Before a title company issues an insurance policy, it will make an investigation to find out if anyone besides the seller claims to own the property. It will also search the public records for claims against the property. The title company will provide you with a report, called preliminary report. You should carefully review this report to determine if it describes all of the property you are interested in buying. You should also review this report and
35

determine what items you are willing to accept when you purchase the property and what items you wish removed or taken care of as a condition of the close of escrow. If you are uncertain as to what the report says, you should discuss the matter with your agent, the escrow holder and/or your attorney. There are different kinds of title insurance available. Often the difference in cost for the better policies is nominal. "Basic" or "Standard" coverage is, in most instances, not the best policy available. For an additional one-time cost or no charge at all, you can obtain protection for losses resulting from illegal construction, zoning violations, unrecorded liens, prescriptive easement claims, and post policy forgeries. Be aware that different companies charge different rates. Discuss with your agent and the escrow holder what policies are available in your area and the differences in prices on each of the policies. 13. Congratulations! Whether you are purchasing a home for the first time or for the fourth time, the day of closing should be a cause for celebration. And since a portion of your purchase price is paying for the agents and the escrow holder's expertise, utilize their services throughout the process leading up to the day of closing. Ask questions; ask for an explanation of any item you do not understand. Request copies of any documents you do not understand; keep copies of all documents relating to the purchase of your home. And, if necessary, seek advice from a qualified real estate attorney or tax advisor. Asking questions during the purchase of your home will help insure that you and your family will enjoy your new home for many years to come.

36

CHAPTER 4 RESEARCH METHODOLOGY

RESEARCH METHODOLOGY: What is research? Research can be defined as a scientific and systematic search for pertaining information on a specific topic. We define research as the systematic design, collection, analysis and
37

reporting of data and findings relevant to a specific situation facing the company. The main aim of research is to find out the truth which has not been discovering yet. 4.1 OBJECTIVES OF THE STUDY Project has mainly three following objective1. To determine the customers perception. 2. To determine the customers expectations. 3. To determine the problems faced by the customers while buying a house. 4.2 SCOPE OF THE STUDY : The project undertaken makes me able to improve my professional skills and expertise. It helps me in getting an idea of Real Estate industry and its importance in our life. It increases my confidence on professional ground by dealing with high profile corporate that are very hard to convince. Also it helps in creating awareness to consumers regarding property documents and in promotion of their services. In order to accomplish the objectives of the project a survey has been conducted amongst customers of the real estate market. The survey is based on questionnaire filling method and limited to some parts of NCR region. The survey is restricted to the information needed to show legal, technical and financial transparency between project developer and customer. TYPE OF RESEARCH: - Exploratory and Descriptive. Exploratory research is a type of research conducted because a problem has not been clearly defined. Exploratory research helps in determine the best research design, data collection method and selection of subjects. Given its fundamental nature, exploratory research often concludes that a perceived problem does not actually exist. Its seeks to find out how people get along in the setting under question, what meaning they give to their actions, and what issues concern them. The goal is to learn what is going on. On the other hand Descriptive research is aimed to find the complete description about an existing problem or phenomenon.

38

RESEARCH DESIGN:A survey research method was the basic research design. I interact with personally to people through questionnaire filling method. Questionnaire is having questions regarding the respondents basic information such as contact details, designation, what type of information they want from real estate project developer and Government, what type of documents they check while buying or searching property. 4.3 DATA COLLECTION METHODS:1. Primary data are collected through questionnaire method which is design to keep in view the objective of the study. 2. Secondary data is collected through internet sources, research papers, and published reports by various institutions. 4.4 SAMPLE DESIGN:Study of the geographical area comprising of Ghaziabad, Noida, Gurgaon, Faridabad were undertaken. It has tried to cover corporate offices of different industries in these regions. Generally I met with the employees related to the top management of the companies. The sample size consisting of 200 peoples of these regions. 4.5 DATA PROCESSING:Daily data was entered into MS-Excel sheets. After the exhaustion of the specified geographical area this data was analyzed using MS-excel graphical and tabulation techniques. The data sheets mentioned here are attached in the report.

39

CHAPTER 5 FINDINGS AND ANALYSIS

FINDINGS & ANALYSIS

1) Tick the options which match your preferable location and types accordingly?

40

Type

1 BHK

2 BHK

3 BHK

4 BHK

Penthouses

Villas/plots

Locatio
Ghaziabad Noida/ G.Noida Faridabad Gurgaon 7 6 21 2 17 34 12 18 9 13 7 9 2 9 6 4 1 3 2 4 8 2 3 1

Findings

Analysis

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From the above bar diagram it is very clear that 2bhk has highest demand in the market and the most preferable location here is Noida. There are several reasons for this:

Investors also want to invest in this segment only. Genrerally 2bhk flat costs you something around Rs.40 to Rs 60lakhs and most people have their budget in between this amount only.

2bhk is the most demanded segment in the rental market this attracts highest investment in this.

2) For the above chosen option how much are you willing to pay? a) Rs.5 lakhs-Rs.20 lakhs c) Rs.40 lakhs-Rs.60 lakhs b) Rs.20 lakhs-Rs.40 lakhs d) Rs.60 lakhs above

42

Findings

Analysis
Most of the people have their budget in between Rs.40- Rs.60 lakhs.this is the reason that 2bhk is the most demanded segment in the market and 2bhk will cost you somewhere around Rs.34-58 lakhs in Ghaziabad,Noida and Gurgaon.and in some place like faridabad you can buy 3bhk in this budget.

3) Property options where would like to invest? a) New residential projects b) Under construction project c) Ready to move in.
43

Findings

Analysis
More then 50% of the respondent were in favour of READY TO MOVE IN HOUSE this is because in underconstruction and new projects they dont have trust on builder wether they will deliver the project or not and if yes then in what time and will it possess same quality which was shown in the catalogue at the time of purchase. In some case it is quite possible that if they invest in new project they will also have to pay rent in which they are living until they get the possession.

4) Purpose of Your investment in residential property will be: a) Investment b) Self use c) Mix of both above.
44

Findings

Analysis
Most of the respondents purpose was SELF USE .This is because commercial property pay higher return then a residential property and a prudent investor will invest in commercial property if his/her motive is only to invest in property.

5) Do you think real estate developers give possession timely? a) Yes b) No c) Cant Say

45

Findings

Analysis
Only 35 out of 200 respondents said yes and this is the reason why consumer prefers ready to move in house. Only 2 or 3 builders are there in the market who deliver their their projects on time otherwise all take 1 to 2 year more in completing the same project.

6) What source of information do you prefer while buying /searching for a property? a) Print media d) Outdoor Add. b) T.V. and Radio e) Personal Reference c) Internet f) Broker

46

Findings

Analysis
Property in India is sold through a broker. This the reason broker is the need of market, so when a customer goes to broker for some particular project then he offers him more options to him which are available in the market. So in this way broker is the most important source of information in real estate market.

7) Return wise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad

47

Findings

Analysis
Noida is the place where you can get the best returns because if you take gurgaon saturation is coming over there. If you take Faridabad infrastructure is the problem. And if you take Ghaziabad no one likes Ghaziabad address. And moreover noida is the only city in which first infrastructure came and then housing. Otherwise in all other place first housing and then infrastructure. So today NOIDA is the best place to invest in.

8) Connectivity/public transport wise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad
48

Findings

Analysis
Noida is well connected to Greater Noida, Ghaziabad, Delhi, Gurgaon via Metro Rail, buses and cabs. Public transport facility is very easily available in Noida

9) Infrastructure wise rank the cities: Noida /G.Noida Gurgaon Gaziabad Faridabad
49

Findings

Analysis
Here today after 20 years Gurgaon is the most developed city in regard of roads, transportation, water, electricity, international connectivity and so the houses are expensive.

10) Employment wise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad
50

Findings

Analysis
Most of the IT/ITes,BPOs,KPOs,MNC are located in Gurgaon and NOIDA and as the jobs opportunities are floating in these cities both of them are the leading.

11) Entertainment wise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad
51

Findings

Analysis
Gurgaon takes the lead because of the development like the cinemas, clubs, restaurants and most of the population comprises from service class and they find the time on weekend to enjoy their life with their family.

12) Your first investment will be in which city Noida / G.Noida Gurgaon Gaziabad Faridabad

52

Findings

Analysis
Today NOIDA is the best city to invest because of several reasons

Still going through the international development phase. Infrastructure Connectivity Present prices are not very high

53

CHAPTER 6 RECOMMENDATIONS

Recommendations:

In reality asset allocation is far more sophisticated process. It varies from person to person and depends on persons financial plan, family background, disposal income, age, and investors preferences. So before targeting the customers the company should consider the factor.

54

Customers should be approached and asked them to see sample flat without forcing them to buy the flat. The conveniences should be born by the company.

Tremendous demand for residential property such as group housing, residential plots, and townships rather than commercial property. The company should focus on developing the residential property more rather than commercial property.

NOIDA is the best place to invest taken in consideration several facts like infrastructure, return, connectivity.

Recommendation to customer
Customers should check all the legal and technical documents and not only the marketing details of the builders/project, before buying or searching house. Customers should go through all the terms and conditions of the project developed. Customer should be aware of the governments policy related to Real Estate.

NOIDA is the best place to invest taken in consideration several facts like infrastructure, return, connectivity. In NOIDA there are property costing Rs.5000 per sq.ft. and there are property costing Rs..3500 per sq.ft. In same sector the only difference is of ready to move in and under construction.

Recommendation to Project Developer (Builder)

These factors will help in creating goodwill and brand for the builder

55

 Builders should show their legal and technical documents to the customers, to make them satisfied because most of the customers want to check it and this also helps in creating a unique identity of the developers.
Builder should deliver the project on time so as to win the confidence of

prospective investors.

Builder should deliver the project in the same way as they have show in catalogue

while selling the project.

56

CHAPTER 7 BIBLIOGRAPHY

BIBLIOGRAPHY
57

 Kotler

Phillip

Marketing

management

analysis,

planning

implementation and control. Schiffman Leon G.& Kanuk Leslie Lazar, "Consumer Behavior",

www.knightfrank.com www.ibef.org www.indianrealestateforum.com www.google.com www.propertywala.com www.indiatimes.com www.buisnessstanderd.com www.economicstimes.com

www.makaan.com

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CHAPTER 8 ANNEXURE

QUESTIONNAIRE
59

TOPIC-Understanding the Consumers Perception & Expectations while investing in residential Property in NCR.
Name Govt. service Pvt. Service Business

Profession-

DesignationName of organization/Company. Age (in yrs) 25 to 30 30 to 35 35 to 40 More than 40

Type 1) Tick the options which match your preferable location and types accordingly?

1 BHK

2 BHK

3 BHK

4 BHK

Penthouses

Villas/plots

Locati on Ghaziabad
Noida / G.Noida Faridabad Gurgaon

2) For the above chosen option how much are you willing to pay? a) Rs.5 lakhs-Rs.20 lakhs c) Rs.40 lakhs-Rs.60 lakhs 3) Property options where would lie to invest ? a) New residensial projects b) Under construction project c) Ready to move in. b) Rs.20 lakhs-Rs.40 lakhs d) Rs.60 lakhs above

4) Purpose of Your investment in residential property will be: a) Investment b) Self use

60

c) Mix of both above. 5) Do you think real estate developers give possession timely? a) Yes b) No c) Cant Say

6) What source of information do you prefer while buying /searching for a property? a) Print media d) Outdoor Add. 7) Returnwise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad 8) Connectivity/public transportwise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad 9) Infrastructurewise rank the cities: Noida /G.Noida Gurgaon Gaziabad Faridabad b) T.V. and Radio e) Personal Reference c) Internet f) Broker

10) Employmentwise rank the cities: Noida / G.Noida Gurgaon Gaziabad Faridabad 11) Entertainment wise rank the cities: Noida / G.Noida Gurgaon

61

Gaziabad Faridabad

12) Your first investment will be in which city Noida / G.Noida Gurgaon Gaziabad Faridabad

62