Description
It is a Research work carried in the real estate industry w.r.t the Mayfair Group to study the consumer decision making processes and consumer satisfaction levels. it also explores the ways of advertising in this industry.
PROJECT REPORT ON “MARKET ANALYSIS OF REAL ESTATE BUSINESS AND MARKETING STRATEGIES OF MAYFAIR GROUP”
SUBMITTED BY: PRITAM MUKHERJEE (MBA: 2011-2013) ROLL NO.: 11217550022 GROUP: PRITAM MUKHERJEE AMIT SAHA
MAYFAIR BUSINESS SCHOOL, KOLKATA (PUNJAB TECHNICAL UNIVERSITY) 2012-2013
ACKNOWLEDGEMENT
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I express my deep gratitude to Mr.S.Chandrashekhar (ManagerHR & Admin.) and to Mr.Amitabha Ghosh (Manager-Projects & Marketing) of Mayfair Group for selecting me and assigning this project to me. I also thank them for helping us out with the day to day activities. I am grateful to Mr.Prithwish Ghosh and Mr.Arnab Dey (Sales-incharge) for providing us with the product knowledge and helping us out in the field activities. I am also thankful to Mr. Abhishek Ghoshal for providing us with the knowledge of the work done in back-office and also how the advertisements are taken care of. I am extremely grateful to our respected and beloved faculty and guide, Mr. Meghdoot Ghosh for his great cooperation and meaningful guidance. Without his guidance the project would not have been completed properly.
Place: Kolkata Date: (PRITAM MUKHERJEE) M BA (2011-2013) R oll No.: 11217550022
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DECLARATION
I hereby declare that the project titled “ Project Report on Market Analysis of Real Estate Business and Marketing Strategies of Mayfair Group” is my original work done along with my group member Amit Saha under the guidance of Mr. Meghdoot Ghosh in partial fulfillment of the requirements for the award of Master of Business Administration degree in Marketing from Punjab Technical University. This project report has not been submitted to any other University/Institute for the award of any degree, diploma, fellowship or any other similar titles.
Place: Kolkata Date: (PRITAM MUKHERJEE) M BA (2011-2013) R oll No.: 11217550022
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GUIDE’S CERTIFICATE
This is to certify that the project titled “ Project Report on Market Analysis of Real Estate Business and Marketing Strategies of Mayfair Group” is the original work of Pritam Mukherjee and Amit Saha for the partial fulfillment of the requirements for the award of Master of Business Administration degree in Marketing from Punjab Technical University. They worked under my supervision and guidance and that no part of this report has been submitted to any other University/Institute for the award of any degree, diploma, fellowship or any other similar titles.
Place: Kolkata Date: MR. MEGHDOOT GHOSH (FACULTY GUIDE)
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TABLE OF CONTENTS
1. ACKNOWLEDGEMENT …………………………………………………………….2 2. DECLARATION ………………………………………………………………………..3 3. GUIDE’S CERTIFICATE …………………………………………………………………4 4. ABOUT THE INDUSTRY …………………………………………………………….6-8 5. COMPANY’S PROFILE ……………………………………………..9-13 • HISTORY OF THE COMPANY • MISSION AND VISION OF THE COMPANY • CORPORATE SOCIAL RESPONSIBILITY OF THE COMPANY • PROJECTS OF THE COMPANY 6. RESEARCH METHODOLOGY AND MARKETING RESEARCH TOOLS USED …………………………………………………………………………… …………………..14-15
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……………..
7. OBJECTIVES OF THE ………………………………………………..16
RESEARCH AND
8. FINDINGS FROM THE RESEARCH INTERPRETATION ………….17-42
9. SWOT ANALYSIS ………………………………………………………………….43-44 10. RECOMMENDATIONS ……………………………………………………………44-45 11. CONCLUSION ………………………………………………………………………..46 12. ANNEXURE-QUESTIONNAIRE …………………………………………………47-49 13. BIBLIOGRAPHY ……………………………………………………………………..50
ABOUT THE INDUSTRY
Property prices are continuing to soar despite slow growth. Country’s real estate destinations comprise of metros and tier II metros. While the former have traditionally been the best bet in terms of appreciation latter are now offering the same growth. According to the PropIndex, demand for all kinds of properties saw some significant jump.
National Property Index (NPI)
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In addition to the metros, tier II cities too offer good appreciation potential. Tier II cities also offer huge growth potential because of the fact that values are still now high and the areas within these cities are still expanding and witnessing new supply of plots and properties.
Top Ten Yield Gainers Locality
Kolkata, EM Bypass Bangalore, JP Nagar Chennai, OMR Hyderabad, Kondapur Ahmedabad, SG Highway Gurgaon, Sector-31 Pune, Viman Bandar
Gross Yield
5.80% 5.70% 4.95% 4.65% 4.55% 3.44% 3.33% 7 | Page
Mumbai, Goregaon East Ghaziabad, Indirapuram Noida, Sector-62 Delhi, Vasundhara Enclave
3.11% 2.98% 2.87% 2.31%
Rental yield is a factor of the changes in rental values locality-wise in relation to the changes in capital values. Source: PropIndex (Jul-Sept’12)
According to the PropIndex of www.magicbricks.com, the most profitable area for business in real estate industry is EM Bypass in Kolkata and Mayfair Group has made a good move by making projects in this area.
Top Ten Capital Gainers Locality
Kolkata, Narendrapur Pune, Baner Road Gurgaon, Sector-85 Ghaziabad, Crossings Republik Mumbai, Palm Beach Bangalore, Sarjapur Road Hyderabad, Miyapur Noida, Sector-78 Delhi, Rohini, Sector-24
% Change
8% 11% 14% 11% 11% 11% 10% 6% 11% 8 | Page
Ahmedabad, Gurukul Chennai, Pallikaranai
8% 11%
The table above indicates maximum increase in capital values in each city. Source: PropIndex (Jul-Sept’12)
The real estate industry is very attractive due to population growth and hence it is increasing the demand for homes. Home loans are being provided at attractive interest rates by all banks and other finance institutions. The Reserve Bank of India is also reforming rules and regulations for the financial institutions to facilitate home loans for the customers to promote real estate industry in the country as well as for the wellbeing of society.
COMPANY’S PROFILE
HISTORY: It was in the year 1990 that Mr. Shishir Kumar Gupta founded Mayfair Group with the clear vision to “transform the way people perceive quality” in the real estate industry returned his intuition and business sense buttressed with the exhilaration of returning to his homeland led him to believe that he could make Quality the key differentiator between his proposed venture and other construction companies. Over the intervening years this vision continues to be
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the bedrock of all endeavors. It is headquartered in the capital city of West Bengal, Kolkata. Over the years, it has created a distinctive mark on the skyline of Kolkata and its suburbs and its people, as one of the leading real estate developer. The trailblazing success of the business can be attributed to Mayfair Groups corporate philosophy of “under promise and over deliver”. Mayfair is one of the few ISO 9001:2008 certified company. Management: • Mr. Shishir Kumar Gupta –Managing Director • Mr. Rahul Gupta – Managing Director
• •
Mr. Gaurab Gupta – Director Mrs. Mina Gupta – Director
Specialty: • Commercial • Residential
VISION Our Vision is to provide Basic need of shelter to every Indian family and every Indian should have a house /apartment of his own by the 2020 and to continuously exceed the expectations of our customers and employees and become a benchmark for quality in every field the Mayfair Group ventures into. MISSION Our Mission is to create Affordable Housing for the citizens of India and to improve customer experiences through constant innovation and understanding, with a focus on quality and transparency of processes so that when it comes to Mayfair,
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customers come to expect nothing but the best from us every time. QUALITY POLICY Our motto is Quality, Commitment and Performance. The scope of our Quality System is planning, development, marketing and management of residential, commercial and Institutional layouts. In terms of Architecture and planning the Company follows a fourfold approach: 1. In House Architectural team 2. Architect (Outsourced) 3. Structural Engineer (Outsourced) 4. Design Architect (Outsourced)
CORPORATE SOCIAL RESPONSIBILITY We always emphasize on Corporate Social Responsibility and for this reason we have formed Mayfair Parameshwar Kalyan Trust. We have diversified into education in the year 2009. Today we believe Education is our fourth basic need after food, shelter and clothing. Our motto in education is Quality education at affordable fees. We sponsor education of poor meritorious students. We distribute blankets to poor. We distribute clothing to widows and aged.
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COMPANIES UNDER MAYFAIR GROUP 1.MAYFAIR VILLA PVT. LTD. 2.MAYFAIR DEVELOPERS PVT. LTD. 3.MAYFAIR PROPERTIES 4.MAYFAIR CEMENT 5.MAYFAIR BUSINESS SCHOOL
PROJECTS OF MAYFAIR GROUP
Apartments from Mayfair Villa Pvt. Ltd
Mayfair Autumn
Mayfair Daffodil
Mayfair Emerald
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Mayfair Espana
Mayfair Eternity
Mayfair Greens
Mayfair Lake View
Mayfair Mayur
Mayfair Mini
Mayfair Paradise
Mayfair Pearl
Mayfair Petal
Mayfair Rainbow
Mayfair Residency
Mayfair Ruby
Mayfair Sapphire
Mayfair Sunshine
Mayfair Topaz
Mayfair Venegia
Apartments from Mayfair Developers Pvt. Ltd. 1.Mayfair Venus 2.Mayfair Venus II 3.Mayfair Tulip 4.Mayfair Orchid
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5.Mayfair Bliss 6.Mayfair Eternity
UPCOMING PROJECTS FROM MAYFAIR GROUP 1.Mayfair Symphony 2.Mayfair Daisy 3.Mayfair Lavender
RESEARCH METHODOLOGY AND MARKETING RESEARCH TOOLS USED The American Marketing Association has defined marketing research as follows: Marketing Research is the function which links the customer, consumer and public to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance, and improve understanding of market as a process. Marketing Research specifies the information required to address these issues; designs the method for collecting information; manages and implements the data collection process; analyses the results; and communicates the findings and their implications.
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? Type of Research- Descriptive Research. A well-structured questionnaire is prepared to collect the data from the respondents to obtain the objectives of the research. ? Sample Size- Here two different samples are taken into consideration according to the two customer segments. One segment comprises of the customers of stand-alone apartment and the sample size taken in this segment is 44. The other segment comprises of the customers of the complex apartment where the sample size taken is 130. ? Sampling- Random Sampling is carried out for both the segments. This means that selection of each respondent to answer the questionnaire had equal probability of getting selected to answer the questionnaire. ? Method of Collecting Data- Personal Interview was taken of the respondents based on the questionnaire prepared to collect information required for analysis to fulfill the objective of the research. ? Research Instruments used- Questionnaire is used for collecting data. Microsoft Excel 2007 is used for representation and analysis of data collected. SPSS (Statistical Product and Service Solutions), a statistical software designed by IBM is used for analysis of data and testing of hypothesis.
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? Data used- Primary data is the data collected from the respondents. Secondary data is the data collected from the company websites, real estate websites, journals, magazines and newspapers.
OBJECTIVES OF THE RESEARCH • To find out the target segment Group according to income. of the Mayfair
• To find out which media of advertising has offered the maximum response. • To find out whether to increase the number of tieups with the banks to facilitate more home loans. • To find out whether customers are satisfied with the quality of service of the Mayfair Group (w.r.t. each service attribute).
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• To reduce the number of complex attributes into meaningful factors that affects customers’ decision while purchasing a flat using factor analysis. • To carry out a survey of the competitors and make a competitive analysis report.
FINDINGS FROM THE RESEARCH AND INTERPRETATION Type of employment of the customers who had purchased the flats (Data collected from the question number 1 in the Questionnaire)
Type of Employment No of Persons 17 | P a g e
Salaried Business Retired
35 7 2
Type of Employment of the customers of StandAlone Apartments
Type of Employment Salaried Business No of Persons 83 47
Type of Employment of the customers of Complex Apartments
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From the above results it can be concluded that salaried customers are more for both the type of apartments and hence it can be assumed that bank loan facility would be of prior importance.
Customer Base according to income group (Data collected from the question number 2 in the Questionnaire)
Income IN LAKHS Cumulative Frequency Valid 12 lakh and above 3 to 6 6 TO 12 within 3 lakhs Total 3 26 13 2 44 Percent 6.8 59.1 29.5 4.5 100.0 Valid Percent 6.8 59.1 29.5 4.5 100.0 Percent 6.8 65.9 95.5 100.0
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Income group apartment
of
customers
in
Stand-alone
Income in lakhs Cumulative Frequency Valid 12 lakhs and above 3 to 6 6 to 12 Total 33 5 92 130 Percent 25.4 3.8 70.8 100.0 Valid Percent 25.4 3.8 70.8 100.0 Percent 25.4 29.2 100.0
Income group apartments
of
customers
in
complex
The above results indicate that customer base of complex apartments are mainly in the higher income group that is above 6 lakhs while the customer base of stand-alone apartments is mainly in the middle income group that is 3-6 lakhs.
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Response from each Advertising Media (Data collected from the question number 3 in the Questionnaire)
Advt. media Cumulative Frequency Valid REAL ESTATE FAIR WEBSITES WEEKLY NEWSPAPERS Total 5 10 29 44 Percent 11.4 22.7 65.9 100.0 Valid Percent 11.4 22.7 65.9 100.0 Percent 11.4 34.1 100.0
Response of customers of Stand-alone apartments from the different Advertising Media
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Advt. media Cumulative Frequency Valid real estate fair websites weekly newspapers Total 18 66 46 130 Percent 13.8 50.8 35.4 100.0 Valid Percent 13.8 50.8 35.4 100.0 Percent 13.8 64.6 100.0
Response of customers of complex apartments from the different Advertising Media From the above results it can be concluded that weekly newspapers creates the maximum responses for standalone apartments while websites related to the real estate industry create the maximum responses for the complex apartment. However taking both into
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consideration together, we can say that weekly newspapers are the most effective advertising media. Participation in real estate fairs also created responses and it needs to be followed to create a brand image though the response from this media is less.
Mode of financing the flat (Data collected from the question number 4 in the Questionnaire)
Type of finance Cumulative Frequency Valid HOME LOAN SELF-FINANCE Total 40 4 44 Percent 90.9 9.1 100.0 Valid Percent 90.9 9.1 100.0 Percent 90.9 100.0
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Mode of financing the flat of stand-alone apartment customers
Type of finance Cumulative Frequency Valid home loan self-finance Total 104 26 130 Percent 80.0 20.0 100.0 Valid Percent 80.0 20.0 100.0 Percent 80.0 100.0
Mode of financing the flat of complex apartment customers
From the above results it can be concluded that customers prefer to purchase flats on housing loans
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provided by the different financial institutions and facilitation for housing loans needs to be given priority. Tie-ups with more banks need to be done to facilitate home loans. Moreover the customers are mainly salaried and hence they rely on home loans to purchase flats in both standalone and complex apartments.
Quality-Service Analysis (Data collected from the question number 5 in the Questionnaire) Quality-Service Analysis For Stand-Alone apartments:Here Z-Test needs to be done as the number of respondents=44>30. 1. Material Quality- Let the Null Hypothesis (H0): 4. This means that we assume the Quality of Material is Satisfactory. The value of |z|=1.38 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the quality of material given by the company is satisfactory.
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2. Home Loan Support- Let the Null Hypothesis (H0): 7. This means that we assume the Home Loan Support provided by the company is Excellent. The value of |z|=2.21 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Home Loan Support given by the company is Excellent at 99% confidence limit (or 1% level of significance). 3. After Sales Service- Let the Null Hypothesis (H0): 3. This means that we assume the After Sales Service is Poor. The value of |z|=1.95 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the After Sales Service given by the company is Poor. 4. Maintenance- Let the Null Hypothesis (H0): 3. This means that we assume the Maintenance provided by the company is Poor. The value of |z|=2.05 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis
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(H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Maintenance given by the company is Poor at 99% confidence limit (or 1% level of significance). 5. Price-Quality SatisfactionHypothesis (H0): 4. Let the Null
This means that we assume the Price-Quality Satisfaction of the customers is Satisfactory. The value of |z|=2.66 which is greater than 1.96 at 5% level of significance and 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at both 95% and 99% confidence limit. Here we conclude that the Null Hypothesis is not true and the Alternate Hypothesis (Ha) is accepted, that is the Price-Quality Satisfaction of the customers is not Satisfactory.
For Complex apartments:Here Z-Test needs to be done as the number of respondents=130>30. 1. Material Quality- Let the Null Hypothesis (H0): 4. This means that we assume the Quality of Material is Satisfactory. The value of |z|=0.839 which is less than 1.96 at 5% level of significance and also less than 2.58 at
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1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the quality of material given by the company is satisfactory. 2. Home Loan Support- Let the Null Hypothesis (H0): 7. This means that we assume the Home Loan Support provided by the company is Excellent. The value of |z|=2.02 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Home Loan Support given by the company is Excellent at 99% confidence limit (or 1% level of significance). 3. After Sales Service- Let the Null Hypothesis (H0): 2. This means that we assume the After Sales Service provided by the company is Very Poor. The value of |z|=0.767 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the After Sales Service provided by the company is Very Poor. 4. Maintenance- Let the Null Hypothesis (H0): 3.
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This means that we assume the Maintenance provided by the company is Poor. The value of |z|=2.41 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Maintenance given by the company is Poor at 99% confidence limit (or 1% level of significance). 5. Price-Quality SatisfactionHypothesis (H0): 4. Let the Null
This means that we assume the Price-Quality Satisfaction of the customers is Satisfactory. The value of |z|=2.50 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Price-Quality Satisfaction of the customers is Satisfactory at 99% confidence limit (or 1% level of significance).
Reducing the number of complex attributes into meaningful factors that determine customers’ decision-making while purchasing a flat (Data collected from the question number 6 in the Questionnaire)
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FACTOR ANALYSIS OF STAND ALONE APARTMENTS Factor Analysis
[DataSet1]
KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .615 451.278 28 .000
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Component Matrixa Component 1 Security Transport market School/Hospital Lift Generator affordability extra prices .868 .490 .390 .832 .874 .888 -.345 -.331 2 .322 -.502 .296 -.099 .330 .284 .906 .888 3 -.335 .571 .822 .455 -.325 -.291 .194 .237
Extraction Method: Principal Component Analysis. a. 3 components extracted.
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Communalities Extraction Security Transport market School/Hospital Lift Generator affordability extra prices Extraction Method: Principal Component Analysis. .970 .818 .915 .909 .977 .955 .978 .955
Total Variance Explained Extraction Sums of Squared Loadings Component 1 2 3 Total 3.620 2.251 1.605 % of Variance 45.253 28.144 20.065 Cumulative % 45.253 73.397 93.461 Rotation Sums of Squared Loadings Total 3.083 2.322 2.071 % of Variance 38.543 29.029 25.889 Cumulative % 38.543 67.572 93.461
Extraction Method: Principal Component Analysis.
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Rotated Component Matrixa Component 1 Security Transport market School/Hospital Lift Generator affordability extra prices .980 -.014 .084 .464 .983 .964 -.042 -.056 2 -.025 -.467 .362 -.216 -.017 -.056 .986 .975 3 .096 .775 .881 .804 .108 .148 -.069 -.023
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 4 iterations.
Component Transformation Matrix Component 1 2 3 1 .832 .360 -.422 2 -.281 .929 .240 3 .479 -.081 .874
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization.
From the Kaiser-Meyer-Olkin Measure of Sampling Adequacy, we see that it has a value of 0.615 that is
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greater than 0.500 and from the Bartlett’s test of Sphericity we see that it has a significance level of 0.00<0.05. Therefore we conclude from these results that factor analysis can be done. From the Scree Plot we see that 3 principal components can be extracted out of the 8 attributes. From the Rotated Component Matrix, we can group Security, Lift and Generator into one factor and name it as Basic Amenities as they have values of 0.980, 0.983 and 0.964 respectively showing high correlation between them. Similarly we can group Affordability and Extra Prices into one factor and name it as Price-Sensitivity as they have values of 0.986 and 0.975 respectively showing high correlation between them. Similarly we can group Transport facilities, Market and School/Hospital into one factor and name it as Locality as they have values of 0.775, 0.881 and 0.804 respectively showing high correlation between them. Hence we can conclude that customers of Stand-Alone apartments make purchasing decision of flats on the basis of three main categories that is Locality, PriceSensitivity and Basic Amenities.
FACTOR ANALYSIS OF COMPLEX APARTMENTS Factor Analysis
[DataSet1]
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KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .398 2173.924 78 .000
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Component Matrixa Component 1 Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room .301 -.491 -.618 -.485 .360 .059 -.065 .358 .923 .894 .897 .810 .916 2 .307 .233 .189 .562 .732 .790 -.847 -.474 -.154 .178 .012 .283 -.045 3 -.568 .630 .304 .626 -.224 -.186 .083 -.017 .249 .240 .375 -.010 .329
Extraction Method: Principal Component Analysis. a. 3 components extracted.
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Communalities Extraction Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room Extraction Method: Principal Component Analysis. .507 .692 .510 .943 .715 .662 .729 .353 .938 .888 .945 .736 .949
Total Variance Explained Extraction Sums of Squared Loadings Component 1 2 3 Total 5.164 2.740 1.664 % of Variance 39.725 21.075 12.799 Cumulative % 39.725 60.801 73.600 Rotation Sums of Squared Loadings Total 4.450 2.676 2.441 % of Variance 34.233 20.588 18.779 Cumulative % 34.233 54.821 73.600
Extraction Method: Principal Component Analysis.
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Rotated Component Matrixa Component 1 Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room .023 -.146 -.408 -.132 .244 -.005 -.048 .297 .931 .911 .970 .727 .964 2 .496 -.025 .016 .289 .802 .811 -.835 -.402 -.113 .201 .004 .366 -.034 3 -.511 .819 .586 .918 -.112 .070 -.172 -.322 -.242 -.132 -.072 -.272 -.138
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 5 iterations.
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Component Transformation Matrix Component 1 2 3 1 .892 .033 .451 2 .116 .947 -.299 3 -.437 .319 .841
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization.
The KMO measure of Sampling Adequacy here is 0.398 which is less than 0.500 indicating that the results of factor analysis will probably not be very useful. However from the Scree Plot we can see that 3 factors can be extracted mainly. From the Rotated Component Matrix we see that Swimming pool, Kids room, A.C. Gymnasium, Community Hall and Indoor Games Room can be grouped together and termed as Luxury Amenities. Lift and Generator can be grouped together and termed as Basic Amenities. Transport, Market and School/Hospital can be grouped together and termed as Locality. Security, Price and Extra Charges cannot be grouped into anything. Moreover from the study it has been found out that the price and extra charges did not matter much to the customers of complex apartments.
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COMPETITOR SURVEY FINDINGS Locality: Kalikapur
Builder Jeet Group Mishra Construc tion Marketer Jeet Group Mishra Constructio n Floorin g Marble Marble and Kajaria Tiles used in Toilets and kitchen Marble Marble Rate per square foot RS.3500 Rs.4000 Car Parkin g Rate 2 lakhs 2 lakhs Brand of Bath Fittings Hindware Parrywar e Amenities Security, Lift, Generator Security, Lift, Generator
Ambalika Adhunik (a unit of Anjali Jewellers )
Ambalika Adhunik
Rs.3500 Rs.3300
2 lakhs 2 lakhs
Hindware Hindware
Security, Lift, Generator Security
New Entrant: Chanchal Projects (Construction has just begun) Note: In this locality flats are not sold professionally. Mainly brokers are involved with selling of flats. The builders do not take initiative to sell flats. They just inform brokers and the security personnel.
Locality: Narendrapur
Projec t Name Pacific Dale Builde r and Marke ter Soman i Realto Floor ing Rate per square feet 2100+80(@ EDC) Car Parking Bran d of Bath Fitti ngs Jagua r Ameniti es Possibl e Possess ion Date Decemb er 2015
Vitrifi ed Tiles
1.75 and 2.25 lakhs
Security, Intercom facility,
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rs
(depend ent and independ ent respectiv ely)
Sucasa Woods
Soman i Realto rs
Vitrifi ed tiles
2250+70(@ EDC) Swimming pool charge(Rs.3 0000)
Same as above
Manjuri Enclav e
Soman i Realto rs
Vitrifi ed Tiles
2750+60(@ EDC)
Rs. 300000( not compuls ory)
Rajwad a Blues
Rajwa da Group
Vitrifi ed tiles
2950+70(@ EDC)
Rs.2.5 lakhs
Sherwo
Sherw
Vitrifi
Rs.4000
Rs.3.5
Communi ty Hall, Generato r, Lift, CCTV, DTH facility, Landscap e Garden, Water Filtration Security, October Jagua Intercom, 2015 r Communi ty hall, Generato r, Lift, CCTV,DT H facility, Landscap e Garden, Children’ s Park, A.C. Gymnasi um, Water filtration, Swimmin g pool Jagua Transfor Ready. r mer, At the Generato time of r, Lift, registrati Security, on. Communi ty Hall, Intercom, DTH, Letter box, Name plate Jagua Generato May r r, Lift, 2013 Security, Communi ty Hall, A.C. Gymnasi um Generato Ready 41 | P a g e
od Estate
ood Estate
ed tiles
lakhs
r, Lift, Security, Communi ty Hall, A.C. Gymnasi um, Ambulan ce, Children’ s park, Indoor games room
Rajwada Group will be coming up with many new projects. They have already bought many lands and a mini complex is going to be their next project behind Rajwada Blues. They are planning to start many projects in this locality very soon. Note: In this locality flats are sold professionally and there is no scope of bargaining. The rate is fixed and explained perfectly in details by the sales personnel.
Locality: Malancha (Near Mayfair Palms and Mayfair Eternity)
Project Builder Name and Marketer CB Enclave CB Construct ors and Modern Properties Floorin g Rate per squar e feet Rs.230 0 Car Parkin g 2.5 lakhs Brand of Bath Fitting s Jaguar Ameniti es Possibl e Possess ion Date June 2015
Vitrified tiles
Security, Intercom, DTH, Generato r, Lift, Landscap e Garden, Children’ s Park and room, Indoor games room, Communi ty Hall, A.C. Gymnasi
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Adwitiy a
N.H. Developer s
Marble
Rs.230 0
2.5 lakhs
Not decide d but will be brande d
um Security, Inverter, Lift, Communi ty hall
Septemb er 2014
COMPETITIVE ANALYSIS REPORT • In the Kalikapur area, the flooring is of whitemarble finish while Mayfair Group is giving vitrified tiles. Marble is of many qualities and hence customers can get fooled by looking at marble-finish which may be of poor quality than virified tiles. However in other areas the flooring is of vitrified tiles. • The ceramic tiles used by the competitors are also branded like Johnson and Kajaria tiles. • Bath fittings are varying with competitors a lot. Hindware is a local company. Jaguar is known for its brand but the quality is of many types. However customers will see mainly the brand name and perceive that the quality will be great. The brand name here is very vital. • Some of the areas chosen by Mayfair Group for the projects are in much more interior
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places than its competitors which is acting as a great barrier to the marketing department. • Amenities for stand-alone apartments are almost same but differs in complex apartments. In complex apartments, more the number of amenities provided higher is the customer satisfaction and value. • Sherwood Estate provides an ambulance as an amenity inside the complex which can be done for Mayfair projects as well. • The competitors are not charging for preferred location while Mayfair Group takes a charge. This is making Mayfair Group in a disadvantageous position while marketing. SWOT ANALYSIS
MAYFAIR GROUP Sector Real Estate Development • • • USP • Every apartment is properly ventilated and lighted with optimum space utilization. More open spaces in common areas. Best quality exterior painting and colour combination. Use of modern construction technologies. STP Segment Target Group Positioning Stand-alone Apartments and Complexes. Middle Class and Higher Middle Class Create affordable housing for all citizens of India. SWOT Analysis
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1. Providing houses for masses. 2. Tie-ups with various banks to provide house loans. 3. Efficient planning of architectural design. Strength 4. Good co-operation from the company to the customer to get housing loan sanctioned. 1. One of the major marketing technique of recent times i.e., customer relationship marketing is untouched. 2. Complaints from customers regarding service are not taken care of immediately. 3. Some of the personnel lack motivation in their work and company. Weakness 1. Population growth and increase in domestic demand. Opportunity 2. Financing is made easy by various financial institutions which provide house loans. 1. Entry of new entrants and threat from the market leaders. 2. Customers are falling out of the customer service tolerance zone and it can tamper brand image which can affect the decisions of future customers. Threats 3. Brand image is not yet well established.
Competition Competitors 1. Aswini Infra Projects Ltd. 2. Bricks Realty 3. CB Constructors and Modern Properties 4. Somani Realtors 5. Ambalika Housing 6. Mishra Construction Pvt. Ltd. 7. N.H. Developers
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8. Jeet Group 9.Rajwada Group
RECOMMENDATIONS
1. Use of the print media- The advertisement should be made newsworthy and it should appear that you have a quick and easy solution to their problem or else it might be overlooked. 2. Ad-positioning- it is the second fundamental thing. For example, the ad can be started with the statement “WARNING! DON’T LIST YOUR HOME UNTIL”. 3. Hoardings and Kiosks- Use of Hoardings and Kiosks can be an effective tool for brand awareness as well as inform customers about the current projects. 4. Participation in Real Estate Fairs - This is very important as people who are only interested visit these fairs and all are hot prospective customers. 5. Follow up- This thing is very important. Since purchasing a flat is an extensive decision-making process, it is obvious that buyers will search for many alternatives and in the process might forget your offer. 6. Create catchy webpage- Potential buyers going past hoardings might memorize a catchy webpage name than the agent’s phone number. Also own websites can focus on the special features of the property that general listing sites (e.g., www.magicbricks.com, www.99acres.com, etc.) cannot due to space and technical constraints. 7. Social Networking a) Join Facebook, Twitter, LinkedIn.
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b) Comment on 3-5 posts daily with links to your blog or website. c) Create Facebook page for your business. d) Add video testimonials to your business page. e) Comment on local business pages. f) Update your status daily. g) Use software such as Ping.fm to post to all social networks at one time. h) Use Twitterlocal.net to connect with local people. 8. Get your current customers to lead to your next customer- Your goal should be to get half the people you do business with to refer someone to you before the end of their transaction. Most of the time, people wait until the transaction is over to ask for referrals but by that time it’s too late. They’re not in the same mind space they were in while they were going through the transaction. 9. Customer Relationship Marketing- This is the most important tool of marketing in today’s competitive world. Focus should be given on building a long-term loyal relationship with the customers and not on short-term transactional business only. It can lead to repeat and referral business. Your relationship portfolio is your most valuable, virtually competition proof asset that you can nurture for a never ending return. 10. More tie-ups with banks- Since most customers purchase flats based on home loans, increase in tie-ups with banks will facilitate customers. 11. Quality of service- Quality of service is a serious concern as rating from the respondents show mainly poor quality of service. Customer Relationship Marketing and Brand Loyalty are mainly based on Quality of Service.
CONCLUSION
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The real estate industry is growing slowly in India. Many new companies are entering into the industry as it is a lucrative one and thereby creating more competition. Hence to stay aloof from the competition, brand building is essential. The leading market player in real estate industry in India is DLF Ltd. The demand for houses or flats is ever increasing due to the population growth. New ways of marketing can be looked into. The location is of utmost importance to the customers. The above study helps to draw some conclusions but further study can be done in this field to draw more accurate conclusions. The investment opportunities has not been touched in this study as investors also purchase flats and sell at a later time to increase their return on their money as property prices are always increasing. Limitations of the study: 1. The time span to carry out the study was limited. 2. The respondents selected randomly are short and may not represent the entire population. 3. Sample size was small. 4. As respondents were the customers of Mayfair Group and from Kolkata, the study does not represent the overall view of the real estate industry of the Indian Market. 5. It might be possible that some respondents might not have given the correct information.
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Annexure QUESTIONNAIRE FOR CUSTOMER FEEDBACK 1. Are you self-employed (businessman), salaried or retired person? 2. What is the total annual family income? i. ii. iii. iv. Less than 3 lakhs 3-6 lakhs 6-12 lakhs 12 lakhs and above
3. From where did you come to know about this construction? i. ii. iii. iv. v. vi. Weekly Newspapers Business newspapers Websites Real estate fair Hoarding or signboard Others
4. How did you finance the flat? i. ii. House Loan Self-finance
5. Please give your response for the following:
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Attribute Material Quality Home Loan support After Sales service Maintenan ce PriceQuality Satisfactio n
Worst
V. Poor
Poo r
Satisfact ory
Goo d
V. Good
Excelle nt
6. Answer the following questions by ranking within the scale (1=Completely Agree, 2=Agree, 3=Somehow Agree, 4=Neither Agree nor Disagree, 5=Moderately Disagree, 6=Disagree, 7=Completely Disagree):
i. ii. iii.
I feel Security is very important. Swimming pool in my complex is necessary to feel proud of. An A.C. Gymnasium is essential in complex apartment to remain fit.
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iv. v. vi. vii. viii. ix. x. xi. xii.
A Kids’ room is essential in a complex apartment. Indoor Sports room is very important in a complex apartment. A Community Hall must be present in a complex apartment. I see Transport facilities while making the purchasing decision. I see Market while making the purchasing decision. I see School and hospital while making the purchasing decision. I see Lift as a necessity while making the purchasing decision I see Generator as a necessity while making the purchasing decision Affordability is my primary importance.
xiii.
The extra charges that are taken by the company are too much.
Note: In Stand-alone apartments’ , in question number 6 options ii, iii, iv, v and vi were omitted as these options are not applicable here.
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BIBLIOGRAPHY
1.
PropIndex magazine www.magicbricks.com.
published
by
2.The Times of India newspaper. 3.Websites: www.magicbricks.com, www.99acres.com, www.realestatehungama.com 4.Internet: Search engine-www.google.com
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5.
Company www.mayfairdevelopers.com, www.mayfairgroup.in
websites:
6.Books referred: Marketing Research by G.C.Beri and Marketing Research (Measurement and Method) by Tull and Hawkins.
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doc_737884419.doc
It is a Research work carried in the real estate industry w.r.t the Mayfair Group to study the consumer decision making processes and consumer satisfaction levels. it also explores the ways of advertising in this industry.
PROJECT REPORT ON “MARKET ANALYSIS OF REAL ESTATE BUSINESS AND MARKETING STRATEGIES OF MAYFAIR GROUP”
SUBMITTED BY: PRITAM MUKHERJEE (MBA: 2011-2013) ROLL NO.: 11217550022 GROUP: PRITAM MUKHERJEE AMIT SAHA
MAYFAIR BUSINESS SCHOOL, KOLKATA (PUNJAB TECHNICAL UNIVERSITY) 2012-2013
ACKNOWLEDGEMENT
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I express my deep gratitude to Mr.S.Chandrashekhar (ManagerHR & Admin.) and to Mr.Amitabha Ghosh (Manager-Projects & Marketing) of Mayfair Group for selecting me and assigning this project to me. I also thank them for helping us out with the day to day activities. I am grateful to Mr.Prithwish Ghosh and Mr.Arnab Dey (Sales-incharge) for providing us with the product knowledge and helping us out in the field activities. I am also thankful to Mr. Abhishek Ghoshal for providing us with the knowledge of the work done in back-office and also how the advertisements are taken care of. I am extremely grateful to our respected and beloved faculty and guide, Mr. Meghdoot Ghosh for his great cooperation and meaningful guidance. Without his guidance the project would not have been completed properly.
Place: Kolkata Date: (PRITAM MUKHERJEE) M BA (2011-2013) R oll No.: 11217550022
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DECLARATION
I hereby declare that the project titled “ Project Report on Market Analysis of Real Estate Business and Marketing Strategies of Mayfair Group” is my original work done along with my group member Amit Saha under the guidance of Mr. Meghdoot Ghosh in partial fulfillment of the requirements for the award of Master of Business Administration degree in Marketing from Punjab Technical University. This project report has not been submitted to any other University/Institute for the award of any degree, diploma, fellowship or any other similar titles.
Place: Kolkata Date: (PRITAM MUKHERJEE) M BA (2011-2013) R oll No.: 11217550022
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GUIDE’S CERTIFICATE
This is to certify that the project titled “ Project Report on Market Analysis of Real Estate Business and Marketing Strategies of Mayfair Group” is the original work of Pritam Mukherjee and Amit Saha for the partial fulfillment of the requirements for the award of Master of Business Administration degree in Marketing from Punjab Technical University. They worked under my supervision and guidance and that no part of this report has been submitted to any other University/Institute for the award of any degree, diploma, fellowship or any other similar titles.
Place: Kolkata Date: MR. MEGHDOOT GHOSH (FACULTY GUIDE)
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TABLE OF CONTENTS
1. ACKNOWLEDGEMENT …………………………………………………………….2 2. DECLARATION ………………………………………………………………………..3 3. GUIDE’S CERTIFICATE …………………………………………………………………4 4. ABOUT THE INDUSTRY …………………………………………………………….6-8 5. COMPANY’S PROFILE ……………………………………………..9-13 • HISTORY OF THE COMPANY • MISSION AND VISION OF THE COMPANY • CORPORATE SOCIAL RESPONSIBILITY OF THE COMPANY • PROJECTS OF THE COMPANY 6. RESEARCH METHODOLOGY AND MARKETING RESEARCH TOOLS USED …………………………………………………………………………… …………………..14-15
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……………..
7. OBJECTIVES OF THE ………………………………………………..16
RESEARCH AND
8. FINDINGS FROM THE RESEARCH INTERPRETATION ………….17-42
9. SWOT ANALYSIS ………………………………………………………………….43-44 10. RECOMMENDATIONS ……………………………………………………………44-45 11. CONCLUSION ………………………………………………………………………..46 12. ANNEXURE-QUESTIONNAIRE …………………………………………………47-49 13. BIBLIOGRAPHY ……………………………………………………………………..50
ABOUT THE INDUSTRY
Property prices are continuing to soar despite slow growth. Country’s real estate destinations comprise of metros and tier II metros. While the former have traditionally been the best bet in terms of appreciation latter are now offering the same growth. According to the PropIndex, demand for all kinds of properties saw some significant jump.
National Property Index (NPI)
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In addition to the metros, tier II cities too offer good appreciation potential. Tier II cities also offer huge growth potential because of the fact that values are still now high and the areas within these cities are still expanding and witnessing new supply of plots and properties.
Top Ten Yield Gainers Locality
Kolkata, EM Bypass Bangalore, JP Nagar Chennai, OMR Hyderabad, Kondapur Ahmedabad, SG Highway Gurgaon, Sector-31 Pune, Viman Bandar
Gross Yield
5.80% 5.70% 4.95% 4.65% 4.55% 3.44% 3.33% 7 | Page
Mumbai, Goregaon East Ghaziabad, Indirapuram Noida, Sector-62 Delhi, Vasundhara Enclave
3.11% 2.98% 2.87% 2.31%
Rental yield is a factor of the changes in rental values locality-wise in relation to the changes in capital values. Source: PropIndex (Jul-Sept’12)
According to the PropIndex of www.magicbricks.com, the most profitable area for business in real estate industry is EM Bypass in Kolkata and Mayfair Group has made a good move by making projects in this area.
Top Ten Capital Gainers Locality
Kolkata, Narendrapur Pune, Baner Road Gurgaon, Sector-85 Ghaziabad, Crossings Republik Mumbai, Palm Beach Bangalore, Sarjapur Road Hyderabad, Miyapur Noida, Sector-78 Delhi, Rohini, Sector-24
% Change
8% 11% 14% 11% 11% 11% 10% 6% 11% 8 | Page
Ahmedabad, Gurukul Chennai, Pallikaranai
8% 11%
The table above indicates maximum increase in capital values in each city. Source: PropIndex (Jul-Sept’12)
The real estate industry is very attractive due to population growth and hence it is increasing the demand for homes. Home loans are being provided at attractive interest rates by all banks and other finance institutions. The Reserve Bank of India is also reforming rules and regulations for the financial institutions to facilitate home loans for the customers to promote real estate industry in the country as well as for the wellbeing of society.
COMPANY’S PROFILE
HISTORY: It was in the year 1990 that Mr. Shishir Kumar Gupta founded Mayfair Group with the clear vision to “transform the way people perceive quality” in the real estate industry returned his intuition and business sense buttressed with the exhilaration of returning to his homeland led him to believe that he could make Quality the key differentiator between his proposed venture and other construction companies. Over the intervening years this vision continues to be
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the bedrock of all endeavors. It is headquartered in the capital city of West Bengal, Kolkata. Over the years, it has created a distinctive mark on the skyline of Kolkata and its suburbs and its people, as one of the leading real estate developer. The trailblazing success of the business can be attributed to Mayfair Groups corporate philosophy of “under promise and over deliver”. Mayfair is one of the few ISO 9001:2008 certified company. Management: • Mr. Shishir Kumar Gupta –Managing Director • Mr. Rahul Gupta – Managing Director
• •
Mr. Gaurab Gupta – Director Mrs. Mina Gupta – Director
Specialty: • Commercial • Residential
VISION Our Vision is to provide Basic need of shelter to every Indian family and every Indian should have a house /apartment of his own by the 2020 and to continuously exceed the expectations of our customers and employees and become a benchmark for quality in every field the Mayfair Group ventures into. MISSION Our Mission is to create Affordable Housing for the citizens of India and to improve customer experiences through constant innovation and understanding, with a focus on quality and transparency of processes so that when it comes to Mayfair,
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customers come to expect nothing but the best from us every time. QUALITY POLICY Our motto is Quality, Commitment and Performance. The scope of our Quality System is planning, development, marketing and management of residential, commercial and Institutional layouts. In terms of Architecture and planning the Company follows a fourfold approach: 1. In House Architectural team 2. Architect (Outsourced) 3. Structural Engineer (Outsourced) 4. Design Architect (Outsourced)
CORPORATE SOCIAL RESPONSIBILITY We always emphasize on Corporate Social Responsibility and for this reason we have formed Mayfair Parameshwar Kalyan Trust. We have diversified into education in the year 2009. Today we believe Education is our fourth basic need after food, shelter and clothing. Our motto in education is Quality education at affordable fees. We sponsor education of poor meritorious students. We distribute blankets to poor. We distribute clothing to widows and aged.
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COMPANIES UNDER MAYFAIR GROUP 1.MAYFAIR VILLA PVT. LTD. 2.MAYFAIR DEVELOPERS PVT. LTD. 3.MAYFAIR PROPERTIES 4.MAYFAIR CEMENT 5.MAYFAIR BUSINESS SCHOOL
PROJECTS OF MAYFAIR GROUP
Apartments from Mayfair Villa Pvt. Ltd
Mayfair Autumn
Mayfair Daffodil
Mayfair Emerald
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Mayfair Espana
Mayfair Eternity
Mayfair Greens
Mayfair Lake View
Mayfair Mayur
Mayfair Mini
Mayfair Paradise
Mayfair Pearl
Mayfair Petal
Mayfair Rainbow
Mayfair Residency
Mayfair Ruby
Mayfair Sapphire
Mayfair Sunshine
Mayfair Topaz
Mayfair Venegia
Apartments from Mayfair Developers Pvt. Ltd. 1.Mayfair Venus 2.Mayfair Venus II 3.Mayfair Tulip 4.Mayfair Orchid
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5.Mayfair Bliss 6.Mayfair Eternity
UPCOMING PROJECTS FROM MAYFAIR GROUP 1.Mayfair Symphony 2.Mayfair Daisy 3.Mayfair Lavender
RESEARCH METHODOLOGY AND MARKETING RESEARCH TOOLS USED The American Marketing Association has defined marketing research as follows: Marketing Research is the function which links the customer, consumer and public to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance, and improve understanding of market as a process. Marketing Research specifies the information required to address these issues; designs the method for collecting information; manages and implements the data collection process; analyses the results; and communicates the findings and their implications.
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? Type of Research- Descriptive Research. A well-structured questionnaire is prepared to collect the data from the respondents to obtain the objectives of the research. ? Sample Size- Here two different samples are taken into consideration according to the two customer segments. One segment comprises of the customers of stand-alone apartment and the sample size taken in this segment is 44. The other segment comprises of the customers of the complex apartment where the sample size taken is 130. ? Sampling- Random Sampling is carried out for both the segments. This means that selection of each respondent to answer the questionnaire had equal probability of getting selected to answer the questionnaire. ? Method of Collecting Data- Personal Interview was taken of the respondents based on the questionnaire prepared to collect information required for analysis to fulfill the objective of the research. ? Research Instruments used- Questionnaire is used for collecting data. Microsoft Excel 2007 is used for representation and analysis of data collected. SPSS (Statistical Product and Service Solutions), a statistical software designed by IBM is used for analysis of data and testing of hypothesis.
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? Data used- Primary data is the data collected from the respondents. Secondary data is the data collected from the company websites, real estate websites, journals, magazines and newspapers.
OBJECTIVES OF THE RESEARCH • To find out the target segment Group according to income. of the Mayfair
• To find out which media of advertising has offered the maximum response. • To find out whether to increase the number of tieups with the banks to facilitate more home loans. • To find out whether customers are satisfied with the quality of service of the Mayfair Group (w.r.t. each service attribute).
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• To reduce the number of complex attributes into meaningful factors that affects customers’ decision while purchasing a flat using factor analysis. • To carry out a survey of the competitors and make a competitive analysis report.
FINDINGS FROM THE RESEARCH AND INTERPRETATION Type of employment of the customers who had purchased the flats (Data collected from the question number 1 in the Questionnaire)
Type of Employment No of Persons 17 | P a g e
Salaried Business Retired
35 7 2
Type of Employment of the customers of StandAlone Apartments
Type of Employment Salaried Business No of Persons 83 47
Type of Employment of the customers of Complex Apartments
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From the above results it can be concluded that salaried customers are more for both the type of apartments and hence it can be assumed that bank loan facility would be of prior importance.
Customer Base according to income group (Data collected from the question number 2 in the Questionnaire)
Income IN LAKHS Cumulative Frequency Valid 12 lakh and above 3 to 6 6 TO 12 within 3 lakhs Total 3 26 13 2 44 Percent 6.8 59.1 29.5 4.5 100.0 Valid Percent 6.8 59.1 29.5 4.5 100.0 Percent 6.8 65.9 95.5 100.0
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Income group apartment
of
customers
in
Stand-alone
Income in lakhs Cumulative Frequency Valid 12 lakhs and above 3 to 6 6 to 12 Total 33 5 92 130 Percent 25.4 3.8 70.8 100.0 Valid Percent 25.4 3.8 70.8 100.0 Percent 25.4 29.2 100.0
Income group apartments
of
customers
in
complex
The above results indicate that customer base of complex apartments are mainly in the higher income group that is above 6 lakhs while the customer base of stand-alone apartments is mainly in the middle income group that is 3-6 lakhs.
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Response from each Advertising Media (Data collected from the question number 3 in the Questionnaire)
Advt. media Cumulative Frequency Valid REAL ESTATE FAIR WEBSITES WEEKLY NEWSPAPERS Total 5 10 29 44 Percent 11.4 22.7 65.9 100.0 Valid Percent 11.4 22.7 65.9 100.0 Percent 11.4 34.1 100.0
Response of customers of Stand-alone apartments from the different Advertising Media
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Advt. media Cumulative Frequency Valid real estate fair websites weekly newspapers Total 18 66 46 130 Percent 13.8 50.8 35.4 100.0 Valid Percent 13.8 50.8 35.4 100.0 Percent 13.8 64.6 100.0
Response of customers of complex apartments from the different Advertising Media From the above results it can be concluded that weekly newspapers creates the maximum responses for standalone apartments while websites related to the real estate industry create the maximum responses for the complex apartment. However taking both into
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consideration together, we can say that weekly newspapers are the most effective advertising media. Participation in real estate fairs also created responses and it needs to be followed to create a brand image though the response from this media is less.
Mode of financing the flat (Data collected from the question number 4 in the Questionnaire)
Type of finance Cumulative Frequency Valid HOME LOAN SELF-FINANCE Total 40 4 44 Percent 90.9 9.1 100.0 Valid Percent 90.9 9.1 100.0 Percent 90.9 100.0
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Mode of financing the flat of stand-alone apartment customers
Type of finance Cumulative Frequency Valid home loan self-finance Total 104 26 130 Percent 80.0 20.0 100.0 Valid Percent 80.0 20.0 100.0 Percent 80.0 100.0
Mode of financing the flat of complex apartment customers
From the above results it can be concluded that customers prefer to purchase flats on housing loans
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provided by the different financial institutions and facilitation for housing loans needs to be given priority. Tie-ups with more banks need to be done to facilitate home loans. Moreover the customers are mainly salaried and hence they rely on home loans to purchase flats in both standalone and complex apartments.
Quality-Service Analysis (Data collected from the question number 5 in the Questionnaire) Quality-Service Analysis For Stand-Alone apartments:Here Z-Test needs to be done as the number of respondents=44>30. 1. Material Quality- Let the Null Hypothesis (H0): 4. This means that we assume the Quality of Material is Satisfactory. The value of |z|=1.38 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the quality of material given by the company is satisfactory.
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2. Home Loan Support- Let the Null Hypothesis (H0): 7. This means that we assume the Home Loan Support provided by the company is Excellent. The value of |z|=2.21 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Home Loan Support given by the company is Excellent at 99% confidence limit (or 1% level of significance). 3. After Sales Service- Let the Null Hypothesis (H0): 3. This means that we assume the After Sales Service is Poor. The value of |z|=1.95 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the After Sales Service given by the company is Poor. 4. Maintenance- Let the Null Hypothesis (H0): 3. This means that we assume the Maintenance provided by the company is Poor. The value of |z|=2.05 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis
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(H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Maintenance given by the company is Poor at 99% confidence limit (or 1% level of significance). 5. Price-Quality SatisfactionHypothesis (H0): 4. Let the Null
This means that we assume the Price-Quality Satisfaction of the customers is Satisfactory. The value of |z|=2.66 which is greater than 1.96 at 5% level of significance and 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at both 95% and 99% confidence limit. Here we conclude that the Null Hypothesis is not true and the Alternate Hypothesis (Ha) is accepted, that is the Price-Quality Satisfaction of the customers is not Satisfactory.
For Complex apartments:Here Z-Test needs to be done as the number of respondents=130>30. 1. Material Quality- Let the Null Hypothesis (H0): 4. This means that we assume the Quality of Material is Satisfactory. The value of |z|=0.839 which is less than 1.96 at 5% level of significance and also less than 2.58 at
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1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the quality of material given by the company is satisfactory. 2. Home Loan Support- Let the Null Hypothesis (H0): 7. This means that we assume the Home Loan Support provided by the company is Excellent. The value of |z|=2.02 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Home Loan Support given by the company is Excellent at 99% confidence limit (or 1% level of significance). 3. After Sales Service- Let the Null Hypothesis (H0): 2. This means that we assume the After Sales Service provided by the company is Very Poor. The value of |z|=0.767 which is less than 1.96 at 5% level of significance and also less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is accepted at both 95% and 99% confidence limits respectively and we may conclude that the After Sales Service provided by the company is Very Poor. 4. Maintenance- Let the Null Hypothesis (H0): 3.
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This means that we assume the Maintenance provided by the company is Poor. The value of |z|=2.41 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Maintenance given by the company is Poor at 99% confidence limit (or 1% level of significance). 5. Price-Quality SatisfactionHypothesis (H0): 4. Let the Null
This means that we assume the Price-Quality Satisfaction of the customers is Satisfactory. The value of |z|=2.50 which is greater than 1.96 at 5% level of significance but less than 2.58 at 1% level of significance. Therefore the Null Hypothesis (H0) is rejected at 95% confidence limit but accepted at 99% confidence limit and we may conclude that the Price-Quality Satisfaction of the customers is Satisfactory at 99% confidence limit (or 1% level of significance).
Reducing the number of complex attributes into meaningful factors that determine customers’ decision-making while purchasing a flat (Data collected from the question number 6 in the Questionnaire)
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FACTOR ANALYSIS OF STAND ALONE APARTMENTS Factor Analysis
[DataSet1]
KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .615 451.278 28 .000
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Component Matrixa Component 1 Security Transport market School/Hospital Lift Generator affordability extra prices .868 .490 .390 .832 .874 .888 -.345 -.331 2 .322 -.502 .296 -.099 .330 .284 .906 .888 3 -.335 .571 .822 .455 -.325 -.291 .194 .237
Extraction Method: Principal Component Analysis. a. 3 components extracted.
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Communalities Extraction Security Transport market School/Hospital Lift Generator affordability extra prices Extraction Method: Principal Component Analysis. .970 .818 .915 .909 .977 .955 .978 .955
Total Variance Explained Extraction Sums of Squared Loadings Component 1 2 3 Total 3.620 2.251 1.605 % of Variance 45.253 28.144 20.065 Cumulative % 45.253 73.397 93.461 Rotation Sums of Squared Loadings Total 3.083 2.322 2.071 % of Variance 38.543 29.029 25.889 Cumulative % 38.543 67.572 93.461
Extraction Method: Principal Component Analysis.
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Rotated Component Matrixa Component 1 Security Transport market School/Hospital Lift Generator affordability extra prices .980 -.014 .084 .464 .983 .964 -.042 -.056 2 -.025 -.467 .362 -.216 -.017 -.056 .986 .975 3 .096 .775 .881 .804 .108 .148 -.069 -.023
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 4 iterations.
Component Transformation Matrix Component 1 2 3 1 .832 .360 -.422 2 -.281 .929 .240 3 .479 -.081 .874
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization.
From the Kaiser-Meyer-Olkin Measure of Sampling Adequacy, we see that it has a value of 0.615 that is
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greater than 0.500 and from the Bartlett’s test of Sphericity we see that it has a significance level of 0.00<0.05. Therefore we conclude from these results that factor analysis can be done. From the Scree Plot we see that 3 principal components can be extracted out of the 8 attributes. From the Rotated Component Matrix, we can group Security, Lift and Generator into one factor and name it as Basic Amenities as they have values of 0.980, 0.983 and 0.964 respectively showing high correlation between them. Similarly we can group Affordability and Extra Prices into one factor and name it as Price-Sensitivity as they have values of 0.986 and 0.975 respectively showing high correlation between them. Similarly we can group Transport facilities, Market and School/Hospital into one factor and name it as Locality as they have values of 0.775, 0.881 and 0.804 respectively showing high correlation between them. Hence we can conclude that customers of Stand-Alone apartments make purchasing decision of flats on the basis of three main categories that is Locality, PriceSensitivity and Basic Amenities.
FACTOR ANALYSIS OF COMPLEX APARTMENTS Factor Analysis
[DataSet1]
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KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .398 2173.924 78 .000
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Component Matrixa Component 1 Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room .301 -.491 -.618 -.485 .360 .059 -.065 .358 .923 .894 .897 .810 .916 2 .307 .233 .189 .562 .732 .790 -.847 -.474 -.154 .178 .012 .283 -.045 3 -.568 .630 .304 .626 -.224 -.186 .083 -.017 .249 .240 .375 -.010 .329
Extraction Method: Principal Component Analysis. a. 3 components extracted.
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Communalities Extraction Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room Extraction Method: Principal Component Analysis. .507 .692 .510 .943 .715 .662 .729 .353 .938 .888 .945 .736 .949
Total Variance Explained Extraction Sums of Squared Loadings Component 1 2 3 Total 5.164 2.740 1.664 % of Variance 39.725 21.075 12.799 Cumulative % 39.725 60.801 73.600 Rotation Sums of Squared Loadings Total 4.450 2.676 2.441 % of Variance 34.233 20.588 18.779 Cumulative % 34.233 54.821 73.600
Extraction Method: Principal Component Analysis.
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Rotated Component Matrixa Component 1 Security Transport Market School/Hospital Lift Generator Price extra charges Swim pool A.C. Gym kids room community hall indoor games room .023 -.146 -.408 -.132 .244 -.005 -.048 .297 .931 .911 .970 .727 .964 2 .496 -.025 .016 .289 .802 .811 -.835 -.402 -.113 .201 .004 .366 -.034 3 -.511 .819 .586 .918 -.112 .070 -.172 -.322 -.242 -.132 -.072 -.272 -.138
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 5 iterations.
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Component Transformation Matrix Component 1 2 3 1 .892 .033 .451 2 .116 .947 -.299 3 -.437 .319 .841
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization.
The KMO measure of Sampling Adequacy here is 0.398 which is less than 0.500 indicating that the results of factor analysis will probably not be very useful. However from the Scree Plot we can see that 3 factors can be extracted mainly. From the Rotated Component Matrix we see that Swimming pool, Kids room, A.C. Gymnasium, Community Hall and Indoor Games Room can be grouped together and termed as Luxury Amenities. Lift and Generator can be grouped together and termed as Basic Amenities. Transport, Market and School/Hospital can be grouped together and termed as Locality. Security, Price and Extra Charges cannot be grouped into anything. Moreover from the study it has been found out that the price and extra charges did not matter much to the customers of complex apartments.
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COMPETITOR SURVEY FINDINGS Locality: Kalikapur
Builder Jeet Group Mishra Construc tion Marketer Jeet Group Mishra Constructio n Floorin g Marble Marble and Kajaria Tiles used in Toilets and kitchen Marble Marble Rate per square foot RS.3500 Rs.4000 Car Parkin g Rate 2 lakhs 2 lakhs Brand of Bath Fittings Hindware Parrywar e Amenities Security, Lift, Generator Security, Lift, Generator
Ambalika Adhunik (a unit of Anjali Jewellers )
Ambalika Adhunik
Rs.3500 Rs.3300
2 lakhs 2 lakhs
Hindware Hindware
Security, Lift, Generator Security
New Entrant: Chanchal Projects (Construction has just begun) Note: In this locality flats are not sold professionally. Mainly brokers are involved with selling of flats. The builders do not take initiative to sell flats. They just inform brokers and the security personnel.
Locality: Narendrapur
Projec t Name Pacific Dale Builde r and Marke ter Soman i Realto Floor ing Rate per square feet 2100+80(@ EDC) Car Parking Bran d of Bath Fitti ngs Jagua r Ameniti es Possibl e Possess ion Date Decemb er 2015
Vitrifi ed Tiles
1.75 and 2.25 lakhs
Security, Intercom facility,
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rs
(depend ent and independ ent respectiv ely)
Sucasa Woods
Soman i Realto rs
Vitrifi ed tiles
2250+70(@ EDC) Swimming pool charge(Rs.3 0000)
Same as above
Manjuri Enclav e
Soman i Realto rs
Vitrifi ed Tiles
2750+60(@ EDC)
Rs. 300000( not compuls ory)
Rajwad a Blues
Rajwa da Group
Vitrifi ed tiles
2950+70(@ EDC)
Rs.2.5 lakhs
Sherwo
Sherw
Vitrifi
Rs.4000
Rs.3.5
Communi ty Hall, Generato r, Lift, CCTV, DTH facility, Landscap e Garden, Water Filtration Security, October Jagua Intercom, 2015 r Communi ty hall, Generato r, Lift, CCTV,DT H facility, Landscap e Garden, Children’ s Park, A.C. Gymnasi um, Water filtration, Swimmin g pool Jagua Transfor Ready. r mer, At the Generato time of r, Lift, registrati Security, on. Communi ty Hall, Intercom, DTH, Letter box, Name plate Jagua Generato May r r, Lift, 2013 Security, Communi ty Hall, A.C. Gymnasi um Generato Ready 41 | P a g e
od Estate
ood Estate
ed tiles
lakhs
r, Lift, Security, Communi ty Hall, A.C. Gymnasi um, Ambulan ce, Children’ s park, Indoor games room
Rajwada Group will be coming up with many new projects. They have already bought many lands and a mini complex is going to be their next project behind Rajwada Blues. They are planning to start many projects in this locality very soon. Note: In this locality flats are sold professionally and there is no scope of bargaining. The rate is fixed and explained perfectly in details by the sales personnel.
Locality: Malancha (Near Mayfair Palms and Mayfair Eternity)
Project Builder Name and Marketer CB Enclave CB Construct ors and Modern Properties Floorin g Rate per squar e feet Rs.230 0 Car Parkin g 2.5 lakhs Brand of Bath Fitting s Jaguar Ameniti es Possibl e Possess ion Date June 2015
Vitrified tiles
Security, Intercom, DTH, Generato r, Lift, Landscap e Garden, Children’ s Park and room, Indoor games room, Communi ty Hall, A.C. Gymnasi
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Adwitiy a
N.H. Developer s
Marble
Rs.230 0
2.5 lakhs
Not decide d but will be brande d
um Security, Inverter, Lift, Communi ty hall
Septemb er 2014
COMPETITIVE ANALYSIS REPORT • In the Kalikapur area, the flooring is of whitemarble finish while Mayfair Group is giving vitrified tiles. Marble is of many qualities and hence customers can get fooled by looking at marble-finish which may be of poor quality than virified tiles. However in other areas the flooring is of vitrified tiles. • The ceramic tiles used by the competitors are also branded like Johnson and Kajaria tiles. • Bath fittings are varying with competitors a lot. Hindware is a local company. Jaguar is known for its brand but the quality is of many types. However customers will see mainly the brand name and perceive that the quality will be great. The brand name here is very vital. • Some of the areas chosen by Mayfair Group for the projects are in much more interior
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places than its competitors which is acting as a great barrier to the marketing department. • Amenities for stand-alone apartments are almost same but differs in complex apartments. In complex apartments, more the number of amenities provided higher is the customer satisfaction and value. • Sherwood Estate provides an ambulance as an amenity inside the complex which can be done for Mayfair projects as well. • The competitors are not charging for preferred location while Mayfair Group takes a charge. This is making Mayfair Group in a disadvantageous position while marketing. SWOT ANALYSIS
MAYFAIR GROUP Sector Real Estate Development • • • USP • Every apartment is properly ventilated and lighted with optimum space utilization. More open spaces in common areas. Best quality exterior painting and colour combination. Use of modern construction technologies. STP Segment Target Group Positioning Stand-alone Apartments and Complexes. Middle Class and Higher Middle Class Create affordable housing for all citizens of India. SWOT Analysis
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1. Providing houses for masses. 2. Tie-ups with various banks to provide house loans. 3. Efficient planning of architectural design. Strength 4. Good co-operation from the company to the customer to get housing loan sanctioned. 1. One of the major marketing technique of recent times i.e., customer relationship marketing is untouched. 2. Complaints from customers regarding service are not taken care of immediately. 3. Some of the personnel lack motivation in their work and company. Weakness 1. Population growth and increase in domestic demand. Opportunity 2. Financing is made easy by various financial institutions which provide house loans. 1. Entry of new entrants and threat from the market leaders. 2. Customers are falling out of the customer service tolerance zone and it can tamper brand image which can affect the decisions of future customers. Threats 3. Brand image is not yet well established.
Competition Competitors 1. Aswini Infra Projects Ltd. 2. Bricks Realty 3. CB Constructors and Modern Properties 4. Somani Realtors 5. Ambalika Housing 6. Mishra Construction Pvt. Ltd. 7. N.H. Developers
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8. Jeet Group 9.Rajwada Group
RECOMMENDATIONS
1. Use of the print media- The advertisement should be made newsworthy and it should appear that you have a quick and easy solution to their problem or else it might be overlooked. 2. Ad-positioning- it is the second fundamental thing. For example, the ad can be started with the statement “WARNING! DON’T LIST YOUR HOME UNTIL”. 3. Hoardings and Kiosks- Use of Hoardings and Kiosks can be an effective tool for brand awareness as well as inform customers about the current projects. 4. Participation in Real Estate Fairs - This is very important as people who are only interested visit these fairs and all are hot prospective customers. 5. Follow up- This thing is very important. Since purchasing a flat is an extensive decision-making process, it is obvious that buyers will search for many alternatives and in the process might forget your offer. 6. Create catchy webpage- Potential buyers going past hoardings might memorize a catchy webpage name than the agent’s phone number. Also own websites can focus on the special features of the property that general listing sites (e.g., www.magicbricks.com, www.99acres.com, etc.) cannot due to space and technical constraints. 7. Social Networking a) Join Facebook, Twitter, LinkedIn.
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b) Comment on 3-5 posts daily with links to your blog or website. c) Create Facebook page for your business. d) Add video testimonials to your business page. e) Comment on local business pages. f) Update your status daily. g) Use software such as Ping.fm to post to all social networks at one time. h) Use Twitterlocal.net to connect with local people. 8. Get your current customers to lead to your next customer- Your goal should be to get half the people you do business with to refer someone to you before the end of their transaction. Most of the time, people wait until the transaction is over to ask for referrals but by that time it’s too late. They’re not in the same mind space they were in while they were going through the transaction. 9. Customer Relationship Marketing- This is the most important tool of marketing in today’s competitive world. Focus should be given on building a long-term loyal relationship with the customers and not on short-term transactional business only. It can lead to repeat and referral business. Your relationship portfolio is your most valuable, virtually competition proof asset that you can nurture for a never ending return. 10. More tie-ups with banks- Since most customers purchase flats based on home loans, increase in tie-ups with banks will facilitate customers. 11. Quality of service- Quality of service is a serious concern as rating from the respondents show mainly poor quality of service. Customer Relationship Marketing and Brand Loyalty are mainly based on Quality of Service.
CONCLUSION
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The real estate industry is growing slowly in India. Many new companies are entering into the industry as it is a lucrative one and thereby creating more competition. Hence to stay aloof from the competition, brand building is essential. The leading market player in real estate industry in India is DLF Ltd. The demand for houses or flats is ever increasing due to the population growth. New ways of marketing can be looked into. The location is of utmost importance to the customers. The above study helps to draw some conclusions but further study can be done in this field to draw more accurate conclusions. The investment opportunities has not been touched in this study as investors also purchase flats and sell at a later time to increase their return on their money as property prices are always increasing. Limitations of the study: 1. The time span to carry out the study was limited. 2. The respondents selected randomly are short and may not represent the entire population. 3. Sample size was small. 4. As respondents were the customers of Mayfair Group and from Kolkata, the study does not represent the overall view of the real estate industry of the Indian Market. 5. It might be possible that some respondents might not have given the correct information.
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Annexure QUESTIONNAIRE FOR CUSTOMER FEEDBACK 1. Are you self-employed (businessman), salaried or retired person? 2. What is the total annual family income? i. ii. iii. iv. Less than 3 lakhs 3-6 lakhs 6-12 lakhs 12 lakhs and above
3. From where did you come to know about this construction? i. ii. iii. iv. v. vi. Weekly Newspapers Business newspapers Websites Real estate fair Hoarding or signboard Others
4. How did you finance the flat? i. ii. House Loan Self-finance
5. Please give your response for the following:
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Attribute Material Quality Home Loan support After Sales service Maintenan ce PriceQuality Satisfactio n
Worst
V. Poor
Poo r
Satisfact ory
Goo d
V. Good
Excelle nt
6. Answer the following questions by ranking within the scale (1=Completely Agree, 2=Agree, 3=Somehow Agree, 4=Neither Agree nor Disagree, 5=Moderately Disagree, 6=Disagree, 7=Completely Disagree):
i. ii. iii.
I feel Security is very important. Swimming pool in my complex is necessary to feel proud of. An A.C. Gymnasium is essential in complex apartment to remain fit.
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iv. v. vi. vii. viii. ix. x. xi. xii.
A Kids’ room is essential in a complex apartment. Indoor Sports room is very important in a complex apartment. A Community Hall must be present in a complex apartment. I see Transport facilities while making the purchasing decision. I see Market while making the purchasing decision. I see School and hospital while making the purchasing decision. I see Lift as a necessity while making the purchasing decision I see Generator as a necessity while making the purchasing decision Affordability is my primary importance.
xiii.
The extra charges that are taken by the company are too much.
Note: In Stand-alone apartments’ , in question number 6 options ii, iii, iv, v and vi were omitted as these options are not applicable here.
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BIBLIOGRAPHY
1.
PropIndex magazine www.magicbricks.com.
published
by
2.The Times of India newspaper. 3.Websites: www.magicbricks.com, www.99acres.com, www.realestatehungama.com 4.Internet: Search engine-www.google.com
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5.
Company www.mayfairdevelopers.com, www.mayfairgroup.in
websites:
6.Books referred: Marketing Research by G.C.Beri and Marketing Research (Measurement and Method) by Tull and Hawkins.
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doc_737884419.doc