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1. A Study of Consumer Behaviour in Real Estate for Vadodara City
Dikshita Gajera1
, Dr. Mohammedshakil S. Malek 2
(*)
1
Post graduate student, Department of Civil Engineering, Parul Institute
of Technology, Vadodara, Gujarat
2
Director, F.D.(Mubin) Institute of Engineering and Technology, Bahiyal,
Gandhinagar, Gujarat
1
dikshgajera1408@gmail.com, 2
shakil250715@yahoo.co.in
Abstract
Purchasing a house is generally considered as the most important achievement for an
individual. It is mostly the most expensive things people can buy and involves many
emotional considerations as well. It involves multiple parameters that leads for the final
selection of the house. This study tries to understand the buying pattern of the people
across Vadodara city and what leads them to buy a house irrespective of the size of the
house i.e. 1 BHK, 2 BHK and so forth.From the Ordinal data gathered medians have been
calculated and the results are arranged in the ascending order. If there is no difference
between first and second parameters than the Null Hypothesis will be used. The
Alternative hypothesis will be that the first factor is smaller and hence more important
than the second factor. Pair-wise comparison will be done using Mann-Whitney (Wilcoxon
Rank sum) test of factors whose medians will be near each other. If the p-value will be less
than 0.05 the null hypothesis will be rejected and the alternative hypothesis will be
accepted. If the p-value will be greater than or equal to 0.05 then the null hypothesis will
not rejected. T Test is used where the data is not ordinal, such as the hypotheses of
dependence of type of house, cost of house and built up area of the house on age. This
study reflects the common behavioral pattern of the buyer thus it is very important for the
developers (sellers) and also it helps to identify the future growth prospects as far as the
real estate development is concerned. In a way it will eliminate the dilemma of home
buyers by providing prescribed parameters to consider before purchasing a house.
Keywords: Real Estate, Consumer Behaviour in Real Estate, Consumer Behaviour.
1. Introduction
“The term real estate is Spanish oriented word where in real means royal. So it also gets
interpreted as Royal Estate. This is because during Agrarian Age, there really were
two classes of people, royalty and peasants.
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2. Real Estate is classified in 5 different fields, namely Residential (housing), Commercial
(offices, shops, theatres, hotels, and car parks), Industrial (warehouses, factories, power
plants) Agricultural (farms, orchards, etc.) and Special purpose (hospitals, schools, etc.)
(Galaty F. W. 2000 et. al.). Presented thesis is confined only for Residential Real Estate
(housing).
1.1 Background
Food, Clothing and Housing are the three basic necessities of a human being. In ancient
time, man use to live in cave and now they prefer comfortable housing with amenities.
For 2011 Census, House is defined as under:
“A 'census house' is a building or part of a building used or recognized as a separate unit
because of having a separate main entrance from the road or common courtyard or
staircase, etc. Can be occupied or vacant. Can be used for a residential or non residential
purpose or both. If a building has a number of flats or blocks/wings which are
independent of one another having separate entrances of their own from the road or a
common staircase or a common courtyard leading to a main gate, these will be considered
as separate census houses” (GOI, 2014).
Growing Population and growth of urbanization in cities like Vadodara has surged
shortage of land and due to that, land prices have gone remarkably high. As a result,
people are forced to reside in Multi-unit housing (Flats/Apartments).
Multi Unit housing units are classified through the number of bedrooms such as 1 Room
kitchen, 1BHK, 2BHK, 3BHK, 4BHK, etc. Here B stands for Bedroom and putting an
integer ahead of B add numbers of Bedrooms in the house. H is for Hall, where in K
stands for Kitchen.
People usually stay in an independent house (detached house/ bungalow) or in a multi unit
housing. Whenever people think of a dream-house, usually it is a bungalow which can
reflect their status symbol as well. Both have their advantages and disadvantages.
1.2 Factors influencing house purchase decision
There is considerable literature regarding the various factors that influence the house
purchase decisions. These aspects can be classified under three heads, which are macro
level, person level and house related. The macro-level factors are the Economic growth
(GDP growth rate), unemployment rate, interest rates, etc. Person level factors are age,
stage of life-cycle of a person, household size, household income, etc. Owners consider
many factors such as: Price of house, location, neighborhood quality, perceived safety of
locality, accessibility to main-road, size of the house, number of rooms, specifications,
layouts, builder’s reputation, showcased amenities, parking space, view, etc. People do
not prefer to reside in habitat that has lot of traffic noise and no fresh vegetation is
available. Old people keep medical services availability in mind while looking for their
retirement house. Parents with child look for options where they can provide good
schooling to their children and are easy to commute. Preference of the people has become
health conscious and hence they do look for fresh vegetation in surroundings with nearby
options of gardens, shops and local transportation options available. Location of a house
is very important factor, but a person may not get a house in a preferred location because
of non-availability. Moreover, due to people owning vehicles, distance is no more such a
big constraint and many people may prefer to stay in suburbs: away from the smoke and
pollution of the city, where the price of house may also be comparatively cheaper.
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3. There are various factors, which are important while buying a house, and as a person is
going to stay there for a substantial part of his lifetime, he would definitely be very
careful in making a choice of buying a house.
How price effective is a habitation plays a very important role when one thinks of buying
a House. House prices are determine multiple factors, such as size, location,
specifications, supply, interest rate, availability of amenities such as Gym, Club, etc.
Factors such as location, neighborhood, size, specifications, amenities provided, market
situation, etc. plays a major role in variation of price band. Some Builders make houses
with smaller rooms because of affordability and on the other hand some builders make
super-luxury flats with huge rooms.
For many families, buying a new house is one time moment and it is the most expensive
product that one looks for. Many a time people borrow money (Home Loan) to buy a
house. The most common duration of Home loan is 20 years, and the Banks give loan up
to maximum 80 % of the cost of the house. If a person buys a house with a home loan, in
most cases the cost of the house is about sixty four times the family’s monthly take-home
income. However, people may buy a house which is less or more than that.
These days, farming lands are compromised to build residential complexes in outskirts as
not much of space is available in heart of the city to construct a multi housing unit. In
heart of cities, old houses/ mills with old construction methods are demolished and they
are replaced by new multi unit housing options to accommodate more people. Vadodara is
one of a good example to see how cities are growing vertically; - rise increasingly high
buildings.
Since a decade, housing scenario has completely changed from what the pattern was in
past. About thirty years back, a person would buy or construct a house when he was just
about to retire. Now the average age of a typical Home Buyer is 31 years (Deb.S.). There
are many reasons for this such as now people get deduction in Income tax (up to Rs. 2
lacs per annum towards Interest component will be deducted from Income, according to
the Union Budget for the Financial year 2014-15 and up to Rs. 1.5 lacs deduction is
permitted under Section 80 C towards principal component), if they take home loans
(Economic Times, 110714). Earlier it was difficult to get loans from banks but now
people are being pestered by phone calls from banks offering home loans. Earlier the
interest rates were also very high: In 1995 the interest rate of home loans was 17 %, in
1998 it was14 % (Deb.S.) and in October 2014 it was 10.15 %, in August 2015 it was
9.75 % and in November 2015 it was 9.55 %. Thus, now the interest rates are relatively
low. There is a growing trend of more and more women working in offices, thus the
house hold income increases. There is also a trend of nuclear families thus driving the
need for more and more homes.
In past, people use to manage things one by one and now with the growing techniques,
people has become versatile. Builders made public limited companies and started doing
multiple projects. They are constructing integrated townships too where one can find his
all the needs at one single place which includes earnings to schoolings. These save lots of
time that is spent otherwise in travelling.
1.3 Statement of problem
Why are owners found of particular house from all the available options?
Determine give and take affair betwixt product feature, surrounding features and personal
needs when a buyer decides to own a new house.
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4. 1.4Significance of the study
1) Real Estate contributes to about 6.3 % of the National GDP of India (ET).
2) Construction is the second largest employer, after agriculture for India.
3) Builders have to keep doing researches on understanding of people how they segregate
things while making their valuable decisions. This topic will be helpful to the students
of Marketing in understanding `Buyer Behaviour’, with special references to Real
estate vis-à-vis other consumer durables as a clear picture is expected to emerge as to
which factors are important.
4) Flat sellers can be benefited by understanding on how people make their mind and
what are the prominent things people keep into consideration. The incorporation of
consumer behavior concepts into traditional real estate study will improve the
understanding of individual decision-making in the real estate context. This
understanding will lead to better explanations and predictions in real estate markets
and, as a result, greater success in the market-place.
Many studies have been done on Consumer Behaviour for many FMCG products and
Consumer durables. However, the research on Consumer Behaviour in Real Estate is very
scarce in India. Hence the researcher felt that a study on this topic is essential.
1.4 Objectives of the study
1) The helps to conclude preferences of buyers and judge emerging trends.
2) To conclude requirement of owners and increase revenue generation.
2. Review of literature
Real Estate or immovable property is any sub-set of land that has been legally defined and
improvements to it has been made by human efforts. Real Estate is distinguished in five
different times which are Agricultural (farms, orchards, etc.), Special purpose (hospitals,
schools, etc.), Residential (housing), Commercial (offices, shops, theatres, hotels, and car
parks) and Industrial (warehouses, factories, and power plants). Largest segment of these
Real Estate sector is Residential and is classified in following categories: housing, mid-
income housing and luxury housing.
2.1 Consumer buyer behaviour
Consumer buyer behaviour refers to the buying behaviour of final consumers -individuals
and households who buy goods and services for personal consumption, in contrast with
business buyer who buy goods and services for use in production of other products and
services (Kotler P. et. al.). Home-buyers display complex buying behaviour as the product
is expensive, bought infrequently, risky and consumers are aware about the significant
differences among alternatives (Katiyar et. al.).
2.2 Factors influencing consumer behaviour in residential real estate
Many authors have mentioned various factors that influence the buyer behaviour for
house purchase:
a) Related to the buyer: Authors have been mentioning various factors like Life-cycle,
age, income and family size (Sali et. al., 2013, Pachpande et. al., 2008, Morbale et. al.,
2004).
Buying preferences change with the ageing of a person. In twenties, a person/buyer
will buy a house that is affordable, at thirties a buyer will look for a large house to
accommodate themselves, their children and ageing parents of the husband, suburbs
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5. are preferred by the person with the age of fourties above and those above the age of
fifty are likely to buy retirement homes (Deb S.). When a person begins his/her career,
they look for the starter homers: homes which will fall in their current budget and
hence demand for smaller homes such as1 BHK, 1.5 BHK, etc. (Singh V.). Buyer
should consider expected household size before buying a house (Singh et. al., 2004,
Hemple et. al., 1999). Buyer has to consider his buying power (Dual income status,
down payment to income ratio), and lifestyle. Income is a critical variable in
homeownership (Hempel et. al.).
b) About the product (house). Person pays for an area as well when he is buying the
house. Purchase of house depends of below mentioned factors:
 Location: Location is the main factor that helps owner to decide where he is
going to buy a House (Peer N.). According to some authors, location is
everything (Peer N. 2014, Gokhale 2010, Lonnappan 2013, Magicbrics, Mishra
2013 et. al) but that does not mean buying a home near the city centre, but the
distance from work , schools (for family with school going children) , shops,
hospitals, swimming pools, parks, etc. has to be considered (Pachpande et. al.,
2008, Hempel et. al, Singh 2009 et. al, Bhanwalker, Mittal et. al., 2014).

 Price: This is one of the utmost important factors. Choice of home depends
on affordability (TOI 2014, Hempel et. al, Gokhale, 2010, IIRE, Mishra,
2013 et. al).

 Quality of life namely transportation, neighbours, recreational areas, green
zones, 24x7 water supply, sewerage, power, phone-connectivity, waste
disposal, domestic help (Hempel et. al, IIRE).

 Neighbourhood: Neighbours gives you healthy social life and if neighbourhood is
not good, a person feels social life constrains.

 Amenities: club-house, gymnasium, gardens, playgrounds, adequate
parking space, swimming pool (Peer N., 2014, Mittal R., 2014, Gokhale,
2010, Mishra et. al., 2013 Ahuja R., 2011).

 Security: Before buying a house, one has to check how secure the facility is from
from anti-social elements and should not buy a house in secluded areas.

 First impression: First impression is a last impression. If one does not like habitat
in first sight, than buyer is not going to purchase it (Peer N. 2014). Indians do not
fall in love with any house (Sachdev S., 2011).

 Utilities (water, sewerage, power, mobile connectivity, waste disposal and
domestic help) (Hempel et. al.).

 Reputation of builder: Reputation of a builder shouldn’t be neglected (Peer N.,
2014). Positive image of a company is an important potential competitive
advantage (Dewan S., 2007, Mittal R., 2014 et. al, Mishra et. al., 2013, Ennew C.
et. al., 2000).

 Layout and design: Questions such as whether the family members will get
enough privacy, whether space has been utilized efficiently, whether there
is a dry balcony, if there are adequate storage spaces (lofts), good
ventilation (Peer N., 2014, Mittal R. et. al., 2014, IIRE).

 Better view (Peer N., 2014, Mittal R. et. al., 2014).

 Date of possession: If there is a delay in possession of under construction house
after booking, buyer will feel lot of anxiety. (Peer N. 2014).

 VastuShastra: Vastushastra play major role in an Indian houses construction
(Ahuja O. 2015, Sachdev S. 2011, Mishra et. al., 2013).
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6.  Promotion: New technique is taken into consideration for increase of properties
sale (Manivannam et. al., 2014, Sundrani D. 2012, Mishra et. al., 2013) which
makes film-stars and cricketers their brand ambassadors.
2.3 Studies carried out in India, till date
Many theories have been published about points that one has to keep in mind while
making purchase of property. As per the study in NCR, it has come to notice that road-
connectivity plays very important factor in selling a house (Mittal R. et. al., 2014). Public
transportation factor was not taken into much of consideration as people have their own
sources of travelling. Job opportunities and affordable price of property are important.
Social infrastructure especially education has become very important for city dwellers.
Basic amenities is the most important factor, while selecting a residential flat, followed by
Financials, Layout, Proximity, Connectivity, Environment & Location, Recreation &
Leisure and Goodwill came to an attention while conducting studies in 4 large cities of
Tamil Nadu (Manivannam et. al., 2014). Authors while doing study work in Chennai
found out 5 things that can influence buying which are as under: Terms& conditions,
Facilities, Interior design, External influencers and Reputation factor (Sali A. M. et. al.,
2013). The authors hypothesised that home-buyers belonging to the sub-groups of marital
status, income and occupation do not consider the identified determinants influencing the
purchase decision of residential flats equally. They got mixed results.
Another study of recent flat buyers in Mangalore city (Lonappan, 2013) concluded that
the factors in descending order of importance were location, followed by Facilities, price,
environment, neighbourhood and Local community. Swimming pool is one of the options
that middle class people does not take into consideration while buying a new house.
An exploratory study was conducted in the peripheries of Chandigarh to find out the
important variables influencing the buying decision of home-buyers. Home-buyers were
asked opinion on 19 listed variables on 5 point Likert scale. Six factors were identified
which totalled 74 % of the weightage and they are (in decreasing order): Basic amenities,
Financials, Connectivity, Layout, Proximity and Recreational & Leisure (Singh T , 2013).
One more research was concluded with interviews to understand factors from buyer’s
point of view who resides in an Apartment of New Delhi which is National Capital
Region (NCR). Those 9 factors were identified in these 3 components: Internal
specifications(green/eco-friendly apartments, availability of store-rooms and kitchen
size), Pull factor(proximity to work place, brand name, advertising) and Other facilities
(Easy availability of loan, vastu-compliance, and price of apartment) (Mishra et. al., 2013)
Another study from New Delhi NCR concluded that price is very important factor.
Moreover, Market reliability of a Company is a taken seriously by the customers before
buying a property from a builder. The author concluded that price has a negative
correlation with privacy, location has a positive correlation with neighbourhood, and
location has negative correlation with size of property (Bharadwaj G. 2013).
A study from Pune showed that the vital factors dragging the decision of selection of
house in descending order of importance were cost, locality, proximity, accessibility and
safety (Ranjan P. et. al, 2013.). A survey conducted in Pune, concluded that people in
Pune belong to different income groups and follow different lifestyles and their needs and
expectations are different (Morbale S. 2004). Conclusion was such that buying
preferences were in the following manner: Location, Quality of Construction, Cost and
Reputation of the builder. They also point out that builders do segmentation based on
income, age and location. Another survey conducted in Pune concluded that home-buyers
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7. are ready to pay extra reasonable price for the amenities such as clinic, gym, garden, and
shopping center (Agarwal S. 2003).
Case history of six different builders was studied and author concluded that location is the
utmost important thing for almost every buyer and hence builders started high lighting
importance of the location where the project has been constructed. In their detailed
brochure builders high-lighted accessibility, security, earth-quake and fire safety, parking,
architectural values, and amenities. The author concludes that the real estate customer no
more asks the question normally asked `What is the price?’ but asks about location and
amenities (Agarwal S. 2003).
2.4 Conclusions of literature review
Accelerated urbanisation shows challenge of deficiency of infrastructure (Saxena S. B. et.
al., 2014). Due to imperfection of public transport in most urban cities, staying and
commuting from peripheral location turns out to be a big challenge for potential customer
(Mukherjee S. 2014).
Many a times, people do balance growing Job opportunities of future and sky rocketing
charges of property while buying a property (Mittal R. et. al., 2014). Finding a right house
is equivalent to finding a needle in the haystack (IIRE), thus it becomes very important to
make a right decision. Decisions made pursuing personal objectives would be considered
rational if it is done consistently. Each person’s objective is to maximize the value of his
own payoff which is measured in some utility scale (Sen A. 1984).
Buying a House can be categorize if 3 categories which are: essential, desirable and bonus
because it helps to manage the tradeoffs between various options of houses, such as city
v/s suburbs, distance of school of kids vis-à-vis distance of office, jacuzzi vis-à-vis other
essential features (Deb s. 2005).
3. Consumer behaviour in real estate sector
For the study, a household is defined according to Census of India, 2001, as `a group of
persons who normally live together and take their meals from a common kitchen unless
the exigencies of work prevent any of them from doing so. Persons in a household maybe
related or unrelated or a mix of both’ (GOI, 2015).
3.1 Product classification
Builders make flats / apartments of different sizes and with different number of bedrooms.
The flats/ apartments are commonly denoted as 1 BHK, 2 BHK, 3 BHK, etc. where 1 B/ 2
B/ 3 B indicate number of Bedrooms. Thus 1 B indicates a flat/ apartment having one
Bedroom, 2 B indicates 2 Bedrooms etc. H is the acronym for Hall (or Drawing room)
and K is the short form for Kitchen.
For the purpose of the study, only 1 BHK, 2 BHK and 3 BHK flats/apartments will be
considered, because they form the major chunk of total housing in Vadodara.
3.2 Concept of consumer behavior
Consumer behaviour is defined as the behaviour that the consumers display in searching
for, purchasing, using, evaluating, and disposing of products and services that they expect
will satisfy their needs (Sachiffman L. G. et. al., 2010). As per the current studies,
definition of consumer behavior is appropriate as it tries to investigate the parallel
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8. importance shown by the buyer in different factors that affect the preferences on the
purchase of the facility.
The figure below gives the Black box model of Consumer Behaviour Below figure shows
Black Box model:
Figure 1. Black Box Model of Consumer Behaviour (Kotler P. et. al. 2008)
The Marketing stimuli comprises of the 4 Ps, namely Product, Price, Place and
Promotion. Other stimuli include major forces and events in the buyer’s environment:
economic, technological, political and cultural. All these inputs enter the buyer’s black
box, where they are turned into a set of observable buyer responses: product choice, brand
choice, dealer choice, purchase timing and purchase amount.
The purpose of this study is to find out how the buyer response emerges: which house he
chooses to purchase amongst many available options, based on the relative impact of
various influencing factors.
3.3 Types of Buying Decision Behaviour
There are four types of consumer buying behaviour, based on the degree of buyer
involvement and the degree of differences among the various brands, as shown in the
figure 2.
Complex buying behavior: When consumers buy a product which requires high
involvement (the product is expensive, risky, purchased infrequently, and highly self
expressive) and they perceive (each person’s perception may be different) significant
differences among brands, the buyers display complex buying behaviour. For most
people, a house is the most expensive product they buy in their lifetime. Thus, a person
buying a house displays complex buying behaviour. The home-buyer will go through
along decision process, and then make a thoughtful purchase choice. A house-buyer
spends a lot of time to reach a decision, because it is a very expensive product and has a
long term impact, unlike purchase of a product such as a packet of biscuits (variety
seeking behaviour ) or a washing machine (dissonance-reducing behaviour) or
salt(habitual buying behaviour).
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9. Figure 2. Types of Buying Decision Behaviour (Kotler P. et. al. 2008)
3.4 The five step decision process
Five stages of buyer’s decision process are as follow:-
Stage 1: Need recognition:
In this stage, internal stimuli or external stimuli triggers the needs that are recognized by
the buyer. Thus for example, if a person gets a job in a different city, he needs a house.
Similarly, if a person is getting married and if his existing house does not give him the
privacy he may consider shifting to a new house.
Stage 2: Information search:
In this stage, the consumer will undertake an information search, related to the
need. For example if a person has decided to buy a flat, he may go to internet web-
sites and look for information or look for advertisements in newspapers or visit the
property fairs or discuss with friends to collect information. The amount of
searching depends on the strength of the drive and the time available with the
person.
Stage 3: Evaluation of alternatives:
When a buyer if looking to make healthy investment which can be once in a lifetime,
buyer would make logical calculations rather than acting on impulse intuition. Generally
buyers consider suggestions from Friends, Spouse (If married) before making purchase.
There are many attributes of a product, and most buyers will consider several
attributes, each with different importance. Thus a buyer ranks different products.
Stage 4: Purchase decision:
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10. In this stage the buyer purchases one amongst the many flats that he considered, based on
expected income, price and expected product benefits.
Stage 5: Post-purchase behaviour:
In this stage if the customer’s expectations are fulfilled the customer is satisfied and if the
perceived performance does not meet the expectations, he is dissatisfied. Unfortunately, it
is very difficult for him to change the house because of the transaction costs involved
(such as stamp-duty which is about 6 % of the price of the house), hence it is very
important that he choose well. If he is dissatisfied, he may complain to the Consumer
Court, and let other potential buyers know about his dissatisfaction, verbally or by using
social media.
Need Recognition &
Problem Awareness
Information Search
Evaluation of
Alternatives
Purchase
Post-Purchase
Evaluation
Figure 3. The 5 Step Decision Process
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11. 3.6 Kano model applied to house purchase
The model involves two dimensions:
Function of a product (which runs from low to high).
Customer Satisfaction (that goes from absent to totally implemented)
4. Conclusion
For any developing economy the Real Estate sector is the key contributor of the GDP.
People of the country do aspire of having a quality life and their journey to the quality life
begins with a convenient house. Generally in India, buying a house is a dream that every
Indian want to fulfill and this study identifies, reviews and explore the buying pattern of
people of the Baroda city. It involves multiple parameters to consider before purchasing a
house. Even these parameters are different for each individual thus this study attempts to
analyse the human behaviour and consumer behaviour, in a way mindset of people while
they plan to purchase a house. Certainly selection of the house is based on the economic
capabilities, thus this study is considered for 1 BHK, 2 BHK and so forth. Considering the
general parameters this study suggests that a constraint buyer shall go for a 1 BHK and an
economically sufficient shall consider 2 BHK house and give a preference to the locality.
Many critical parameters too are involved and for that further research is required.
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