This document provides an overview of the real estate industry in India and discusses the impact of the Real Estate Regulatory Authority (RERA). It notes that the real estate sector contributes significantly to India's GDP and is expected to grow rapidly. It outlines key functions of RERA, such as requiring registration of real estate projects and regulating promoters and agents. The document also discusses investment trends in the industry and some major investments that have been made.

1. A
PROJECT REPORT
On
IMPACT OF RERA (REAL ESTATE REGULATORY AUTHORITY) ON
CONSUMER BUYING BEHAVIOUR
FOR
ACQUEST PROPERTY PVT.LTD
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS OF
POST-GRADUATION DIPLOMA IN BUSINESS MANAGEMENT
CONDUCTED BY
RIZVI ACADEMY OF MANAGEMENT
UNDER THE GUIDANCE OF
Dr. GARIMA SHARMA
SUBMITTED BY
AJAY.H.SINGH
PGDBM
BATCH: 2016 – 2018

2. CERTIFICATE
This is to certify that Mr. AJAY H SINGH, a student of Rizvi Academy of Management, of
PGDBM III bearing Roll No. 03 and specializing in Marketing has successfully completed
the project titled on
“IMPACT OF RERA (REAL ESTATE REGULATORY AUTHORITY) ON
CONSUMER BUYING BEHAVIOUR.”
Under the guidance of Prof. Garima Sharma in partial fulfillment of the requirement of
Post Graduate Diploma in Business Management by Rizvi Academy of Management Studies
for the academic year 2016 – 2018.
_______________
Prof. Garima Sharma
Project Guide
______________
Prof. Umar Farooq
Academic Coordinator
_______________
Dr. Kalim Khan
Director

3. ACKNOWLEDGEMENT
I owe a great many thanks to a great many people who helped and supported me during
the overall summer internship.
I would also like to thank Dr. Garima Sharma for her guidance throughout the project.
Her thoughtful insights and priceless inputs helped me make the project more meaningful
and informative. The project wouldn’t have seen the light of day if not for her guidance.
I would like to thank the members of the group that I worked with during the entire
duration of the project for the wonderful coordination, cooperation and encouragement.

4. EXECUTIVE SUMMARY
The real estate sector in India assumed greater prominence with the liberalisation of the
economy, as the consequent increase in business opportunities and labour migration led to
rising demand for commercial and housing space. At present, the real estate and
construction sectors are playing a crucial role in the overall development of India’s core
infrastructure. The real estate industry’s growth is linked to developments in the retail,
hospitality and entertainment(hotels, resorts, cinema theatres) industries, economic
services (hospitals, schools) and information technology (IT)- enabled services (like call
centres) etc. and vice versa.
This study is related to Real estate industry in India. Heightened realization on the part of
all stakeholders that infrastructure would play a key role towards pushing India’s GDP to
the desirable 8 percent mark has come as a boon for India’s construction industry.
This study was basically concern with consumer buying behavior towards residential
properties. The basic objective behind carrying this study was to study the impact of RERA
on consumer’s property purchasing behavior i.e. (Residential) of different types of
customer in different area in Mumbai city, to study the various factors affecting the
customer-buying pattern especially in case of residential properties and to search out
whether RERA will encourage a consumer to buy real estate property and to see whether
customer’s are getting confidence through this new regulatory body which is going to
regulate the industry.

5. Table of Content
Sr no. Particulars Page no.
1 An overview of Real Estate(Regulation and Development)Act, 2016 1-4
2 Introduction to Real Estate Industry 5-13
3 Company Profile: Acquest property & hospitality Services Pvt.Ltd. 14-18
4 Literature Review 19-24
5 Research Methodology 25-28
6 Data Analysis and Interpretation 29-43
7 Major findings and Recommendation 44
8 Conclusion 45
9 Bibliography 46-47
10 Annexure 48-51

6. List of Figure
Fig no. Particulars
Page
no.
1.1 Overview of RERA Website 1
2.1 Types of Real Estate Sector 11
3.1 Acquest property logo 14
3.2 Oberoi Logo 16
3.3 Lodha Logo 16
3.4 Hiranandani Logo 16
3.5 Raheja Logo 17
3.6 Omkar Developers Logo 17
3.7 Rustomjee Developers Logo 17
3.8 Rizvi Builders Logo 18
3.9 Kalptaru Developers Logo 18
6.1 Age Group 29
6.2 Gender 30
6.3 Occupation 31
6.4 Annual income 32
6.5 Ranking chart 33
6.6 Consumer preferring consultant while buying property 34
6.7 Consumer who wants to see sample flat before buying flat 35

7. 6.8 Consumers preferring not so well known Builders registered with RERA 36
6.9 Consumer like to check registration of project under RERA 37
6.10 Consumers agree or disagree with RERA clause 38
6.11
Consumers who wants to go with well-known brands who are not registered
with RERA 39
6.12 Consumer who prefer low brand value registered under RERA
40
6.13 Consumers comfortable with price increment due to RERA
41
6.14 Consumer's reaction towards misrepresentation
42
6.15 Consumer believes in Transparency due to RERA
43

8. Page | 1
An Overview of Real Estate (Regulation & Development) Act,
2016
Overview of Maha RERA website
Figure 1.1 Maha Real estate regulatory authority website
Establishment of RERA
The Real Estate Regulatory Authority (RERA) will come into existence one year from the
date of commencement of the act, by a notification, which will be issued by the appropriate
government.
The Government or Governments, as the case may be, have the discretion of establishing
just one RERA for two or more states, or establish more than one RERA in a single state.
The Government can appoint any authority to carry out the functions of a RERA for as
long as the RERA is not established. As soon as the RERA is established, all the cases
would be transferred from the authority acting as RERA to the established RERA. RERA
shall be a body corporate.

9. Page | 2
Functions of RERA
• To register and regulate real estate projects and real estate agents.
• To publish and maintain a website of records, publicly accessible, of all projects
with details.
• To maintain a database online, publicly accessible, of defaulter Promoters with their
names and photographs.
• To maintain a database online, publicly accessible, of registered real estate agents
and a list of those whose registration has been rejected or revoked.
• To advice and make recommendations to the Government to facilitate the growth
and promotion of a healthy, transparent, efficient and competitive real estate sector.
• To ensure compliance of the provisions of the Act
Prior Registration of real estate project with RERA.
Promoters are not allowed to advertise, market, book, sell or offer for sale any
plot/apartment/building before registering the project with Real Estate Regulatory
Authority (RERA). Ongoing projects are required to be registered within 3 months from
commencement of this Act.
Registration not required where land size does not exceed 500 sq. meters, or when number
of apartments in total does not exceed 8, or where completion certificate has been received
for the project

10. Page | 3
Functions and Duties of Promoter
A registered Promoter shall use Login ID and password provided to him to create a
webpage on the Authority’s website and enter all details of the project for public viewing,
including details of registration and quarterly up-to-date status of project, quarterly up-to-
date list of number and type of apartment/units and garages booked and quarterly up-to-
date list of approvals taken and pending approvals.
The advertisement/prospectus issued by Promoter shall have prominently mentioned the
Authority’s website, where abovementioned information is available for public viewing.
Promoter shall, at the time of booking and issuing of allotment letter, make available to the
allottee:
i. Sanctioned plans, layout plans with specifications as approved by competent
authority, by display at site or as may be prescribed by RERA; and
ii. Stage wise schedule of completion of project.
Promoter shall be responsible for all obligations, responsibilities with respect to the
allottees until the conveyance of the apartment/plot has been made to them.
Promoter shall obtain all relevant documents such as completion certificate or occupancy
certificate (or both, as applicable), the lease certificate (with all dues paid in regard to
leasehold land, where the project is on a leasehold land) and make it available to the
allottees.

11. Page | 4
Functions of Real Estate Agents
• Maintain proper books of accounts and records as prescribed
• Not facilitate sale or purchase of area under an unregistered planning area
• Not engage itself in any unfair trade practices
• Provide all documents/information to the allottee required at the time of booking
and perform other functions as presc0ribed.
Reserve Escrow account
One of the primary reasons for delay of projects was that funds collected from one project,
would invariably be diverted to fund new, different projects. To prevent such a diversion,
promoters are now required to park 70% of all project receivables into a separate reserve
account. The proceeds of such account can only be used towards land and construction
expenses and will be required to be certified by a professional.
Penalty
To ensure that violation of the Act is not taken lightly, stiff monetary penalty (up to 10%
of the project cost) and imprisonment has been prescribed against violators
Standardization of sale agreement
The Act prescribes a standard model sale agreement to be entered into between promoters
and homebuyers. Typically, promoters insert punitive clauses against home buyers which
penalized them for any default while similar defaults by the promoter attracted negligible
or no penalty. Such penal clauses could well be a thing of the past and home buyers can
look forward to more balanced agreements in the future.

12. Page | 5
Introduction to Real estate industry
The real estate sector is one of the most globally recognized sectors. In India, real estate is
the second largest employer after agriculture and is slated to grow at 30 per cent over the
next decade. The real estate sector comprises four sub sectors - housing, retail, hospitality,
and commercial. The growth of this sector is well complemented by the growth of the
corporate environment and the demand for office space as well as urban and semi-urban
accommodations. The construction industry ranks third among the 14 major sectors in
terms of direct, indirect and induced effects in all sectors of the economy.
It is also expected that this sector will incur more non-resident Indian (NRI) investments
in both the short term and the long term. Bengaluru is expected to be the most favoured
property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa,
Delhi and Dehradun.
Market Size
The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing
sector alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP).
In the period FY2008-2020, the market size of this sector is expected to increase at a
Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality and
commercial real estate are also growing significantly, providing the much-needed
infrastructure for India's growing needs. The private equity investments in real estate
increased 26 per cent to a nine-year high of nearly Rs 40,000 crore (US$ 6.01 billion) in
2016. Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high
demand for office space in recent times. The office space absorption in 2016 across the top
eight cities amounted to 34 million square feet (msf) with Bengaluru recording the highest
net absorption during the year. Information Technology and Business Process Management
sector led the total leasing table with 52 per cent of total space uptake in 2016. Mumbai is
the best city in India for commercial real estate investment, with returns of 12-19 per cent
likely in the next five years, followed by Bengaluru and Delhi-National Capital Region
(NCR).

13. Page | 6
Investments
• The Indian real estate sector has witnessed high growth in recent times with the rise
in demand for office as well as residential spaces. According to data released by
Department of Industrial Policy and Promotion (DIPP), the construction
development sector in India has received Foreign Direct Investment (FDI) equity
inflows to the tune of US$ 24.28 billion in the period April 2000-December 2016.
• Some of the major investments in this sector are as follows:
• Canada Pension Plan Investment Board (CPPIB), the Canadian pension asset
manager, has entered into a non-binding agreement with Island Star Mall
Developers (ISML), a subsidiary of Phoenix Mills, to acquire up to 49 per cent in
ISML in the next three years.
• Altico Capital, a non-banking finance company (NBFC), has teamed up with
American private equity firm KKR & Co LP to invest Rs 435 crore (US$ 65.25
million) in a 66-acre residential township, being developed by SARE Homes in
Gurgaon.
• Gurgaon-based property search aggregator Square Yards Consulting Pvt Ltd has
raised US$ 12 million from the private equity arm of Reliance Group for
strengthening its team and expanding its presence to more than 25 countries.
• Rising Straits Capital plans to raise US$ 100 million to capitalize its real estate-
focused non-banking financial company (NBFC), Rising Straits Finance Co. Pvt.
Ltd.
• A joint venture between Dutch asset manager APG Asset Management and real
estate asset platform Virtuous Retail, has acquired a portfolio of three shopping
malls for US$ 300 million, and has committed an additional US$ 150 million as
equity capital to expand the portfolio.
• Macquarie Infrastructure and Real Assets (MIRA) and Tata Housing Development
Co. Ltd have entered into a 70:30 partnership to invest Rs 1,400 crore (US$ 210
million) and Rs 600 crore (US$ 90 million) respectively in high-end residential
property projects, starting with four major cities of Mumbai, NCR, Bengaluru and
Pune.

14. Page | 7
• Qatar Holdings LLC, a subsidiary of Qatar Investment Authority, has committed to
invest US$ 250 million in the affordable housing fund of Arthveda Fund
Management Pvt Ltd.
• Piramal Realty, the real estate division of Piramal Group, plans to invest Rs 1,800
crore (US$ 270.14 million) in an eight acre project named Piramal Revanta in
Mulund, Mumbai.
• Fosun International Limited, a Chinese international conglomerate and investment
company, plans to enter the Indian real estate market by investing US$ 1 billion
through real estate private equity platform.
• India bulls Housing Finance has raised over Rs 1,300 crore (US$ 195 million) by
selling masala bonds to foreign investors, which would be used partly for its
affordable housing segment.
• Altico Capital, the non-banking finance company (NBFC) backed by Clearwater
Capital, has invested Rs 200 crore (US$ 30 million) in Bengaluru-based real estate
developer Legacy Group, which will be used to fund the ongoing construction as
well as to refinance the developer’s existing loans.
• Ivanhoe Cambridge, the real estate arm of Canada’s second largest pension fund
manager Caisse de dépôt et placement du Québec (CDPQ), plans to enter into a
Joint Venture (JV) agreement with Piramal Fund Management to set up a US$ 250
million venture, which will provide equity capital to developers of residential
projects in the country.
• Apollo Asia RE Singapore Private Limited and realty firm Salarpuria Sattva Group
have entered into a JV to acquire 100 per cent stake in two real estate projects at
Bangalore and Vadodara from a consortium of offshore investors in a deal worth
Rs 275 crores (US$ 41.25 million).
• Mr Nandan Nilekani, co-founder of Infosys Limited, has invested around US$ 25
million in a real estate NBFC unit of KKR India, one of the local arms of the US-
based private equity firm KKR & Co LP.
• Piramal Fund Management, one of India's largest real estate investors, has invested
Rs 425 crore (US$ 63.75 million) in realty firm Lodha Group’s residential project
in central Mumbai through the structured debt route.

15. Page | 8
• NestAway Technologies Pvt Ltd, a home rental company, has raised US$ 30
million in Series C round of funding from US-based Tiger Global, Russian
billionaire Yuri Milner, and IDG Ventures India, which will be used to scale up
operations and build technology.
• Real estate private equity fund of the Kotak group, Kotak Realty Fund, has raised
US$ 250 million from institutional investors for equity investments in realty
projects across India's top six property markets including Mumbai, Delhi, Pune,
Bengaluru, Hyderabad and Chennai over the next 24 to 36 months.
• Indospace, a developer of industrial realty and logistics parks, plans to invest US$
1 billion in India over the next five years, increasing its development pipeline in
the country from 20 million square feet to 50 million square feet.
• Peninsula Brookfield Investment Managers Private Limited, a joint venture of real
estate firm Peninsula Land Ltd and global alternative asset management firm
Brookfield Asset Management, has invested Rs 100 crore (US$ 15 million) in mid-
income housing projects of Bengaluru-based property developer Mahaveer Group.
• Quikr, an online classifieds platform, has acquired real estate portal
Commonfloor.com for US$ 200 million in a stock-cum-cash deal.
• Goldman Sachs bought shares worth Rs 255 crore (US$ 38.25 million) in Vatika
Hotels Private Limited, a company owned by real estate and hospitality firm Vatika
Group.
• SoftBank, Falcon Edge Capital and a few others invested US$ 90 million in Locon
Solutions Private Limited, which runs Housing.com - a realty website.
• PE firm Warburg Pincus invested Rs 1,800 crore (US$ 270 million) in Piramal
Realty for a minority stake in the company.

16. Page | 9
Government Initiatives
The Government of India along with the governments of the respective states has taken
several initiatives to encourage the development in the sector. The Smart City Project,
where there is a plan to build 100 smart cities, is a prime opportunity for the real estate
companies. Below are some of the other major Government Initiatives:
• The Ministry of Housing and Urban Poverty Alleviation has sanctioned the
construction of 84,460 more affordable houses for urban poor in five states, namely
West Bengal, Jharkhand, Punjab, Kerala and Manipur under the Pradhan Mantri
Awas Yojana (Urban) scheme with a total investment of Rs 3,073 crore (US$ 460
million).
• The Cabinet Committee on Economic Affairs (CCEA) has approved various
measures to revive the construction sector, putting in place a mechanism to release
funds stuck in arbitration awards to revive stalled projects.
• Brihanmumbai Municipal Corporation (BMC) has introduced a single-window
clearance for construction which will cut the time taken for getting approvals for a
building project and lead to correction in prices of residential property, thereby
giving a fillip to Mumbai realty.
• The Securities and Exchange Board of India (Sebi) has proposed easier regulations
for real estate investment trusts (REITs), such as raising the cap of investment of
REITs’ assets in under-construction projects from 10 per cent to 20 per cent, in
order to attract the interest of developers, and also plans to relax the rules for foreign
fund managers to relocate to India.
• SEBI has allowed Foreign Portfolio Investors (FPI) to invest in units of Real Estate
Investment Trusts (REITs), infrastructure investment trusts (InvITs), and category
III alternative investment funds (AIFs), and also permitted them to acquire
corporate bonds under default.

17. Page | 10
• The Rajya Sabha or the upper house of the Parliament has passed the Real Estate
(Regulation and Development) Bill, 2013, which aims to protect consumer interest,
ensure efficiency in all property related transactions, improve accountability of real
estate developers, increase transparency and attract more investments into the realty
sector in India.
• The Securities and Exchange Board of India (SEBI) has issued the consultation
paper for public issue of Real Estate Investment Trusts (REITs), which include
provisions such as capping of allocation to qualified institutional buyers (QIBs) at
75 per cent, among other topics.
• India’s Prime Minister Mr. Narendra Modi approved the launch of Housing for All
by 2022. Under the Sardar Patel Urban Housing Mission, 30 million houses will be
built in India by 2022, mostly for the economically weaker sections and low-income
groups, through public-private-partnership (PPP) and interest subsidy.
• The Securities and Exchange Board of India (SEBI) has notified final regulations
that will govern real estate investment trusts (REITs) and infrastructure investment
trusts (InvITs). This move will enable easier access to funds for cash-strapped
developers and create a new investment avenue for institutions and high net worth
individuals, and eventually ordinary investors.

18. Page | 11
Figure 2.1: Types of real estate sector
Segments of Real estate sector
Residential real estate
Residential real estate may contain either a single family or multifamily structure, which is
available for occupation or for non-business purposes. Residences can be classified by, if,
and how they are connected to neighboring residences and land. Different types of housing
tenure can be used for the same physical type. For example, connected residents might be
owned by a single entity and leased out, or owned separately with an agreement covering
the relationship between units and common areas and concerns.
Residential real estate industry has witnessed stupendous growth in the past few years
owing to the following reasons:
• Continuous growth in population
• Migration towards urban areas
• Ample job opportunities in service sectors
• Growing income levels
• Rise in nuclear families
• Easy availability of finance

19. Page | 12
Demand for houses increased considerably whilst supply of houses could not keep pace
with demand thereby leading to a steep rise in residential capital values especially in urban
areas.
Commercial Real Estate
Commercial real estate is property that is used solely for business purposes and that are
leased out to provide a workspace rather than a living space. Ranging from a single gas
station to a huge shopping center, commercial real estate includes retailers of all kinds,
office space, hotels, strip malls, restaurants and convenience stores.
The commercial office space in India has evolved significantly in the past 10 years due to
change in business environment. The growth of commercial real estate has been driven
largely by service sectors, especially IT-ITeS. Previously commercial properties were
concentrated towards CBD (Central Business District) areas in large cities. However, with
the emergence of IT-ITeS, which had huge office space requirement, commercial
development started moving towards city suburbs. It resulted in multifold development of
city outskirts and suburbs like Gurgaon near New
Delhi, Bandra and Malad in Mumbai, and the Electronic city in Bangaluru. In addition,
over the last 10 years, locations such as Bengaluru, Gurgaon, Hyderabad, Chennai, Kolkata
and Pune have established themselves as emerging destinations for commercial
development, which are competing with traditional business destinations such as Mumbai
and Delhi. Tax sops on the profits of IT-ITeS companies also led to stupendous
development of IT Parks and SEZs.
Organised Retail Real Estate
Indian retail real estate has undergone a tremendous metamorphosis since the advent of
organised retail in the early 90s. Major transitions have happened in terms of design, size,
and provision of facilities, tenant mixes and business models. From the initial years of
organised retail formats in India to the massive malls and their international and domestic
brands today, it has indeed been a fascinating ride. The entry of online retailers over the
last couple of years has spurred the progress even more, resulting in an unprecedented rate
of change. With rising disposable incomes, growing urbanization and changing aspirations,

20. Page | 13
there has been surge in consumption. Today, shopping is not limited to just buying products
shoppers are seeking a differentiated experience, and expect innovations. For this reason,
leisure and entertainment have become imperative factors in the success of shopping malls
today.
Developers today are making their retail spaces more vibrant; the focus is now on providing
a 360-degree experience to their clients that transcends mere shopping and delves into the
realm of multi-sensory input communication. Mall and shop designs, along with upgraded
ambience, obviously play an important role in offering a shopping experience of
international standards.
Hospitality Sector Real Estate
India’s hospitality industry has enjoyed robust growth over the past few years buoyed by a
benign economic and political environment. Increase in domestic, business and leisure
travel has benefited hotels in India. Rising incomes, higher weekend trips and
increased access to travel-related information over the Internet have propelled growth
in hospitality. Premium segment hotels are more prominent in major business destinations
in India and are dominant in popular tourist destinations like Goa, which attracts a lot of
foreign clientele.

21. Page | 14
Company Profile
Figure 3.1: Company logo
Acquest Property & Hospitality Services Pvt. Ltd.
CULTURE
Acquest believes in providing service and not a favour to society, but as an execution of its
on responsibilities. The work culture in Acquest is in sync with its vision, which promotes
decent work environment. Acquest through its vision has thus promoted an ethical code of
conduct and given it equal importance to its organizational requirements. Acquest's
demands for its employees to be professionally competitive as well as possessors of moral
values which has resulted in successful completion of organizational objectives and
satisfied customers. It is a great place to work at and has a great working environment.
They provide with flexible working practices so the employees can focus on giving their
best and maximizing their productivity.

22. Page | 15
COMPETITORS
• Square Yards
• Paras Rampuria
• HDFC Realty
• JLL
• RK Mumbai Realtors
• Spacio Realtors LLP
CORPORATE
This real estate company has a team of 9 employees and 1 director. 5 employees are
relationship managers, their job profile is sales and the work is divided on the basis of
different locations provided to them such as: Western line, central line, harbour line, etc. 2
out of 9 employees are into marketing and other 2 are telesales, their job is to generate
leads which are then sent to the relationship managers on CRM base for follow-up of the
interested customers. The firm operates all over Mumbai. We are channel partners for the
developers and we perform marketing and sales activities on digital media platform to
attract buyers for Our clients including Lodha, Hiranandani, Raheja, Rustomjee, Oberoi,
Omkar Realty, A&O Realty, Rizvi Builders, etc. our company has a tie-up with online
realty websites such as property.com, 99acres.com, magicbricks.com etc. Leads are
generated through thus website and from our digital marketing campaigns. The leads are
forwarded to the tellecallers by the marketing team and followed by relationship managers,
then the follow-ups are performed by the relationship managers. Flats are shown to the
potential buyers and if a buyer buys a property then the builder/developers pays a fixed
amount of brokerage to Acquest property as a commission for the flat being sold.

23. Page | 16
Figure 3.4 Hiranandani Logo
Figure 3.3 Lodha logo
CLIENTS
Following are the real estate developers who offers residential apartments in Mumbai are
clients of Acquest property & Hospitality Services Pvt. Ltd
Figure 3.2: Oberoi Logo

24. Page | 17
Figure 3.6 Omkar Developers Logo
Figure 3.5: Raheja logo
Figure 3.7 Rustomjee Logo

25. Page | 18
Figure 3.8: Rizvi builder’s logo
Figure 3.10: Paradigm Developers logo
Figure 3.9: Kalpataru developer logo

26. Page | 19
Literature Review
Introduction
A literature review is a text of a scholarly paper, which includes the current knowledge
including substantive findings, as well as theoretical and methodological contributions to
a particular topic. Literature reviews are secondary sources, and do not report new or
original experimental work.
1. Sunil Dhawan (May 09, 2017) in his article “Will RERA impact real estate
prices” published in Economictimes.com. Stated that RERA is going to impact
real estate in terms of price. For existing property and as well as under construction
property. As the Super built-up cost of a property will be calculated in carpet area
itself, which will increase the overall price of the property.
Review:
Every developer has to register his new or under construction projects
under RERA. Due to the RERA norms and conditions, developer has to complete
the project on a given period of time, which will increase the cost of under
construction projects. There will be a lot of pressure on developers to deliver
projects on time, this will create a huge demand for contractors and they are going
to charge more, which will indirectly burden customers.

27. Page | 20
2. Sobia Khan (13th July 2107) in her article “Real estate brokers fear state
RERA rules with hit them” published by ET bureau. Stated that Real estate
brokers of Bengaluru are afraid that RERA will have a negative impact on their
businesses, it is because of increase in the registration fees. Bengaluru is charging
more than any other state in India, which the real estate agents cannot afford to pay.
Review:
This article is in favor of real estate agent of Karnataka. Recently in
Karnataka the fees for registration is revived which is comparatively high as
compared to other states. To get registered in RERA, you have to pay 2,50,000 rs
in Karnataka, wherein Maharashtra it is 1,00,000. Demonetization and
implementation of RERA has made a huge impact on real estate industry, many
brokers in Karnataka can afford to pay higher fees to get registered.
3. Roof and floor, KSL Digital Venture Pvt.Ltd (23rd July 2107) in there article
“Gold or real estate what is the right investment for you” published by The
Hindu stated that Investment opportunities of gold and real estate are discussed in
the above article with reference to each other. Specification of each investment is
shown, so people can know about the advantages of investing in gold rather than
are estate property.
Review:
It is hard to say to invest in gold rather than of real estate because you
cannot compare investments in gold with investments in real estate. Author has
given a whole preview about investment in gold and real estate. Gold can be
liquidized easily but to convert real estate property into liquid is not so easy we
cannot compare these two aspects as property when liquefied, its value will be in
lakhs and crores

28. Page | 21
4. K.V Aditya Bhardawaj (28th July 2017) in his article “As RERA registration
deadline nears, industry cries foul” published on WWW.The Hindu.com Stated
that Deadline for registration of projects is 31st July 2017. According to the article,
in Bengaluru, only 120 projects have been registered out if thousands of projects in
the city. The developers want the deadline to be postponed so that they will get
extra time to get registered.
Review:
As the deadline is coming nearer, the industry people are panicking as
there will be a huge penalty charged on the developers. As an act of malpractices
developers don’t register their projects because the insights of the projects are
disclosed. If developers have been really corrupt and cunning, RERA will expose
them, hence developers are going haywire when the deadlines are coming near.
5. Special Correspondent (28th July 2017) in there article “Real estate act rules
notified” published on www.The Hindu.com stated that Real estate Act rules are
notified in Puducherry. It is mandatory to register every project under RERA. No
sale in real estate project can be made without registration of the project with
Puducherry Real Estate Authority.
Review:
Government of Puducherry has notified the rules. It is compulsory that
all developers have to register their projects under RERA mandatorily. In this
article the author has also mentioned that it is mandatory to get registered under
Puducherry real estate regulatory authority

29. Page | 22
6. Times of India (29th July 2107) in there article “2500 builders across state have
registered under RERA so far”. Stated that 2500 builders have registered their
projects under RERA till now in Maharashtra. If the project is not registered under
RERA then the builders will have to bare a heavy penalty which consists of 10%
project cost. Consumers can register their complaints on the RERA website by
paying Rs. 5000. The deadline for the builders to register with RERA is 31st July.
Review:
2,500 developers had registered under RERA, in which maximum
number of project are from Pune which consists of (853) followed by Mumbai (487)
and Thane (318) and suburbs and Mumbai city (103). It is mandatory to register the
project under RERA by any developer. After the deadlines of 31st
July 2017, RERA
is going to put penalty on the developers who have not registered their on-going
project yet. The consumers have to pay 5000 rs to register their complaint with the
regulatory body. Already the complainants are under stress, and to charge him
5000rs more would be absolutely wrong, as they are not going to get their
possession on time which is going to increase their cost of purchasing residential
apartments and charging extra amount to just register is not good

30. Page | 23
7. Bagish Jha, Shubhra Pant, Sharmila Bhowmick (27th July 2017) in there
article “Most ongoing projects in NCR will be out of RERA” published by
Times of India stated that Haryana and Uttar Pradesh RERA rules have a majority
of ongoing real estate projects in NCR outside the ambit of the new real estate law,
with the number as high as 90% in Gurugram.There are many projects in queue to
get registered under RERA and because of this, buyers in NCR are facing a lot of
trouble.
Review:
As RERA has come into implementation there are many projects in Delhi
NCR which are in under-construction stage. As the deadline comes to an end there
are multiple projects which are lined up to get registered There are many projects
who’ve go there OC but haven’t been registered under RERA, so the customers are
trapped and have no way out. It is because if there are changes due to the RERA
compliance then the possession time of the flat owner will get delayed. The builders
are looking forward for an extension for their deadlines.
8. Swati Deshpande (29th July 2017) in her article “Mumbai builders move High
Court against RERA” published by Times of India stated that DB realty has
moved to high court against RERA. It is regarding that RERA has withdrawn their
rights to redevelop a project of Mhada which is spread in 4 acres. RERA has
compulsorily ordered them to get registered under RERA within the timeline.
Review:
The project to get register is mandatory under RERA whether it is under-
construction or ready to move in. But in this case RERA should exempt this project
because it is a redevelopment project of Mhada and it is was approved earlier in
November 2016

31. Page | 24
9. TNN (11th July 2017) in there article “Real estate show some signs of recovery”
published by Times of India stated that according to NHB (National housing bank)
out of 50 cities which are monitored, 27 cities witnessed improvement in prices in
the quarter ending march 2017 as against that of 2016. But in some cities like Noida,
Greater Noida, Chennai, Bengaluru and Hyderabad it had gone up.
Review:
50 cities are monitored by NHB out of 27 cities have witnessed
improvement in price in the quarter ending March 2017. RERA plays a major role
behind this as it is putting hurdles in the way of developers from selling their stock
before registration, which has created a fear in developers so they are trying sell
their stock of project which had got CC, so they do not have to register.
10. Vaibhav Ganjapure (27th July 2017) in his article “Bombay high court directs
builders to meet July 31 RERA registration deadline” published by Times of
India stated that Bombay high court had declined to extend the deadline of
registration under RERA. Only few percentage of builders have registered their
project under RERA. In Maharashtra only 15% builders have registered their
projects under RERA. Builders are approaching court to delay the dates but court
has its point that cannot be delayed.
Review:
It is mandatory to register projects under RERA and many builders have
kept their plan on hold and the deadline is on its way. Court is not going to delay
the deadline date. Now developers who have not been registered cannot advertise
or sell their projects.

32. Page | 25
Research Methodology
Title: Impact of RERA on Consumer buying behavior
Need and Significance
Need for this research is important to know whether the consumer will RERA be reliable
on RERA or not. RERA is a body which is going to change whole game of real industry.
To know the consumer behavior while buying a residential real estate property this research
is required. Every research has its special significance in solving problem of business and
industry. This research is going to help real estate developers and real estate agents to know
the consumer’s perception toward buying a real estate property
Objectives of Research
Main objective
To Study how RERA is going to affect consumer buying behavior while buying a
residential real estate property
Secondary objectives
• To study how RERA is changing dimensions of Real estate Industry
• To study what consumer will think while buying property after implementation or
RERA
• To study whether introduction of RERA had a positive, negative impact on the
industry

33. Page | 26
Research Design
Descriptive research
Descriptive research includes surveys and facts findings enquiries of different kinds. The
major purpose of Descriptive research is the description of the state of affairs, as it exists
at present. It provides the data about the population or universe being studied.
Descriptive research is used when the objective is to provide a systematic description that
is as factual as accurate possible. In this project we have to find whether outdoor advertising
influences people to buy products & services, therefore our research is descriptive
Sources of Data
For our study, we collected both Primary as well as Secondary Data:
1. Secondary Data was collected from internet browsing various websites.
2. Primary Data was collected through questionnaires
Tool used for data gathering
Data was gathered through self-administered questionnaires. A majority of the questions
were objective in nature in the form of multiple choice questions or ratings.

34. Page | 27
Sample design
The sample size is 200 and the sample is chosen using simple random sampling technique
so as to cover the groups of interest in the right proportions. Each individual is chosen
entirely by chance and each member of the population has an equal chance of being
included in the sample.
Nature of sample
Age group mainly focus in this research is from 20 – 50 and above which is a working
population and are in the occupation of business, professionals and employees or any
having any other source of income who are interested in buying real estate property having
annual income from Rs 2,50,000 -10,00,000 and above
Scope of Study
Real estate (regulation and development) Act is a significant and crucial law which will
impact the whole real estate sector and it is going to change the whole picture of real
estate industry forever. It has made real estate industry more transparent. RERA has
made the consumers real winner of the industry and also it is going to protect them from
unscrupulous activities. Research had RERA has generated a trust in the mind of the
consumer to invest in real estate. Home buyers are agreeing to the clauses of RERA they
are going too protected with regulatory body. Major home buyers who are currently now
focusing on price will shift to think about amenities, brand, and location. This study is
only complaint towards RERA and real estate consumers, real estate promoter and real
estate agent.

35. Page | 28
Limitations of study
1. The survey was restricted to selected areas in Mumbai City only.
2. The time duration of this survey was 60 days only.
3. Rainy season was main hurdle for this survey.
4. The response from the respondents was fair enough but not up to the mark or good
enough.
5. This project was only restricted to the residential properties & not commercials &
others.
6. The survey area were too far as the city is big enough which caused many
transportation problem.

36. Page | 29
Figure 6.1: Age Group wise distribution of sample
Data Analysis and Interpretation
Introduction
Survey was conducted on consumers of residential real estate property to know what those
factor which impact consumer are buying behavior due to implementation of RERA.
Questionnaire are filled by consumer which consist of 200 sample size. Following are
interpretation of the question asked to consumers.
1.
Interpretation
Out of 201 responses, it is observed that 18.4% respondents (i.e. 31 people) belong to the
age group of 20-30 years, 43.8% respondents (i.e. 88 people) belong to the age group of
31-40 years, and 28.9% respondents (i.e. 58 people) are between 41-50 years of age,
whereas 18 people (9%) belong to the age group of 51 and above.
Middle aged people (31-50 years) are comparatively more into buying properties, the main
reasons for buying a property being either for living or investment which surely has to be
backed by the ability to spend. The youth (20-30 years) is seen to have relatively lower
purchasing power than middle aged buyers due to less savings.

37. Page | 30
Figure 6.2: Gender
2.
Interpretation
Responses on the gender are: Out of 201 responses, 162 respondents i.e. 80.6% are males
and only 39 respondents i.e. 19.4% are females. On the basis of gender, it is seen that
approximately 80% buyers are males and rest 20% are females. The reason behind this is
the working class ratio between men and women, less females belong to the working class
and men being the ones working and earning.

38. Page | 31
Figure 6.3: Occupation
3.
Interpretation
It is surveyed that out of 201 responses, 81 respondents (40.3%) are employees, the
occupation of 74 respondents is business and 41 respondents (20.4%) are professionals. 5
respondents (2.5%) have selected "others" i.e. occupation rather than employee, business
and professionals.
Due to research it is found that maximum people are employee who are engaged in different
industry. The maximum employees who are in the middle age are focused to buy a house
on their own. The results shows that in the age group of 30-40yrs maximum people
purchase real estate property for their end use.

39. Page | 32
Figure 6.4: Annual Income
4.
Interpretation
Out of total 201 responses, the annual income of 34 respondents (16.9%) is between Rs
2,50,000 to 5,00,000. 95 respondents (47.3%) have an annual income ranging between Rs
5,00,000 to 10,00,000, whereas 72 (35.8%) people have an annual income of Rs 10,00,000
and above.
The major chunk belongs to employees so it can said that most of them belong to the 5 to
10 lacks annual income class, many can also belong to annual income of 10 lacks and above
class. The income being the most important factor in purchase of any property, the ones
with annual income of 2.5 to 5 lacks may or may not be able to afford the increasing prices
of properties these days due to inflation and other factors and one of the important factor
is that most of time people in this category apply for housing loan or else they will prefer
subvention scheme offered by promoters and they get rejected by the bank due to the
eligibility factor because of their income slab People take home loans these days but the
loans are only sanctioned on the basis of income and age factor, so the ones with higher
income are able to afford and spend more on properties due to location and amenities being
a very important factor. The another important aspect with reference to income is savings
because there has to be an ample amount of savings for purchasing any property, the ones
who save a significant amount of money from their monthly income are able to afford flats
with better facilities than the ones who save less and cannot afford.

40. Page | 33
Figure 6.5: Ranking Chart
5.
Interpretation
A total number of 201 people were surveyed and it is found that among these 5 parameters
: 1) brand name, 2) location, 3) price, 4) builder's past and 5) amenities, most people (84
respondents) selected "price" as the highest parameter by ranking it "1st" which was then
followed by location (76 respondents) as first ranking, brand name (40 respondents) as first
ranking, amenities (5 respondents) as first ranking and builder's past (3 respondents) as
first ranking.
Research has found that the maximum people from the sample space of 200 are employees
falling into the age group of 30 to 40 years. The most important factor for the purchase of
a real estate property is price, because the first thing which comes into the mind of a person
is whether the property is affordable or not. The second important factor is location as the
area and the facilities in that area play a very crucial role in the buyer’s mind. Out of 200
sample size, 84 people have ranked price 1st
, whereas 76 people have ranked location as
their first preference, as there is not much difference in these figures so we can interpret
that location and price both play a crucial role. 40 people have ranked brand name 1st
and
this clearly means that these people are the ones belonging to higher income group for
whom price is not a constraint and they cannot compromise on quality just because of
higher prices, these people generally belong to the business (entrepreneurs) and
professionals. 113 people have ranked location as 2nd
most important factor. It is also seen
that 2.5% of people have ranked amenities as their first preference, amenities are also
important while buying a real estate property but not as important as location and price.

41. Page | 34
Figure 6.6: Consumer preferring consultant while buying
6.
Interpretation
On the preference of consulting a real estate broker while buying property, 95 people said
"yes". There were 41 people who said "no" and 65 respondents may or may not prefer a
consultant.
According to the research, maximum number of people prefer consulting a real estate
brokers who are also known as channel partners. In the survey, it is found that 47.3% people
out of 200 would want to consult real estate brokers. Due to the implementation of RERA
Act, it is mandatory for all the real estate brokers to get registered themselves with RERA.
Due to this new clause of registering under RERA, it will prevent the buyers from getting
mislead by the real estate brokers. They will only be allowed to disclose the information
provided by the developer which will be available on the RERA website. The brokers or
the developers who try to mislead the buyers by providing any false information or by not
fulfilling what has been promised will have to pay penalty, which is mentioned in the
clause. RERA will increase the level of confidence in the psyche of consumers and they
will be able to trust the real estate brokers more easily because of no misrepresentation.
Most people prefer to consult a real estate agent due to the lack of knowledge in buying
properties. So it can be concluded that as time will pass people will be more familiar with
RERA, which might change the decision of the ones saying “Maybe” to consult a broker.

42. Page | 35
7.
Interpretation
Out of 201 respondents, 197 people would like to see the sample flat before buying and a
very small number of people i.e. 4 (2%) would not like to see the sample flat. There are
very few people who would say "no" to see a sample flat before buying. It is very important
for any buyer to see the sample flat before buying because it gives an overview of the size,
spaciousness, the look and it increases the chances of purchase decision just because it is
now in the mind of the buyer. Promoters might upload wrong and incorrect information
about the flat but it is not possible to fake it when there is a sample flat which a consumer
sees before buying. When a buyer sees a sample flat, he might like it or not, but if he likes
it then it becomes a dream for him to own that flat.
Figure 6.7: Consumer who want to see sample flat

43. Page | 36
Figure 6.8: People comfortable with not so well builder
8.
Interpretation
When asked about if people are comfortable with not so well known builders who are
registered with RERA, most of them were comfortable and 13.4% (27) of people would
not feel comfortable.
Out of 200 responses, 86.6% said “yes” whereas 13.4% said “no”. It is mandatory for every
developer and real estate broker to register under RERA. They cannot sell any property
which is not registered under RERA. RERA is the only body of regulation of real estate.
The builder cannot misrepresent or fake any information as all the details will be uploaded
on the RERA website, which will include location, price, amenities, brand name, etc. The
age group of people from 26 – 35 years usually buy their first home during this age period
and price being the most important factor rather than brand value, so they will be more
informed about everything and cannot be mislead. The developers with low brand value
cannot fool the buyers or cheat them because under RERA all the brands or names attached
would be treated the same. All the updates regarding current status of project, possession
date, CLP and Subvention payments schedule will be provided on the website. The 13.4%
saying “no” are the business category people because for them the brand matters and not
the price.

44. Page | 37
9.
Interpretation
On surveying 201 people, 171 would like to check whether the project is registered under
RERA or not and 30 people would not bother about the registration of the project under
RERA.
If a person is buying a product, he would preferably like to know whether the product is
genuine or not, whether it will satisfy his wants or not. In the same way, before buying a
real estate property, a customer would surely like to know whether he is investing in the
right place or not. This privilege of checking the project details which is registered in
RERA is now possible. RERA has given an opportunity where a customer can go on RERA
website and by just entering the registration no of developer’s project, he can get all the
information related to project and get a clear picture of the project in which he is interested
to invest.
As buying real estate property is expensive and it’s a long term decision of any consumer,
so they want that there money should go in the right hands. Maximum people would want
to check whether the project is registered under RERA or not. If the project is registered
under RERA, it gives an assurance to the customer to go for it.
Figure 6.9: Consumer who like to check registration of project under RERA

45. Page | 38
Figure 6.10: Consumers agree or disagree with RERA clause
10.
Interpretation
Maximum of people are strongly agree with clause 1 which is (The promoter should
disclose all details of ongoing real estate projects as required) out of 201 sample size there
are 124 people who are strongly agreed with this clause and 77 people agree with this
clause. Whereas 72% of people agree with the clause of promoter of an ongoing project
cannot sell or advertise, unless he register the project under RERA. About 26.5% of people
are confused with clause of Money collected from customers towards stamp duty,
registration, infrastructure charges, parking charges etc., are required to be deposited in the
designated bank account (70%), as they are neither agreeing or disagreeing with this clause.
Out of 100% there are 47.5% of people who strongly believe there should be penalty for
promoters for delaying the project. 57.5% of people strongly agree that per square feet rate
should be calculated on carpet area not on saleable area.
Clauses which are mentioned in RERA. Out of 201 responses, not a single respondent has
disagreed on any of the clause. RERA has made sure that promoters should disclose all the
details of the project and 124 out of 201 respondents strongly agree with this clause, which
shows that RERA is going to create a keen interest in consumer's buying behavior. There
will be penalty for promoters who delay the project and more than 140 respondents agree
with this clause. Per square feet area should be calculated on carpet area and not on saleable
area, this clause has blown buyer's minds towards buying real estate property it will surely
influence the purchasing decisions of consumers.

46. Page | 39
11.
Interpretation
When asked about if people will go with well-known or reputed brands in real estate who
are not registered with RERA, the response received was: 1) Yes - 139 people (69.2%). 2)
No - 62 people (30.8%).
Maximum responded do not want to go with unregistered well-known developers.
Consumer had shown there trust on the RERA conditions towards developers that there
every real estate construction should be RERA complained. So RERA has impacted
consumer’s buying decision that they do not prefer well-known developers if they are not
registered under RERA.
Figure 6.11: Consumer who wants to go with well-known brand

47. Page | 40
12.
Interpretation
It is observed that 166 out of 201 respondents would go with not so well known builders
who are registered with RERA, whereas 35 respondents would not. Due to implementation
of RERA and due to its rules and regulation people have shown interest in the not so well
known or low brand value builders if they are registered with RERA.
Figure 6.12: Consumer who wants to go with low brand value builder registered with RERA

48. Page | 41
13.
Interpretation
RERA might lead to price increment of the properties, 124 people out of 201 are
comfortable with this and 77 people (38.3%) are not comfortable with prices being
increased.
Major chunk of people are comfortable with price increment due to implication of RERA,
it shows that if the process of construction is on time and the consumer are getting exact
amenities which they were promised then they are willing to pay more
Figure 6.13: Consumer who are comfortable with price increment

49. Page | 42
14.
Interpretation
When asked about the reaction of people in case of misrepresentation of something which
was promised and not delivered, 45.8% of respondents would demand for replacement. 58
people would demand for compensation, 36 people would file a complaint, whereas 7.5%
people don't know.
Mostly people have agreed to demand for replacement. In earlier days people could not
raise their voice against the promoter if any misrepresentation has done, but due to
implication of RERA now people can file complaint to the RERA executives and the
developers has to compensate and provide replacement or ready to bare the consequences.
Figure 6.14: Consumer's Reaction on Misrepresentation

50. Page | 43
15.
Interpretation
Out of 201 respondents, 70.6% think that RERA will result in transparency. 32 people are
not sure, whereas 27 people feel that RERA will not lead to transparency.
Out of 201 people surveyed 70.6% believe that RERA will result into transparency in real
estate industry but also there are few people who are not sure that it may. It is found that
RERA will surely change the game. 142 people have shown trust on RERA that it will
bring transparency the whole game and bring discipline.
Figure 6.15: Consumer who believes in transparency

51. Page | 44
Major Findings and Recommendations
• Maximum consumers are in the age group of 30 – 50 yrs.
• Maximum respondents are employees followed by business oriented people.
• Maximum number of respondents are of employee category with annual income of
5,00,000 - 10,00,000 rs which shows that price is the most important factor
followed by location and brand name.
• The consumers are concerned whether the project is registered under RERA or not.
It does not matter either project is of big brand builder or any small builder.
• Consumers are strongly agreeing with the clauses mentioned in the act and those
clauses are generating positive factor in consumers mind to invest in real estate
property.
• Research shows that consumers are interested to invest in small builder’s projects
if they are registered under RERA.
• Maximum number of consumers believes that RERA is going to change the picture
of real estate industry and it will result in transparency.
Recommendation
RERA had changed the dimension of real estate sector. Developers are in fear about the
norms in the act. In this research it is concluded that RERA has created a trust factor in the
ideology consumers while buying real estate property. It is recommendate to developers
that they should disclose their proper track record of the projects. Real estate agents should
promote only RERA registered projects and disclose only that information which is
provided by developers on RERA website.

52. Page | 45
Conclusion
RERA is enforcing the developers to get registered which has created a fear in the
industry. While buying real estate property, consumers are more concerned about
even a small thing. RERA will throw a transparent picture of industry where a
consumer can analyze the choices of property with the help of RERA . RERA has
impacted positively on the consumer’s perception of buying a real estate property.
survey was conducted to conclude the impact of RERA on consumer buying
behavior, out of 200 respondent almost people are strongly agreeing with the
clauses mention in the Real Estate (Regulation and Development)Act, 2016 and it
has enlarged confidence in the perception of consumer while buying real estate
property.
RERA has made homebuyers king of the industry. It has given first priority to the
homebuyers. This regulatory body has made real estate industry more transparent.
There is scope of more professionalism in this sector as the Developers and Real
estate agent both have to adhere the norms and conditions of RERA.

53. Page | 46
Bibliography
Deshpande, S. (2017, July 29). Mumbai builders move high court against RERA.
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http://timesofindia.indiatimes.com/retrived on 30th
July 2017
Dhawan, S. (2017, May 09). Will RERA impact real estate price, Mumbai: Retrieved
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July 2017:
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estate-prices/articleshow/ retrived on 30th
July 2017
Ganjapure, V. (2017, July 27). Bombay high court directs builders. Mumbai,
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http://timesofindia.indiatimes.com/ retrived on 30th
July 2017
Jha , B., Pant, S., & Bhowmick, S. (2017, July 27). Most ongoing projects in NCR will
be out of RERA Retrieved from timesofindia.com on 30th
July 2017:
http://m.timesofindia.com/city/gurgaon/most-ongoing-projects-in-ncr-will-be-out-
of-rera/articleshow/ retrived on 30th
July 2017
Khan, S. (2017, July 13). Real estate fear state RERa rules will hit them. Et Bureau.
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July 2017

54. Page | 47
Special Correspondent. (2017, July 28). Real estate act rules notified. Retrieved from
thehindu.com on 30th
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estate-act-rules-notified/ retrived on 30th
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Times of India. (2017, July 29). 2500 Builders across state have registered under RERA
so far. 2500 Builders across state have registered under RERA so far. Mumbai,
Maharashtra, India: Times of India. Retrieved from www.times.com on 30th
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2017
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July 2017

55. Page | 48
Annexure
Questionnaire for: Impact of RERA on Consumer buying behaviour
1. Name : ________________________________________
2. How old are you?
o 20 – 30 years old
o 31 – 40 years old
o 41 – 50 years old
o 51 years old and above
3. Gender : ____________
4. Occupation :
o Professionals
o Business
o Employee
o Others
5. Annual Income :
o 50,000 below
o 51,000-1,00,000
o 1,00,000 above

56. Page | 49
6. Rank below following what do you see first when you buy a property?
o Brand Name
o Location
o Price
o Builder’s Past
o Amenities
7. Do you prefer consultant (Real estate brokers) while buying property?
o Yes
o No
8. Would you like to see sample flat before buying?
o Yes
o No
9. Do you feel comfortable with not so well known builders who is registered with
RERA?
o Yes
o No
10. Would you like to check whether the project is registered under RERA?
o Yes
o No

57. Page | 50
11. Please state your level of agreement or disagreement in respect of RERA
clauses which you think is beneficial for the consumer?
Clauses Strongly
Agree Agree
Neither
Agree or
Disagree Disagree
Strongly
Disagree
The promoter should disclose all details of
ongoing real estate projects as required
The promoter of an ongoing project cannot
sell or advertise, unless he register the project
under RERA
Money collected from customers towards
stamp duty, registration, infrastructure
charges, parking charges etc., are required to
be deposited in the designated Escrow
account (70 %)
There is penalty for promoters for delaying
the project
Per square feet rate should be calculated on
Carpet area not on salable area
12. Will you go with the reputed / well-known brands in real estate who is not
registered with RERA?
o YES
o No

58. Page | 51
13. Will you go with not so well known / with little or low brand value builders
who is registered with RERA?
o Yes
o No
14. Are you Comfortable with the price increment of the property after the
implementation of RERA?
o Yes
o No
15. What will be your reaction in case of misrepresentation of something which
was promised and not delivered?
o file a complaint
o Demand for replacement
o Demand for compensation
o Don’t know
16. Do you think RERA will result in transparency?
o Yes
o No