STUDY ON THE BUYING BEHAVIOUR OF HIGHER MIDDLE INCOME HOUSING FLATS BUYERS IN CHENNAI
A project proposal Submitted by Jothi Kannan GS, Roll No
NEED FOR THE STUDY
Growing Real estate Increased Builders Ever Increasing Buyers Raise In Standards of living Loans available affordable Interest
REVIEW OF LITERATURE
Consumer Behavior Applications to Real Estate Education Karen M. Gibler and Susan L. Nelson
Most real estate study is based on neoclassical economic theory that assumes people make rational economic decisions about renting and buying real estate as part of their attempt to maximize utility. Most real estate researchers and educators do not examine the human influences that real estate consumers have on real estate demand. Instead, most real estate educators continue to approach the market from a production orientation rather than a consumer marketing orientation. Rather than ignore the human element of decisionmaking, or put all aspects of nonfinancial decision factors in a black box called tastes and preferences, real estate students, teachers, researchers and practitioners can benefit from integrating the study of consumer behavior with the economic approach to real estate.
Internal Determinants of Consumer Behavior Each consumer possesses a unique combination of mental and emotional characteristics. This section focuses on several established consumer behavior classifications of these internal characteristics, including motivation, attitudes, perception, personality, selfconcept and lifestyle.
Most real estate purchases and leases are considered high involvement goods that require complex decisionmaking. Thus, the three major comprehensive models of complex consumer decisionmaking Nicosa, Engel, Kollat and Blackwell, and Howard and Sheth, would be applicable to most real estate decisions. These models trace the psychological state and behavior of a consumer from the point at which he or she perceives a need through the purchase and use of a product tosatisfy that need. The following sections examine some of the key elements of thesemodels information search, evaluation of alternatives and decision rules
. SECONDARY OBJECTIVES Degree of preference over flats Role of brand name Buyers awareness on legal issues Preference on environment METHODOLOGY Research Design Targeted Population Sampling technique Sample size Data collection technique Techniques for analysis Descriptive Middle amp higher middle income group convenient sampling respondent Questionnaire Chi square LIMITATIONS Degree of responsiveness to the survey Questionnaires are restricted to maximum of samples Target audience restricted to middle income group and hire middle income group. EXPECTED DELIVERABLES This project will mainly focus on the following. . . PRIMARY OBJECTIVE Factors influence the buyer behavior in purchasing flats in chennai. Why They Buy How They Buy Where They Buy Factors influencing Credit / Cash Environment preferred We will be able to find out the needs amp requirement of buyers while purchasing housing flats which may give clarity to the builder in future constructions.
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