A Study Of Attributes Attracting The Residential Property Buyer For Purchasing Decision

Research Article
Kadambini Kumari and Vidya Nakhate
DOI: 
xxx-xxxxx-xxxx
Subject: 
science
KeyWords: 
Demographic factors, Housing Product Attributes, Housing Service Attributes. Decision Making
Abstract: 

According to the report published by Economic Times Reality dated Jan 2016, in year 2015 56% unsold inventory in Pune, Average pricing measure across 3,312 projects with average increase of Rs. 35 per square feet. So all the above statistics said that market is saturated, demand & supply equation is preferable for buyers. Products are not able to sale themselves alone, service need to be more customer centric to differentiate themselves & positioning has to be unique. All the builders have similar location, same facilities in terms of offers on amenities with similar pricing. What to do next with this standardization in the product offers, the service approach become critical to attract buyers for purchasing decision. This paper is focus on the categorizing the buyers into different segment based on demographics. Study was done on analysing preference on attributes in terms of Product & service. Attractiveness of attributes differently trigger the different segment so mapping of attributes with buyer segmentation. The study was conducted for 205 respondents of Pune from PCMC. It is also observed that most of the consumer bought the property for residential use and it seem to be not effected by their income. The product and the service are effective when it comes to the buying behaviour of the consumer and in most cases completed projects were preferred and it took around 6 months to 1 years for the consumer to buy. Social network has been voted as the most preferred source of information by age group of 20-40yrs.So investing on social networking will be future of buyer preference for information search Income plays very important role on attributes preference in product & service attributes. According to the income preference change significantly on attributes preference also.