1

ACKNOWLEDGEMENT
I express my sincere gratitude to my industry guide Ms. Nishita Malhotra ,Designation (HR Manager), (Company) Max Balaji Group, for his able guidance, continuous support and cooperation throughout my project, without which the present work would not have been possible. I would also like to thank the entire team of Max Balaji Group, for the constant support and help in the successful completion of my project. Also, I am thankful to my faculty guide Prof. of my institute, for his/her continued guidance and invaluable encouragement.

Signature (Student)

TABLE OF CONTENTS
4

Index no. 1 2 3 4 5 6 7 8 9 10 11

Subject Executive Summary Industry Profile Company Profile SWOT Analysis Research Methodology Data Collection, Findings & Analysis Final analysis and interpretation Questionnaire Case Study Summary of Sales Experience Bibliography

Page No. 6-7 8-9 10-32 33 34-35 36-37 38-57 58-67 68-94 95-97 98-100

EXECUTIVE SUMMARY

The project Real estate market research and analysis was undertaken during summer internship at the Max Balaji Group which is located in Jasola District in NEW DELHI.

The research was done on the Max Balaji Group which is one of the major players in the real estate market. Here the research was in the sector of the RESIDENTIAL MARKET where the end users, investors, dealers and many other parties were involved. The research problem was on the topic RESEARCH AND ANALYSIS OF THE REAL ESTATE MARKET AND FEEDBACK OF THE PARTIES INVOLVED. The areas assigned were NOIDA SECTOR-93, SECTOR-50,. Here at the start the format and the questionnaire according to the research problem were prepared by interviewing many developers, dealers & customers and the data was collected. After the collection of the data the data analysis was done and on the basis of the analysis the recommendations and suggestions were given to the company so that the research problem can be solved. Also the area wise residential property parameters and figures have been listed in the report. The facts and the figures of the different areas according to their information on the price list, current company price, market ruling price, project type, project location, additional charges, average area and the main parameters was listed down in the formats and attached area wise. The analysis was done firstly on the question wise and then through the analysis of each of the question in each of the area the final analysis and interpretation was done. On the basis of that final analysis and the other formats the recommendations were given as under:

Reducing the input cost i.e. the apartments cost so that the market would be open for each one of the class of people.

For low income group people the idea of the AFFORDABLE HOUSES can be a good way to penetrate fully in the market.

For full customer satisfaction each one of the project would be linked directly with the nearest POLICE headquarters, FIRE STATION, HOSPITAL etc so that in case of any mishap the customer have something in their reach.

Promotional methods are the best methods to get into the market and which helps fully the customer to position the brand in their minds. So as per my suggestion Max Balaji Group would definitely be the market leader down the line if they work upon this promotional area.

The pre deal services are important but along with this the post deal services are much more important. So Max Balaji Group will definitely excel if they improve their post deal services.

Brand endorsement is also a good way to penetrate fully in the market.

INDUSTRY PROFILE
REAL ESTATE
It is a legal term (in some jurisdictions, notably in the U.S.A, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary or fixed in location. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personality). However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself. The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.

REAL ESTATE AS "REAL PROPERTY" IN THE U.K.

In British usage, real property, often shortened to just property, generally refers to land and fixtures as such while the term real estate is used mostly in the context of probate law, and means all interests in land held by a deceased person at death excluding interests in money arising under a trust for sale of or charged on land.

French, Italian, Portuguese, Romanian, Spanish and German usages of the term In French, Italian, Portuguese, Romanian, Spanish and German, real estate is called "immovable" (French: immobilier, Italian: immobiliare, Spanish: inmueble Portuguese: imvel, Romanian: imobiliare and German: Immobilie); other property is called "movables" 8 (French: mobilier, Spanish: mueble, and German: Bewegliche Sachen).

ABOUT US
Since its inception, almost 5 years ago, Max Balaji Group has evolved into a New-age Real Estate Development Conglomerate embarked on a path breaking journey. We are resolute at providing affordable cost-effective housing solutions to the economically challenged yet developing section of the society at one end of the spectrum, and redefining & expanding the boundaries of Luxury Lifestyle at the other top end of the social pyramid. As a fast growing real estate development firm, Max Balaji Group is not just an infrastructure developer but a conscientious housing development company which came into existence with a realization of the quality of life our soldiers deserve in their own homeland. And, ever since its inception, the company has been relentlessly working towards assisting our defence personnel acquire their own they can call home, and at a price they can easily afford.Weve developed a reputation for reliability, personal service and innovative solutions and are very proud of the confidence and reliability that our customers have placed in us. Trust is the most important value at Max Balaji Group, a brand that is represented by the following: How we do business In everything we do, we will abide by these five principles:

To comply with the law, wherever we operate, and to be sensitive to local customs and traditions. To conduct all our business and make all our decisions within a clear ethical framework. To maintain safe and healthy work places, operate safe systems and methods of work and ensure the safety of the public. To contribute positively to the physical and social environments in which we operate. 9

To engage positively with our stakeholders and to provide them with information adequate to their needs.

Our commitment is to

Support and enhance communities Utilise our people's full talents and skills Seek like-minded suppliers Maintain safe working practices Protect the environment Achieve new solutions Make working for and with us enjoyable

DEFENCE ENCLAVE

10

ABOUT DEFENCE ENCLAVE

Located near a prime & fast developing area of the NCR, and with upcoming landmarks of Ghaziabad Development Authority in the immediate surroundings, is our latest & modern construction of a Residential Colony - DEFENCE ENCLAVE - exclusively built for the Defence Personnel. Major Distance

Air Force Station (Hindan): 12 kms Dadri Air Force Station: 4 kms Ghaziabad Railway Station: 5 kms Lal Kuan Railway Station (Upcoming): 1.5 kms Ghaziabad Institutional Area: 9km

Surrounding Upcoming Landmarks

Sahara City Hi-Tec City Residential & Commercial Sectors of GDA

FEATURES AND AMENITIES 24 hours dedicated & trained security guards deployment. Separate Parks & Childrens Play Areas. Prachin Mandir. Play School Community Hall. Exclusive private shopping area for Residents. Wide well-lit roads. Advanced sewerage system. Total Green Area - 35%. Self management by Resident Welfare Association (R.W.A.)

11

PLOT SIZE 57 Sq. Yds. : 18' x 28' 62 Sq. Yds. :18' x 31' 72 Sq. Yds. : 18' x 36' 100 Sq. Yds. : 20' x 45' 144 Sq. Yds. : 30' x 36' 150 Sq. Yds. : 30' x 45' 206 Sq. Yds. : (31' x 60')(31' x 59.8')

SITE PLAN

12

RAILWAY ENCLAVE
13

ABOUT
Constructed exclusively for the employees of the Indian Railways, over 10.5 Acres of land the Railway Enclave - is situated in the prime and fast developing location of the NCR. The RAILWAY ENCLAVE is set ideally amidst surrounding mega development projects of Ghaziabad. MaJor Distance

Air Force Station (Hindan): 12 kms Dadri Air Force Station: 4 kms Ghaziabad Railway Station: 5 kms Lal Kuan Railway Station (Upcoming): 1.5 kms Ghaziabad Institutional Area: 9km

Surrounding Upcoming Landmarks

Sahara City Hi-Tec City 14

Residential & Commercial Sectors of GDA

FEATURES 24 hours dedicated & trained security guards deployment. Separate Parks &Childrens Play Areas. Prachin Mandir. Play School. Community Hall. Exclusive private shopping area for Residents. Wide well-lit roads. Advanced sewerage system. Total Green Area - 35%. Self management by Resident Welfare Association (R.W.A.) PLOT SIZE 57 Sq. Yds. : 18' x 28' 62 Sq. Yds. :18' x 31' 72 Sq. Yds. : 18' x 36' 100 Sq. Yds. : 20' x 45' 144 Sq. Yds. : 30' x 36' 150 Sq. Yds. : 30' x 45' 206 Sq. Yds. : (31' x 60')(31' x 59.8')

NEW LAUNCH

15

 DEFENCE CITY DADRI

ABOUT DEFENCE CITY DADRI Our latest massive development project, exclusively for Indian Defence Personnel, in Dadri, the beautiful, scenic and naturally enrapturing. Carrying forward the tradition, of Max Balaji Group, which is reputed to be synonymous with dedication & commitment and after successful run of 2 massive projects of Defence Enclave and Railway Enclave in Ghaziabad, Vinsun Buildcon has now unleashed a massive development project, exclusively for Indian Defence Personnel, in Dadri. The Preferred Destination In the heart of Gautam Budh Nagar lies a destination that is destined to become a cherished residential address.

Strategically located on NH-91(G. T. Road) Close to corporate n commercial Hub of Surajpur & G. Noida Walking Distance from Dadri Air Force Base station Leading schools, colleges & hospitals within 4km radius

16

Adjoining other residential projects Knowledge Park Vth, just 2km from Defence City Proposed Metro Station & Eight lane NCR corridor nearby, ensuring speedy connectivity to Central Delhi

Surrounding Upcoming Landmarks

Sahara City Hi-Tec City Residential & Commercial Sectors of GDA FEATURE AND AMENITIES

The World of Comfort A new form of habitat is taking shape in urban India where the infrastructure coupled with the ambience is going to provide the inhabitants the highest global standards of comfort.

1,2 bedroom apartments & plots for row houses. Vaastu compliant master plan & layout. Land acquired directly from farmers, thus ensuring a secured future of the project. Project approved by District Housing Board, Gautam Budh Nagar. Incorporates Cost Effective Intermediate Alternative Technologies to develop dwelling units consistent with design specifications, norms, rules and regulations prevailing for Low Income Housing specified by IS:8888.

A Wholesome Healthy Living

17

CLUB HOUSE COMMUNITY PARK NEIGHBOR-HOOD PARKS LIBRARY AND INTERNET CAF LOCAL SHOPPING CENTRE BANK & ATM FACILITIES VOCATIONAL TRAINING INSTITUTE KINDER GARDEN PRIMARY SCHOOL SENIOR SECONDARY SCHOOL COMMUNITY SPORTS COMPLEX

DISPENSARIES NURSING HOME POLICE POST / POLICE STATION ELECTRIC SUBSTATION/GRID COACHING CENTERS OFFICE SPACES FOR PROFESSIONALS KIOSKS / BOOTHS INFORMAL BAZAAR MEDITATION CUM SPIRITUAL CENTRE RELIGIOUS BUILDINGS GYM AND HEALTH CENTRE

18

LAY OUT PLAN TYPE I (455 SQ.FT.)

19

TYPE

20

21

BHK-

22

VIEW

UPCOMING PROJECTS
23

ABOUT DEFENCE CITY ROORKEE Our upcoming massive development project, exclusively for Indian Defence Personnel, in Roorkee, the beautiful, scenic and naturally enrapturing hamlet of Haridwar. Carrying forward the tradition, of Max Balaji Group, which is reputed to be synonymous with dedication & commitment and after successful run of 2 massive projects of Defence Enclave and Railway Enclave in Ghaziabad, Vinsun Buildcon has now unleashed a massive development project, exclusively for Indian Defence Personnel, in Roorkee, the beautiful, scenic and naturally enrapturing hamlet of Haridwar. Defence City Imagine waking up to morning sunrays peeping from the hills and offering a picturesque view of early morning serenity, while the rejuvenating breeze gushes past you bringing with it the refreshing aroma of the moist greenery all around and the chirping sounds of colorful birds. FEATURES & AMENITIES Lush green area

24

Peacefully location Under ground electricity 24X7 hour security-Three tier Security equipment Kids play area Parks having aloe Vera plant Community hall Meditation &yoga centre Modern gymnasium Swimming pool Basketball court

TOWNSHIP Flats Villas Parks Shopping centre Schools Kids play area

SITE PLAN

25

26

DEFENCE RESIDENCY NH 58

ABOUT Our upcoming massive development project, exclusively for Indian Defence Personnel, in N.H. 58. Carrying forward the tradition, of Max Balaji Group, which is reputed to be synonymous with dedication & commitment and after successful run of 2 massive projects of Defence Enclave and Railway Enclave in Ghaziabad. Villas at least price Near to Proposed 8 Lane NH-91 27

Good investment opportunity because of-1.Upcoming colleges and factories over there like modern public school,noida physical education ,cement factory Adjecent to Air force station Few km away from NTPC power plant Water level at 15 feet deep. FEATURES AND AMENITIES Lush green area Peacefully location Under ground electricity 24X7 hour security-Three tier Security equipment Kids play area Parks having aloe Vera plant Community hall Meditation &yoga centre Modern gymnasium Swimming pool Basketball court TOWN SHIP Villas Parks Shopping centre

28

Schools Kids play area

SITE PLAN

NRI SECTION
29

NRI SECTION Definition of an NRI An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens.

SWOT ANALYSIS

30

STRENGTHS: Impeccable goodwill in the market. Very good locations. Overseas contacts and global trading. Best customer satisfaction department.

WEAKNESSES: Inability to manage its huge customer base and deliver best post deal services. Inability to promote the brand to the fullest.

OPPORTUNITIES: Huge opportunities in the N.R.I investments. Opportunities in the global trading such as newly launched DUBAIS project.

THREATS: Tough competitors like PARSAVNATH, DLF, UNITECH, ELDECO Saturation in the real estate sector as in the location point of view

RESEARCH METHODOLOGY

31

OBJECTIVE PRIMARY OBJECTIVE: To explore the real estate market and to observe the scenario. SECONDARY OBJECTIVE: The feedback of the dealers, developers and customers
towards each other.

RESEARCH DESIGN
EXPLORATORY:
This research is carried out through the exploratory research process in which the real estate market was studied. The research involved the thorough outlook towards the sector and all of the various stakeholders involved.

SAMPLE DESIGN
The samples of the dealers, developers and the customers out of the three areas i.e. NOIDA SECTOR-93, SECTOR-50 were taken in the following manner: DEVELOPERS: 100% POPULATION COVERAGE DEALERS: MAJOR DEALERS OF AREA.(IN SECTOR-18) CUSTOMERS: 5% FROM EACH OF TOTAL POPULATION.

SCOPE OF THE STUDY

32

In this research we have done the thorough study of the real estate market and collected the data and the feedback of the major parties involved in this i.e. the DEALER, DEVELOPER AND THE CUSTOMER. In this study the feedback is taken towards each of the party in this manner:

LIMITATIONS

Though there was active participation and encouragement from all the dealers and developers, there were some limitations that are listed below: Sample size had to keep small due to the shortage of time. The study was in some specified areas like NOIDA that made the results and changes applicable in these areas only not in other areas. Customers did not participate fully in the research process.

DATA COLLECTION

33

FINDINGS & ANALYSIS

The data was collected by the questionnaires with reference to the ANNEXURE-A. The formats of the area wise analysis and the various parameters with respect to each one of the developer in the assigned areas are attached here in. As per the questionnaire each of the question in each of the segment of the questionnaire is analyzed and the conclusion of each of them is represented graphically and on the basis of that question and area wise analysis the final analysis is done with the results.

STAKEHOLDERS DEALERS DEVELOPERS CUSTOMERS

INFORMATION ON AREAS LIKE LOYALTY STATUS FUTURE OFFERINGS DEMAND ANALYSIS MARKET ANALYSIS UPGRADATION ABOUT THE MARKET FUTURE INVESTMENTS

34

PAYMENT SCHEME BRAND POSITIONING REINVESTMENT FUTURE REFERENCES DOCUMENTATION LOCATION OCCUPANCY LEVEL FUND ARRANGEMENT AND LEGALITY INTIMATION ABOUT WHATS NEW TRUST LEVEL INTERNAL ENVIORNMENT POST DEAL SERVICES SECURITY AREA COMMITMENT ADVERTISEMENT AND PROMOTIONAL METHODS POSESSION DELIVERY NEGOTIATION STYLE

FINAL ANALYSIS AND INTERPRETATION

35

DEVELOPER TOWARDS DEALER

(sample size: 10) LOYALTY STATUS OF THE DEALER TOWARDS THE BRAND

Hardcore loyal 22%

Profit oriented 56%

Loyal 22%

Hardcore loyal 2

Loyal 2

Profit oriented 5

This indicates that over the 3 areas ie NOIDA T the developer thinks that 56% of the dealers
are profit oriented,22% are hardcore loyal and the rest 22% are loyal to their brand. So mostly the dealers are profit oriented and fairly loyal.

FUTURE OFFERINGS BY DEALER TO DEVELOPER

36

Future Client Reference By Dealer

NO 11%

YES 89%

YES 8

NO 1

Conclusion: Out of all the 9 developers across mentioned areas 89% think that their
dealer will definitely offer them more deals in future and 11% think that they will not. So the dealer will offer the future offerings to the developer. So the dealers definitely will like to deal with the developers in future on the referral basis.

Future ways of investment by dealer for developer

NO 22%

YES 78%

37

YES 7

NO 2

78% of the developers think that the dealer will plan out new and innovate investment plans and more future ways for investors and the rest 22% think that they will not. So the dealer will plan out the new and innovative future ways for investment in the developers projects.

DEALERS AWARENESS

38

Demand analysis status

NO 56%

YES 44%

YES 4

NO 5

56% say that the dealer do not give them the timely updated demand analysis bus the rest 44% think that the dealer gives them that information. So the dealers do not give the demand analysis to the developer.

39

Market analysis status of dealer

NO 56%

YES 44%

YES 4

NO 5

44% of the developers say that the dealers give them the market analysis but the rest 56% say that dealers does not give them the market analysis. Most of the dealers do not give developers the market analysis.

40

Customer's Needs and wants awareness

NO 11%

YES 89%

YES 8

NO 1

89% of the developers say that the dealers keep hem updated about the needs and wants of the customer but the rest say that dealers do not do the same for them. So the dealers keep them updated about the needs and wants of the customers.

41

DEVELOPER TOWARDS CUSTOMER

FUTURE REINVESTMENT PLANS

FUTURE ALLOTMENT STATUS

(sample size: 10)

NO 0%

YES 100%

YES 10

NO 0

Developers are very much sure that the customer that have invested already in their brand will definitely reinvest in their brand and will make the new allotments also.

42

REINVESTMENT STATUS

NO 0%

YES 100%

YES 10

NO 0

As per the developers perception they say that definitely the customer will reinvest in their brand.

FUTURE REFERENCE STATUS

NO 0%

YES 100%

YES 10

NO 0

So the customers will definitely refer the name of developer to others.

43

PAYMENT RELATED INFORMATION

PAYMENT SCHEME

PARTIAL 10% FULL 20% BOTH 70%

PARTIAL 1

FULL 2

BOTH 7

10% of the developers say that the customers have to follow the partial payment scheme , 20% say that customers have to follow full payment scheme and the 70% of them say that the customers have to give the partial and full payment scheme both. So majority is of the full payment scheme.

44

BRAND POSITIONING

BRAND POSITIONING STATUS

NO 0%

YES 100%

YES 10

NO 0

Developers have the full confidence about the statement made by all of them that the customers were able to position their brand in their mind.

45

DEALER TOWARDS CUSTOMER

PAYMENT INFORMATION (sample size: 22)
BEFORE TIME 0% DELAY 0%

TIME 100%

TIMELY 22

DELAY 0

BEFORE TIME 0

All of the dealers said that the customers were able to make the payment timely. So the payment was made on time. PAYMENT SCHEME

PARTIAL 23% BOTH 41%

FULL 36%

46

PARTIAL 5

FULL 8

BOTH 9

41% of the dealers said that the customers made the both payment scheme ie partial and full both and 23% said that there was partial payment scheme and the rest 36% of the dealers said that the customers had to give the payment on the full payment basis. So most of the customers chose the both full and partial basis.

CUSTOMERS INFORMATION

FUTURE REFERENCE

NO 41% YES 59%

YES 13

NO 9

CUSTOMER'S ORIENTATION

59% of the dealers have full faith in their customers that they will definitely refer their
MONEY name to others but the rest ALL 41% do not think the same but opposite. So most of the ORIENTED 18%

customers refer the

ABOVE+RELATI name of dealer to ONSHIP ORIENTED 32%

others.

QUALITY ORIENTED 5% BOTH OF ABOVE 45%

47

MONEY ORIENTED 4

QUALITY ORIENTED 1

BOTH ABOVE 10

OF

ALL ORIENTED 7

ABOVE+RELATIONSHIP

32% of the dealers said that the customer was money+ profit+ relationship oriented and 18% said that the customer was only money oriented,5% said that the customer was quality oriented and 45% said that the customer was both ie the money and quality oriented.

DOCUMENT COMPLAINCE STATUS

NO 0%

YES 100%

48

YES 22

NO 0

100% of the dealers said that the customer tendered all the stipulated documents on time and with full compliance.

CUSTOMER'S AWARENESS STATUS

PARTIALLY UPDATED 9%

FULLY UPDATED 91%

FULLY UPDATED

PARTIALLY UPDATED

49

20

91% of the dealers said that the customer was fully updated and they had all of the relevant information regarding real estate but 9% said that the customer was partially updated about the real estate dealing.

DEALERS TOWARDS DEVELOPERS

FUTURE BENEFITS TO DEALER BY DEVELOPER
(sample size: 22)
FUTURE DEALS STATUS

NO 23%

YES 77%

YES 17

NO 5

FUTURE that the developer in INTANGIBLE) 77% of the dealers saidBENEFITS(TANGIBLE ANDfuture will definitely provide them the

future deals and the rest 23% think that the developer will not provide them the future deals. So the developer will definitely provide dealer the future deals.
YES 41% NO 59%

50

YES 9

NO 13

59% of the dealers said that if the dealers give them the deals they give them more of the benefits bus the rest said opposite. So there are less chances of getting more benefits by developer.

FUTURE INCREMENT IN COMISSION SLAB STATUS

YES 32%

NO 68%

YES 7

NO 15

51

68% of the dealers said that the developer will give them the more of the commission slabs if they will give them more of the deals and the rest 32% said opposite. If the dealer will give more deals then more of the increment in commission slabs.

RATINGS BY DEALER TO DEVELOPER

OVERALL PROCESSING RATINGS

1(VERY BAD) 2(BAD) 5(VERY GOOD) 0%5% 5% 4(GOOD) 36% 3(FAIR) 54%

1(VERY BAD) 0

2(BAD) 1

3(FAIR) 12

4(GOOD) 8

5(VERY GOOD) 1

PAYMENT AND PROCESSING STATUS RATINGS Most of the dealers rated the developers on a good scale but mostly gave the fair response

regarding the overall processing time basis.

1(VERY BAD) 2(BAD) 0% 5(VERY GOOD) 18% 14%

4(GOOD) 41%

3(FAIR) 27%

52

1(VERY BAD) 0

2(BAD) 4

3(FAIR) 6

4(GOOD) 9

5(VERY GOOD) 3

On the whole as the majority of the dealers the payment status and processing was good.

DELEVERY AND POSESSION RATINGS

1(VERY BAD) 2(BAD) 5(VERY 0% 14% GOOD) 14% 3(FAIR) 32%

4(GOOD) 40%

1(VERY BAD)

2(BAD)

3(FAIR)

4(GOOD)

5(VERY

53

GOOD) 3

Here the most of the dealers have an response towards the delivery and the possession status of the developer in the region above the good and below very good.

FULFILMENT OF COMITTMENTS BY DEVELOPER STATUS

PARTIALLY FULFILLED 14% NOT FULFILLED 0%

FULFILLED 86%

FULFILLED 19

NOT FULFILLED 0

PARTIALLY FULFILLED 3

Most of the dealers are satisfied with the commitment provision of the developers.

RECOMMENDATIONS

54

If Max Balaji Group wants to become the real estate market leader then it have to really work upon these below mentioned areas.

Some of them are: Reducing the input cost ie the apartments cost so that the market would be open for each one of the class of people. For the low income group people the idea of the AFFORDABLE HOUSES can be a good way to penetrate fully in the market. For the full customer satisfaction each one of the project would be linked directly with the nearest POLICE headquarters, FIRE STATION, HOSPITAL etc so that in case of any mishap the customer have something in their reach. Promotional methods are the best methods to get into the market and which helps fully the customer to position the brand in their minds. So as per my suggestion Max Balaji Group would definitely be the market leader down the line if they work upon this promotional area. The pre deal services are important but along with this the post deal services are much more important than that. So Max Balaji Group will definitely excel if they improve their post deal services. Brand endorsement is also a good way to penetrate fully in the market.

QUESTIONAIRE

55

Survey of Customer Feedback towards Developers

1 .Are you satisfied with project location provided by the Developer? A. Excellent C. Good B. D. Very Good Fair

1. How do you rate the occupancy level in term of Existing society? A. Excellent C. Good B. D. Very Good Fair

2. Are you satisfied with the fund arrangement and legality provided by the Developer? A. Excellent C. Good B. D. Very Good Fair

3. Will developer provide the detail of upcoming project timely? A. YES B. NO (NO, then why.)

4.

The Developer provides you the Monthly report of a project timely and and with the actual graph of the site? A. YES B. NO (NO, then why.)

56

5. Is your developer trust worthy and relationship oriented? How do you rate? A. Excellent C. Good B. D. Very Good Fair

6. How do you rate the internal environment of your place? A. Excellent C. Good B. D. Very Good Fair

7. facilities provided by the developer in terms of securities, housekeeping, water supply etc. How do you rate? A. Excellent C. Good B. D. Very Good Fair

8. How you rate the builder post sale service in terms of maintenance and commitment? A. Excellent C. Good B. D. Very Good Fair

9. Are you satisfied with the area commitment provided by the builder at the time of purchase? A. YES B. NO

57

10. Would you prefer investing again your money in the same brand name? A. YES B. NO

11. Would you refer the developer name to your near and dears and your acquaintances? A. YES B. NO

12. Were the advertisement and promotional method good enough to explain the features and specification and the overall information of the brand ? A. YES B. NO

13. Documents tendered to you by the developer were they : Compliance Non Compliance

Survey of Customer Feedback towards Channel Partners

58

Is your dealer is trust worthy? How do you rate your dealer? A..Excellent C. good B. Very Good D fair

1.Do your dealers know about developers capabilities and their future plan? A.Yes B. NO

2.How was your overall experience with the dealer regarding the processing and the deal? A. Good C. Excellent B. Very good D. Satisfactory

3.How do you rate his overall approach in putting points and explaining about each and every prospect? A. 1 C.. 3 E. 5 B. 2 D. 4

4.You got each and every thing as per the commitments? A. YES B. NO

59

5.You got your timely possession? A. YES B. NO

6. The documents tendered to you by the dealer were they In compliance Or not in compliance

With the commitments and agreement?

7. What was his negotiation style: Competitive Collaborative Sharing Self sacrificing Avoidance

8. What you rate the post deal services out of 5?

60

DEALERS TOWARDS CUSTOMERS

1. Was the customer able to make the payment: Timely Before time Delay

2. The payment was: A. Partial C. Both B. Full

3. Will he refer your name to others? A. YES B. NO

4. Was the customer: Money oriented Quality oriented Both of the above All of above + relationship oriented

5. Did the customer tendered the stipulated documents on time:

61

A. YES

B. NO

6. The customer was: Fully updated Partially updated Not updated

DEALER TOWARDS DEVELOPER

1. Will the dealer provide you the future deals? A. YES B. NO

2. Will the developer give you more of the future tangible and intangible benefits? A. YES B. NO

3. Will he give you more of the commission slabs? A. YES B. NO

4. How you rate the overall processing time and process out of 5?

62

5. Rate the payment status and process out of 5.

6. Rate the delivery status and possession status and process out of 5.

7. The commitments committed by the developer were: They fulfilled Not fulfilled

DEVELOPER TOWARDS DEALER

1. What is the loyalty status of the dealer towards the brand? Hardcore loyal Loyal Profit oriented

2. Will in future he offer you more clients? A. YES B. NO

3. Will he plan out some new future ways for investors? A. YES B. NO 63

4. Dealer gives you the demand analysis: A. YES B. NO

5. Dealer gives you the market analysis: A. YES B. NO

6. Dealer keeps you updated about the needs and wants of the customer: A. YES B. NO

DEVELOPER TOWARDS CUSTOMER

1. Will the customer make new and more allotments in your brand: A. YES B. NO

2. The payment was made on: Time Before time Delay

64

3. The payment scheme was: A. Partial C. Both B. Full

4. The customer was able to position your product in their minds? A. YES B. NO

5. Will the customer reinvest here? A. YES B. NO

6. Will he refer your name to any other interested parties? A. YES B. NO

7. The documents tendered were in: Compliance Non compliance.

65

CASE STUDY

Max

Balaji

Group:

STRATEGIES

FOR

REALISING

SUSTAINABLE GROWTH

REAL ESTATE SCENARIO IN INDIA:

Indian real sector has seen an flying boom in the last few years. This was ignited and fueled by two main forces. First, the expanding industrial sector has created a surge in demand for officebuildings and dwellings. The industrial sector grew at the rate of 10.8 percent in 2006-07 out of which a growth of 11.8 percent was seen by the manufacturing sector1. Second, the liberalization policies of government has decreased the need for permissions and licenses before taking up mega construction projects. Opening the doors to foreign investments is a further step in this direction. The government has allowed FDI in the real estate sector since 2002. FDI was deemed necessary in the view of making the sector more organized and increasing professionalism farmers. The villages adjacent to the metro cities have experienced sky-rocketing land prices. This has induced farmers to sell their land for good money.
1

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Now a factual look into the matter. According to MANOJ VAISH, President and CEO, Dun & Bradstreet, real estate development in India was estimated to be around US $ 12 billion and is growing at an annual pace of 30 percent every year. This substantial growth has been the result of increasing demands from off-shoring businesses. Off-shoring consulting houses and call centres have generated demand for real estate to the extent of more than 10million sq.ft. Every year, 78 percent of the money spent on real estate goes to the GDP (Gross Domestic Product). However the longing for own houses persists as housing accounts for 80 percent of the Indian real estate industry. The rest 20 percent is commercial real estate including office space, hotels shopping centers etc. The real estate fascination: Real or Sensational Over the last 4-5 years we have seen real estate companies raising money from general public through the IPO (Initial Public Offering) way. Those who are risk averse prefer to opt for the mutual funds (by SBI, TATA, LIC etc.) investing in the real estate. But the big question is: what prompts an average person to try his fortune in the real estate sector? The reasons are numerous. The first and foremost being the myth that the real estate business is riskless. The second being the growing Indian middle class with a low propensity to consume and more botheration about future. The third being the ever growing housing needs fueled by low interest rate. May be the Last but not the least, behavior leading to invest in the sector where everywhere else does.

The above mentioned goodies might have flared well in the Indian scenario but cannot be generalized categorically. It is so because the value of a property, whether residential or commercial depends highly on its present and future surroundings. In India, the linkage effects and the trickle down effects either don't work or are inhibited by corruption and other vagaries

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of our economy. So it is highly unlikely that a distant development (unless of national importance) will lead to significant appreciation in a property value. Secondly, the rate of appreciation of an overvalued project will be much slower than that of an emerging project. Those buying new homes must understand that the rise in real estate prices in recent years has more than offset the reduced interest burden of a loan. Many developers have also inserted a one-year lock-in clause with new homes so that the real estate speculators keep themselves away and end-users can get access to residential projects. This reduces the possibility of making a fast buck from the real estate sector. A recent concern that has hit all and sundry sharply is the inflation due to shortage of fresh fruits and vegetables. The expansion of real estate has shown a new way of becoming millionaire to the farmers. The villages adjacent to the metro cities have experienced sky-rocketing land prices. This has induced farmers to sell their land for good money.

EXPECTED GROWTH The size of the real estate industry in India is estimated to be around $12 billion and it is continuously growing at the rate of 30% for the last few years. Almost 80% of real estate developed in India is residential space and the rest comprises of office, shopping malls, hotels and Hospitals. The main reason for growth is mainly due to off-shoring business, including high end technology consulting, call centers and software programming houses which covers 15 million square feet of real estate development.

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With an ever increasing influx of funds, the real estate sector in India is growing bigger. In the first half of 2007, at least 20 more funds have made an entry in India while 35 big ticket foreign funds have already have their presence in India. It is expected that the Indian realty sector will grow from US$ 12 billion in 2007 to US$ 50 billion in 2010 and to US$ 90 billion by 2015. Global funds like Carlyle, Blackstone, Morgan Stanley, TRIKONA and WARBUS PINCUS are sitting on a total corpus of US$ 12-15 billion. Even the most aggressive retailers expands their business creates a huge demand for real estate.

The real estate development in India focuses on two primary areas: Retail and Residential. Northbridge research has predicted growth rate of 20% in the organized retail segment by 2010. Lot of foreign players are attracted to invest in real estate market in India. Examples are: Morgan Stanley Real Estate has invested $68 million in MANTRI Developers private limited; a private Bangalore based Real Estate Developer.

When Farallon Capital Management, a U.S. hedge fund, and its joint-venture partner, India bulls, snapped up an 11-acre property in central Mumbai in March 2005 for $54.5 million an acre, the purchase was called an act of idiocy by local developers. A few months later, when the same joint venture offered $95.5 million an acre for a nearby property, it was the secondlowest bid. Property prices in India are rising fast, and not just in the biggest cities. As the tech boom spreads across the country, as more Indians buy homes, and as the economy grows at faster than 8% a year, real estate is attracting more investors, many of them from abroad.

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Concerns about an asset-price bubble have led the Reserve Bank of India to raise the risk weightage on real estate loans extended by banks, and mortgage rates have gone from 7.5% to about 9.5% as a result. That's still well below the 15% rates that most Indians were used to, but it's enough to raise questions about whether the speculation of the past year and a half, which has driven land prices up by 30% to 100% and real estate stocks up as much as 2,000%, may be coming to an end.

PLAYERS - NAME Real Estate Developers Construction Companies Corporate Houses Property consultants Real Estate brokers Housing finance companies Banks & Financial Institutions Architects Vendors & Suppliers

SIZE

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Real Estate and Construction is a $12 billion (by revenue) industry in India. The industry has seen a rapid growth in the past few years.

STRUCTURE In India, Real Estate sector is fragmented market Most real estate developers have only a local or regional presence There is participation of large corporations in this sector India has higher margins (20%) as compared to the developed markets (5-6%) Institutional finance in Real estate is just beginning. Various foreign Real Estate and Finance companies like GE Commercial Finance, TISHMAN SPEYER, ASCENDAS and FARALLON Capital have entered the Indian market.

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Category

Cities

Characteristics

Tier I

Bangalore, Mumbai & NCR

Well market

established

real

estate

Tier II

Hyderabad, Pune, Chennai & Kolkata.

Growing real estate markets Experiencing heightened demand & Investments.

Tier III

Chandigarh, Guwahati,

Ludhiana, Bhubaneswar,

Lucknow, Real

estate

markets

yet

to

Jaipur, establish. to have substantial

Ahmedabad, Surat, Nagpur, Indore, Goa, Perceived Mysore, Coimbatore,

Kochi, Vijaywada, potential demand

Mangalore, Trivandrum, and Baroda

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GROWTH RATES Real Estate sector is growing at an annual growth rate of 30% Returns in India range between 12-15% compared to 3-4% in the advanced countries. Northbridge research estimates that the 70% of the new construction will be for the IT sector

CSR PRACTICES AT Max Balaji Group:

The CORPORATE SOCIAL RESPONSIBILITY(CSR) at Max Balaji Gruop begun with the growth of the business. The company undergone many changes since its inception. The management communicates and demonstrates support for the corporate social responsibility. Business units and the managers incorporate the economic, social and the environmental objectives into their business plans to get the best. Here the understanding of CSR is well articulated under the corporate values and thereby the actions are guided accordingly from those values of the company. The core values being the Secular Apolitical 73

Fair

TYPE OF CUSTOMER
1. END USER

2. INVESTOR long term investor short term investor

3. DEALER National dealer International dealer

WAY TO GET TOUCH WITH CUSTOMER Direct customer in site With the help of advertisement With dealer, nation or international In exhibition, fairs With reference of other customer Self effort With e-marketing Web

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Customer care data. Corporate client.

KNOWLEDGE OF PROJECT SPECIFICATIONS (Area Sq.ft.)

Description Title Earthquake Resistant RCC frame structure Structure External Finish Combination of long- lasting paint & glazing Brand Name

Floor

Vitrified Tiles

Walls Ceiling

Plastered and painted with pleasing shades of O.B.D Plastered and painted with pleasing shades of O.B.D.

STAIRCASES
Floor Combination of Udaipur Green and White Marble

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Walls

Plastering and painted with pleasing shades of O.B.D. Plastering and painted with pleasing shades of O.B.D. Description Brand Name

Ceiling

Title

MASTER BED ROOM

Floor Walls Laminated Wooden Flooring Plastered and painted with pleasing shades of O.B.D.

Ceiling

Plastered and painted with pleasing shades of O.B.D. Wooden cupboard up-to ceiling height.

Wardrobe

OTHER BEDROOMS
Vitrified Tiles Plastered and painted with pleasing shades of O.B.D.

Floor Walls

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Ceiling Wardrobe

Plastered and painted with pleasing shades of O.B.D.

Wooden cupboard up-to ceiling height. Title Brand Name Description

Floor Walls

Vitrified Tiles Plastered and painted with pleasing shades of O.B.D. Plastered and painted with pleasing shades of O.B.D.

Ceiling

KITCHEN
Floor Ceramic / Anti Skid Tiles Orient/ Varmora/ Somany/ Kajaria or equivalent

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Ceramic Tiles upto 2 feet height above counter and Walls Plastered and painted with pleasing shades of O.B.D. Ceiling Plastered and painted with pleasing shades of O.B.D. Pre-polished granite platform with stainless steel sink. Modular Kitchen cabinets with Gas hub, Chimney & Geyser Fixture/ Fittings

Platform

Title

Description

Brand Name

BALCONIES
Floor Walls Anti Skid Ceramic Tiles Long- lasting water repellent paint. Plastered and painted with pleasing shades of O.B.D.

Ceiling

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TOILETS
Walls Dado of Glazed / Ceramic tiles up to ceiling height. Anti Skid Ceramic Tiles Geyser in all bathrooms Wash basin, Wall hung W.C. in all toilets except servant toilet, Towel Rail, Hot & Cold water system. In all Bathrooms. Wall Ceramic / Glazed Tiles Floor Anti Skid Ceramic Tiles Jacuzzi in Master Bathroom Shower Cubical Description Brand Name

Floor

Fittings/Fixtures

Exhaust Fans Additional Features in Master Bathroom Title

DOORS & WINDOWS

Entrance Door Seasoned hardwood frame, Teakwood shutter with paneling of designer vineer with Melamine polish & electronic lock. Seasoned Hardwood frame both side teak finish flush door / Skin Moulded / Door Shutter with melamine polish or Duco paint.

Internal Doors

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External Doors & Windows

Powder coated glazed aluminum / Wooden / UPVC .

ELECTRICAL AND AIR-CONDITIONING

Decorative Lights in all rooms inclusive of Living/Dinning. Copper concealed wires in all rooms, Living/Dinning, toilets & Kitchen. Plug point in each bedroom / Drawing / Dining , Toilets & Kitchen. Split Air Conditioners in living room & all the bedrooms. Fancy Fans in all the bed rooms & living room.

Light

Wire

Plug

Air Conditioning

Fans

Chandelier

In the Living room only.

Title

Description

Brand Name

LIFT LOBBY

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Floor Walls Lifts

Vitrified Tiles Kajaria/ Euro/ Orient or equivalent Plastered and painted with pleasing shades of O.B.D. Two high speed elevators in each tower. 24 hours manned perimeter security for the complex.

SECURITY Video Door Phone with intercom in the living room. TECHNOLOGY WI-FI broad-band facility in the apartment. INTERNATIONAL LEVEL SPA (CLUB) FACILITIES Swimming Pool, Sauna, Steam, Jacuzzi, Shower Cubical. Hi- Tech Gymnasium Indoor Games like: Billiards, Snooker Pool etc. Tennis/ Multi Purpose Court Provision for Restaurant / Cafeteria. Conference Room with all Business Facilities like Broadband Connectivity, FAX etc. Aurvedic Massage Facility and health oriented Club.

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Title

Description

Brand Name

OTHER FACILITIES
CAR PARKING PLAY GROUND Open/covered Children's Play Ground RO Water system in every Apartment. Beautifully landscaped park with water bodies 100% Power backup 24 hour water supply Launderette and car wash area. Provision for Business lounge area. Solar Water heating System for hot water system as per norms. Satellite TV / Phone connection Gas detector in Kitchen.

BASIC FACTOR WHILE PLANNING

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Land Clearance Possession of Land Registration/Lease Deed LOI Status/License Status Issues on Land (If yes, to be described) Zoning Plan CLU Approvals from Government NHAI/Railway Airport Forest EIA Pollution Fire Other approvals Other laisoning works

PLANNING
Building Plans Approvals Elevation (drawings)

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Bird Eye View Satellite View Night View Front elevation facing pool & greenery 2 3 4 5 Layout Plan of the site Location Map Individual Floor Plan / Cluster Plan Facilities Detail a) Construction versus green area b) Car Parking (Stilt, open, & basement) c) EWS area 6 7 8 9 Model of the project Architect/ Associates Project C D-walk through Presentation with marketing FAQ'S

SITE DEVLOPEMENT (CONSTRUCTION)

1. Boundary wall 2. Main Gate 3. Boundary wall Lights/Street light 4. Site Office

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5. Leveling of Land 6. Approach Road 7. Sample Flat 8. Movie Theatre 9. Cafetaria Setup 10. Specification Find

Advertising/Media/Printing/ Publication/ Outdoor Publicity

1. Designing & Installation of Unipole/ Hoarding /Gantry 2. AD-Concept National & International 3. Broachers Designing / Printing 4. Dealers Banners 5. Flags with Poles at Site 6. Signage Board at Site of different places 7. Launch Party 8. Advertising Budgeting/Scheduling 9. Canopy/Umbrella 10. Media Planning 11. CD Writing 12. Radio Jingle ( Punjabi / Hindi / English) 13. Press Release 14. Hoarding Locations

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15. Actual photo shoot of the sample flat & provide the four sheeter highlighting the Spa Village 16. Movie Clips at multi-plexes at different locations of Punjab

International/E-Marketing
1. Website updating 2. Exclusive Telemarketing/E-mailing 3. International Sales Plan along with Budgeting

SALES & MARKETING

1. Market Feedback 2. Competitors Analysis 3. Features & Specification 4. Pricing & Payment Plan 5. Dealer Identification/Coordination 6. Dealer Meet 7. POP Material for Dealer 8. Auth Dealer Glow Sign Board 9. Corporate Sales Presentation

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10. Corporate Sales Strategy 11. Rent Scheme 12. Incentive Scheme 13. Executive Summary 14. Commission Schedule 15. Budgeting & Promotional Schemes

CORPORATE FINANCE
1. Loan against Land (If yes, how much & time) 2. Interest per annum ag Bank Approvals 3. Bank Approvals 4. Bank Loan Scheme

LEGAL
1. Application Form 2. Allotment Letter 3. Agreement Paper 4. Transfer Set 5. All documents should be vetted by Legal Depth.

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DISTRIBUTION OF COMMISSION TO DEALERS

Commission & Disbursement Schedule

Following will be the slab for Associate/Dealer Commission for Project The disbursement schedule of the same is also mentioned.

1. Associate/Dealer Commission No. of Bookings

1 to 10 11 to 30 31 & Above

Proposed %

2. Disbursement of Commission Schedule A) Down Payment Plan

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Commission Slab (%) Schedule After of encashment of Booking Amt. (Approx.10% payment received) After receiving 95% of BSP 3 4 5

B) Construction Linked Plan Commission Slab (%) 3 After of Encashment of Booking Amt. (Approx.10% payment received) After receiving 30 % of BSP After receiving 40% of BSP 4 5

Schedule

Note:- All the new booking done by the dealer after launch will also be clubbed with the
booking done by them at the time of pre launch.

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For Associate/Dealers of Canada & U.S.A.

Associate/Dealer Commission No. of Bookings

6 to 15 16 & Above

Proposed %

Disbursement of Commission Schedule A) Down Payment Plan

Commission Slab (%) Schedule After one month of encashment of Booking Amt. (Approx.10% payment received) After receiving 95% of BSP 3 4

B) Construction Linked Plan

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Schedule

Commission Slab (%) 3 4

After one month of Encashment of Booking Amt. (Approx.10% payment received) After receiving 30 % of BSP After receiving 40% of BSP

DISTANCE CHART

RAILWAY STATION(Dadari)

KM

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 BUS STAND GAUTAM BUDH UNIVERSITY 4 COMMERCIAL MALL & MARKET JP GOLF COURS TAJ EXPRESS HIGHWAY INDIA EXPOSITION MART DELHI PRPOSED INTERNATIONAL AIRPORT IT PARKS AND INDUSTRIAL AREA KM

KM KM KM KM KM

Min KM KM

USP OF PROJECT
1. Lavishly designed areas of Sq. Ft. and PENTHOUSE 2. G+ & above stores building with penthouses.

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3. Great connectivity through highway. 4. World-class civic infrastructure. 5. Convenient shopping centers inside the complex. 6. Introduction of SHUTTLE to Noida Shopping areas. 7. Specified car wash area. 8. Wi - Fi enabled complex. 9. Rich neighborhood of elite class people. 10. Intercom facilities from guard unit to each apartment. 11. Apartments facing green reserve and central park. 12. Excellent housekeeping services through professionally managed companies. 13. Easy accessibility to wide road. 14. Minutes drive from Golf Course. 15. Amusement park in close vicinity. 16. Landscaped jogging and walking tracks. 17. Specially designed play area for children. 18. Sculpted garden with sand pits and amphitheatre 19. km from proposed international Airport . 20. Night safari in close vicinity.

CLUB FACILITIES
1 2 Swimming Pool Gym With Latest Facilities Likes Sauna Stem & Jacuzzi.

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3 4 5 6 7 8

Internet Room Party Lounge Area Billiards, Snooker Pool & Squash Room Tennis / Multi Purpose Court Conference Room With All Business Facilities Like Broadband Connection Etc. Lap Pool

SUMMARY OF SALES EXPERIENCE

My sales experience in Max Balaji Group gave me a deep insight in the corporate world. In these 45 days got acquainted with the basics of

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selling. Selling is an art which requires many basic skills of which the conversation skill having convincing power is of utmost importance. One is required to give impressive presentation of the product and of the company to obtain faith of the customers. Behind this presentation lies the detailed knowledge of all aspects of the product and the company. Also, the presentation should be flexible depending on the type of customer. The detailed knowledge of the product, the company, the existing companies in the same field is must to answer the queries of the customers satisfactorily. One should be tactful in answering instant and at the spot questions to prove the worth of the product. The biggest lesson I learnt is that to master in the art of selling one need to have a lot of patience because we have to deal with both serious and non serious customers. When I was preparing for the presentation of the apartment in Noida, I got familiar with various aspects which should be given importance to prove your product worth buying. Also when I handled the three day property expo at Pragati Maidan, New Delhi, I gave enquiries about the product to all sorts of people with great patience because most of them seemed to be non serious. In this process I created many clients for my company. These opportunities boosted up my confidence level and instilled in me the feeling that I can perform very well in this field.

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The importance of dealers cannot be underestimated in REAL ESTATE business. They make the selling easier. Thus we have to maintain good relations with the dealers. My industry guide constantly kept telling me of the importance of dealers and proved with examples that how those dealers with whom they maintained good relations brought big business to our company. We have to make the deals more and more lucrative for dealers so that they appreciate our product more than any other product existing in the market. Loan facility is a major in real estate business because these projects require large investments by our customers. Since our company has collaboration with the leading banks making it easier to provide loans for our customers. We have to highlight these points in front of our customers to lure them in making deal with our company. Also the knowledge of other products of same nature of other companies in the market is compulsorily to be obtained, to prove our companys product to be the best among all other by highlighting positive points of ours and negative points of others. An intelligent customer always makes survey of a product of all companies to make an intelligent decision and we should try to turn this tendency of the customers to increase the business of our company. We should keep ourselves update with the market to constantly improve our presentation and to be able to answer queries in a better manner. This summer training has opened the door of an entirely new world to me and gave me new view points and various aspects to think upon.

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Now I am completely aware of the direction in which I have to develop my personality to succeed in this field. I chose for a real estate company out of my natural interest in real estate business.

BIBLIOGRAPHY

Mc EWEN, WILLIAM J. WHY CONSUMERS BOND WITH SOME BRANDS FOR LIFE 2007, MARRIED TO THE BRAND,

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RATH, TOM; O CLIFTON, DONALD POSITIVE STRATEGIES FOR WORK AND LIFE 2007, HOW FULL IS YOUR BUCKET?

BUCKINGHAM, MARCUS; COFFMAN, CART WHAT THE WORLDS GREATEST MANAGERS DO DIFFERENTLY 2006, FIRST BREAK THE RULES

CHEN, H REAL ESTATE BOOM 2008, FULLERTON BUSINESS REVIEW.

WHARTON,

HENRY REAL ESTATE BOOM OR BUBBLE: 2008, ARTICLE BY

INDIAN KNOWLEDGE WHARTON ON BACKGROUND AND FUTURE OF REAL ESTATE,

REAL ESTATE GROWTH AND EMPLOYMENT WATCH:

2007, REVIEW OF ECONOMY

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REAL ESTATE AND GLOBALIZATION 2007, REVIEW OF NORTHBRIDGE CAPITAL INDIA(GOING GLOBAL):

CHEMLA,GILLES REAL ESTATE GROWTH 2004, JOURNAL OF PRIVATE EQUITY

CHEMMANUR, THOMAS J.; CHEN, ZHAOHUI REAL ESTATE AND TECHNOLOGY 2001, SOCIAL SCIENCE RESEARCH NETWORK ELECTRONIC LIBRARY

CHEN,H REAL ESTATE SALES 2003, JOURNAL OF FINANCE.

CHEN,ANDREW H.; KANG, JOSEPH CHOONGSEOK REAL ESTATE INCOME OVER YEARS 2002, JOURNAL OF FIXED INCOME.

CHEN, HSIU-LANG; NJEGADEESH, NARASIMHAN; WERMERS, RUSS SHARE MARKET AND REAL ESTATE 2000, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS.

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CHEN, HSUAN-CHI; HO, KENG-YU; WU, CHENG-HUAN REAL ESTATE INVESTMENT TRUSTS 2005, JOURNAL OF PORTFOLIO MANAGEMENT

CHEN, JUN ; HOBBS, PETER GLOBAL REAL ESTATE RISK INDEX 2003, JOURNAL OF PORTFOLIO MANAGEMENT.

CHEN, JUN; PAPPADOPOULOS, GEORGE, J. COMMERCIAL REAL ESTATE LOAN DEFAULT FREQUENCY 2002, JOURNAL OF PORTFOLIO MANAGEMENT.

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