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- Title
Customer Behavior Towards High Rise Apartments: Preference Factors Associated with Selection Criteria.
- Authors
Thamaraiselvi, R.; Rajalakshmi, S.
- Abstract
Thomas Robert Mathew in his theory of population brings out the problems that an economy has to encounter during the predicament of over population specifically in relation to underdeveloped and developing nations. One of the major problems he specifies is the housing problem. This housing problem in relation to increasing population has caused greater imbalance in the structure of the economy. India being a developing nation is faced with the challenge of providing shelter to haves and have-nots. Informal agencies have also joined hands along with the formal agencies in solving the housing problem but the objective of informal agencies is contrary to that of the government bodies. The consumers of housing market enter into the arena with three different objectives—buying apartment for personal use, for speculation purpose, and as a precaution to meet future investments. The economic rationality and psychological satisfaction that they gain in this particular arena is totally unique than other arenas where economic value and psychological value is highly volatile in relation to time. Migration being the special characteristic of any developing urban sector, has completely disturbed the movement of market forces in relation to the housing sector. The migration was more in parts of rural and suburban sectors but soon they entered the urban realm. This metamorphosis causes changes in decision-making attitudes of each member of the family, which will also undergo a sea change. Their exposure to urban communication network, influences their economic rationality and psychological utility in the purchase decision process. The real estate market is significantly affected by changes in government policies, economic conditions, demographic trends, employment and income levels and interest rates, among other factors. These factors can negatively affect the demand for and valuation of both our projects under development and our planned projects. Lower interest rates on financing from India's retail banks and housing finance companies, particularly for residential real estate, and favorable tax treatment of loans, have helped fuel the recent growth of the Indian real estate market. The real estate development industry in India, while fragmented, is highly competitive. Builders expect to face competition from large domestic as well as international property development and construction companies as a consequence of, among other things, the relaxation of the FDI policy for the real estate sector, rising government expenditures on infrastructure and various policy initiatives for the development of SEZs.
- Subjects
INDIA; CONSUMER behavior; ECONOMIC forecasting; EMIGRATION &; immigration; FINANCE companies; BANKING industry; HOUSING policy
- Publication
ICFAI Journal of Consumer Behavior, 2008, Vol 3, Issue 3, p15
- ISSN
0973-3760
- Publication type
Article