real estate project

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DECLARATION DECLARATION

I hereby declare that the

I hereby declare that the project report titledproject report titled “Understanding the Customer’s“Understanding the Customer’s perception and Expectations while buying a

perception and Expectations while buying a househouse” submitted for the Post” submitted for the Post Graduate Diploma in Management is my

Graduate Diploma in Management is my original work and the project report hasoriginal work and the project report has not formed the basis for award of any degree, diploma, associate ship or other not formed the basis for award of any degree, diploma, associate ship or other similar titles.

similar titles.

Date:

Date: 9/7/09 9/7/09 Submitted Submitted by:by: Place:

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INSTITUTE OF

INSTITUTE OF MANAGEMENT EDUCATION

MANAGEMENT EDUCATION

G.T.ROAD,SAHIBABAD,GHAZIABAD(U.P)

DEPARTMENT OF

DEPARTMENT OF MANAGEMENT

MANAGEMENT

This is to

This is to certifycertify that Abhishek Kumar Rai has worked on the project entitledthat Abhishek Kumar Rai has worked on the project entitled

“Analysis of the consumer’s perception and expectations while

“Analysis of the consumer’s perception and expectations while buying a house” for buying a house” for the partial fulfillment of the requirements of PGDM

the partial fulfillment of the requirements of PGDM (batch 2008-10) for period of (batch 2008-10) for period of 45 days from 19

45 days from 19thth _{May 2009 to 3}_{May 2009 to 3}rdrd _{July 2009. This bonafied work has been done by}_{July 2009. This bonafied work has been done by}

him under our supervision. him under our supervision.

Signature of the guide Signature of the guide

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ACKNOWLEDGEMENT ACKNOWLEDGEMENT

I take this opportunity to express my sense of gratitude to all those who helped me in completing I take this opportunity to express my sense of gratitude to all those who helped me in completing this projec

this project. The t. The successuccessful task would be sful task would be incomincomplete without the mention of plete without the mention of the people whosethe people whose constant guidance and encouragement crown all efforts with success.

constant guidance and encouragement crown all efforts with success.

First of all I would like to convey my thanks to

First of all I would like to convey my thanks to Dr. SIDDHARTH VARMADr. SIDDHARTH VARMA (Internal Guide,(Internal Guide, Fac

Facultulty y IMEIME) ) for for his his conconstastant nt sugsuggesgestitions ons whiwhich ch havhave e resresultulted ed in in sucsuccescessfusful l comcomplepletiotion n of of project

project

I would like to express my sincere gratitude to

I would like to express my sincere gratitude to Mr. SAMI KHANMr. SAMI KHAN (C.O.O.) for giving me the(C.O.O.) for giving me the opportunity to work and learn with APEKSHA GROUP. I would also like to thank

opportunity to work and learn with APEKSHA GROUP. I would also like to thank Mr. UDYANMr. UDYAN GIRI

GIRI (Manager) and(Manager) andMr. AJAY RAJ SINGHMr. AJAY RAJ SINGH (External Guide, Deputy Manager) who extended(External Guide, Deputy Manager) who extended to me all the support and cooperation I required during working in the field in various areas from to me all the support and cooperation I required during working in the field in various areas from time to time.

time to time.

I would also like to extend my heartiest thanks to

I would also like to extend my heartiest thanks to Ms Anjali Ms Anjali ChauhanChauhan (Deputy Manager),(Deputy Manager), Mr.Mr. Subham Rastogi

Subham Rastogi (Deputy Manager),(Deputy Manager),Ms Pallvi DattaMs Pallvi Datta (Deputy Manager),(Deputy Manager),Ms Sudeep KhuranaMs Sudeep Khurana (Deputy Manager) ,without their support I could not complete this project.

(Deputy Manager) ,without their support I could not complete this project.

The individual and personal efforts of everyone concerned were memorable and I am once again The individual and personal efforts of everyone concerned were memorable and I am once again sincerely thankful to the whole team of APEKSHA GROUP and IME for their cooperation and sincerely thankful to the whole team of APEKSHA GROUP and IME for their cooperation and pr

proviovidinding g me me the the reqrequiruired ed infinformormatiation on and and resresourources ces and and helhelpinping g me me thrthrougoughout hout for for thethe successful completion of this project.

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ABHISHEK KUMAR RAI ABHISHEK KUMAR RAI

1.

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1.1 Real Estate Industry in India: 1.1 Real Estate Industry in India:

The size of the real estate industry in India is estimated by FICCI, The size of the real estate industry in India is estimated by FICCI,

to be around US$ 12 billion. This figure is growing at a pace of to be around US$ 12 billion. This figure is growing at a pace of 30% for the last few years. Almost 80 % of real estate developed 30% for the last few years. Almost 80 % of real estate developed in India, is residential space and the rest comprise office,

in India, is residential space and the rest comprise office,

shopping malls, hotels and hospitals. This double-digit growth is shopping malls, hotels and hospitals. This double-digit growth is mainly attributed to the off shoring business, including high-end mainly attributed to the off shoring business, including high-end technology consulting, call centres and software programming technology consulting, call centres and software programming houses which in 2003-04, is estimated to have accounted for houses which in 2003-04, is estimated to have accounted for

more than 10 million square feet of real estate development. This more than 10 million square feet of real estate development. This is the ideal time to invest in the country as policy makers have is the ideal time to invest in the country as policy makers have begun to emphasize on developing adequate infrastructure for begun to emphasize on developing adequate infrastructure for the country. Real estate companies would also do well to

the country. Real estate companies would also do well to maximize their own performance and operational efficiency. maximize their own performance and operational efficiency.

The future of the real estate sector in India is going to be guided by two important The future of the real estate sector in India is going to be guided by two important fac

factortors, s, namnamely ely suisuitabtable le ameamendmndmentents s in in the the FoForeireign gn DirDirect ect InvInvestestmenment t (FD(FDI)I) gui

guideldelineines s in in towtownshnshipsips, , houhousinsing, g, buibuilt-lt-up up infinfrasrastrutructucture re and and conconstrstructuction ion – – development projects as well as abolition of Service Tax on the construction development projects as well as abolition of Service Tax on the construction industry especially the housing sector. Conversely, if the abolition per se is not industry especially the housing sector. Conversely, if the abolition per se is not possible then drastic modifications in the existing Service Tax norms is

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the hour. This Sector is already overburdened with taxes; any further imposition of the hour. This Sector is already overburdened with taxes; any further imposition of taxes in any form would adversely affect the growth of this sector of the economy. taxes in any form would adversely affect the growth of this sector of the economy. The importance of the Real Estate sector, as an engine of the nation’s growth, can The importance of the Real Estate sector, as an engine of the nation’s growth, can be gauged from the fact that it is the second largest employer next only to be gauged from the fact that it is the second largest employer next only to agriculture and its size is close to US $ 12 billion and grows at about 30% per agriculture and its size is close to US $ 12 billion and grows at about 30% per annum. Five per cent of the country’s GDP is contributed by the housing sector. In annum. Five per cent of the country’s GDP is contributed by the housing sector. In the next three or four or five years this contribution to the GDP is expected to rise the next three or four or five years this contribution to the GDP is expected to rise to 6%. The Real Estate Industry has significant linkages with several other sectors to 6%. The Real Estate Industry has significant linkages with several other sectors of the economy and over 250 associated industries. One Rupee invested in this of the economy and over 250 associated industries. One Rupee invested in this sector results in 78 paise being added to the GDP of the State. A unit increase in sector results in 78 paise being added to the GDP of the State. A unit increase in expenditure in this sector has a multiplier effect and the capacity to generate expenditure in this sector has a multiplier effect and the capacity to generate income as high as five times. If the economy grows at the rate of 10% the housing income as high as five times. If the economy grows at the rate of 10% the housing sector has the capacity to grow at 14% and generate 3.2 million new jobs over a sector has the capacity to grow at 14% and generate 3.2 million new jobs over a decade.

decade.

Furthermore, this sector has witnessed a spurt in demand not just in residential Furthermore, this sector has witnessed a spurt in demand not just in residential property but also in commercial property. A fast growing area is the I.T. and property but also in commercial property. A fast growing area is the I.T. and I.T.-enabled services along with the BPO boom. Estimates worked out show that 42 enabled services along with the BPO boom. Estimates worked out show that 42 million sq. ft. of space will be required every year till 2008, only in I.T. and million sq. ft. of space will be required every year till 2008, only in I.T. and I.T.-enabled services especially in the cities like Bangalore, Chennai, Hyderabad and enabled services especially in the cities like Bangalore, Chennai, Hyderabad and Pune, which is also now gradually shifting to North India.

Pune, which is also now gradually shifting to North India.

To achieve the much desired growth and development in the Real Estate Segment, To achieve the much desired growth and development in the Real Estate Segment, FICCI would like to submit

FICCI would like to submit the following 10 points for consideration:the following 10 points for consideration: Infrastructure Status to Housing:

Infrastructure Status to Housing: Infrastructure status should be provided toInfrastructure status should be provided to housing sector. This will enable easier access

housing sector. This will enable easier access to low cost institutional funds as to low cost institutional funds as alsoalso allow the sector to tap long term funds.

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Real Estate Mutual Funds:

Real Estate Mutual Funds: The Government should consider setting up of RealThe Government should consider setting up of Real Estate Mutual Funds/ Investment Trusts to provide the much needed support to the Estate Mutual Funds/ Investment Trusts to provide the much needed support to the cash starved housing sector, similar to the structures adopted for Estate Mutual cash starved housing sector, similar to the structures adopted for Estate Mutual Fu

Fundnds/ s/ InInveveststmement nt TrTrususts ts in in dedevevelolopeped d rereal al esestatate te mamarkrketets s susuch ch asas, , USUSA,A, Singapore. Hong Kong, etc. Real Estate Mutual Funds/ Investment Trusts would Singapore. Hong Kong, etc. Real Estate Mutual Funds/ Investment Trusts would be an efficient mode for providing equity financing as against debt, which is be an efficient mode for providing equity financing as against debt, which is

currently the norm for financing real estate

currently the norm for financing real estate developments in India.developments in India. Stamp Duty:

Stamp Duty: In some States the Stamp Duty is as high as 14- 15 % of the value of In some States the Stamp Duty is as high as 14- 15 % of the value of the transaction. Astonishingly in the Indian context, not only

the transaction. Astonishingly in the Indian context, not only are the rates high, butare the rates high, but also the levy of Stamp Duty is applicable in every subsequent transaction, be it the also the levy of Stamp Duty is applicable in every subsequent transaction, be it the in

inititiaial l trtranansfsfer er pupurcrchahase se of of laland nd or or on on fufurtrtheher r sasale le of of ththe e sasame me laland nd afafteter r development or any other succeeding transaction. Opportunely some states have development or any other succeeding transaction. Opportunely some states have brought the Stamp Duty down to between 6-8 %, this should ideally be further brought the Stamp Duty down to between 6-8 %, this should ideally be further brought down to 2-3 % and made uniformly applicable across all states. However, brought down to 2-3 % and made uniformly applicable across all states. However, if the above suggestion is not acceptable then if stamp duty has already been paid if the above suggestion is not acceptable then if stamp duty has already been paid on one transaction, there should be a mechanism in the law, whereby there is a on one transaction, there should be a mechanism in the law, whereby there is a provision for concession or a system of credit for

provision for concession or a system of credit for any subsequent transactions. Thisany subsequent transactions. This would avoid the resultant cascading effect of Stamp Duty, thereby reducing the would avoid the resultant cascading effect of Stamp Duty, thereby reducing the cost of a property. The concept of credit for taxes paid on subsequent transactions cost of a property. The concept of credit for taxes paid on subsequent transactions already exists in other statutes such as CENVAT, VAT, Minimum Alternate Tax already exists in other statutes such as CENVAT, VAT, Minimum Alternate Tax (MAT), etc.

(MAT), etc.

Public Private Partnership:

Public Private Partnership: There is a need to evolve a regulatory framework There is a need to evolve a regulatory framework tha

that t encencourourageages s parparticticipaipatiotion n of of the the priprivatvate e secsector tor in in bribringinging ng tectechnihnical cal andand managerial expertise in formulating and delivery of basic amenities like water, managerial expertise in formulating and delivery of basic amenities like water, sanitation, sewerage, transport and

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Archaic Laws:

Archaic Laws: Availability of land for housing projects has been constrained by aAvailability of land for housing projects has been constrained by a variety of laws like the Rent Control Act and Urban Land Ceiling and Regulation variety of laws like the Rent Control Act and Urban Land Ceiling and Regulation Ac

Act, t, whwhicich h mumust st be be rerepepealaled ed in in alall l ththe e StStatateses. . A A nenececessssarary y lelegagal l anand d popolilicycy framework has to be put in place to restrict growth of slums and at

framework has to be put in place to restrict growth of slums and at the same time tothe same time to re-develop the slums into hygienic and

re-develop the slums into hygienic and livable.livable. Foreclosure Laws:

Foreclosure Laws: The existing foreclosure laws are cumbersome as well as timeThe existing foreclosure laws are cumbersome as well as time consuming and make it practically impossible for Housing Finance Institutions consuming and make it practically impossible for Housing Finance Institutions (HFIs) to repossess a dwelling unit financed. HFIs are reluctant to take risk and (HFIs) to repossess a dwelling unit financed. HFIs are reluctant to take risk and continue to land primarily on salaried urban borrowers. Amendment of (National continue to land primarily on salaried urban borrowers. Amendment of (National Housing Board) NHB Act has already been initiated. The implementation process Housing Board) NHB Act has already been initiated. The implementation process needs to be expedited to bring in the required changes.

needs to be expedited to bring in the required changes. Environmental Impact Assessment Notification:

Environmental Impact Assessment Notification: The notification specifies thatThe notification specifies that no construction activity to be taken up, inspite of the approval of plans by the no construction activity to be taken up, inspite of the approval of plans by the Competent Authority, till the environmental clearance has been sought. In cases Competent Authority, till the environmental clearance has been sought. In cases where approval has already been granted it is suggested that construction activities where approval has already been granted it is suggested that construction activities should be allowed. In the intervening period the builder / developer can obtain the should be allowed. In the intervening period the builder / developer can obtain the environmental clearance certificate. In the case of the environmental clearance environmental clearance certificate. In the case of the environmental clearance certificate being denied then appropriate action if necessary and warranted can be certificate being denied then appropriate action if necessary and warranted can be taken against the developer / builder and builder be given time to get clearance taken against the developer / builder and builder be given time to get clearance before he applies for completion certificate, otherwise the completion certificate before he applies for completion certificate, otherwise the completion certificate

wi

will ll nonot t be be gigiveven n FuFurtrthehermrmorore, e, in in ththe e cacase se of of fufututure re prpropopososed ed prprojojecects ts ththee environmental clearances should be taken by the States themselves or by the environmental clearances should be taken by the States themselves or by the planning bodies and not b

planning bodies and not b individual builders.individual builders. Land Acquisition:

Land Acquisition: The Land Acquisition Act of 1894, still, to a large extent,The Land Acquisition Act of 1894, still, to a large extent, governs the procurement of raw land. With the changing investment scenario it has governs the procurement of raw land. With the changing investment scenario it has be

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developers and colonizers procure the land directly from farmers and land owners developers and colonizers procure the land directly from farmers and land owners without putting undue financial burden on State/ Central Governments on land without putting undue financial burden on State/ Central Governments on land acquisition for public purposes. Today, a builder is governed by “Agriculture Land acquisition for public purposes. Today, a builder is governed by “Agriculture Land Ceiling Act” even after the land have been urbanized in the zonal plans / master Ceiling Act” even after the land have been urbanized in the zonal plans / master plans. This makes builders to create several companies in order to circumvent the plans. This makes builders to create several companies in order to circumvent the

ar

archchaiaic c lalawsws. . It It is is susubmbmititteted d ththat at ononce ce ththe e laland nd hahas s bebeen en ururbabaninizezed d anandd incorporated in the master plan, then Agriculture Land Ceiling Act should not incorporated in the master plan, then Agriculture Land Ceiling Act should not apply and builders should be permitted to acquire lands as per their requirements, apply and builders should be permitted to acquire lands as per their requirements, for the development of townships.

for the development of townships. Foreign Direct Investment (FDI):

Foreign Direct Investment (FDI): Suitable modifications in the FDI guidelinesSuitable modifications in the FDI guidelines are

are reqrequiruired, ed, parparticticulaularly rly in in reprepatratriatiation ion of of fufundsnds, , claclarifrificaicatiotion n on on the the basbasicic definition of “built-up area”, streamlining of Clearance procedures as well as the definition of “built-up area”, streamlining of Clearance procedures as well as the opening up of the Retail Segment to FDI. This aspect has been discussed in detail opening up of the Retail Segment to FDI. This aspect has been discussed in detail in Section II of this paper.

in Section II of this paper. Serv

Service ice Tax:Tax: SerServicvice e tax tax in in relrelatiation on to to conconstrstructuction ion of of resresideidentintial al comcompleplexesxes having more than 12 houses have been

having more than 12 houses have been proposed to be introduced as a proposed to be introduced as a new service.new service. However, no rationale has been provided for exclusion of services in relation to However, no rationale has been provided for exclusion of services in relation to construction of residential bungalows, which may not form part of ‘residential construction of residential bungalows, which may not form part of ‘residential complexes’.

complexes’.

SUBJECT MATTER OF THE PROJECT

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Q) What is the meaning of

Q) What is the meaning of customer’s perceptiocustomer’s perception & expectations while buyingn & expectations while buying a house?

a house?

Whenever a person goes to buy a house, he is very confused. At that time he Whenever a person goes to buy a house, he is very confused. At that time he doesn’t have a clear cut vision of, whether to go for this builder, that builder, doesn’t have a clear cut vision of, whether to go for this builder, that builder, which place, genuine price and various other factors. So at that time what is there which place, genuine price and various other factors. So at that time what is there in the mind of the consumer and what all things he is expecting from the builders, in the mind of the consumer and what all things he is expecting from the builders, etc.

etc.

Q) Why study of consumer perception and expectations? Q) Why study of consumer perception and expectations?

Real estate sector is a vital section of Indian market structure. Since a lot of Real estate sector is a vital section of Indian market structure. Since a lot of opportunities are available in the real estate sector so there are a lot of companies opportunities are available in the real estate sector so there are a lot of companies and Project developer are operating in Indian real estate sector. Then at this and Project developer are operating in Indian real estate sector. Then at this junction the understanding of perception and knowing the expectations become junction the understanding of perception and knowing the expectations become

very much important. very much important.

So after finding the reason of all these we can provide maximum satisfaction So after finding the reason of all these we can provide maximum satisfaction to customer.

to customer.

Q) Why did I choose Apeksha Group Q) Why did I choose Apeksha Group??

The work culture at APEKSHA GROUP is based on the fundamental belief The work culture at APEKSHA GROUP is based on the fundamental belief that employees are its most important asset. Respect and genuine concern for that employees are its most important asset. Respect and genuine concern for ea

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or

orgaganinizazatition on fufuncnctitiononss. . ThThey ey bebelilieveve e ththat at bby y gigiviving ng mumututual al rerespspecect,t, recognition, trust, open communication, transparency and opportunities for recognition, trust, open communication, transparency and opportunities for growth, employees will perform to their fullest potential and will be sincere, growth, employees will perform to their fullest potential and will be sincere, dedicated and committed to their jobs. APEKSHA GROUP offers to their dedicated and committed to their jobs. APEKSHA GROUP offers to their employees a wide range of benefits to make work and life more enjoyable, this employees a wide range of benefits to make work and life more enjoyable, this includes monetary rewards in recognition of

includes monetary rewards in recognition of excellent work.excellent work.

1.2 REVIEW OF

1.2 REVIEW OF LITERATURE:

LITERATURE:

NEED OF REGULATORY BODY IN REAL ESTATE NEED OF REGULATORY BODY IN REAL ESTATE Now a

Now a days many people are cheated by builder, and since builder are big gun days many people are cheated by builder, and since builder are big gun soso ve

very ry fefew w pepeopople le geget t jujuststicices es agagaiainsnst t bubuilildeder. r. It It RaRaisises es a a ququesestition on - - DoDoes es ouour r con

constistituttution ion reareally lly neeneeds ds the the lawlaw. . NONO!! !! We We alralreadeady y havhave e unlunlawfawful ul ActActiviivitietiess (Prevention) Act 1967 and TADA in

(Prevention) Act 1967 and TADA in 1987.1987. `Similarly we have law

`Similarly we have laws but...the same story. Nobos but...the same story. Nobody cares/dares it. dy cares/dares it. A questionA question arises that- Do we need RBI or SEBI. How many people (individuals) participate arises that- Do we need RBI or SEBI. How many people (individuals) participate in investing or reaping money from shares/bonds/MF, etc. may be 40% maximum. in investing or reaping money from shares/bonds/MF, etc. may be 40% maximum. It’s a different issue that 70% of the people get

It’s a different issue that 70% of the people get affected due to share market result.affected due to share market result. Similarly in today's real estate may be 50% of Indians get affected directly but Similarly in today's real estate may be 50% of Indians get affected directly but 90% indirectly. You know the real cause of recession. It’s again the same 90% indirectly. You know the real cause of recession. It’s again the same real-estate sector in The US and of

estate sector in The US and of course some mortgage problem.course some mortgage problem.

Actually we need to understand where a regulator is needed and where not. Three Actually we need to understand where a regulator is needed and where not. Three basic needs – Food, Clothing & shelter - Roti, Kapda and Maakan. Now everybody basic needs – Food, Clothing & shelter - Roti, Kapda and Maakan. Now everybody knows Regulatory body in Food and Beverage is really important (not in India - so knows Regulatory body in Food and Beverage is really important (not in India - so Pepsi and Coke are doing business - poor us, 1st world countries do have). We Pepsi and Coke are doing business - poor us, 1st world countries do have). We don't have as such a

don't have as such a proper regulatory authorproper regulatory authority for Clothing (as it is cheaper here -ity for Clothing (as it is cheaper here -look at any 1st

look at any 1st world country, they have). About home... a dream of every man -world country, they have). About home... a dream of every man -whether rich/poor black/fair.... it takes whole life to

whether rich/poor black/fair.... it takes whole life to get a home.get a home.

65% of Indians have their own home at age of 62. Comparing with a shirt or a 65% of Indians have their own home at age of 62. Comparing with a shirt or a bu

burgerger..r... ... ThiThis s is is reareallyllyBIG.BIG. It It ddoeoesnsn't 't memean an ththat at eaearlrlieier r twtwo o is is lelessss important... what I mean to say is that MAKAAN is no lesser important. You important... what I mean to say is that MAKAAN is no lesser important. You

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invest once and that’s huge. invest once and that’s huge.

Govt. advertises about checking food quality, prices of a

Govt. advertises about checking food quality, prices of a commodity, and problemscommodity, and problems with auto, electrical equipments, and credit cards and... But I haven't seen this with auto, electrical equipments, and credit cards and... But I haven't seen this effort to educate people about real-estate aggressively.

effort to educate people about real-estate aggressively. What to do if you are at

What to do if you are at problem with your builder, what is map approval, how canproblem with your builder, what is map approval, how can a common man get it, what is mutation, why is it important, - really more a common man get it, what is mutation, why is it important, - really more important to any man than running after some credit card inflated bill or some important to any man than running after some credit card inflated bill or some inflated charges taken by Big Bazaar - sort of problems. Money market is needed inflated charges taken by Big Bazaar - sort of problems. Money market is needed to be regulated because it is the

to be regulated because it is the backbone of our economic system.backbone of our economic system. The

The amoamount unt of of busbusineiness ss reareal-el-estastate te indindustustry ry is is gengeneraeratinting g cancan't 't be be no-no-lonlonger ger ignored. After 2001, probably everyman directly or indirectly is associated with ignored. After 2001, probably everyman directly or indirectly is associated with real-estate sector (see the investments in Infrastructure bonds only). After IT and real-estate sector (see the investments in Infrastructure bonds only). After IT and ITES industry, real-estate sector comes next in terms of people employed. The ITES industry, real-estate sector comes next in terms of people employed. The value of stake holders in this sector is

value of stake holders in this sector is no lesser than 90%.no lesser than 90%. The involvement of more than 50%

The involvement of more than 50% of the population (public representatives)of the population (public representatives) makes a govt. Why not a industry. People within (i.e. employees) and outside makes a govt. Why not a industry. People within (i.e. employees) and outside (investors, buyers, and share-holders) if moderated by a

(investors, buyers, and share-holders) if moderated by a central agency like RBI (Icentral agency like RBI (I name it RERBI - Real Estate Regulatory Body of India), then life for everybody in name it RERBI - Real Estate Regulatory Body of India), then life for everybody in INDIA might be safer.

INDIA might be safer.

Fallout of real estate boom Fallout of real estate boom::

The boom in the real estate saw emergence of many builders, who played upon the The boom in the real estate saw emergence of many builders, who played upon the emotional side of human nature to own one's own dream house, commercial space emotional side of human nature to own one's own dream house, commercial space etc. Besides the ever rising prices

etc. Besides the ever rising prices of the houses/flats etc attracted many to of the houses/flats etc attracted many to invest ininvest in the real estate with a hope that their money will give the best returns if invested in the real estate with a hope that their money will give the best returns if invested in the real estate sector. The interest of the

the real estate sector. The interest of the consuconsumer in mer in the real estate lead to the real estate lead to heavyheavy bookings of the buildings, innovation of the concept of pre-launch bookings, the bookings of the buildings, innovation of the concept of pre-launch bookings, the flats/commercial space were sold while at the drawing board stage. The consumer flats/commercial space were sold while at the drawing board stage. The consumer never bothered to check the credentials of the builder, sanctions by the competent never bothered to check the credentials of the builder, sanctions by the competent offices etc. Instead the consumers were led by alluring advertisements issued by offices etc. Instead the consumers were led by alluring advertisements issued by the builders, promising delivery of possession of constructed building/flat within the builders, promising delivery of possession of constructed building/flat within the

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cancellation, some of them also promised assured returns by way of rent. cancellation, some of them also promised assured returns by way of rent.

After the bubble has burst, needless to say, the promises of the builders have gone After the bubble has burst, needless to say, the promises of the builders have gone fo

for r sisix. x. ThThe e pupurcrchahaseser/r/coconsnsumumerers s hahave ve papaid id ththe e enentitire re sasale le prpricice/e/mamajojor r consideration and they are under debt of bank/financial institutions, savings have consideration and they are under debt of bank/financial institutions, savings have evaporated and there is no sight of completed building. The promising builder has evaporated and there is no sight of completed building. The promising builder has vanished or has started avoiding calls; request for refunds, delivery of possession is vanished or has started avoiding calls; request for refunds, delivery of possession is unheeded. Instead some builders have the audacity to demand more money on unheeded. Instead some builders have the audacity to demand more money on account of alleged escalation cost with a remote possibility of possession being account of alleged escalation cost with a remote possibility of possession being ha

handnded ed ovover er to to ththemem. . WhWhat at do do popoor or anand d hahararassssed ed coconsnsumumerers s do do in in susuchch circumstances.

circumstances.

I need to emphasize consumer is not helpless and should not allow the builder to I need to emphasize consumer is not helpless and should not allow the builder to run over him. He should fight for his right, the law of land supports him in this run over him. He should fight for his right, the law of land supports him in this regard. The Consumer Protection Act, 1986, will come to the rescue of such erring regard. The Consumer Protection Act, 1986, will come to the rescue of such erring builders and will force the builders to pay compensation to the consumer, hand builders and will force the builders to pay compensation to the consumer, hand over the possession of the flat booked/alternative flat in the same locality and will over the possession of the flat booked/alternative flat in the same locality and will ask to builder to bear the cost of escalation, if any, on account of rise in price of ask to builder to bear the cost of escalation, if any, on account of rise in price of constructing a building. The purchaser/buyer is a consumer within the meaning of constructing a building. The purchaser/buyer is a consumer within the meaning of the above mentioned Act and failure of the builder to hold on to the promise made the above mentioned Act and failure of the builder to hold on to the promise made at the time of booking in delivering possession etc would constitute deficiency of at the time of booking in delivering possession etc would constitute deficiency of service.

service.

A cheated customer can lodge a complaint with the consumer forums pointing out A cheated customer can lodge a complaint with the consumer forums pointing out the deficiency of services by the builder. A consumer court is divided into three the deficiency of services by the builder. A consumer court is divided into three forums namely, district forum, state

forums namely, district forum, state commission and National Commission. Wherecommission and National Commission. Where the value of the property is less

the value of the property is less than twenty lakhs, the complaint will be filed in thethan twenty lakhs, the complaint will be filed in the District Forum. Where the value of the property is more than twenty lakhs but less District Forum. Where the value of the property is more than twenty lakhs but less than One Crore the complaint will

than One Crore the complaint will be filed before the State Commission and be filed before the State Commission and wherewhere the value of the property is in excess of Rs. One Crore the complaint will have to the value of the property is in excess of Rs. One Crore the complaint will have to be filed in the

be filed in the National Commission.National Commission.

In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood, the National In the matter of DLF Universal Ltd Vs Brig (Retd)Kamal Sood, the National Com

Commismissiosion, n, repreportorted ed as as MAMANU/NU/CF/CF/0060069/29/2007 007 was was facfaced ed witwith h a a sitsituatuationion,, wherein the consumer was led by the advertisement of the builder of delivery wherein the consumer was led by the advertisement of the builder of delivery wit

within hin stistipulpulateated d timtime e and and conconseqsequenuently tly on on the the faifailurlure e to to deldeliveiver, r, the the buibuildelder r contended that government permissions, such as approval of zoning plan, layout contended that government permissions, such as approval of zoning plan, layout plan and schematic building plan were not given, thus the delay in construction plan and schematic building plan were not given, thus the delay in construction should not be a ground for grant of compensation to the consumer. The consumer should not be a ground for grant of compensation to the consumer. The consumer was further burdened with the escalation cost due to such delay. The Honorable was further burdened with the escalation cost due to such delay. The Honorable

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National Commission observed that it is unfair trade practice on the part of the National Commission observed that it is unfair trade practice on the part of the bu

buildilder er to to colcolleclect t monmoney ey frofrom m the the proprospespectictive ve buybuyers ers witwithouhout t obtobtainaining ing thethe required permissions such as zoning plan, layout plan etc. It was further held that it required permissions such as zoning plan, layout plan etc. It was further held that it is the duty of the builder to obtain the requisite permissions or sanctions for is the duty of the builder to obtain the requisite permissions or sanctions for con

constrstructuction ion etc etc in in the the fifirst rst insinstantance, ce, and and thethereareaftefter r recrecoveover r the the conconsidsideraeratiotionn money from the purchaser of the flat/buildings. The National Commission further money from the purchaser of the flat/buildings. The National Commission further observed that if there is any express promise that the premises would be delivered observed that if there is any express promise that the premises would be delivered within the stipulated time and if it is not done so, escalation cost is required to be within the stipulated time and if it is not done so, escalation cost is required to be borne by the builder.

borne by the builder.

In another matter titled as Veena Khanna Vs Ansal Properties and Industries In another matter titled as Veena Khanna Vs Ansal Properties and Industries limited, reported as III (2007) CPJ 185(NC), the National Commission set aside an limited, reported as III (2007) CPJ 185(NC), the National Commission set aside an order of the State Commission, wherein the builder was directed to refund the order of the State Commission, wherein the builder was directed to refund the money to the consumer along with the interest @ 13%. In the alternative, it was money to the consumer along with the interest @ 13%. In the alternative, it was directed that if the builder chooses to hand over the possession of

directed that if the builder chooses to hand over the possession of the flat, the order the flat, the order of refund with interest will not come in operation. The builder taking advantage of of refund with interest will not come in operation. The builder taking advantage of the order refunded the money, because of the rise in the prices of the immovable the order refunded the money, because of the rise in the prices of the immovable properties. The National Commission observed that refund of money with interest properties. The National Commission observed that refund of money with interest at bank rate does not mean that the complainant is adequately compensated for at bank rate does not mean that the complainant is adequately compensated for delay in construction of flat by the builder and not delivering the possession of the delay in construction of flat by the builder and not delivering the possession of the flat. It was noted that because of the delay in

flat. It was noted that because of the delay in construction and delay in deciding theconstruction and delay in deciding the matter it is practically impossible for a consumer to purchase a flat at the market matter it is practically impossible for a consumer to purchase a flat at the market price.

price.

It was held that it was the duty of the state commission to direct the builder to It was held that it was the duty of the state commission to direct the builder to deliver the possession of the same flat or flat of similar size to the consumer with deliver the possession of the same flat or flat of similar size to the consumer with compensation for delay in delivering the possession. Or in any circumstances, compensation for delay in delivering the possession. Or in any circumstances, adequate compensation ought to have been given so that the complaint could adequate compensation ought to have been given so that the complaint could purchase a new flat of the same size at the

purchase a new flat of the same size at the prevailing market rate. Mere payment of prevailing market rate. Mere payment of interest is not an

interest is not an adequate compensation.adequate compensation. Complete informat

Complete information of how to ion of how to buy a home or buy a home or property:property: 1. How do I buy a house?

1. How do I buy a house?

Be an informed consumer; buying a house is one of the most complicated and Be an informed consumer; buying a house is one of the most complicated and expensive purchases you will ever make. As with most other things, you get what expensive purchases you will ever make. As with most other things, you get what you pay for. Look at and compare many houses in different areas. Once you have you pay for. Look at and compare many houses in different areas. Once you have seen something you like, assess its location. How far will you have to commute? seen something you like, assess its location. How far will you have to commute? What is the traffic like? How does the neighborhood look? What services are What is the traffic like? How does the neighborhood look? What services are avail

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into them? What is the crime rate in the area, and what types of crimes have into them? What is the crime rate in the area, and what types of crimes have occurred in the past couple of years? Visit the home on multiple occasions and at occurred in the past couple of years? Visit the home on multiple occasions and at different times of the day. Remember: location, location, location. It's one of the different times of the day. Remember: location, location, location. It's one of the biggest factors in setting the price of the home.

biggest factors in setting the price of the home.

Before you make a written offer, know exactly what you are buying and what Before you make a written offer, know exactly what you are buying and what the costs will be after you own it. For example, in addition to the monthly the costs will be after you own it. For example, in addition to the monthly principal and interest payments that you will have to finance the purchase of principal and interest payments that you will have to finance the purchase of

yo

your ur hohomeme, , yoyou u wiwill ll neneed ed to to bubudgdget et fofor r ututililitity y bibilllls, s, prpropopererty ty tataxexes, s, anandd insurance and maintenance costs. If you buy a home that has a homeowner's insurance and maintenance costs. If you buy a home that has a homeowner's association, you will also have to pay association fees. Some homes have association, you will also have to pay association fees. Some homes have special assessments in addition to the regular property taxes. Make sure that special assessments in addition to the regular property taxes. Make sure that you ask the seller for copies of the past years" bills for these services, and that you ask the seller for copies of the past years" bills for these services, and that you inquire as to whether there are any assessments scheduled to be placed on you inquire as to whether there are any assessments scheduled to be placed on the property in the

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Al

Alsoso, , chchececk k ththe e cocondndititioion n of of ththe e hohoususe e anand d anany y apapplpliaiancnceses, , wiwindndowow coverings and other items that you want included in the sale. Consider coverings and other items that you want included in the sale. Consider purchasing a home warranty. For a minimum fee, the home warranty purchasing a home warranty. For a minimum fee, the home warranty company will insure that the house and the appliances are in working company will insure that the house and the appliances are in working cond

conditionition. . Many companieMany companies s will provide coverage for will provide coverage for washewashers, rs, dryedryers,rs, pools and pool equipment, air conditioning, and some roof repairs. Your pools and pool equipment, air conditioning, and some roof repairs. Your

agent or escrow holder can

agent or escrow holder can provide you with information on these policies.provide you with information on these policies. 2. Do I need a real estate agent or an

2. Do I need a real estate agent or an attorney?attorney?

An experienced local real estate agent can assist you in finding a home that An experienced local real estate agent can assist you in finding a home that meets your particular needs. He or

meets your particular needs. He or she will also have she will also have information about theinformation about the home and area that an outsider would never find just by looking at the home and area that an outsider would never find just by looking at the particular home. Most homes are listed for sale by a real estate broker who particular home. Most homes are listed for sale by a real estate broker who

is referred to as the

is referred to as the seller's agentseller's agent. . The seller'The seller's s agenagent t reprrepresentesents s the seller.the seller. The agent who helps you find the home is called the buyer's agent. Usually The agent who helps you find the home is called the buyer's agent. Usually you will not have to pay your agent a fee for the time and energy he or she you will not have to pay your agent a fee for the time and energy he or she spends in finding the home and assisting you in closing the sale. The spends in finding the home and assisting you in closing the sale. The buyer's agent's fee will be paid by the seller when you complete the buyer's agent's fee will be paid by the seller when you complete the purchase of the home.

purchase of the home.

Your real estate agent will also assist you in negotiating the price, learning Your real estate agent will also assist you in negotiating the price, learning about the community, obtaining a loan, inspecting the

about the community, obtaining a loan, inspecting the home, and in closinghome, and in closing the escrow. In some instances, a real estate agent can represent both the the escrow. In some instances, a real estate agent can represent both the buyer and the seller. This is referred to as a

buyer and the seller. This is referred to as a dual agency.dual agency. This must beThis must be disclosed to you before you make an offer. It is advised that you proceed disclosed to you before you make an offer. It is advised that you proceed carefully in this situation, since your agent will be working for both the carefully in this situation, since your agent will be working for both the seller and you at the same time.

seller and you at the same time.

IIf f yyoou u aarre e nnoot t ssuurre e tthhaat t yyoou u uunnddeerrssttaannd d aalll l oof f yyoouur r rriigghhtts s aanndd responsibilities, it is advisable to see an attorney who is experienced in the responsibilities, it is advisable to see an attorney who is experienced in the purchase of residential real estate. An attorney can help you with legal and purchase of residential real estate. An attorney can help you with legal and tax questions that come up during the purchase of the home, and can assist tax questions that come up during the purchase of the home, and can assist you in reviewing all of the documents and reports that will be provided to you in reviewing all of the documents and reports that will be provided to

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you in

you in the process of the process of purcpurchasinhasing g the home. For the home. For more informore informatiomation n on howon how to locate a qualified attorney, order a free copy of the State Bar pamphlet to locate a qualified attorney, order a free copy of the State Bar pamphlet How Can I Find and Hire the Right Lawyer? To find out how to order a How Can I Find and Hire the Right Lawyer? To find out how to order a fr

free ee cocopy py of of ththis is papampmphlhlet et anand d ototheher r StStatate e BaBar r coconsnsumumer er ededucucatatioionn p

paammpphhlleettss, , ccaalll l 441155--553388--22228800. . OOr r vviissiit t tthhe e SSttaatte e BBaarr''s s wweebb site(

site(www.www.calbcalbar.caar.ca.gov.gov) ) wherwhere e you'you'll ll find find the the bar'bar's s consconsumer umer educeducationation pamphlets, as well as information on ordering them. The pamphlets also pamphlets, as well as information on ordering them. The pamphlets also

can be ordered in bulk. can be ordered in bulk.

3. What information must the seller provide us? 3. What information must the seller provide us?

In most cases, when you are preparing to buy a home, the seller must In most cases, when you are preparing to buy a home, the seller must provide you with a Real Estate Transfer Disclosure Statement. This is a provide you with a Real Estate Transfer Disclosure Statement. This is a pre-printed form that lists many features or conditions about the home, the pre-printed form that lists many features or conditions about the home, the land, and the area where the home is located. The seller must list on this land, and the area where the home is located. The seller must list on this form any possible problems he or she is aware of that might affect your form any possible problems he or she is aware of that might affect your willi

willingnesngness s to to purchpurchase ase the the homehome. . This includes, for This includes, for exampexample, le, easemeasementsents,, ri

righghts ts of of otothehers rs to to cocontntrorol l hohow w yoyou u ususe e ththe e prpropoperertyty, , enenviviroronmnmenentatall problems, nonfunctioning equipment, zoning and building violations, and problems, nonfunctioning equipment, zoning and building violations, and special assessments. The seller's agent must visually inspect the home and special assessments. The seller's agent must visually inspect the home and report all facts that he or she feels might affect your decision to buy this report all facts that he or she feels might affect your decision to buy this property. If you want information that is not covered in the Real Estate property. If you want information that is not covered in the Real Estate Disclosure Statement or additional information that is disclosed, put your Disclosure Statement or additional information that is disclosed, put your questions in writing and ask the seller to respond in writing.

questions in writing and ask the seller to respond in writing.

You should review the Disclosure Statement immediately and carefully. In You should review the Disclosure Statement immediately and carefully. In most instances, you will have a limited period of time to decide whether most instances, you will have a limited period of time to decide whether you

you wiswish h to to proproceeceed d witwith h the the pupurchrchase ase desdespitpite e the the stastated ted disdiscloclosursures.es. Dep

Dependending ing upoupon n youyour r purpurchachase se agragreemeementent, , somsome e selsellerlers s wilwill l reqrequiuire re aa wri

writtetten n accaccepteptancance e of of ththe e conconditditionions s concontaitained ned in in the the stastatemtementent. . OthOther er sellers will consider your silence as acceptance of all of the conditions sellers will consider your silence as acceptance of all of the conditions contained in the Disclosure Statement.

contained in the Disclosure Statement. If

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homeowners association's rules and bylaws, and financial statements, and homeowners association's rules and bylaws, and financial statements, and must inform you if there are any unpaid assessments. You should also ask must inform you if there are any unpaid assessments. You should also ask to see

to see the past the past minuminutes of tes of the associathe association board meetingtion board meetings. You s. You might findmight find that there are pending or future lawsuits or defects in the construction of that there are pending or future lawsuits or defects in the construction of the complex being discussed in these meetings. All of which would affect the complex being discussed in these meetings. All of which would affect the value of what you are buying.

the value of what you are buying. 4. Should the house be inspected? 4. Should the house be inspected?

Before buying any property, it is advisable to have it inspected by trained Before buying any property, it is advisable to have it inspected by trained specialists. The kinds of inspections you need depend on the location and specialists. The kinds of inspections you need depend on the location and condition of the property. For example, in a

condition of the property. For example, in a hillside area, you might want ahillside area, you might want a soil stability inspection. If you are buying a home built before 1978, you soil stability inspection. If you are buying a home built before 1978, you sh

shouould ld seseririououslsly y coconsnsidider er an an ininspspecectition on fofor r leleadad-b-basased ed papainint. t. At At aa mi

mininimumum, m, yoyou u shshouould ld hahave ve ththe e hohome me ininspspececteted d to to dedetetermrminine e if if it it isis structurally sound, a pest control inspection to see if the house has been structurally sound, a pest control inspection to see if the house has been infected by termites or dry rot, and a natural hazards inspection to see if the infected by termites or dry rot, and a natural hazards inspection to see if the home is located in an area subject to fire, earthquakes or flooding. The real home is located in an area subject to fire, earthquakes or flooding. The real estate agent can advise you about additional inspections that might be estate agent can advise you about additional inspections that might be warranted under the circumstances.

warranted under the circumstances.

Keep in mind that while the seller has to tell you about anything he is Keep in mind that while the seller has to tell you about anything he is aware of that is wrong with the house, he is not insuring the quality of the aware of that is wrong with the house, he is not insuring the quality of the house; for this reason, and an inspection is a

house; for this reason, and an inspection is a good idea.good idea. 5. How do I make an offer on a house?

5. How do I make an offer on a house?

Most homes are sold through real estate agents who have expertise in Most homes are sold through real estate agents who have expertise in valuing homes. You can also get information on home sales in your area by valuing homes. You can also get information on home sales in your area by visiting a host of Internet sites provided by professionals in the industry, or visiting a host of Internet sites provided by professionals in the industry, or by reading the real estate section of your local newspaper. Once you have by reading the real estate section of your local newspaper. Once you have found the home of your choice and have determined how much you are found the home of your choice and have determined how much you are willing to pay, you need to make a deposit (called earnest money) to show willing to pay, you need to make a deposit (called earnest money) to show the seller that you are serious about buying the house. The deposit is the seller that you are serious about buying the house. The deposit is considered a down payment on the price of the home. In some instances considered a down payment on the price of the home. In some instances

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you may have to increase your deposit or increase your offer, especially if you may have to increase your deposit or increase your offer, especially if there are multiple offers on the

there are multiple offers on the home.home.

The deposit is usually deposited in escrow upon the acceptance of your The deposit is usually deposited in escrow upon the acceptance of your offer. You submit a written offer on a form known as the Residential offer. You submit a written offer on a form known as the Residential Purchase Agreement and Receipt for Deposit. This form sets out the terms Purchase Agreement and Receipt for Deposit. This form sets out the terms upon which you are willing to purchase the property. The price you offer upon which you are willing to purchase the property. The price you offer on a home will, in most cases, be less than the amount you will need to on a home will, in most cases, be less than the amount you will need to purchase the home. There will be expenses incurred in purchasing the purchase the home. There will be expenses incurred in purchasing the home that will have to be paid by either the buyer or the seller. These home that will have to be paid by either the buyer or the seller. These include, for example, title reports, document preparation, recording fees, include, for example, title reports, document preparation, recording fees, local taxes, fees for inspections, escrow fees, homeowner's insurance, and local taxes, fees for inspections, escrow fees, homeowner's insurance, and notary fees. Ask your agent or escrow officer to provide you with an notary fees. Ask your agent or escrow officer to provide you with an estimated closing statement. This will give you an idea of some of the estimated closing statement. This will give you an idea of some of the additional costs you will incur in purchasing your home. You do not want additional costs you will incur in purchasing your home. You do not want any surprises.

any surprises. 6. What is a

6. What is a Residential PurchasResidential Purchase Agreement and Receipt for Deposit?e Agreement and Receipt for Deposit? This agreement is an offer which, upon acceptance by the seller, results in a This agreement is an offer which, upon acceptance by the seller, results in a binding contract. It should cover all of the important terms of the sale. For binding contract. It should cover all of the important terms of the sale. For example, it should include a complete description of the property and of example, it should include a complete description of the property and of any personal property that will be sold with the house, such as window any personal property that will be sold with the house, such as window coverings, kitchen appliances, washers and dryers. It should state the exact coverings, kitchen appliances, washers and dryers. It should state the exact purchase price, including the amount of your initial deposit, any increases purchase price, including the amount of your initial deposit, any increases

in that deposit, the amount you will pay in cash,

in that deposit, the amount you will pay in cash, check or wire transfer, andcheck or wire transfer, and the amount you will need to finance to complete the purchase price. This the amount you will need to finance to complete the purchase price. This agreement should also list any conditions that may allow you

agreement should also list any conditions that may allow you to back out of to back out of the contract. You will want a condition that allows you to cancel the the contract. You will want a condition that allows you to cancel the contract if you cannot obtain a

contract if you cannot obtain a loan on favorable terms or if loan on favorable terms or if the inspectionsthe inspections reveal substantial defects or problems with the home. You may also need a reveal substantial defects or problems with the home. You may also need a condition that allows you to cancel the sale if you cannot sell your current condition that allows you to cancel the sale if you cannot sell your current home. Please understand, however, the more conditions you have, the less home. Please understand, however, the more conditions you have, the less

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likely the seller is to accept your offer. likely the seller is to accept your offer.

This agreement should also set forth what will happen to your deposit if This agreement should also set forth what will happen to your deposit if yo

you u cacancncel el ththe e sasalele, , whwhat at wiwill ll hahappppen en if if yoyou u anand d ththe e sesellller er hahave ve aa disagreement over the terms of the sale, and how the brokers will be paid. disagreement over the terms of the sale, and how the brokers will be paid. Th

The e agagrereememenent t shshouould ld alalso so inindidicacate te whwhetetheher r yoyou u arare e pupurcrchahasising ng ththee property in "as is condition" or the seller is warranting the condition of the property in "as is condition" or the seller is warranting the condition of the property. Take the time to go over each and every term of the agreement property. Take the time to go over each and every term of the agreement

with your agent before you

with your agent before you sign the agreement.sign the agreement. 7. Can I change my mind?

7. Can I change my mind?

You should not make an offer to purchase a house unless you are serious You should not make an offer to purchase a house unless you are serious about buying it. You can, however, revoke your offer before it is accepted about buying it. You can, however, revoke your offer before it is accepted by the seller. This

by the seller. This revocation should be in writing. If your offer has alreadyrevocation should be in writing. If your offer has already been accepted by the seller, you may be able to terminate or revise your been accepted by the seller, you may be able to terminate or revise your offer if you are unhappy with what your inspections reveal or if other offer if you are unhappy with what your inspections reveal or if other conditions of the offer are not met.

conditions of the offer are not met. The

The ResResideidentintial al PurPurchachase se AgrAgreemeement ent and and RecReceipeipt t for for DepDeposiosit t concontaitainsns several provisions that discuss what will happen in the event the sale does several provisions that discuss what will happen in the event the sale does not go through. There is

not go through. There is a mediation provision, an arbitration provision anda mediation provision, an arbitration provision and aa liquidated damages liquidated damages provision.provision. The liquidated damages provision canThe liquidated damages provision can result in you losing most if not all of your deposit (up to 3 percent of the result in you losing most if not all of your deposit (up to 3 percent of the contract price) in the event you elect not to complete the purchase price, contract price) in the event you elect not to complete the purchase price, and your election is without good cause. There is no provision in the and your election is without good cause. There is no provision in the standard contract for liquidated damages in favor of the buyer in the event standard contract for liquidated damages in favor of the buyer in the event the seller wrongfully refuses to go through with the sale. You do not have the seller wrongfully refuses to go through with the sale. You do not have to agree to this provision. Carefully discuss the pros and cons of initialing to agree to this provision. Carefully discuss the pros and cons of initialing this provision with your agent or

this provision with your agent or attorney.attorney. 8. How can I get a loan?

8. How can I get a loan?

Most home loans are made by financial institutions such as banks, savings Most home loans are made by financial institutions such as banks, savings an

real estate project

INSTITUTE OF

INSTITUTE OF MANAGEMENT EDUCATION

MANAGEMENT EDUCATION

G.T.ROAD,SAHIBABAD,GHAZIABAD(U.P)

G.T.ROAD,SAHIBABAD,GHAZIABAD(U.P)

DEPARTMENT OF

DEPARTMENT OF MANAGEMENT

MANAGEMENT

TABLE OF CONTENTS

TABLE OF CONTENTS

1.

SUBJECT MATTER OF THE PROJECT

1.2 REVIEW OF

1.2 REVIEW OF LITERATURE:

LITERATURE: