A survey of the parametric quantities considered in demanding a luxury CondominiumChapter 1by possible purchasers with particular mention to metropolis of Colombo.Chapter ONEIntroduction
- Background of the survey
The belongings development procedure has a critical impact on these alterations. Property development is the procedure of heightening the value of existent estate by doing physical alterations and the betterments at that place to through the application of capital and entrepreneurial accomplishments by a belongings developer ( Ramachandra, 2001 ) . Because of these developments several existent estate belongings types have been formed. Among these existent estate belongings types residential belongingss are of extremely importance because it is straight combined with one of the chief homo demands which is lodging or shelter. Over the old ages as explained above, the lodging has besides been evolved from caves to super luxury condominiums. Condominiums are a new tendency which drastically changed the lodging sector of the universe.
Harmonizing to Kowshala, 2002 it describes condominium as a particular construction which has several units where interior infinite is owned separately and the other common countries are owned by each and every proprietors of single units normally.Therefore, a condominium is a type of belongings which has the ability of suiting several households in a individual secret plan of land. The major grounds for this type of belongings development are the scarceness of land, urbanisation, higher income degrees, increasing population and etc. There are several types of condominiums as semi luxury, luxury and ace luxury condominiums based on the installations available. Among these three types the emerging tendency is the luxury condominium class.
24 hr security, CCTV & A ; intercom system with panic button for exigencies, Fire protection and sensing system, Garbage disposal systems, Elevators, Hot H2O geysers, MATV connexion, Children play country, Vehicle park, Private balconies, Air conditioned flat blocks, Swiming pool, Restaurant and saloon, Gymnasium, Laundry, Central gas supply system can be seen as the installations supplied in luxury condominiums ( Sepani Senaratne, Nisa Zainudeen, Chitra Weddikkara, 2006 ) .Within Sri Lanka, condominiums have been developed over the last decennary really quickly, particularly after the twelvemonth of 2009 where the war was ended. Condominiums can be seen mostly in Colombo metropolis as it is the cardinal concern territory of Sri Lanka. In earlier times, merely the local developers were involved in developing condominiums. But after the war season, the peaceable background every bit good as the supportive authorities determinations attracted international developers to the sector of developing luxury condominiums with in the metropolis bounds. As a consequence of this, luxury condominium undertakings were initiated by international developers which cost 1000000s of dollars.
These international developers initiated these developments aiming the people who will travel from rural countries to urban countries, international migrations and high-net-worth persons. So the demand for these luxury flats will be generated by above mentioned client groups. When demanding a luxury flat these possible purchasers will see several parametric quantities. Harmonizing to ( Sepani Senaratne, Nisa Zainudeen, Chitra Weddikkara, 2006 ) the possible purchasers will see the undermentioned factors when demanding a condominium.
- Convenience in buying.
- Modern facilities.- Financial installations.
- Aesthetic appearance.-After gross revenues services.
- Good location.
- Low-cost prices.-Security.
- Time salvaging.
- Secured parking.
- Flexible payment strategies.
- Prestige value.
- Peaceful vicinity.
- Problem Statement
So they have to dump 1000000s of money in these undertakings, with the perceptual experience that the all flats will be sold out or rented out. But there is a hazard of non go oning as expected. The clients will non purchase it due to several grounds. They may be general grounds or personal grounds.
Because of this the developer will loss clients who have the potency to purchase these really expensive luxury condominiums. So the developer will hold to endure loss of 1000000s or one million millions of money. But if the developer can clearly hold an apprehension about the factors which affect for the customers’ purchasing determination, the developer will be able to develop the condominium belongings as per the outlooks of the clients. So so the developers’ investing will be to the full succeeded. So this survey will hold on a sound cognition about the factors that will impact for a customer’s purchasing determination in condominium flat.
- Significance of the survey
The condominium sellers find it really hard in marketing the undertaking because it is a different trade good type than others. The general selling methods will non bring forth the expected consequences for the condominium belongingss. This is chiefly because of the deficiency of cognition about the client behaviour and client penchants in condominium belongings market. So if sellers will be able to acquire a sound cognition about the parametric quantities that the possible purchasers are sing when buying a condominium flat, they will be able to market the undertaking aiming those parametric quantities.
Then the selling runs will be to the full succeeded.As a specific aim of this survey, it will place the demographic background of the possible purchasers which will be helpful for condominium gross revenues personals. Condominium Sellerss excessively face troubles in happening the possible purchasers because selling condominium flats is non easy as selling retail goods. The chief ground for this is the deficiency of clients who can afford to purchase these 1000000s worth flats. So the gross revenues individuals should hold a general thought about the mark group of clients. If non, the investing of the developer will be a loss.
But if the gross revenues individual can clearly place the mark group, so selling procedure will be easy.So this survey will hold on a sound cognition about the- Demographic background of the possible purchasers of luxury condominium flat, which will assist gross revenues personals in aiming the client base.- Parameters which will be considered by possible purchasers in demanding a luxury condominium flat which will assist the condominium developer and the seller in their work.1.4 Aims of the surveyGeneral Objective.
- Identify the factors impacting to the customer’s purchasing behaviour in condominium flat.
- To analyze on factors impacting to the clients purchasing behaviour in condominium flats.
- Identify the strength of the factors to the purchasing behaviour determination in condominium flats.
- Identify the demographic background of the possible purchasers of condominium luxury flats.
- To offer suggestions based on the findings of the survey.
5 Conceptual Frame work
1.6.1Datas and Data CollectionA comprehensive literature study carried out with the usage of books, diaries and articles in the purpose of happening bing cognition on assorted factors that will be considered by a possible purchaser in buying a luxury condominium flat.This survey is based on qualitative and quantitative informations based on primary informations and secondary informations.
The information will be collected as follows.1.6.2 PopulationThe population of this survey will be the possible purchasers who will demand luxury condominium flats in all luxury condominium undertakings which are situated with in Colombo metropolis bounds.
1.6.3 Sample choiceThe sample for the information aggregation will be the possible purchasers that will see the ASTORIA gross revenues office which is a luxury Condominium flat situated in Colpity ( Colombo 03 ) .1.6.4 Data Analysis
- Descriptive analysis will be used to analyse the informations about the demographic background of the possible purchasers.
Demographic factors like age, gender, income degrees, profession and etc will be analyzed. Following will be applied for the analysis procedure.
- Probability constructs
- Inferential analysis and hypothesis testing will be used for the analysis of the parametric quantities considered by the possible purchasers when demanding a luxury condominium flat.
The strength of the impact on each factor on the buying determination will be measured utilizing the arrested development analysis.
- Hypothesis proving
- Location factor
- Facilities factor
- Aesthetic visual aspect factor
- Low-cost monetary values factor
- Secured parking factor
- Flexible payment strategies factor
- Prestige value factor
- Peaceful vicinity factor
- Repute of the developer factor
- Fiscal installations factor
- The survey is limited merely to the possible buyers’ point of position instead than the positions of gross revenues personals, developers and sellers.
- The survey focused the ASTORIA luxury flats as the survey country which is situated in Colombo-03.
- The survey focused on merely for the luxury Condominium flat type.