accommodation times_final report chirag(1)

8/18/2019 Accommodation Times_final Report Chirag(1)

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A REPORT

ON

“UNDERSTANDING THE FUNCTIONING OF

REAL ESTATE INDUSTRY”

AT

ACCOMMODATION TIMES

BY

CHIRAG KHUSHALANI

14BSP0380

FINAL REPORT IS SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS OF MBA/PGPM

PROGRAM OF IBS, MUMBAI

SUBMITTED TO!


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FACULTY GUIDE

COMPANY GUIDE

PROF SS DESAI

DR S

AN"AY C

HATUR#EDI

ACKNO$LEDGEMENT

I hereby take this opportunity to express our profound gratitude towards

ACCOMMODATION TIMES for allowing me to perform my Summer

Internship Program in their esteemed organization.

I would like to extend my deepest regards and gratefulness to Dr. Sanjay

Chaturvedi, who was my Company Mentor. His exemplary guidane, monitoring

and onstant enouragement throughout the ourse of this study made the

suessful ompletion of this pro!et possible. In addition to the sub!et matter, his

ounsel on "arious other issues enhaned our knowledge and outlook.

My sinere appreiation also goes towards Mr. Ajay Chaturvedi whose "aluable

input during the initial days of the pro!et helped me proeed in the right diretion.

I am thankful to Prof SS Desai, who helped me in all ways possible. I am "ery

thankful to you Mam, for guiding me and learing my doubts throughout the

pro!et.

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Sl

#o.

$%PICS P&'(

). AUTHORIZATION2 ACKNOWLEDGEMENT 23 ABSTRACT 64 INTRODUCTION 75 INDIA REAL ESTATE SECTOR !"#6 GO$ERNMENT INITIATI$E ""!"37 CURRENT UPDATES "4% COMPAN& PRO'ILE "5 O(ECTI$E)METHOLOG& "6"# LIMITATION O' STUD& "7"" SWOT! ACCOMMODATION TIMES ""2 PORTER*S 'I$E 'ORCE MODEL!

ACCOMMODATION TIMES

2#

"3 CASE STUD& ON ACRES 2"!27"4 SWOT!ACRES+COM 2%!2"5 'INDINGS 3#"6 TOP REAL ESTATE PLA&ERS 32!36

"7 IMPORTANCE O' SOCIAL MEDIAMARKETING 37

"% AD$ERTISING INDUSTR& O$ER$IEW 3%" PORTER*S 'I$E 'ORCE MODEL 4#2# CONCLUSION 432" RE'ERENCE 44

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E%CUTI#E SUMMARY

TITLE OF THE PRO"ECT

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ABSTRACT

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INTRODUCTION

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TASK ASSIGNED

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CHALLENGES =IN#ESTMENT

OPPORTUNITIESCHALLENGES

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CURRENT UPDATES ON E:

COMMERCE REAL ESTATE

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SECONDARY OB"ECTI#E:!

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LACK OF KNO$LEDGE!

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S$OT ANALSYSIS OF

ACCOMMODATION TIMES

STRENGTH

• 0ast -ata base

• $ehnologial Inno"ations

• )st and only real estate newspaper

• 1ow Cost of Prodution

EA!NESSES

• 1ak of Infrastruture

• 1ak of %rganized Prodution 2 -istribution Infrastruture

• 1ak of (fforts for keeping employee satisfied

OPPORT"NITIES

• #ew -istribution Channels

• ise in 0iewership

• $ehnologial Inno"ations like &nimations

THREATS

• Piray

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• 1ak of 3uality Content

• #o of big players in market like $%I, H$ (state and -#& property

P)+();* F-9( F)2(* A&5*-*

A2266'+-& +-6(*

#ar$ainin$ Po%er of Consu&er 'Hi$h(

• Consumer an swith hannels

• &"ailability of a "ariety of alternati"e soures of Information

Threat of Ne% Entrants ')o%(

• High osts

• High apital re4uirement

• -iffiult aess to distribution

• #eed more study to enter beause of mature marke

Co&*etitiveness %ithin the Industry 'Hi$h(

• Highly *ragmented Industry

• High *ixed Cost

• Highly perishable produts

• Highly di"ersified ri"als

#ar$ainin$ Po%er of Su**+iers ')o%(

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• -ereasing bargaining power of suppliers

• Inreasing number of ontent pro"iders

Threat of Su,stitutes

• $ele"ision news hannels

• Print media like %ther ompany offering same ser"ie.

CASE STUDY

99acres.com > O&-&( O?()-&.

In Marh 5667, 0ineet singh, Senior 0ie President8 Sales, mo"ed from

naukri.om to 99acres.com.

San!ee" 9hikhandani *ounder and C(% of Info (dge whih owns naukri.om

pro"ided single handed hallenging tasks to 0ineet whih made him Consious,

9eause of this 0ineet deided to Change the ompany. 0ineet was &ware that

ares.om has a potential to grow up and beome a largest online portal in the

ountry. #early three years sine its launh, ares was yet to earn profit as a

single business "ertial. %n the other hand Info (dge posted re"enues of ):;6rs

million. 9efore making up any plan for expansion, 0ineet deided to understand

market dynamis and onsumer needs beha"ior.

INFO EDGE @INDIA LTD&s of marh 1td has ?@ offies loated in :5 ities

aross India. $he %rganization has three businesses "ertial A naukri.com,

jeevansathi.com and B3uadrangle/8 whih was offline exeuti"e searh ser"ie.

ares.om had been added as a fourth "ertial, largely beause of its huge market

potential.

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9y 5666, when the marriage portal !ee"ansathi.om was launhed, Info edge

=India> 1td. Had turno"er of nearly )6 million =s>. hen suess in the online

matrimonial with !ee"ansathi.om was ahie"ed, Info edge was ready to fund its

next "enture in the real estate business.

DE#ELOPING THE IDEA OF ACRES

In 566?, the onstrution setor in India aounted for about @ perent of '-P and

was also expeted to grow further. -ue to liberalization eal estate properties inIndia was expeted to feel the impat. &s a result it was natural and attrati"e

hoie to bring the real estate on online platform. Ha"ing the experiene of

naukri.om and !ee"ansathi.om, it was lear that Info (dge understood the idea of

online business.

99acres.com was started in September 566?, as a first real estate portal in India.

$his portal was made to meet the onsumer information needs in real estate

industry. It was the platform where buyers, seller and brokers an exhange the

information 4uikly and inexpensi"ely.

THE RIGHT TIME

In 566?, demand for properties in India was rising. $he reason behind was the fall

in interest rates and inrease in disposable inome of Indi"iduals. It attrated the

#I/s as they were interested to buy Indian properties beause of its future

"aluation. 9ooming ommerial properties demand emerged from the Indian

setors of etail, I$ was growing at 568


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THE LAUNCH OF ACRES

99acres.com was initially targeted at residential property buyers. Purhase proess

of buyers indiates that there are two key fators that differentiate online and

offline purhase experienes. %ne key fator was prie. &ds in newspapers ne"er

mentioned prie. $his meant same builderEbroker would offer different pries to

different buyers for the same property. #egotiation was disad"antage to

inexperiened buyers. ares.om deided to obtain prie estimates from sellers.

$he seond key fator was whether the property was genuine or not. $here must be

any misleading ad"ertisements .*or example an ad"ertised two bedroom house

ould as well be a one bedroom plus small storeroom. 9uyers also took lea"e from

their offie to explore property and these misleading ads resulted in disappointment

and frustration. $hus ares deided to list properties with their gi"en details and

also posted real photographs to show that produt is genuine.

In 566? ares formed a lient a4uisition team C&$. $heir responsibility was to

all brokers who had ad"ertised with newspaper and persuade them to register with

ares.om. C&$ was also responsible to keep hek on properties to "erify if

they mathed the gi"en speifiation.

Creating awareness about the online portal was diffiult at first beause many

brokers and builders were unaware of any online medium. Most of them had no

mail aounts. $hose who did ha"e had an employee to operated that aount. &s

far as builders were onern, they thought no need of going online as offline was

profitable to them. ("en the initial free trial was unsuessful to persuade the

builders. C&$ team also faed problem in ommuniating with builders in southern

part of ountry beause the builders ouldn/t understand Hindi or (nglish. %ne

member was e"entually reruited who ould speak three or four languages.

If and when the C&$ team was able to persuade a seller, designing of site was had

to be done by ares.om as sellers was unable to do it themsel"es. 9uilders and brokers were ha"ing ob!etions as how the produt an be listed online inluding

all the details and banners on site. Somehow C&$ team managed to explain

e"erything about the online listing.

ith about )66 genuine listing, the offering was designed and soft launh was

arried out in &ugust 566?.

24 | P a g e


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CHALLENGES FACED BY ACRESCOM

#aming the site was a bit onfusing for the ompany, as they ha"e to hoose the

name whih is not already registered. $he ompany then deided to run a one

month employee ompetition to8 name the site and earn prize. ("entually the name

ares was hosen and logo was designed.

Inrease the buyer ser"ies8

9uyers were welomed to omment on the site about the pro!et and those

omments were used to make any hanges re4uired. $here were buyers who prefer

low prie pro!ets and similarly buyers who prefer mid8range or high range

produt. *or this the ompany re4uired large no of data base with all range of produts. 9uyers were from different ities, whih prefer their home loality more

for buying or for in"estment so ompany was bound to ollet data form eah ity

to make their buyers satisfied.

ACRESCOM IN MARCH 014

Info (dge plans to in"est F)5? Million to boost ares. $he firm reently

expanded the senior management team in ares with the addition of two senior

leaders last month in the areas of operations, searh, analytis and new homes. Inaddition, its produt de"elopment team now ounts )5? people in engineering,

design, produt, analytis and 4uality assurane, up from ?6 a year ago and is

looking to add more people going forward. It also has @66 sales team in o"er 56

ities and will ontinue to expand in the oming months. It has )


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add more ities in the oming

months.

$he firm has set up a all entre operation to "erify leads on the site whih will

also pro"ide interesting insights into the needs of onsumers, impro"e produtoffering and get feedbakG a response manager for dealers and builders.

9elow are the $raffi details of ares in till 56)


27/46

&d"ertising on the website is a bigger portion of the re"enues B1istings is !ust one

part of ares, and a large part of our re"enue is from marketing of new launhes.

COMPETITION

ares.om faed ompetition "ery early in their stage with magibriks.om,

whih was launhed in 566@, and thereafter se"eral new real estate portals enteredthe market. Magi briks also offered similar ser"ies to the ustomers, whih

turned into a stiff ompetition amongst them.

$he largest ompetitors were

). Magibriks.om belongs to times groups

5. Indiaproperty.om whih was primarily targeted to the #Is


28/46

&"erage -aily "isitors Magibriks is number ), &res is number <

0isits per "isitor Magibriks is number ), &res is number 5

$otal Minutes &res is number ), Magibriks is number 5

Jni4ue "isitors &res is number 5, Magibriks is number


29/46

S$OT ANALSYSISSTRENGTH"+ P/ee. / Rea: e10a0e /:/e ?,1/e11

2+ Hae.1

4+ E-e.ge8 0 ?e -10 .e;e..e8 10e ,1e8 ?9 NRI*1 ;. .ea: e10a0e

/;.-a0/ / I/8a

$EAKNESS

"+ $e.a0/ ; :01

2+ Ta.ge0 /:9 /0e./e0 -a.>e0+

OPPORTUNITIES

"+ Sg/a/0 0e/0a: 0 ga/ ;.- --e.a: .ea: e10a0e

2+ I/.ea1e 1a:e1 0.,g Re1a:e -a.>e0 1e/8a.9 -a.>e0

THREATS

"+ E/- S:8/

2+ ,a:09 ; L10/g1

3+ Hea8 0 ea8 -e00/ ;.- Mag?.>1+-

/8a.e.09+- e0

4+ C..a0e B.>e.1 '. eg+ I/8a ?,::1 HD'C 1a:e1

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30/46

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31/46

agents and bring them online. $his approah would be a little diffiult initially. ou

an/t expet a property agent to beome teh8sa""y all of a sudden !ust beause

you made a presene for him online so the next step would be to maintain onstant

ontat with them and enourage them to list their properties.

$he third step would be to inenti"ize them by sending them more leads if they

build a better reputation online. $his would in turn enourage them to use ares

more ati"ely. It would re4uire ares to build method whih an handle this

senario without a problem. It will also take are of the fifth problem I mentioned

abo"e.

#ow getting to the indi"idual property owners and landlords would be a different

ball game altogether whih an be takled if ares a4uire the market share and

awareness. $his would re4uire a "ery uni4ue and inno"ati"e approah.

ares ha"e all the resoures and data at hand and if they start inno"ating they an

lead the market lea"ing no sope for the ompetitors.

FINDINGS

$he largest ompetitors were

• Magibriks.om belongs to times groups

• Housing.om

• Makkan.om whih was "ery user8friendly

• Commonfloor.om

Comparison between ares and other ompetitors.

• Monthly "isits Magibriks is number ), &res is number 5

•

&"erage -aily "isitors Magibriks is number ), &res is number <• 0isits per "isitor Magibriks is number ), &res is number 5

• $otal Minutes &res is number ), Magibriks is number 5

• Jni4ue "isitors &res is number 5G Magibriks is number


32/46

ACRESCOM IN 01ACRESCOM PARTNERS $ITH PURA#ANKARA PRO"ECTS

P.e01 ,/8e. 0e P,.aa.a a/8 P./g 1e.


33/46

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H.a/a/8a/ Mea81 H.a/a/8a/ E10a0e e0+

K RAHE"A CORP

K Raea C. 1 a 1,e11 10.9 1a//e8 a.11 8ea8e1 a/8

/0/,e1 0 ae


36/46

DB Rea:09 1 a Rea: E10a0e De


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[email protected]/e a0 1a1/g 0e ?e10 ; 8e1g/ :a9,01 a/8

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Sa: -e8a -a.>e0/g 1 0e .e11 ; .-0/g 9,. ?,1/e11

0.,g 1a: -e8a a//e:1 a/8 0 1 a e.;,: 10.a0eg9 0a0

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40/46

ROLE OF AD#ERTISING!

'. a/9 .ga/=a0/ 01 .e1,.e1 a/8 .e -e0e/e1 a:/e

a//0 ?./g 0e -e00


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STRENGTH

" $a10 C,10-e. Rea

2 G./g M88:e C:a11

3 Ca/ge / L;e109:e

4 Te/:ga: I//


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Porter’s Five Forces Analysis of Media

Industry

BARGAINING PO$ER OF CONSUMER @HIGH

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S-()

P()

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P()


43/46

III+ A


44/46

REAL ESTATE PRICES TO RISE BY IN MUMBAI!

C/0.a.9 0 1e,:a0/ a-/g ?,9e.1 a/8 /


45/46

CONCLUSION

'.- 01 6 8a91 [email protected]/e / a ..a0e I g0 a g8

e@1,.e a?,0 a0 .ea::9 0e ..a0e :;e 1 a?,0+ I0*1 a>/g

a:/g 0 0a.ge01 a/8 -/8 10.e11e1 e 0a0 -a.>e0/g 1 /0 ee0 /ee81+ I a::1 :>e C/e0/g 9,. .8,0 a/8 8a0a

a/a:911 C:e/0 1e.


46/46

REFERENCES

$he initial list of bibliographi and internet material that would be used toomplete the pro!et is

I. eal (state *inane by -r. San!ay Chatur"edi =Published by&ommodation times>

II. 9ye8laws of o8operati"e housing soiety by C& .M. &garwalaIII. $he Maharashtra Housing =egulation and -e"elopment &t> 56)5 by C&

a!kumar &dukia (dition 56):.

E#SITES

• W+a--8a0/0-e1+-

• +-/e9/0.:+-

• +e/-0-e1+-

• +a--8a0/0-e1aa.81+-

• +a.e1+-

• +/;e8ge/8a+/

• +I/;+1/e+-
http://www.accommodationtimes.com/http://www.moneycontrol.com/http://www.economictimes.com/http://www.accommodationtimesawards.com/http://www.99acres.com/http://www.infoedgeindia.in/http://www.info.shine.com/http://www.moneycontrol.com/http://www.economictimes.com/http://www.accommodationtimesawards.com/http://www.99acres.com/http://www.infoedgeindia.in/http://www.info.shine.com/http://www.accommodationtimes.com/

accommodation times_final report chirag(1)

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