Concept Testing in Real Estate

Requirement

One of India’s most renowned and leading real estate developer wanted to test three different concept ideas for property development at Hinjewadi, Pune. The objective was to identify which concept is most desired by the target group.

Approach

For this study, 120 males and females aged 30-55 years living near Pune city (Hinjewadi, Wakad, Pimpri, Chinchwad, Aundh) and interested in buying a flat over the next couple of years were recruited. The 20-minute quantitative interviews were carried out face to face using a structured questionnaire. The key areas of discussion were – issues and challenges at the current location in terms of locality, neighborhood, facilities, amenities, maintenance, flat layout; key parameters driving purchase decision; reasons behind considering a property at Hinjewadi; rating for the three concepts along with top most preferred elements within each concept.

Result

This study indicated the most important elements intenders look for when purchasing a property and helped the client to arrive at the concept they should proceed with.