Purchaser's Preferences of Luxury Residential Real Estate in Pune City

Pune is a rapidly growing city in terms of both population and economic activities; recently, it has been witnessing the demand for luxury residential real estate. The real estate developers (or, suppliers) are keen to know the major influencing parameters of luxury residential real estate purchasers so that they can match their supply with the purchaser’s preferences. Therefore, a study of the purchaser preferences concerning luxury real estate has been undertaken in Pune city to understand the major influencing factors of their purchase decision. A questionnaire survey was conducted on a sample of luxury real estate purchasers to understand their preferences in this property segment and data analysis has been done using descriptive analysis and ranking analysis methods. At the outset, the data points to a comprehensive landscape of purchase decisions of luxury real estate. Emotional fulfilment, social acceptance, and personal connection are more important motivators than exclusivity. There are a variety of preferences, but spaciousness, convenience, and proximity to infrastructure facilities are all highly regarded. The existing and new luxury real estate developers in Pune can benefit from the study to recognize and adjust their real estate development/ supply strategy based on the study findings. Respondents’ preferences also highlight diverse desires in the luxury real estate market. Further analysis and generalization of findings are needed.