Interplay of Rational Factors and Emotional Elements Influencing Purchase Decision of Apartments – A study in the Coimbatore district of Tamil Nadu

Abstract

People's preference towards flats for their dwelling is increasing owing to low prices, higher features offered, a feeling of security, and a feeling of camaraderie. The increase in the cost of land, the cost of construction, and the legal process in procuring approvals for construction are time-consuming and hence the preference of home buyers seeking apartments has increased. People show interest in purchasing apartments owing to various advantages. During the purchase of high-involvement expensive products like houses and cars, the Purchase decisions are governed by five core factors namely Psychological, Social, Cultural, and Economical and Personal Factors. Rational and emotional factors govern the decision-making processes. The focus of this study was to find the interplay of rational factors and emotional elements influencing the purchase decision of apartments. This study observed the rational factors that govern purchase decisions in the purchase of flats, assessed the emotional elements that influenced the rational factors, and examined the rational, and emotional parameters interplay in the purchase decision. In this context, this article is concerned with the purchase of apartments and points out that price, location, and product quality are the primary criteria for decision-making. When experimented, it was observed that belief systems and social factors too influenced purchase decisions. The purchase of a home in India is a family decision involving emotions, family sentiments, and belief systems. This study was performed to list the factors which are considered by the customers when purchasing their homes. A structured questionnaire was developed under the guidance of experts and research advisors  and also taking into consideration of  both rational factors and emotional elements. The questionnaire contained open and closed-ended questions for the customers to choose from the options given. For this purpose, a sample of 200 customers from the Coimbatore District of Tamil Nadu was selected randomly, who had purchased apartments in the study area and were administered the questionnaire. Thus, the findings of this study were based on the perceptions of the respondents.