This work is one of its kind in its attempt to understand the functioning of the real estate development market in a growing economy like India. The study involved understanding macro level drivers that affect the development industry (supply side)and the firms' response to it (micro aspects). From the firms' perspectives it attempts to find out whether marketing spends on part of firms are a result of the mature consumer tastes, better amenities in the project, location of project, or change in socio-economic variables etc. Results were found to be mixed and interesting, with developers asserting that they operated in a sellers' market and that the consumers had very little say in terms of the pricing or locational preferences. Developers were keen on using the latest technologies and offer best amenities and quality of construction to the potential buyers.However to sell the project, word of mouth as against mass media emerged as the most dependable means of new and repeat business.
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