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RM Reports

Lesson for the Indian Real Estate Companies Post Amrapali Verdict

Amrapali verdict Realty Myths

by Saloni Bisht

Soon after the warning given by the U.P. Chief Minister, Yogi Adityanath, the authorities took a huge step towards cleaning up the real estate sector. And, as a result, some of the biggest sharks in the real estate industry were arrested. The wave impacted Amrapali Group as well. Director Nishant Mukul and CEO Ritik Sinha of the Amrapali Group were arrested under section Section 171.  CM Yogi warned that authorities will take strict actions against real estate players involved in any scams. Hence adding up to his statement the director and CEO were taken under custody for not paying labour cess of total 4.29 crore to the workers

Looking at the real estate sector as a whole, the cases of scams and trickery come up on a daily basis. This is making it challenging for the buyer to develop trust on the builders. However, this verdict has set an example for the rest of the real estate builders. They are now aware of being supervised by the authorities and the fact that any kind of scam can land them in jail. Thus, the famous quote by Eleanor Roosevelt, “Learn from the mistakes of others,” setting accurately in this situation.

There are a few things every builder should keep in mind and follow certain norms.

A builder should never overlook the safety

A home is where people feel safe and secure. It is the responsibility of the builder to ensure the safety of the residents. And not to forget the labours working on the site.

A builder should deliver what he promised

Generally, to sell the project builders promise the world to the potential buyers. But at the time of possession, they deliver not even 50% of what they guaranteed. This is a form of theft, as the buyer is paying for what you offered and but receives less, which is without a doubt crime.

Bribing is a strict NO

Bribing the authorities so that your low quality work gets the approval is a crime. Builders should not indulge in any bribing activities to make their approval process fluid and to avoid the red tape. Bribing only makes both, buying and selling more costly for everyone and diminishes productivity.

A builder should not exploit the workers

Once the work is done, the contractors tend to do the cost-cutting by reducing the wagers of the workers without their consent. This is an unethical and corrupt thing to do. Builders should pay fair wages to the labour, to get the best out of them.

The aforesaid points are very crucial for all the builders to follow, in order to maintain the brand reliability and goodwill. The unethical and corrupts methods will only lead to a shady reputation which directly affects your business.

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