Viridian Red Complaints & Reviews

Sir,
I had bought a non lockable unit of 525 sq.ft at WTC NOIDA project in 2017 from the developer M/S SPIRE TECHPARK PRIVATE LIMITED, now called as VIRIDIAN RED . Corporate office is located at GF 09 PLAZA M5, District Centre, Jasola New Delhi 110025. The space was leased out with a cluster of other such adjoining units as a large unit to a common tenant VIVO Mobile India Private Ltd by the builder . RSK Professionals Private Ltd...

There was an agreement with viridian red that invester will be paid interest if paying the amount upfront for studio at WTC gandhinagar .. Due to covid they delayed the payment with an agreemet to restart it after fixed duration as per the option selected by invester. Now the interest payment should restart as per the agreed Deferrment period. Sent multiple reminders to CRM team but no response....

I did registration of my office space in Tower A of the WTC in GIFT City Gandhinagar more than an year ago.Eversince, company has been charging for maintenance but there have been no response regarding the leasing.We have given authorization to WTC for leasing on our behalf and hence cannot do anything except for builders response..Everytime we approach them, we get the response that the tower A leasing is almost 75%complete and they are...

I have booked the unit in 2014. I am not receiving the Assured Returns since April 21. Also company has not yet completed the project.

Site Office. WTC GIFT City, Block 51, Zone-5, Road 5E, GIFT City, Gandhinagar – 382355 Gujarat...

They have stopped the assured returns in the execute of corona, they have taken all the money upftront and diverted the funds. They have stopped work on tower one-D from long time. Forget about assured returns, the project completion itself is in doubt. One-D's construction is stopped from more than 6 months...

I had invested in wtc gift in gandhinagar in studio apartment (Tower-c) in 2014 and this property was to be handed over in 2019. Now the developers are saying the work has just started and this project will delayed by atleast 2years. Iam not getting any proper information that why there has been such a long delay and what compensation are the developers giving us?...

GIFT City Construction Progress - April 2018

GIFT City - India’s 1st Under Construction Smart City on the bank of the river Sabaramati near Gandhinagar, Gujarat.

Left to Right: Signature Tower, GIFT One Tower, GIFT Two Tower, Brigade Tower (Under Construction), World Trade Center (Under Construction)
IFT City Completed Buildings:

GIFT One Tower in DTA - 28 Storey :: Occupancy 80% :: Major Tenant IT, BPO, PSU, Banking, Oracle, Maxim Integrated, bfree

Left to Right: GIFT One Tower & GIFT Two Tower in GIFT City, Gandhinagar, Gujarat.

Photo Credit: News, Updates, Construction Progress for WTC GIFT City, Gujarat

2. GIFT Two Tower in DTA - 28 Storey :: Occupancy 30% :: TCS has acquired 3 floors out of 28 floor, Infibeam has Started Operations on 3 floors, Interior & Furniture Work for 3 floors going on for TCS & their associates

3. Jamnabai Narsee International School in DTA - 5 Storey - 1 to 7 Standard 600+ Students

4. TCS Tier 4 Data Center in DTA- 3 Storey :: Operational

5. Hiranandani Signature Tower in IFSC - 16 Storey :: Occupancy 15% :: Major Tenant - BSE INX has acquired 1 st Floor. Kotak Mahindra and Other Banks are planning to Acquire other floors

On Right: Signature Tower in GIFT City Gandhinagar, Gujarat.

Photo Credit: News, Updates, Construction Progress for WTC GIFT City, Gujarat

6. Aspire One - Incubation Center in IFSC - 3 Storey

7. Aspire Two - Incubation Center in IFSC - 3 Storey

DTA = Domestic Tarrif Area

IFSC = International Finance Service Center (FINANCE /IT SEZ)

GIFT City Under Construction Buildings:

World Trade Center GIFT City :: 4 towers Under Construction :: Construction Pace - Slow

Tower A: 6/6 floor Slabs casted

Tower B: 23/28 floor Slabs casted

Tower C: 0/18 floor Slabs casted

Tower D: 6/6 floor Slabs casted

2. Janadhar Mangala :: All towers under construction : Expected Possession 2018 :: Affordable Housing :: Construction pace - Good

3. Brigade tower in IFSC : structure of entire tower completed : Facade and services work going on. Expected Possession Q3 - 2018 :: Construction Pace - Fast

4. Brigade IBIS Styles Hotel in DTA : 10th floor slab casting in progress :: Expected Possession Q4 - 2018 :: Construction Pace - Fast

5. Gift International Center : Business Club: Structure work Completed : Some portion of the club will start soon. Construction Pace : OK

6. Savvy ATS tower in IFSC: Basement level work completed. 3rd floor slab casting in Progress.

Non Starters:

SBI Tower : Plot Allotted in 2014 : Construction Work not Started Yet - Bhoomi Poojan was in SEPT 2017
BSE Brokers Forum Tower: Plot Allotted in 2014: Construction Work Not Started Yet - Bhoomi Poojan was in March 2018
LIC: Plot Allotted in 2015: Construction Work Not Started Yet
Reliance (ADA): 2 Plots Allotted in 2016: Construction Work Not Started Yet
BU Bhandari Projects Pune: Plot Allotted in 2014 : Construction Work not Started Yet
Sterling Hospital: Plot Allotted in 2014: Construction Work not Started Yet

I have been investing in real-estate for quite some time and know how builders fool innocent buyers and investors. This time the issue is quite big as an buidwell's former management team - sunil gandhi and sk hooda are the two promoters who have been deceiving many by not providing houses after taking the money for their building project. This is such a crisis situation for all the investors....

Viridian red who has developed india’s largest wtc (World trade centre) at noida and hence provided companies to expand networking and seek business growth under one roof. The man behind all this developments and timely execution of projects ashish bhalla is certainly not guilty. There are some people in the market who are trying to malign his image among the investors. I have invested my money in the wtc noida project and trust me i'am...

Developer like viridian red and their project wtc noida which are good investment options for earning regular income as these offer high rental yield compared with residential properties. I don't thin the man who is leading the project is involved in any kind of a scam. It's just some people or you can say competitors who are trying to defame his image among the buyers and investors....

I am hearing some rumors about ashish bhalla which is really disturbing. I don't know how authentic this information is but i've recently invested in wtc and now after hearing all this about ashish bhalla i am really worried. I know how genuine the brand is and believe in it. I don't think bhalla can cheat his investors. I think this is only a marketing gimmick by other players, nothing more than that....

Being an investor in wtc noida project, i feel really disappointed when i come to these forums and find maligning posts about people who are doing great job in real estate sector. Yes, i am talking about ashish bhalla, the man who is developing wtc projects in noida, chandigarh and gift city.

It is simply beyond my understanding why some people with vested interest are targeting to defame ashish bhalla whereas he is the man behind timely execution and delivery of wtc noida project.in fact, i have never faced any issue in my assured returns as well.

Wtc noida is a great project and one of the best investment options available in noida market.

I don't believe this. I am an investor in wtc chandigarh and i'm receiving great returns. I don't know the authenticity of these rumors. Mr. Bhalla is behind the project and truly speaking i haven't faced any issues till date. I want to tell people that it's just a rumor rolled-out by the competitors. Wtc is a global name and it's a decent option for the investment

Ashish bhalla was not only holding the position of an alternate director during the period 30th january, 2008 to 30th march, 2009 but as per the auditor reports of the period 2009 to 2013 ashish bhalla was shown to be the key managerial person in the company and this was the period when maximum amount was siphoned off from the company. The reports show that around inr 10 crores were allegedly utilized in different companies wherein either mr. Ashish bhalla held maximum shares or the close relatives of mr. Ashish bhalla were managing the affairs.

Mr. Ashish bhalla had the authority to sign high value cheques above rs. 2 lacs and was being asked as special invitee in the meetings of panel of directors. Investigation shows that several crucial decisions were taken by the organization during the meetings only when mr. Ashish bhalla was present. His bureaucratic role and control over the company does not end here. All office bearers of the organization would report only to him which goes to show that ashish bhalla had control over the company irrespective of him being inside the board or outside.

It is difficult to fathom that despite such surprising revelations mr. Ashish bhalla is moving freely. Mr. Bhalla says he is innocent but how can one put into effect the fact that he used to deal with all customer grievances through a company namely vdmtl in which he was having 99. 99% shareholding the authorized signatory in 6 banks accounts in which there is almost no money today.

When the innocent purchasers / investors of flat were waiting for the timely possession of their flats of spire wood, little they know that their hard earned money was getting siphoned off by mr. Ashish bhalla, if the investigation in anticipatory bail case are believed to be true.

Reportedly, the investigation has revealed that the kingpin of spire world, spire wood – mr. Ashish bhalla was not only holding the position of an alternate director during the period 30.01.2008 to 30.03.2009 but as per the auditor reports of the period 2009 to 2013 he was shown to be the key managerial personnel in the company. Not to forget that this was the period when maximum amount was siphoned off from the company. If the reports are believed around inr 10 crores were allegedly transferred to different companies wherein either mr. Ashish bhalla held maximum shares or the close relatives of mr. Ashish bhalla were managing the affairs.

Mr. Ashish bhalla had the authority to sign high value cheques above rs. 2 lacs and was being invited as special invitee in the meetings of board of directors. Investigation shows that several crucial decisions were taken by the company during the meetings only when mr. Ashish bhalla was present. His managerial role and control over the company does not end here. All important and decision making office bearers of the company would report to him directly which goes to show that the control he had over the company irrespective of the fact whether he is inside the board or outside. Further innocent purchasers were sold flats under this supervision.

It is difficult to believe that despite such astonishing revelations mr. Ashish bhalla is moving freely without any protection order from court. Rather if the news are believed to be true his anticipatory bail has been rejected by the saket court in view of his beneficiary role in siphoning off crores of rupees of innocent inventors / purchasers.

Mr. Bhalla says he is innocent but how can we take eyes off the fact that he used to manage all customer grievances through a company namely vdmtl in which he was having 99.99% shareholding and was the authorized signatory in 6 banks accounts of the company in which there is almost no money today.

Court has finally taken action on ashish bhalla for using investors and customers money for other private projects under his company viridian red. Mr ashish bhalla and his rogue gang spend all their energies in fooling the innocent public by showing their lured marketing plans. They knew how to play with our legal system and to get away with it so easily. Justice has been served!!

Hi,

I’d like to share my personal experience of being associated with spire-edge where i invested time and money in vain. I have followed this right from the beginning and i’m confident that the man behind the whole scam is ashish bhalla who took the investors money and rotated it for his personal projects. He secretly redirecting his assets, business leads from an buildwell for his own benefit. This leads me to question...

Hi,

I’d like to share my personal experience of being associated with spire-edge where i invested time and money in vain. I have followed this right from the beginning and i’m confident that the man behind the whole scam is ashish bhalla who took the investors money and rotated it for his personal projects. He secretly redirecting his assets, business leads from an buildwell for his own benefit. This lead me to question the financial sustainability of an buildwell. And to confirm my belief, delhi high court has issued an arrest warrant on, "ashish bhalla & fellow directors of an buildwell".

Gurugram 27th september 2017: spirewoods, a resident project was launched in sec 103, gurgaon by a n buildwell pvt ltd in the year 2011 in which around 500 buyer’s booked flats. As per bba the possession was due in 2015 while the work was stopped at site before possession date. The company went into liquidation in march 2016 as per the orders of delhi high court. Case in this regard is still going on told priti nath, spokesperson spirewoods resident association.
There are many fir and cases going on parellely with the case in dhc.in one of the cases which is done by few fellow buyers in saket court, delhi, chief metropolitan magistrate, mr. Manish khurana on 22nd sep given an order in favour of poor cheated buyers. As per the order and submitted by io, mr surendra kumar hooda, who is the ex director of the company has already been arrested on 20th sep.
Io also submitted that the efforts are going on to arrest company’s ex chairman mr. Sunil gandhi and other directors sh. Vipen kapur, sh harish chand mehrotra and mr. Ashish bhalla and they will be arrested shortly.
On 26th, there was hearing of bail petition of major hooda, which was rejected in saket court.
Further on 27th sep. There was hearing regarding bail petition of mr. Ashish bhalla ex md millennium spire and ex director anb, the saket court judge have asked for the time to study all document and evidences against ashish bhalla and directed that daily mr. Ashish bhalla has to visit the eow mandir marg. Interim arrest protection granted only till 9 oct. His passport is confiscated & he cannot leave country

Developer ashish bhalla's passport impounded

Promoter of an buildwell and viridian-wtc group ashish bhalla's passport was impounded by the saket court in delhi. He has been directed to appear before economic offences win every day until october 8, 2017, after which interim bail will lapse. Bhalla is the propounded of assured returns schemes in which hundreds of investors have lost their life savings. His previous venture an buildwell has give bankrupt and the company is under liquidation. Fate of his present ventures wtc and viridian group is unknown and if the investors in these ventures, like his previous venture, will also lose their life savings

• interim bail application has not been granted.
• interim arrest protection has been provided till 9th october 2017 when the matter is listed
Again before the hon’ble court.
• ashish bhalla’s passport has been confiscated
• ashish bhalla has to visit and give his hazri everyday to eow, mandir marg, delhi

Few facts which were crystal clear after today’s application was heard :

• ashish bhalla’s counsel admitted that swba+foseca is the association that he
Supports, which he had been trying to hide from the innocent and genuine buyers past 1.5 years.

• renuka kulkarni, the complainant in fir no. 116 was fully supporting ashish bhalla’s anticipatory bail application.
Please note: she is one of the office bearers of foseca

• none of the swba members or office bearers were there to support or oppose ashish bhalla’s application.

Why is that?

Because each and every one of them are his employees in his viridian group companies and if they came, the milk would have been spilled.

The list of people against whom the arrest warrants have been issued also include the likes of kotwal, nagpal, malik etc who are not only bhalla’s employees but are also the office bearers and founding members of swba.

Do you smell something fishy?

These are the same people who used to run & control anb’s all daily affairs throughout and now have warrants issued against them.

• thus, there is a clear connivance between foseca+swba & ashish bhalla who conned the anb management in september 2015 and forced the company into liquidation intentionally and ever since has been trying to take over the company through the backdoor and proxies

Ashish bhalla - mastermind behind viridian red scam

Ashish bhalla, headed spire-tech and spirewood, who initially front faced on behalf of sphereinvest where they invested 20 million dollars into the projects after joining hands with an buildwell. Once he got control of the company through his initiative spire world ashish bhalla, his close confidents squeezed out crucial agreements and contracts of an buildwell signed and for its own benefits used the funds accrued through various projects of an buildwell.

The email ids of all an buildwell employees are migrated from past domain to spire world. Therefore, those who invested in the project failed to communicate with the concerned authorities regarding repayment and possession of property.

In addition, an buildwell shareholders have been banned access to business critical information and all-important privileges taken over by ashish bhalla without intimating an buildwell or any of its directors.

Moreover, the email ids of each of the an buildwell’s employees were moved to spire world.in this way, the individuals who put resources into the undertaking neglected to speak with the concerned specialists in regards to reimbursement and ownership of property. Likewise, an buildwell investors have been prohibited access to business centric data and exceptionally imperative benefits were assumed control by ashish bhalla without intimating an buildwell or any of its directors.

Ashish bhalla, at that point got the investors to lessen the aggregate balance commitment sum (Bca)/outstanding commitment amount (Oca) from rs. 48cr down to rs. 21cr, by giving bogus desires of an buildwell’s future development.

Ashish bhalla has also created the following fake associations

Swba - spire woods buyers association
Foseca - federation of spire edge customer's association
Spire edge block e and f buyers association
Spire edge allottees association

In the current developments which have taken place in the case, ashish bhalla’s counsel admitted that swba+foseca is the association that he supports, which he had been trying to hide from the innocent and genuine buyers past 1.5 years.

Renuka kulkarni, the complainant in fir no. 116 was fully supporting ashish bhalla’s anticipatory bail application. She is one of the office bearers of foseca none of the swba members or office bearers were there to support or oppose ashish bhalla’s application.

The list of people against whom the arrest warrants have been issued also include the likes of kotwal, nagpal, malik etc who are not only bhalla’s employees but are also the office bearers and founding members of swba.

Promoter of an buildwell and viridian-wtc group ashish bhalla's passport was impounded by the saket court in delhi. He has been directed to appear before economic offences win every day until october 8, 2017, after which interim bail will lapse. Bhalla is the propounded of assured returns schemes in which hundreds of investors have lost their life savings. His previous venture an buildwell has give bankrupt and the company is under liquidation....

Buying a dream home is the largest decision being made by a person and there are a number of concerns and fears associated with it. Loss in property value, affordability of mortgage payments, maintenance cost, tricky mortgage and buyer’s remorse are among the most popular concerns related to buying a new property. However, a number of methods can be initiated to overcome this fear and make a sound purchase decision.
Prospective buyers encounters elongated delays in building and possession of flats in the recent years.in a similar instance, an buildwell private limited, a real estate company operating in gurgaon and manesar received directions from hon’ble high court regarding renewal process of license of the two different building and developing projects - spire woods in gurgaon and spire edge in manesar.
In this reference, a dtcp official quoted as saying, “the revival scheme is a positive development and it shows that engaging with buyers and builders will bring about solutions”.
A number of controversies has been taken place in the recent years about an buildwell and ashish bhalla, alleged fraudster who has unlawfully taken over major projects of the respective company. Ashish bhalla associated with sphere invest has pulled off one of the biggest scams in recent years. Sphereinvest viridian india property fund ltd, a foreign investment company, generally called millinneumspire joined hands with an buildwell and invested 400 cr into spire edge on the go ahead of ashish bhalla. What’s more unsettling is the fact that ashish bhalla of an buildwell continues to instigate mistrust among shareholders in an attempt to stir up a fight between them with vested interests.

All the leasing resources, inquiries and business leads (Along with the leasing team) associated with spire-edge & spire wood projects have reportedly been shifted to his own projects run by his company viridian red creating more distrust in the economy.
In 2009-10, ashish bhalla informed that other projects including “spire south”, ”spiretech”, ”spire condominiums” etc. Were also being promoted by svipfl (Sphereinvest viridian india property fund limited) and the same would be run by the development platform, ”spire world” which is an initiative of and is owned by millennium spire pvt. Ltd.

The real estate industry is quite perplexing and the buyers need to perform regular checks to authenticate and validate information being advertised. Sometimes political and cultural facts affect the purchase decisions, particularly when it is about buying a new home or a commercial space in a well-known suburb.
Even though indian real estate industry is rising and will be a global leader in the upcoming decade, there are many concerns related to scams and frauds in the industry. This ratio is increasing recklessly and affecting the potential buyers as well as the real worth of properties in and around ncr.
It has been noticed that after completion, several projects actually deviates from its actual terms and framework of the original plan.in such cases, the buyers have to compromise on nearby amenities, luxury, parking space, etc. This can be an outcome of internal rigidities that comes up in builders and their partners in due course of time while handling any project.
An buildwells’ is well known where ashish bhalla related with sphereinvest viridian india property fund ltd, a foreign investment company, generally called millinneumspire helped in encouraging terms with an buildwell and invested 400 cr into spire edge.

Bhalla gradually controlled the detailing structure in addition to the handling of roles and responsibility of the organization. People like ashish bhalla create a bad name for the investors & make customers think twice before investing anywhere. On the direction of ashish bhalla, his close confidents managed to get crucial agreements and contracts of an buildwell signed and for its own benefits used the funds accumulated through various projects.
Moreover, the email ids of all an buildwell employees are migrated from previous domain to spireworld.com; therefore, those who invested in the project failed to communicate with the concerned authorities regarding payment and possession of the property.
Buildwell shareholders have been barred access to business-critical information and all-important rights were taken over by ashish bhalla without intimating an buildwell or any of its directors.

Real estate sector is not only the most globalized, but also the 2nd largest source of employment in the country. Despite this, it is one of the most challenging industries both for real estate agents and for consumers as constant analysis is required for establishing a good and transparent deal.
According to a research, india’s real estate industry will be the global leader by 2030. Real estate (Regulation and development) act 2016 has been introduced by the government of india on may 01, 2016 that focuses on implementing basic operational rules and framing institutional framework for protecting the interests of consumers as well as promoting growth of this very renowned industry in india.
Undoubtedly, real estate industry is growing and so are the associated frauds and scams. Even though the consumers have become more informed, they are still susceptible to these swindles. For instance, ashish bhalla associated with the ventures spire edge & spire woods illegitimately sold the flats manufactured by renowned an buildwell without notifying the latter about the same and the funds were used by ashish bhalla and associated companies for their own benefits.
In addition, huge resources of an buildwell are splurged by ashish bhalla for marketing purposes as well as brand building for his own development platform spire world. Close confidants of ashish bhalla played a vital role in tricking an buildwell and getting all important agreements signed by the authorities.
Moreover, an buildwell’s shareholders are not granted access to company’s information and business critical statistics as all management activities are organized and managed by ashish bhalla.

People who invested in spire edge and spire wood, a project was taken up by an buildwell ended up mired in controversy by its very own founding members.
For those who know, sfvipfl (Sphereinvest viridian india property fund ltd), a foreign fund company had signed a deal with an buildwell to invest in spire edge, a project taken up by an buildwell.
However, invested interest, ashish bhalla clandestinely diverted resources of sfvipfl including their solid pipeline of leasing resources, inquiries and business leads (Along with the leasing team) to the projects of his own companies, thereby causing serious losses to an buildwell, its buyers, customers, and shareholders.
Being unprepared for most people, they had to wear their hearts on their sleeves as shareholders such as maj hooda and mr. Gandhi were not given proper details.
Moreover, under the ownership and control of mr. Ashish bhalla, the need for any interaction with any board members was eliminated and he solely took over the bank accounts of the an buildwell, having become their signatory.
What became more of an issue was that mr. Ashish bhalla and his family members floated more than hundred companies where the employees were appointed as directors as a proxy for mr. Ashish bhalla & mr. Abhijeet bhalla.

Homeowners from spire edge and spire wood were caught unaware of such dealings and there was no way they could protect themselves from being conned into this game of high-stakes.

Feeling cornered into taking a deal is one of biggest ways to buyer’s remorse.

Gurgaon and the ncr region is in the favorite books of real estate developer as well as investors.

Why?

Because the city has emerged as a preferred destination due to the availability of superior buildings, malls, a multi-cultural and diverse population looking to work in and settle for hordes of multinational operating in the ncr.

While the erstwhile central business district of connaught place was preferred by mostly indian outfits, gurgaon has grown to be a major corporate hub for international business, with more than 500 mncs stationed there with even a higher number of indian corporate giant.in addition, the choice of luxury housing is unending here, and so is with educational institutions and healthcare facilities.

In the year 2008, ashish bhalla announced ‘spire edge’ at maesar at a press conference promising that he and his team will invest 20 million dollars in the rs 400 crore spire edge project and play an important role in the city’s growing importance of real estate investment.

What the investors didn’t know that he clandestinely started diverting the real funds from sfvipfl (Sphereinvest viridian india property fund ltd, a foreign fund company in partnership) and started to splurge huge resources of an buildwell on marketing and brand building of his own development platform, spire world. He also allotted various flats in spire woods projects to his own employees and their family members at heavily discounted price and terms. This implies that ashish bhalla had taken over the an buildwell which was registered in the name of “spire world” with false means.

As on 31.03.2016, mr. Ashish bhalla held 99.99% equity shares of viridian holdings private limited, which were all channeled fraudently by misuse of funds and making use of investors trust.

While drivers like economic and social proximity will continue to attract investors to ncr regions, they need to be aware of other issues including fleecing their hard earned money by people like ashish bhalla.

Numerous scams occur constantly in the real estate industry where consumers have no idea that they are being tricked in the name of best property deals. Consider the recent events carried out by viridian red private limited at the back of genuine promoters and directors associated with an buildwell during the spire woods project.

With rising competition in real estate property, the most effective growing sector in india, there is a frequent practice to entice buyers through false claims and incorrect information. This kind of game is played during the initial phase of the project by promising them to fulfill their capital requirements. It has become a trend in real estate industry and is growing tremendously.

Ashish bhalla associated with the ventures spire edge & spire woods announced at a press conference where his organization sfvipfl (Sphereinvest viridian india property fund ltd.) invested 20 million dollars in the rs. 400-crore venture. However with a condition that the undertakings of an buildwell will be overseen by his own particular venture "spire world" and he would assume the responsibility of the whole task. An asset manager would likewise be selected by sfvipfl who will have access to all data and critical information of an buildwell. Ashish bhalla got the shareholders to reduce the total balance commitment sum (Bca)/ outstanding commitment amount (Oca) from rs. 48cr down to rs. 21cr, by giving false expectations of an buildwell future expansion.

Numerous building contractors con the buyers through assured rental returns. Building contractors advertise fake rentals posted on the internet to attract potential buyers and if the prospective buyers do not carry out thorough research, they can most certainly get caught in the web of such frauds. These building contractors often advertise that the particular property can be easily rented out to earn fixed monthly income, however, the reality is uncovered after the actual purchase.

The real estate industry has always been infamous for being scandalous, be it the small or the big players in the market. Many are guilty of lack of clarity which often leads to dishonesty. But this is changing. Realtors have realised that if they want to flourish in the long-run, they need to be trusted. New laws and regulations are primarily over the years are the reason for the change. Increase in responsible foreign investors is another major reason who lay emphasis on highest quality of product and service which has also contributed to this shift.

However, some realtors still continue to disregard the system for personal gains and in the process create a negative image. It is believed that spire edge, a project initiated by an buildwell in gurgaon is a victim of suspicious dealings. Ashish bhalla representative of viridian india property fund ltd, a foreign investment company, also known as millennium spire invested 20 million dollars in spire edge on the condition that he would have undisputable controlling power on the resources and finances. The rumours that he used up all the company’s funds in his favour should be not news at all and it is also believed that organization structure, reporting structure, salary increment decisions and responsibility allocation for various functions at an buildwell were taken over by ashish bhalla.

How realtors can be ethical

It is extremely imperative that real estate agencies comply with applicable laws along with accurately recording and reporting all business information. Keeping transparency between the customers and builders would take them a long way. Disagreements, conflicts of interests and insider trading which can be handled by setting up an internal compliance team. Misleading information should be avoided to lure client by the realtors.