Viridian Red — ethics in the real estate industry

Address:	122002
Website:	www.viridian.red

The real estate industry is infamous for being unethical. Right from the small brokers to the big players, many are guilty of lack of transparency which often breeds dishonesty.
Thankfully, this is changing. More and more realtors have realised that if they want to flourish in the long-run, they need to be trusted. This change can also be attributed to introduction of new laws and regulations over the years. The influx of responsible foreign investors who lay emphasis on highest quality of product and service have also contributed to this shift.

The black sheep bring a bad name

However, some realtors continue to abuse the system for personal gains and in the process they bring a bad name to the industry. It is believed that spire edge, a project by an buildwell in gurgaon is a victim of dubious dealings. Ashish bhalla of viridian india property fund ltd, a foreign fund company, also known as millinneumspire invested 20 million dollars in spire edge on the condition that he would have undisputable controlling power on the resources and finances. The news that he siphoned off the company’s funds in his favour should not come as a surprise.

How realtors can be ethical

It is very important that real estate companies honestly and accurately record and report all business information in compliance with applicable laws. It is not enough to know laws about bribes, kickbacks and bartering arrangements, it is important that the company follows them. Besides, they could set up an internal compliance team to prevent improprieties, conflicts of interests and insider trading. Realtors should also not attempt to induce the client to take the desired action by means of misinformation.