Viridian Red — unethical real estate industry

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.