Monday, May 28, 2007

Reality of Real Estate In India

The other day I was having an animated chat with one of the employees of Eldeco Properties about some of the complaints that I had. During the course of our chat, I asked him why does he do this job where he has to hear hard words from nearly every customer? And if there is no other option then why don't you ask your superiors to help you resolve the issues faster so that no one would have any complaints from you.
To my utter surprise he said that he loves this part of his job where he gets to hear hard words from his customers. So far so good - no harm in loving some one who is out to abuse you. Remember Mahatma Gandhi. But what surprised me even more was when he said that he in fact welcomes such stuff from his customers. And that this is the reality of the real estate industry in India where the service providers have to hear abuses from the customers. And that every single company in real estate business in India welcomes such abuses.

Now this made me speechless, cause, if someone welcomes the abuses showered on him, to me that means that he does not care about taking corrective action about the reason for which he is being abused.

This made me wonder if that is the reason why in spite of the real estate industry being on the rise, the trust that the public shows in the builders is still very low, and is nowhere near the amount of trust public has in other sectors like automobiles, FMCG, etc. Is this the reason why, baring few, real estate stocks have not been the darling of the stock market till recently.

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