”Contrary to popular belief, the real estate industry is doing pretty well. In fact, properties, especially residential, are being sold at rapid speed, and there is a fear of a bubble bursting soon. But most real estate professionals don’t think that will happen, as India is developing rapidly, and demand for property won’t go down.
Yes, it’s true that many people are asking for obscene prices for some properties. There are no infrastructure amenities to support these properties—like roads and transportation—but we have not seen a decline in buying. People who want addresses like Juhu, or Maker Maxcity in Bandra, are ready to pay whatever.
And just for that reason, this business is very competitive, as any profit you make entirely depends on selling a property. We’re faced with many ethical issues on a daily basis. Sometimes, when we play go-
between between a company and a landlord, we notice a person from the company playing his own game. He may be getting in touch with many landlords and telling them to bribe him so that he helps them get the contract. That is not good for us and we have to be tactful while handling such cases.
All real estate companies keep watch on one another. If I’m dealing with a client who wants a commercial space near Nariman Point and I have missed a certain property, another company is sure to swoop in. Clients know that we need them more than they need us.
There are shady deals as well. Many companies get into an agreement with a client that says they will get both the landlord’s and the tenant’s share from the tenant alone.
But there are funny episodes as well. If you are dealing with a company head who is choosing an office, you can be sure he will suggest a property that’s close to his home. If there are two heads of the company, then you will surely have a problem.
(This person has been in the industry for four years)