Short of money builders offer flat to its employees in lieu of salary

We have discussed before how average builders are going through one of their leanest phase these days. In continuation of our previous discussion, it is learnt that few builders have even stopped paying their employees for over three months. In lieu of their delayed salary, builder is offering flats at discount to their employees.

An employee of a big real estate firm in Noida on terms of anonymity shared his plight. The builder in question is the same builder that recently came up with the idea of mission completion. The employee has not received salaries for more than last 3 months. The builder has given an option to forego this years salary in lieu of a 20% discount on a flat.

Another employee of a relatively small firm based out of Gurgaon has also been witness to a similar treatment. The builder has approved to offer 15% discount to the close relatives of the employee.

This is now turning out to be just another way for builders to dispose off their flat.

Of all the departments for such realty firms, it is the marketing which is worst affected. As there is hardly any sales, builders are also resorting to only target based salaries with higher percentages of variable component leading to a much tougher time for the marketing folks.

Comments/Feedback invited.

Last updated: August 22, 2015 at 13:58 pm

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Jitendra
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Jitendra

I have been told that TOI advertisement is also in lieu of Flats given to them.

Anoop Negi
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Anoop Negi

not only staff, this builder is not giving payment to its contractor, material supplier etc. rather offering flats in lieu of payment.

Neeraj
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Neeraj

I live in this builder’s society. The facts are real eye opener. Everyday there is strike by their employees, third party staff- cleaners, security, electricians, plumbers, .

The list of essential infrastructure works pending is very long.
No Power connection, working on Project temporary connection.
No fire fighting equipment, only half lifts, no basement parking, no backup DG- working on rented DG s, No rainwater harvesting.

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