Chennai: against the economic slowdown, the developer will take 350 senior employees on holiday in the UK

CHENNAI: Not all real estate developers are arguing about the slow market. A Chennai-based company, which has been able to record sales of Rs 1.8 billion rupees per year, even during the current recession, is sending its best performance to the United Kingdom on a five-day company-sponsored vacation trip.

The company's Arun Kumar, MD, has been personally organizing junkets for its best-performing employees since 2013. I've taken them to Singapore, Thailand, Sri Lanka , Dubai and Malaysia. In the middle, we skipped a year since we lost the sales target. People who exceed the level of assistant manager and those who have completed three years of service are eligible for this paid holiday, ”said Kumar.

The company had proposed hiring some 500 employees this year to achieve sales of Rs 1,800corre and the collection of Rs 1,800crore in the last financial year, but many were unable to obtain the visa due to eligibility issues, he said.

Gowtham Aggarwal, senior vice president of Casagrand, said a company-sponsored holiday provides the opportunity to dozens of people who wouldn't even have dreamed of flying abroad. “Not everyone can afford a personal vacation. When the company takes them abroad on vacation, it motivates them to perform better in the future. As they are recognized by the company, they gain a lot of respect from their family members. In turn, his respect for the company also increases, ”said Aggarwal.

In terms of rewarding loyal and high-performance employees, none may beat the Surat Savji Dholakia-based diamond merchant, who gave away Mercedes Benz SUVs worth Rs 1crore each to three of its employees last year for complete 25 years of service in its exports of Hari Krishna, which records a turnover of more than Rs 6,000crore per year. Dholakia had given away 500 floors and 525 pieces of diamond jewelry to its employees during 2014 Diwali as a bonus. Two years later, he gave 1,260 cars and 400 apartments to the best performing employees.

Casagrand's jokes to his employees were announced on the day that international real estate consultant Knight Frank, FICCI and the National Real Estate Development Council published a report that said the feelings of homebuyers fell to the level of demonetization in the quarter July-September despite a series of measures taken by the central government and the RBI to improve investor confidence.

According to the report, even future prospects for the next six months have become pessimistic for the first time since the end of 2013. The sector is under immense pressure. The general economic slowdown and the drop in domestic consumption are holding back homebuyers.

The only saving grace is that the commercial real estate segment remains stable.