Ethics in real estate firms in India

Anil Kashyap and Saumya Shirina

ERES from European Real Estate Society (ERES)

Abstract: The real estate sector has been the backbone of the Indian economy and has been a major contributor in the economic growth. The real estate developers have been instrumental in changing the face of India from being an under-developed country towards accelerating its way to a developed country. Real estate transactions are not only getting larger in numbers in India but also involve increasingly large sums of money. The real estate market has been known for its lack of transparency in the past, but the trend is changing rapidly. The larger property consultancies are handling a number of international clients now à clients who are eager to enter or expand operations on the Indian subcontinent. Such clients have high standards in terms of service quality and clarity, and are often justifiably worried about being taken for a ride by unscrupulous operators. They initially have to depend on is the tangible, verifiable ethical approach of their real estate partners on this end. The facets of ethical business conduct in India pertain to clients, others to employee conduct and yet others to government authorities. Sets out to examine the expectations of ethics in real estate firms in India. It surveys real estate agents and their clients on their expectations of ethics in property transactions. Draws conclusions pertaining to ethical expectations from the results of this field work. This paper aims to focus on the importance of rules of conduct and professional ethics from the perspective of RICS (Royal Institute of Chartered Surveyors) code of ethics.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2015-07-01
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