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Realty boss pockets more wages during economic slash

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Despite the slow down in the country’s economy and later turning towards the realty the big shots of realty groups were still high on salary and were reported to have hike nearing 2 – 10 percent as per the available sources reported at www.propertykhazana.com. Realty majors like Unitech, HDIL, Ackruti city along with some others are included in this category during the mid of 2008 - 09.
For HDIL, it’s EC and the MD has been offered with Rs 18 crore as a part of their salary adding the other perks for the same economic terms of 2008 – 09 which is around 10 times more than that of what was at the immediate previous year. Source of www.propertykhazana.com further reveals that the total earning of the HDIL was down by Rs 1780 crore and profit slashed nearly Rs 675 crore. At the same time the stock of the company fell to Rs 82 by March 09 as compared to Rs 500 on March 2008.
Almost similarity can be found for the Unitech chairman and managing director who pocketed Rs 5.35 crore for that harsh period of economy rising nearly 60 percent of the last calculation. It took place at the struggling balance sheet of the company which is around 24 percent and profit sank to 28 percent. MD of Anant Raj Industries has also the same storyline with Ackruti city of Mumbai where heavy hikes were attached with the top management salary accounts putting the other poor laborer on leave on account of low balance sheet profile of the companies. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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