Construction Companies In India
According to International anti-fraud watchdogs, and global accounting firms, fraud is a major problem for Indian construction firms. It is reasonable to infer that some civil contractors in India, top construction companies in India, and even a smaller construction company in India have either committed fraud or been victimized by internal fraud.
Indian consumer complaint message boards are a good source to find out how the customer feels they have been cheated by construction companies. Purchasers of residential units have the following complaints
- Despite previous assurances, the company never gave required permits to the customer
- The structure was either defectively designed, or used shoddy materials
- Failure to keep promises about EMI’s ( equal monthly installment loans)
And the construction companies themselves can be defrauded by employees, who embezzle money from the firm. This is a major problem for all construction companies in India—whether it is an individual construction company in India, civil contractors in India and top construction companies in India.
Perhaps it is time to take a good hard look at these problems and understand how they affect company profits. Suppose a trusted employee overbills the client. While many construction company websites trumpet honesty and trust as core values, many residential clients feel they are being cheated. If they complain online, or make a criminal complaint, the company could face:
- A loss of consumer confidence
- Substantial legal expenses
- Loss of revenue.
If a visitor from another country go through the websites of major civil contractors in India or top construction companies in India, he’d have no idea that corruption was a major problem in India’s and India’s construction industry. It really is a global problem, affecting Australia, the United States and the United Kingdom as well. Several global accounting groups issue global reports on how fraud affects construction, and other industries.
Reciting core values on the ‘About Us” or “Vision’ page is not enough. There must be a corporate culture of honesty. Some of these reports advise the following steps
- Employee tip lines: where a worker can report if a contractor has substituted cheap materials instead of the ones promised to the client or issued padded bills
- Create a culture of honesty. Let it be known that fraud and cheating will not be tolerated.
Honesty in business may increase personal satisfaction and revenue. Most construction companies want customers to return, whether it is for a second home, or another industrial center. They will be more likely to bring their future projects if they were treated with honesty and fairness.
Judging from the tone of online news stories and industry reports, corruption in business is a global problem. 2013 has already seen a decline in revenue for Indian construction firms. Why not reduce losses by addressing problems that add to the decline?