Dream Project Shattered as poor quality TMT bars collapse! - IREFD 13.08.2013

Dream Retail Project Shatters as TMT bars collapse!

August 13, 2013

By a staff reporter serving his notice period

In a freak accident that happened near Samastipur, an under construction building collapsed due to the failure of the TMT steel bars used for the super structure. Conmen Group MD, Mr. Brok Endreams blamed the steel manufacturer for supplying him with poor quality construction steel which he thinks is the main reason for the entire collapse. 

This news is sponsored by Grope 69 Securities

"This is absolutely unacceptable and we will take the strongest correctional steps known to mankind, only second to those taken by Neil Armstrong, to set things right. Our international standards project, The Constantine Mall was over 15,000 Sq ft in area and would have been home to some of the best brands in East India. We have also signed LOIs and taken advances from prominent brands like Chorilal and Naukars. Now, everything is just a heap of rubble", the Conmen Group MD said when contacted by IREFD. 

On the other hand, after sending 23 telegrams to the concerned steel manufacturing company, we got a reply from an official who stated on conditions of anonymity that; "These days, the competition in the steel industry is tough and using that big celebrity to brand and help sell our TMT bars leaves us with very little money to actually produce good quality steel."

Lately, the Indian Real Estate industry is riddled with problems of liquidity, credit and a host of other issues. But a turn around seems to be right around the corner according to Mr. Jarg Onfreek, Country Head, Real Estate at WFU Property Consultants. 

"India is in the midst of an orthodox to open economy transition. External forces from other economies like Azerbaijan and Somalia are affecting the dynamics of the real estate micro markets here. But with Q3 underway, we should expect robust growth based on the fact that in this quarter, most people retiring in Mongolia will be buying their own homes with their retirement funds. This will have a positive impact on the Indian construction industry", said Onfreek.

The common man, and us are completely convinced that the sticky real estate situation shall turn around and champagne shall flow again, soon. We will be back with updates on Indian Real Estate regularly. Keep watching this space!

For sharing your views on this or starting a new topic, go to the IREFD Forum!