In India, the real estate sector appears to be witnessing a significant shift in how companies compensate their upper management. Unlike the massive pay hikes observed in 2009, many CEOs now seem to be opting to either forgo salary increases or settle for more moderate adjustments during a year when the industry is showing considerable improvement.
Looking back, in 2010, certain CEOs like Sarang Wadhawan of HDIL and Sanjay Chandra of Unitech faced intense scrutiny from the media regarding their compensation packages. For context, it's rather astounding that during the recessionary phase of 2008-2009, Chandra received an astounding raise of about 60%, while Wadhawan enjoyed even more with a remarkable 200% increment.
Fast-forward to today, and the narrative has changed quite a bit. Both Wadhawan and Chandra are maintaining salary levels similar to the previous year, with Unitech’s MD earning around Rs 1.71 crore, and HDIL’s Wadhawan reaping about Rs 6 crore annually.
In addition to these prominent figures, JC Sharma, the Managing Director of Sobha Developers, secured a modest 25% increase this year. Meanwhile, Ashish Puravankara, heading both Puravankara Projects and Godrej Properties, saw a notable growth in his compensation, scaling up by approximately 43% on a yearly basis.