Amid Severe slowdown, this large listed realty player decides to reduce staff

New Delhi: The real estate sector was already moving in the slow lane before corona pandemic struck. Now the things have turned so bad that realty players are reducing their staff strength. Mumbai-based Oberoi Realty Ltd has decided to let go of 75 employees amid widespread corona pandemic.

Although the company says it is letting go of 75 employees but will hire 15 people simultaneously. This will effectively reduce the number of staff by 60.

The company insists that these 75 employees that the company is letting go of is due to the annual performance review but amidst that the number of staff will be reduced by 60.

“We at Oberoi Realty conduct our annual performance review in March as a part of our internal policies. However, keeping in mind the lockdown, the decision to churn the bottom 10 percent was postponed to coincide with the end of the lockdown,” said the company in a statement when asked about the decision to let go of to 75 employees. 

The company also says it does not plan to lay-off anyone in the coming weeks or months.

Oberoi Realty also says that the existing market conditions present the ideal opportunity to hire the best talent to “replace the positions that were retired”.