C.J. Roy died by suicide. He founded the ‘Confident’ company in 2005, building a vast empire in India and abroad. Roy was known for his business model of using his own capital instead of loans to protect customer investments.
Bengaluru: It is a cruel twist of fate that the life of C.J. Roy, a successful entrepreneur who built a vast real estate empire at home and abroad without taking loans on people’s dreams, has come to a tragic end.
He had said, ‘I came into the real estate field by choice, not by chance,’ and wrote a new chapter in the real estate industry through his ‘Confident’ company. The question now arises whether the immense confidence he had in his abilities from his very first step into the business world became a thorn in his side.
In an era where real estate meant profiting from selling people’s dreams, Roy surprised many by stating, ‘I am not a debtor on people’s dreams.’
True to his word, he founded the company in 2005 using his own money as seed capital. He started his real estate venture in Sarjapur, Anekal taluk, outside of Bengaluru. From there, the Roy era in land business began, later expanding his empire to other countries.
In various interviews, Roy had detailed his journey and how he grew in life.
Business is Not Part-Time:
Before starting his real estate business, Roy had worked in private companies. In 1990, Roy joined a BPO company in a small role. He then worked in a few other companies. After 1997, he left his white-collar job and entered the real estate industry. He had said, ‘I too have worked from 9 AM to 5 PM.’ He started his real estate business in the late 90s, a time when the multinational company culture was just being introduced. He believed, ‘Business is not a part-time job. It is full-time.’
Starting a Business Without Loans:
It might be surprising to hear that I started my business in 2005 without taking any loans. I didn’t want to take loans on people’s dreams. People buy plots in the layouts I develop to build their dream homes. If there was an economic downturn, not only would my project be ruined, but people’s dreams would also be shattered. So, I invested my own money to implement my projects. Because of this, our company did not face financial trouble during the global economic recessions of 2008 and 2016, or during the Corona period, Roy had said.
The Story of How the Business Started
In 2001, land in the Sarjapur area was priced at Rs. 6 lakh per acre. At that time, I bought land by paying Rs. 1 lakh more than the market value. Even today, if you ask the local people, they will say Roy is a generous giver. A 1-acre plot by the roadside was Rs. 25 lakh. Now it is Rs. 43 crore. When I planned a project, it would benefit many people in the area, from the grocery store to the supermarket, he used to say.
The Sarjapur I chose had Electronic City on one side and Whitefield on the other. At that time, these were areas with a high concentration of IT companies. Later, Manyata Tech Park came up. Sarjapur had good schools back then. I planned for IT company employees to settle in Sarjapur for their children’s education. I told them, ‘Go wherever you need to for your job, but let your family settle in one place. You (parents) travel for work, but why should your children travel for school?’ That too became a success, he had explained.
When I started the company, my wife and four friends were directors. There was a discussion about whether to start in the CBD area or elsewhere. With the money I had then, I could have done two projects in the CBD area. But in Sarjapur, I could buy 100-150 acres of land. My goal was to achieve something big with less expense. At that time, only my wife supported my plan. Finally, I chose Sarjapur. The decision to avoid central Bengaluru resulted in 10 times the profit, he had informed.
First Car Purchase in ’94
In 1994, I bought a Maruti-800 for Rs. 1 lakh 10 thousand. It was the first car of my life. Before buying this car, I didn’t know how to drive. Later, I sold the car and bought another one. But I had a very emotional attachment to my first car. So, I announced a reward of Rs. 10 lakh to anyone who could find the car I had sold thirty years ago. Finally, my first car was found.
A Salesman’s Scolding Sparked a Car Craze
Our house was near Koramangala. In my childhood, my father only had a scooter. I used to go to school by bus. One day, on my way to school, a huge crowd had gathered in front of a Dolphin car showroom. The Dolphin had come to the market before the Maruti. For that time, that car had created a huge buzz. I pushed my way through the crowd with my school bag. Then a salesman at the showroom saw me and yelled, ‘Hey, get out! Are you going to buy a car?’ and sent me away. That very day, I vowed that one day I would buy all models of cars. After that, I used to give my son toy Rolls-Royce and Ferrari cars to play with in his childhood, promising to buy him real ones when he grew up. Those two promises were on my mind. Accordingly, I now have 20 cars, including 6 Rolls-Royces, Roy had said.
A Different Colored Car for Each Day:
When I bought my first car, I only had Rs. 10,000 in hand. I borrowed money from friends, bought the car, and when I took it home, my wife was surprised. I told her, ‘Why are you staring? 6 more cars will come. I will drive a different colored car every day.’ To this, my wife had said, ‘First, pay off the loan for this car.’ But now, I drive around with my wife in 6 Rolls-Royce cars.
The Foundation Laid by His Mother:
Between 1995-97, Roy’s mother used to build and sell houses on 30×40 plots in Bengaluru. At that time, his mother had an accountant. The real estate calculations his mother taught him laid the foundation for building the Confident empire. His mother had studied up to the 10th grade, which was a significant educational qualification for that time. His mother’s calculations for home construction were amazing. She would say exactly how much cement, gravel, and stone were needed, and the construction cost would be exactly that amount, Roy had recalled.
Roti, Kapda, Makaan:
Wherever you go in the world, there will be businesses for Roti (food), Kapda (clothing), and Makaan (house). It’s impossible to change that. People must eat to live, wear clothes for dignity, and have a house to settle in. These businesses can be shaped in different designs. Similarly, I chose Makaan. I had clarity about my dream and mission. It was to build homes for people that would last for 100 years, Roy had said.
I.T. Harassment the Reason for Roy’s Death:
Brother C.J. Babu has made serious allegations against I.T. officials, stating that the harassment and pressure from Kerala’s I.T. officials are the reason for his brother C.J. Roy’s suicide.
Speaking to reporters on Friday evening in the wake of the incident, he said that Kerala’s I.T. officials had been interrogating his brother C.J. Roy since Jan 28. Accordingly, they came to the office on Friday and interrogated him as well. He added that Additional Commissioner of the IT department, Krishna Prasad, was also part of the team of officials.
There Was Pressure from I.T. Officials:
These IT officials had come to my house on Jan 27 and interrogated me as well. I had answered their questions. I have come abroad for work. On Thursday, C.J. Roy called me and asked when I would be back. I told him I would be back on Friday evening. Roy had mentioned that there was pressure from the I.T. officials. On Friday morning, he called me again and told me that the I.T. officials were coming to the office that day too, Babu said.
I.T. Interrogation in December as well:
In December too, Kerala’s I.T. officials had come to C.J. Roy’s office and interrogated him regarding income tax. My brother Roy had no debts. He had no enemies. There were no threats. There were no family problems either. I don’t know why he did this. It is true that there was pressure from the I.T. officials. I don’t know what their target was. Additional Commissioner of the IT department, Krishna Prasad, should be questioned about this, he said.
Projects at Home and Abroad:
C.J. Roy was running real estate projects in various places including Karnataka, Kerala, and Dubai. He had done 60 projects in Kerala alone. He was also involved in several joint ownership projects in various places, including the construction of a golf course in Bangarapet. He had told me that he expected an income of Rs. 700-800 crore in two years, he said.
The reason for C.J. Roy’s suicide is unknown. He had a pistol with him for the last 20 years. In 2016, Bengaluru I.T. officials had last interrogated C.J. Roy. There was no problem then. Now, the problem has arisen after the Kerala I.T. officials came, he said.
Family Settled in Dubai:
We are three brothers. C.J. Roy was the youngest. C.J. Roy is survived by his wife and two children. The family has been settled in Dubai for the last 15 years. C.J. Babu demanded that the police investigate Roy’s suicide and bring out the truth.
C.J. Roy had a passion for social service. He had announced scholarships of up to Rs. 50,000 each for 301 students. He had also said that applications could be submitted from July. Responding to a question, he said that Roy had good relations with politicians from all parties.
In the country, 6.68% of people pay income tax. Of these, 4% are employees and 2.68% are entrepreneurs. If I.T. department officials harass entrepreneurs like this, they will commit suicide like C.J. Roy.
– C.J. Babu, brother of entrepreneur C.J. Roy