Richcraft Celebrates 25 Years Of Building Quality Homes in the Ottawa Area

This year, Ottawa builder Richcraft is celebrating its 25th anniversary and as with all anniversaries, this one is a great time to reflect on the journey that has brought them to this point. So today, let's take a look at what the last quarter century has meant for one of Ottawa's most successful home construction companies.

Kris Singhal, the millionnaire CEO and owner, says the ride hasn't always been an easy one. 

Singhal grew up in New Delhi, India one of eight children of a lawyer. He and his wife Manju studied and prepared for a better life in Canada, and arrived in 1974. He was the only one of the siblings to emigrate.

He worked hard and continued formal studies, and in less than 10 years in his new country, he was established as a Canadian.

The Singhals had an upper-middle-class income, a secure job in government service at a management level, and could look forward to an indexed pension. They could make annual trips to New Delhi to visit family, and replace the family compact car every six years. Their two daughters could attend university.

What more could he want?

Fateful Decision

It was then that they decided to build their own home... without really knowing how. 

"At that time, if you sent me to the store to get a two-by-four, I wouldn't have known where to look, or what one looked like," says Singhal. 

But he never lacked confidence, and always believed that if somebody else could do something, he could too. (It just might take him a little longer.)

To save money, he decided not to buy from an established builder, but instead to buy a lot and build his own home on it.

Campeau Corporation was selling lots around the Ottawa Hunt and Golf Club, so they bought one. To build the house, they hired a contractor, and Singhal was there every day, watching and learning. The land was swampy and they had the unexpected and costly problem of building on a slab.

But finally, the day came when they could stand in front of their finished dream home.

Sadly, however they had to sell it almost immediately. They had built a home that, with all the cost overruns, was just out of their reach. Luckily, though, it sold quickly.

A Eureka! Moment

When it was all said and done, they looked at their bank account and had an epiphany...  They had just made a pile of money.

With that realization, Singhal asked for, and was granted, a one year leave-of-absence from his government job. They bought two more Hunt Club lots and got permission from Campeau to build two copies of the popular Bennington Ultra with 3,000 square feet of luxury living. He invested in a white hardhat and went to work as supervisor. The hours were long, but the new job gave him a feeling of freedom that no 9-5 would allow. 

A year later the houses were sold for handsome profits, and their bank account said they were on the right track. It was 1983, and they decided to give up job security and pension plan, and ride the rocket instead.

Sleepless in South Ottawa

When asked to give an example of the sleepless nights of an entrepreneur, Singhal admits: "I still have them. I look around me and I can't believe I've done this. I can't believe I've got so many people dependent on me to keep making decisions. Right decisions." 

He goes on to point out that there are 75 people employed at their 2280 St. Laurent Blvd. headquarters, and estimated there must be about 3,000 subtrades working with them.

Early on, he first placed a small ad in the Ottawa Citizen to sell his homes. He soon had as much work as he could handle, building custom homes for people who already owned the lots. That way, no large outlay of cash was needed.

Then came some sleepless nights after he sat down over a lunch with Campeau vice-president Vic Whittaker, and watched him scribble out a deal on a paper napkin. Singhal went to the meeting hoping to get some building lots. He left with a huge tract of land that is now the heart of the Hunt Club subdivision. The deal on the napkin was worth $14 million. For a man who didn't have that kind of money, it was terrifying.

Whittaker remembers that day, and says that's the way deals were done. His orders were to sell the land. Hardest part of the sale was convincing Singhal that the napkin, presented to the right bank manager, would close the deal.

Kris Singhal now found himself steering a corporation that had just blasted into hyperdrive. He talks about being frightened then, but there's no sign of fear now as the confident CEO sits in his polished headquarters, routinely making multi-million dollar deals. Often there isn't even a napkin. He can close a deal by telephone.

Richcraft homes are in singles, rows and highrises. It's getting difficult to maintain a count. Richcraft is one of the city's major players in the world of land banking, owning the majority of land in the city available for new construction.

Singhal is determined to never again let himself be caught thinking inside the box, as he had been accustomed to doing in his government job.

Aiming to Be Part of The Family

His mind is still reaching over the walls of Richcraft to the living rooms of those who buy his homes.

He thinks back to his year as a start-up contractor and says he doesn't want to ever forget what he learned from a happy customer who was impressed by his battered Chevy Malibu. It was to her a selling point that made her accept him as her builder. In her mind, home builders were a flashy lot. She wanted somebody she could trust, afford and work with.

"Building a home for somebody makes you almost a member of the family. There's a trust factor."

And here at New Home News, that's what we like to hear: builders aiming to create consumer trust, and that's what we're trying to help do with our free New Home Association builder-finding service, too.

(This story originally appeared in the Homes section of one of our partner publications, the Ottawa Citizen - interview and writing by Dave Brown. It has been edited for this blog's audience, but the original article can be accessed online here.)