Team Herald
PANJIM: A year since demonetisation, and even as many, including businessmen and traders, believe “it was a good move”, the business community by and large remains concerned due to slowness in the economy and plummeting sales.
Managing Director of Sol De Goa and Sun Estates, Suraj Morajkar is of the view that after demonetisation and introduction of Goods and Services Tax (GST) business in real estate has taken a hit, specially the market for second homes. “People are more cautious in investing, which is affecting sales. Some of my peer group people in real estate are fighting this. However, this move is welcomed as it will stabilise the expending and every purchase and sale can be tracked. The main concern now is due to GST as the high-end big ticket and luxury apartments for sales have been hit due to GST. However, some people are still willing to buy smaller normal houses,” Morajkar said.
Partner in Magsons, Kirit Maganlal said, “Earlier, four months post demonetisation business took a hit but now it is business as usual. However, trends have changed. People are now back to own buying habits. We observe more people paying through online or credit cards rather than cash. Also, we can also see that this financial year we will not be able to do business as it was done in the last financial year.”
In the white goods segment, demonetisation coupled with the GST, has badly hit the market. “Business is not as it was before. It is down by at least 30-40 percent. This is the market view as I get to know from many people in the market,” said the Managing Director of Solar Enterprises, Rohit Mehta who deals in white goods segment.
