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Optimistic future: Rohit Gera

By on February 19, 2018
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Despite talk of a decline in the real estate sector in Goa, there are still a few candles blowing in the wind. Gera Development Pvt Ltd is building a child-centric residential complex in Goa which offers numerous sports facilities as well as high-end coaching within the property. Vikant Sahay spoke to Gera’s managing director Rohit Gera to find out more about the health of the real estate sector, and how demonetisation, Goods & Service Tax (GST) and Real Estate Regulatory Authority (RERA) rules has affected the industry.

Has demonetisation affected the real estate sector?
2017 will go down in India’s history as the year that changed and transformed the country’s real estate sector. 
As we look back, we will start to realise the magnitude of the changes that took place. Demonetisation was in November 2016, but the true impact was felt through 2017. Its idea was to wipe black money from the economy. 
It has gotten rid of tremendous levels of corruption, but highlighted the plight and issues the real estate sector is facing. I can state that real estate developers are not interested in dealing with black money. It is a necessary evil in the business and all professional developers are very happy to see it eliminated. 
The impact of demonetisation however, has left a tremendous uncertainty among customers. 
People said that there is up to 40 per cent black money in real estate and prices would fall. This did not happen and we were pretty clear it would not happen.


Read the full article in 'Viva Goa' magazine copy.
Viva Goa magazine is now on stands. Available at all major book stalls and supermarkets in Goa.

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