Kamal, you spoke of small unorganised developers being wiped out. So, is that a risk, because the profit that they make is really the tax that they avoid? Do we necessarily need to go through this painful exercise?
Khetan: We obviously don't want such kind of players because they’re making money only because they’re evading tax…
But they are also providing employment…
Kamal Khetan, chairman, Sunteck Realty: But no industry or corporate would like to operate in such an environment
Himanshu Jain, MD & VP (Indian subcontinent) Sealed Air: You don’t build a house on a shaky foundation. So, the faster you clean up the mess today, the better it will be tomorrow. We have a courageous government which has taken this step, it may not be the smartest move; but somebody has gone to the extent of doing such an audacious move with the intent of cleaning up the system. What we have always lacked in our country is leadership and we have always moved on with some small tinkering. So, let’s give some credit to the government for showing its intent.
Sebi Joseph, president, Otis India: The issue was with its execution but ultimately the system will get cleansed. It may take a while. I don’t think it will, what I call, be a battle for growth, at least, in the long term. Now, on the point of higher tax collection; we may not see a 25-30% jump, but even if it’s 10%-15%, it’s still a great thing as far as our country is concerned.
Is the sharp demand contraction over? Are you we seeing signs of a revival?
Joseph: There are initial signs of a recovery as our sector is linked with the real estate sector.
Kamal, are you sensing a recovery in real estate?
Khetan: Within real estate, the commercial market was doing well and it continued to do well during demonetisation. On the residential side, after December, sales have slowly started picking up. I feel, post March, once the financial year gets over and there’s more clarity on a rate cut, demand will start picking up. In fact, demand should be much better than it was before demonetisation.