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Primary real estate market unaffected by rupee notes axing
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SME Times News Bureau | 09 Nov, 2016
The primary real estate market will not be disturbed much with the
government's decision to withdraw 500 and 1,000 rupee notes as legal
tender, said a top official of the Confederation of Real Estate
Developers Associations of India (CREDAI).
Getamber Ananda,
President of CREDAI-National, said: "Effectively the primary market will
not be very disturbed as the inventory was sold to end users who avail
home loans."
In a statement issued late Tuesday, Anand said:
"Moreover the organised part of the real estate industry has always been
compliant and it is only the unorganised fly-by-night players who will
be affected."
"The banning of higher currency notes is a major
move which will help curb unaccounted cash in the real estate sector,"
said Anuj Puri, Chairman and Country Head of the Indian arm of global
real estate services firm JLL India.
"The effects will be far-reaching and immediate and will shake up the sector in no uncertain way.
"Stricter
measures against black money have for long been required to help bring
about greater transparency, give the Indian real estate sector more
credibility and make it more attractive for foreign investors," Puri
added.
According to him, black money deals were more common on
the unorganised market. But this practice had in fact been decreasing
due to greater awareness of buyers.
"Before too long, the caricatured version of black money driving Indian real estate is no longer applicable," he added.
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