Reaction of real Estate Developers on the recent ban on higher currency notes
Mr. Pankaj Bansal, Director, M3M Group inputs : PM Modi’s major structural coup is bound to ensure boost in economy in the long run and will lead to an improved transparency in all the sectors including real estate. The surgical strike on black money would crash inflation which would benefit the genuine buyers. While this will definitely have no impact on the primary residential segment as the buyer in this sector are driven by mortgage, it will have high impact on the secondary market and unorganized sector which still largely work around cash dealings. Also with the implementation of Real Estate Regulatory Act (RERA) the sector is soon going to cleanse as well as boost India’s image globally. The move will bring in more transparency in the financial system of the country which will allow India’s GDP to flow through the digital pipes thereby improving the digital economy. PM Modi has rightly stepped forward for the welfare of the people as well as for the nation’s growth.
Mr. Akash Kapoor, Director, Elan Group inputs: The surgical strike on black money is PM Modi’s strong step to curb corruption that has been plaguing the Indian economy for a long time. The decision is going to profit the consumers in a huge way as the prices of various commodities will fall drastically. Subsequently, It is a positive development which will eventually contribute to the growth of the country and will boost the digital economy. Most importantly the fall of the parallel economy will facilitate cash generation and we are hopeful that the interest rates would be lowered, this subsequently would have a positive impact and people will definitely invest in real estate. We are anticipating a major boom in the real estate industry with RERA setting the transparent tone. The step taken by PM Modi is highly commendable and will surely receive a positive response from all the sectors of the society
Mr. Sumit Berry, Managing Director, BDI Group inputs: “The Modi government’s bold step on banning the higher currency would lead to the country’s economic development and also have a widespread impact in the real estate sector. This decision will surely have a positive impact on real estate as well since the primary transactions are via home loans.The buyers are surely going to benefit from it as this will give them an opportunity to buy their dream homes. In the long term this decision would strengthen our nation’s economy.”
