Surgical Strike on Black Money: This is How Real Estate Experts Reacted!
In a surgical strike on black money, the Government of India, on Tuesday 8th Nov., announced that Rs. 500/- and Rs. 1000/- notes would no longer be a legal tender. This is a great step in curbing black money. This is likely to hit the real estate sector hardest. Land and real estate transactions are mostly done in cash.
This bold move of Government has suddenly cut off the supply of cash money from the market which was the strength and tool of real estate players. Will this affect the real estate sector? How will it affect the prices of land and flats across India? Will it affect the ongoing projects as well as projects in the pipeline? How this will affect the property transactions, that are done but yet to close? What will be its short term, medium and long term effects?
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