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Home» Real Estate»India’s Currency Ban Hits Real-Estate Market

India’s Currency Ban Hits Real-Estate Market

Saheli 07 Dec 2016 Real Estate Comments Off on India’s Currency Ban Hits Real-Estate Market 320 Views

Sales of apartments at Patel’s Planet, one of many developments in the suburbs of Mumbai, have slowed after the Indian government said it would replace large-currency bills.

AMBERNATH, India—Saturdays are typically busy at the sales office of Patel’s Planet, one of the many new apartment developments in the suburbs surrounding Mumbai where India’s fledgling middle class has been flocking in recent years.

But last Saturday, it was virtually deserted.

Prateek Patel, the cousin of the developer, complained that he hasn’t sold an apartment since early November, when Indian Prime Minister Narendra Modi shocked the country by announcing an unprecedented currency overhaul.

Mr. Modi’s move took aim at the heart of India’s black-market economy by taking out of circulation existing 500- and 1,000-rupee bills in an effort to reduce corruption, counterfeiting and tax fraud.

Much of the country’s real-estate transactions, particularly land and home sales, have been conducted on a largely cash basis to avoid taxes. With many buyers now on the sidelines, sales have evaporated and huge price discounts are expected when the market gets its bearings back.

[Source:-Wal Street Journal]

BAN Currency hits India's market real-estate 2016-12-07
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Posted by : Saheli
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