Comment by Mr. Navin Makhija, MD, The Wadhwa Group on the impact of demonetization of Rs.500 & Rs.1000 currency notes on the real estate sector

"The recent announcement by PM Modi is a welcome step towards cleansing the Indian real estate industry. The demonetization of Rs 500 and Rs 1000 currency notes will lead to transparency and systematize the sector. This move will make the industry more reliable and engaging for foreign investors. The unorganized and secondary market will be the most impacted by this decision. With this banks will be flushed with fund and this will reduce interest rate and improve the GDP as well, given this sale will pick up we as developers just need to ensure that continue to provide quality homes to the buyers in time."