There are many onetime businessmen becoming part time developers - using cash to develop/construct a single stand alone buildings since they could deal in cash. The quality and security of such constructions are questionable.
Now that this won’t be possible, we will only see organized and professional developers who are anyways favoring cheque payments growing further. It is encouraging. However in all, the organized developers affiliated with MCHI-CREDAI will benefit in long run – although there will be a little hurdles in the sentiment of flat buyers in short run – in long term for the Real Estate Industry this is a welcome move. Even the Real Estate valuations will also see a correction now.
Munish Doshi is MD of Acme Group
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