ACME Group's views on the currency demonetization

The professional realtors have anyways been selling property in cheque payment only for more than a decade now. If anything, this move will bring in more professionalism and organization in the sector.

Nov 09, 2016 12:11 IST India Infoline News Service

This is a big leap forward for a truly digital and modern economy to emerge, given that housing sector itself contributes 5-6% of India’s GDP. The professional realtors have anyways been selling property in cheque payment only for more than a decade now. If anything, this move will bring in more professionalism and organization in the sector.
 
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

Related Story