Read what Pune builders have to say about ban on old notes of Rs 500 and 1000

Shantilal Kataria- President CREDAI Pune Metro

This is a historic, positive and amazing decision taken in the interest of economy of India. It will have a long lasting effect on real estate sector. It will surely clean up the system by improving the transparency. It will thus boost the foreign investments which will boost realty sector in long run.

Due to this unexpected decision, psychologically the market will have temporary effect in particular segment of real estate like high end luxury products, secondary market like plotting scheme, raw land deals, unauthorized structures/ plots etc. Land deal may also slow down for some period due to current market situation and present cash flow problems. But the primary market will not be disturbed as inventory is always sold to end user who avail home loan.

Organized part of the real estate sector will continue to do well. The operators who do un-authorized work will be affected badly. Given the market conditions around liquidity stress will be there.

Ultimately transparency will be improved and same will be helpful to attract the purchasers towards real estate sector. People’s trust over real estate will increase in long run.

CREDAI welcomes the bold decision of Prime Minister Narendra Modi.

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Atul Goel- Managing Director, Goel Ganga Developers (I) Pvt Ltd.

It is not a ban but a change. Change is always a welcome move. It will bring in prosperity. Economy will grow. All sectors will benefit from this move. As far as real estate market is concerned, for general curiosity of whether property rates will increase or decrease, according to me, considering all logics the rates will go upwardly. But we will have to wait and watch. People who are holding money will have no option but to move the money which will lead market to start moving.

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Shrikant Paranjape- Vice President, CREDAI Pune Metro

It is a bold and welcome move by the Prime minister to fight against black money, corruption and terrorism.

Though it is a popular belief that Real-Estate sector attracts black money, it is not a ground reality. The black money element has vanished in the mass housing and all the established and organized developers do not indulge in black money in the current era where customer goes for maximum possible housing loan.

In fact the organized sector of Developers will benefit if they do not have to deal with this element in land deals and in corruption involved in obtaining sanctions and permits. As we are getting geared up for RERA this move will be complementary in our endeavor toward absolute transparency and reliability

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Sanjay Deshpande, Director, Sanjeevani Developers

Just demonetization of currency will not end the corruption. Only it will wipe out present black money and fake currency in circulation. The real estate sector needs complete transparency in every stage of project approval to project completion. If everything becomes online with no manual interference then only the problem of corruption & black money problem can be curbed.

In my view, this is a very temporary phase and in long term will not affect real estate sector in any ways.