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Analysts believe the Centre’s move to phase out ₹500 and ₹1,000 notes from Tuesday midnight will have a far-reaching impact on the real estate sector.
“It is a major move which will help curb unaccounted-for cash in the real estate sector. We have just witnessed a tremendous step towards increased transparency in the Indian real estate industry. The effects will be far-reaching and immediate, and shake up the sector in no uncertain way,” said Anuj Puri, Chairman and Country Head, JLL India.
DLF CEO Rajeev Talwar said it is a great move that is in line with achieving a cashless economy, akin to mature economies. The major players take payments only through accounted banking channels, he added.
The unaccounted channels are largely being used for purchase of land by certain people, however, in the past six-seven years, there haven’t been too many such transactions, he said. Today’s move will only impact institutions that have been taking payments through unaccounted channels, he further said.
For the entertainment sector, which once faced charges of rampant black money, the move may not matter. “Film studios are very organised. The impact will be just as much as other industries,” said a senior consultant.
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