Demonetisation to strengthen Real Estate Sector: CREDAI

Hyderabad, December 01, 2016: (UNI) Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad today announced that the real estate industry fully supports the decision of the government to demonetise currency notes of Rs 500 and Rs 1000.

The CREDAI Hyderabad members welcomed the Union government’s decision to put a halt on black money and said that the move would go a long way in cleaning up the real estate industry and weeding out unscrupulous real estate developers. The sector will move towards a better planning.

Talking to newsmen here today, CREDAI Hyderabad President S Ram Reddy “We believe that the demonetisation is an initiative to cleanse the economy and make it growth focused. It will be good for the overall economy as the unaccounted cash transactions would also become a part of the mainline economy and provide government more tax inflows enabling them to take up mega infrastructure projects and steer the growth. The banking and financial system will also be plush with funds to provide credit to the industry at a lower rate of interest, thereby spurring the economic growth and creating more jobs. This will give a major impetus to the real estate sector, as more jobs and lower interest rates are likely to encourage end users to purchase their dream homes.”

United News of India