Hit hard by note ban, realty sector awaits 'white money' buyers in India

The registration of properties saw a heavy decline in past months. In the process, developers are estimated to have incurred a revenue loss of Rs 22,600 crore because of the cash ban while state governments suffered a notional loss on stamp duty of Rs 1,200 crore, as per property consultant Knight Frank India.

Top officials of several developers across the country — from Chennai to Kolkata, from Hyderabad to Pune and Mumbai to Bengaluru and entire national capital region — admitted that the market took a big hit post demonetisation though they foresee significant long-term gains, expecting all future deals to be through banking channels.

However, many developers and property consultants also said it is too early to say tha

t black money has been completely eliminated from the sector though it has become exceedingly difficult to execute cash transactions as of now.

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