The members of the Confederation of Real Estate Developers’ Association of India (CREDAI-Telangana) welcomed the demonetisation move as it will bring in transparency apart from lowering the rate of interest.
People from information technology (IT), pharmaceuticals, government employees and other corporates are the major customers and they transact up to 90 per cent through cheques and online transfers. Hence bringing transparency in these transactions.
Since the Real Estate Regulation Act (RERA) was being set in place, the entire industry would be streamlined and the CREDAI wants all the builders - small and big - to be brought under the purview of the Act, making it a level-playing field, said Gummi Ram Reddy, CREDAI Telangana president.
The demonetisation does not impact the apartments and construction sector in a major way. In fact, it was a boon for both the industry and the customers, where the rates of interest for housing loans were likely to come down after January, he added.
