Mumbai: In an exclusive investigation conducted across different locations in Mumbai, Magicbricks NOW has captured the most shocking revelations of Real Estate sector; it still continues to accept payment in black.
To find out tune into ‘Black In Demand’ an exclusive sting operation conducted by Magicbricks NOW from 5pm onwards today i.e. 28th November,2016 to see how builders are redeveloping their cash reserves with new notes…
While the government’s sudden decision to ban the 500 and 1000 rupee notes has sent shockwaves across the country, Real Estate seems to be the industry that remains unaffected by this massive change. To examine the ground reality, the channel’s team of reporters visited a number of projects, posing as home buyers and met with several builders from the industry. The findings of this investigation were startling.
The sales force of several developers offered discounts to customers if a certain percentage of the flat cost to be paid in cash. On probing further, they offered customers a larger time frame of payment extending until February next year if the payment was made in new notes. They were more than willing to accept the defunct old notes at a premium if payment was made in the next few days. The old 500 and 1000 notes are being accepted at a daily spot trading rate that decides the premium on these notes.
The sensational demonetisation drive has caused distress among citizens from all walks of life and made everyone sit up and take notice. More than thousands are lining up at ATM’s everyday and even more sweating it out to exchange their old currency at the banks. Yet, a majority are willing to put up with this short-term inconvenience for what’s believed to be for the long-term good of the country. Even though amongst all industries it was expected to affect, Real Estate was widely expected to get the worst hit of them all. However, the loophole in curbing black money stands exposed and tells us a different story.
What is this loophole that is being exploited by builders? Where will this leave the demonetisation drive? What is the road ahead for Real Estate?