{"id":33860,"date":"2016-11-11T12:07:14","date_gmt":"2016-11-11T05:07:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-real-estate-faces-trouble-after-crackdown-on-black-money\/"},"modified":"2016-11-11T12:28:34","modified_gmt":"2016-11-11T05:28:34","slug":"indian-real-estate-faces-trouble-after-crackdown-on-black-money","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-real-estate-faces-trouble-after-crackdown-on-black-money\/","title":{"rendered":"Indian real estate faces trouble after crackdown on \u2018black money\u2019"},"content":{"rendered":"


\nLong, angry queues around the country
\nBid farewell to the 500 rupee note. Image: wael khalil alfuzai\/Shutterstock
\nIt\u2019s the end of an era in India as Prime Minister Narendra Modi seeks to undermine ill-gotten wealth in the subcontinent by incommoding the very medium that props it up: \u201cblack money.\u201d
\nIndian property prices could fall anywhere between 10 percent and 20 percent as a result of the crackdown, with an untold effect on land values, The Economic Times reported, citing experts from brokerage CLSA Asia-Pacific Markets.
\nSuch grim expectations came to the fore after Modi, in a surprise announcement on Tuesday, called for the withdrawal of banknotes in denominations of INR1,000 (USD15) and INR500 (USD7) from circulation. The government reasoned that the move would truncate the practice of stashing away wealth in cash, a market equivalent to 30 percent of the gross domestic product that has eluded government coffers.
\nMore: Gurgaon is the Indian city on property investors\u2019 lips this year
\n\u201cSince black money played a role in real estate transactions, this crackdown is very likely to hurt the real estate market, which is already reeling under high inventory in top tier-cities such as Mumbai and Delhi,\u201d Sonal Varma, an economist at Nomura Holdings, told the Times.
\nApart from real estate, black money is usually deployed to investments in gold and payments for bribes.
\nThe shock government plan has brought out long, angry queues at banks around the country, where citizens can exchange INR4,000 (USD60) per day for two weeks until the bills are \u201cextinguished\u201d from circulation. This puts the onus on individuals with vast sums of unaccounted wealth to make the necessary tax declarations as soon as possible.
\nRead next: Indian real estate may be a world leader by 2030
\n
\nSource : property-report.com
\nRead more…Indian real estate faces trouble after crackdown on \u2018black money\u2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Long, angry queues around the country Bid farewell to the 500 rupee note. 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