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  #1  
Old December 28th, 2016, 06:07 AM
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Will property prices in India go down after demonetization ?

Will the ban on Rs 500 and Rs 1,000 currency notes hit the real estate sector hardest. A sector that’s identified for menace of black money, will real estate shift towards improved transparency ?
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Old December 28th, 2016, 06:48 AM
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Re: Will property prices in India go down after demonetization ?

DM has had no effect on few people. Rishi Kapoor still continue to eat loads of biryani and give a fake smile with whole khandaan of 30 do nothing useless brats and then scolding people on Taimur.

Diwali party, Holi party, Christmas party, Bachchan dhamaka, Ambani Party.. Salman, SRK's Ed dhamaka continues unabated. Now don't tell me everything is white with these people.

Middle class, poor people are in line. The whole system is jacked up. It is not forcing people to go and do something, earn it and then spend it. There are many brats who are living off their father's ill wealth hoarding. Abhishekh Bachchan doesn't have to have any talent, he can live royally for receiving and dropping people at the gate and then keep giving fake smiles for a picture.

Last edited by Jaggudada; December 28th, 2016 at 06:53 AM.
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Old December 28th, 2016, 06:55 AM
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Re: Will property prices in India go down after demonetization ?

Agree with you but the DM was this year's gift next year it will be eproperty passbook based on some law passed during MMS tenure.
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I am unable to find the link where Modi said about it in recent weeks.
Will post as I find.
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Old December 28th, 2016, 07:14 AM
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Re: Will property prices in India go down after demonetization ?

Modi says law against benami property soon: What you should know
Modi promised to operationalise the law to deal with 'benami' properties

New Delhi December 26, 2016 Last Updated at 12:45 IST
After demonetisation, Prime Minister Narendra Modi will crack the whip on benami property holders.

On Sunday, PM Modi promised to operationalise the law to deal with 'benami' properties as part of the government's crusade against corruption.
"You are possibly aware of a law about Benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant," Modi said in his monthly 'Mann ki Baat' radio address.
The New Benami Act came into effect from November 1. It prohibits illegal benami transactions, under which up to seven years of imprisonment and penalty for those indulging in such activities could be handed out.
http://www.business-standard.com/art...2600131_1.html
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Old December 28th, 2016, 07:20 AM
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Re: Will property prices in India go down after demonetization ?

‘Benami property’ law to be operationalised soon: PM Modi in Mann ki Baat
Updated: Dec 25, 2016 21:18 IST

The next step in the war against corruption would be a crackdown on benami property, Prime Minister Narendra Modi said Sunday, as he again thanked people for enduring the “pain” caused by scrapping of high-value currency.

Modi, who has come in for heavy criticism for scrapping Rs 500 and Rs 1,000 notes that has triggered a cash crunch, said if curbing corruption and ill-gotten wealth required “even tougher steps, those would be taken”.
“You are possibly aware of a law about benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant,” Modi said during the year’s last edition of Mann ki Baat, his monthly radio programme.

“We have retrieved it and turned it into an incisive law against benami property. In the coming days, this law will also become operational,” he said.

One of the biggest criticisms of demonetisation is that cash only accounts for 6% of the black money, the bulk of which is parked in real estate, bullion or is stashed abroad.
The benami transactions (prohibition) amendment act, which came into effect from November 1, has a provision for seven years in jail and a hefty fine for offenders. Such properties can also be confiscated.

A property is benami if it is paid for by someone other than the owner and the source of income is not known. The property could be in the name of spouse or children.

To avoid paying taxes, many black-money holders prefer to buy property in the names of family, friends and even staff.
Modi’s push against such properties will not only expand his “battle against black money” but also blunt Opposition’s criticism, which has accused him of wrecking the country’s economy.

Sources, however, said the law should be tightened for it to be effective.

Various options were being considered to deal with the benami-property holders and like the demonetisation drive, a “surprise move” could be announced, an official told HT.
“We have the required information and we are equipped to deal with it... once the act is implemented, we will start taking action against those who hold such benami properties,” a finance ministry official, who refused to be identified, told HT.

Defending frequent changes in rules after he announced demonetisation on November 8, Modi said the norms were changed to outsmart people who were exploring new ways to get round the guidelines.

The changes, at least 60 of them at last count, were signs that the government had blundered in remonetisation, the Opposition had said.

“When I have resolved to wage battle against them, they too come up with new tactics everyday to thwart our efforts. To counter them, we too have to devise appropriate new responses and antidotes,” Modi said.

The PM, often accused of being pro-business and anti-poor, invoked Jesus Christ, saying demonetisation would benefit the poor. “Jesus said the poor do not need our favours but our acceptance with affection,” he said on Christmas Day.
http://www.hindustantimes.com/india-...BQ4Jm1wnI.html
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Old December 28th, 2016, 08:16 AM
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Re: Will property prices in India go down after demonetization ?

I think benami property law will be better than even demonetization if done properly .. Modi better do a great job with this one.

Demonetization went average I think despite all the benefits and even long term effects.. Finance ministry didn't go extra mile in helping people. Jaitley should have done round the clock meeting and war room like effort .. then nobody could have complained or as much.
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Old December 29th, 2016, 07:04 PM
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Re: Will property prices in India go down after demonetization ?

This was a lunchtinme Desi discussion. Concerns on whether NRIS would have to land up in India to get a Passbook.
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Old December 31st, 2016, 08:46 AM
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Re: Will property prices in India go down after demonetization ?

Quote:
Originally Posted by sarv_shaktimaan View Post
I think benami property law will be better than even demonetization if done properly .. Modi better do a great job with this one.

Demonetization went average I think despite all the benefits and even long term effects.. Finance ministry didn't go extra mile in helping people. Jaitley should have done round the clock meeting and war room like effort .. then nobody could have complained or as much.
There would have been complaints no matter whatever FM/PM had done. The big thing is PM didnt chicken out like in Venezuela.
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Old January 2nd, 2017, 06:47 AM
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Re: Will property prices in India go down after demonetization ?

Property prices won't go down much because the costs won't go down. There may be some correction in the prices, the investors may shift away from the Tier 1 cities (specially considering the interest subvention announced by the PM). But I don't see much of a downturn.
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