The RBI has asked people not to panic and deposit their Rs 2000 notes at banks until 30 September. Neither land nor luxury housing will be impacted in any significant manner.” If anything, it will bring more transparency to the resale market. As Prashant Thakur, senior director and head – Research, ANAROCK Group, told Moneycontrol, “This move on the Rs 2,000 note is a clear indicator that the government wants to further tighten the noose on unaccounted money. This is because the use of black money or unaccounted cash in land deals has reduced drastically since demonetisation. However, overall, there won’t be much change to the real estate sector. Also, the impact would be more in the secondary market rather than the primary market.”Īnother real estate broker said that some may even decide to deploy these notes in the purchase of commercial properties in Tier 2 and 3 cities from developers who may charge a premium for absorbing the currency. According to real estate brokers and experts, people may opt to use their Rs 2,000 notes either to purchase land in small towns or buy residential stock from the real estate market.Ī real estate expert told Moneycontrol, ““One may witness a spurt in land deals going forward in upcoming locations and even in ready-to-move-in inventory held by builders. While many sought the gold route to offload their Rs 2000 note, there are some who are looking at land as another option. The demand isn’t like 2016 because it’s not a note ban but a slow phase-out of the (Rs 2,000) notes,” he told NDTV. “There’s no huge rush, only a marginal increase in customers. However, the national secretary at India Bullion and Jewellers Association Ltd Surendra Mehta said there was no yellow gold boom. There’s time.”Īlso read: India scraps the Rs 2000 note: Will this affect the economy? The premium has gone up since Friday evening when the announcement came, but I think it will come down in the next few days. The Economic Times reported that on Saturday, in Mumbai’s Zaveri Bazaar, gold was being sold for around Rs 67,000 (per 10 grammes) when paid for with Rs 2,000 notes, compared with the official rate of Rs 63,800 (including GST).Ī source within the market told The Economic Times that the boost in sales would be temporary. There have also been reports of jewellers charging a premium on the precious metal for accepting the currency note that will soon go out of circulations. Kailash Mittal, president of Jaipur’s Sarafa Traders Committee was quoted as telling Hindustan Times that the gold jewellery market has picked up and business had risen by 20 per cent.” In Kolkata too, there was a rush of people at jewellery stores over the weekend, with people buying jewellery and gold in cash. Speaking to Hindustan Times, he said, “The sale of bullion has shot up after the withdrawal of ₹2,000 currency notes was announced.” He further stated that traders were selling gold and silver at 10 per cent higher rates to those paying with Rs 2,000 notes. Vinod Maheshwari, a bullion dealer at Lucknow’s Chowk Sarrafa market, echoed similar sentiments. The RBI has announced for withdrawal of Rs 2,000 currency notes from circulation. A customer gives Rs 2,000 rupee currency notes to the shopkeeper at a jewellery shop in Mumbai. Footfalls at jewellery stores have increased – in some places, almost doubled.Īccording to Siddharth Jain of Jambu Jewellers at Chowk Sarrafa in Kanpur, there was a 10 per cent to 20 per cent increase in the sale of jewellery since Saturday and he anticipated the demand to remain high until September – when the deadline for the Rs 2,000 note comes closer. (This pink note has created havoc since morning).” The scene was similar elsewhere in the country too. In Noida, a salesman at a jewellery store was quoted as telling Times of India, “Subah se yeh pink note ne tehelka macha diya.
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