Bhopal unaffected by demonetisation
Though demonetisation has not affected the real estate market immediately, MP unit of Confederation of Real Estate Developers Association of India (Credai) says better days are ahead for the sector.
“Eight to nine months after demonetisation, I see great future for builders,” said Vijay Mirchandani, chairman of MP unit of CREDAI. “Huge amount of money lying idle is now reaching banks. The banks would have enough cash and will be forced to reduce the interest rates,” he said. According to him, there was a boom in realty bazar when the NDA was in power last time and interest rates had touched 7.5%.
CREDAI spokesman Manoj Meek said, “Though there is no immediate impact in the market, the CREDAI is expecting improvement in the coming days.”