MUMBAI, 09 NOVEMBER 2016: Prime Minister Narendra Modi on Tuesday night (08 November) announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight i.e. 09 November 2016. This effectively is a major assault on black money, fake currency and corruption, is good for the economy and real estate - we welcome the move, said Niranjan Hiranandani, CMD, Hiranandani Communities and Founder-President NAREDCO (Maharashtra).
"For Indian real estate, the Narendra Modi Government's moves on RERA and GST were aimed at bringing in transparency and rationalize taxation, but this move – demonetisation of 500 and 1000 rupee notes - is clearly one that will fight black money, corruption and terrorism. It will not just ensure more credibility for the industry, but also in effect, make Indian real estate more attractive to global investors," he concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.