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Demonetisation and real estate: Resale luxury market comes to halt

Flats priced Rs 5-10 crore are considered premium in Mumbai and those above Rs 10 crore luxury

Raghavendra Kamath & Karan Choudhury  |  Mumbai/ Delhi 

The resale market for luxury properties has come to a halt after the government banned high-value currency notes earlier this month. “Demonetisation has hit both primary and secondary luxury property sales,” said Shishir Baijal, chairman and managing director, Knight Frank India. “Because of the extent of cash involved in resale, it is impacted more,” he added.  “Any sale of luxury properties takes two to three months to conclude. We have not seen any buyers backing out yet,” said Kamal Khetan, chairman and managing director ...

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