Number of real estate developers in top 9 cities halved after note ban

Demonetisation, RERA and GST have helped consolidation in the sector

Real estate, housing, realtors
Representative image

The demonetisation of high value currency notes in November 2016 has had several positive outcomes for the real estate sector, especially for home buyers. While it put a check on the skyrocketing prices of real estate properties, the measure, along with reforms like the Real Estate Regulation and Development Act 2016 (RERA) and the Goods and Services Tax (GST), have forced the developers to consolidate. According to a recent report by real estate sector market research firm PropEquity, the total number of developers in the top 9 Indian cities shrunk by over 50 per cent by 2017-18. ...