Government's Black Money crackdown; CNX Realty tanks 17 %
DSIJ Intelligence / 09 Nov 2016
After the Modi led government announced a revolutionary clampdown on black money and illegal money hoarders, as Rs 500 and Rs 1000 was declared illegal from Wednesday, November 9, 2016.
After the Modi led government announced a revolutionary clampdown on black money and illegal money hoarders, as Rs 500 and Rs 1000 was declared illegal from Wednesday, November 9, 2016.
One of the biggest loser of this major development is the Real Estate sector wherein it is estimated that large amount of black money exchanges take place. Illegal money is also used by people to convert in to legal money by buying property or land.
Real estate sector would also be affected as projects are expected to get delayed further due to cash related issues for the developers.
Reacting to this big news, CNX Realty index is trending down by more than 17 per cent in trade to hit an intra-day low of 165.
Biggest losers were:
DLF- 24 %
Indiabulls Realty- 23 %
Delta Corp-21 %
HDIL- 20 %
Oberio Realty- 15 %
It is expected that pressure would remain with respect to the whole sector; however, in the longer term it will bring in more transparency into the sector.
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