The owner of Piramal Group, Ajay Piramal has said that the demonetisation move will affect Realty sector not as big as it is being made out to be.
Commenting on the impact of demonetisation drive imposed by PM Narendra Modi led NDA government, businessman and owner of Piramal Group, Ajay Piramal has said that the move will affect realty sector not as much as it is being made out to be. The sector is unlikely to see a major fall in realty price, CNBC-TV 18 quoted him as saying. Further expressing his views upon the note ban policy and its effect on realty sector, Piramal said, Real Estate Regulatory Act will have a bigger impact on real estate than demonetisation ever will.
The sudden ban of Rs 500 and Rs 1,000 currency notes by the Prime Minister slowed the ongoing real estate projects due to unavailability of cash, but experts are of the opinion that the move will pave the way for a cleaner and more transparent real estate industry in the years to come.
Recently, Ajay Piramal-led Piramal Enterprises Ltd (PEL) announced that its subsidiary Piramal Finance Ltd will apply to the National Housing Bank (NHB) to incorporate a housing finance company.
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In the past one decade, Piramal Group has effected more than 20 acquisitions and partnered with global companies including Vodafone, Merck, Abbott amongst others. Even the Fortune magazine has put up teh grou in its 50 largest corporations across India list.