Demonetisation to have no effect on real estate prices, best time to buy: CREDAI

Kolkata: Claiming that the demonetisation of Rs 500 and Rs 1,000 notes will have no bearing on the real estate sector in India, an office-bearer of a national body of developers/promoters on Thursday said the sector will rather move up.

"Transactions in real estate in the primary market are above-board. I don`t think it (demonetisation) is going to affect the (real estate) prices. The real estate (sector) will rather move up and up and it is the best time to buy now," Nandu Belani, President of the Confederation of Real Estate Developers Association of India`s Bengal chapter, said here.

"There is a lot of fear in the market as far as real estate is concerned. But our members should not be worried," he said while speaking at the 9th Bengal Realty Expo 2016.

Welcoming the Real Estate (Regulation and Development) Act, which protects the interest of home buyers, Belani said: "As far as RERA is concerned, we are in talks with the government. New rules would be announced soon."