Demonetisation brought down black money transactions, says residential price indices

The residential price indices for January-March, 2017 released on Monday by the Centre has revealed that transactions of unaccounted or black money has been on a declining trend.

Published: 11th July 2017 01:25 AM  |   Last Updated: 11th July 2017 09:15 AM   |  A+A-

A cashier stacks Indian currency notes inside a bank in Chandigarh, India. (File Photo | Reuters)

By Express News Service

The residential price indices for January-March, 2017 released on Monday by the Centre has revealed that transactions of unaccounted or black money has been on a declining trend. 

Slamming the critics of demonetisation, union urban development minister M Venkaiah Naidu on Monday said that indices for the last quarter of the financial year 2016-17 proved the critics of demonetisation wrong.

“The National Housing Bank (NHB) also collected data on land prices which showed that correction in land prices was taking place which again shows the declining trend in transactions of unaccounted money,” said Naidu.

NHB RESIDEX for January-March, 2017 revealed that price indices for residential properties based on actual market prices for ongoing construction prices have increased over the previous quarter in 24 of the 47 cities covered in the Index including in Jaipur, Chennai, Lucknow, Guwahati, Howrah, Hyderabad, Bidhannagar etc.

On the other hand, in cities like Delhi, Faridabad, Chandigarh, Patna and Nashik etc, prices have come down. 

The other component of RESIDEX called as HPI@Assessment Prices based on the information furnished by banks and other lending agencies showed that prices have increased in 27 of the 50 cities surveyed. 

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