Realty stocks bleed on Govt's black money crackdown

| Updated: Nov 09, 2016 16:33 IST

New Delhi [India], Nov 8 (ANI): Everyone from the common man to Dalal Street experts lauded the government's ban on Rs. 500 and Rs. 1,000 notes. However, the move is expected to hit many sectors such as real estate and jewellery, where cash transactions are widespread. Sectors like real estate and jewellery that use more of black money will take a big knock after Prime Minister Narendra Modi's massive crackdown with the withdrawal of Rs. 500 and Rs. 1,000 notes. Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move. Shares of leading realty companies like Godrej Properties, DLF, Indiabulls Real Estate, Sobha, Oberoi, HDIL and Unitech were down 12-15 percent. Many brokerage firms like IDFC Securities feels luxury real estate and land prices could correct near term, though it may be a positive over the long run. (ANI)