The Economic Survey 2016-17 on Tuesday noted that the weighted average price of real estate in eight major cities, which was already on a decline, fell further after November 8, 2016 with the announcement of demonetisation exercise. Prime Minister Narendra Modi in November banned higher denomination currency notes of Rs 1,000 and Rs 500 to curb black money. According to the Survey, real estate prices could fall further, as investing undeclared income in real estate gets more difficult. However, tax component could rise, especially if GST imposed on real estate.
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