CREDAI chairman Irfan Razack said in a press meet Bengaluru is one of the least affected cities after demonatisation , the reason being the market here has predominantly been transparent and cash transactions are almost negligible . CREDAI said that the realestate in Bengaluru mostly driven by salaried class in the IT and ITes sector and all such transactions happens through banking channels. The association downplayed the role of cash in realestate in the city.

The expectation that real estate prices will come down in Bengaluru market due to demonetisation is mere exaggeration as there is no real basis for this.Razack also said the demonetisation announcement would help small but organised players get a fair and level playing field, giving rise to healthy competition and high quality delivery of projects.

CREDAI Bengaluru and Sobha Limited Vice Chairman and Managing Director J C Sharma said demonetisation is a good step and would not have any negative impact on the real estate industry here, barring this quarter.