Real estate prices may be eased in Goa

Prime Minister Narendra Modi’s “bold” decision to demonetise high denomination notes with immediate effect, will dissuade real estate speculators from investing black money into land in the coastal State, where real estate prices have sky-rocketed in the recent decade, a top BJP official has claimed.

Addressing a Press Conference in Panaji at the State Bharatiya Janata Party headquarters State president Vinay Tendulkar also welcomed the “bold” move by Modi, claiming it would send shockwaves down the spines of those habituated to dealing in black money. “Earlier, some people used to invest their black money in Goa. That will stop with the demonetisation decision,” Tendulkar told reporters here.

Black money invested in real estate along the coastal fringes of the State and the resulting escalation of real estate prices, has been an issue which has been raging in the State for a decade. A Government committee had some years back even toyed with the idea of a non-occupancy tax on second homes or closed homes in the State, which had been purchased as investment by buyers.

Real estate prices shot up in Goa, almost on the lines of those in metro cities, in the recent past, with aggressive marketing of second homes, by real estate promoters, to the wealthy investors outside the State. Tendulkar now claims that Modi’s move would help Goans to buy real estate, which he said was otherwise out of the average resident’s reach.

The top State official also said that Modi had shown his vision as well as boldness by coming up with a landmark decision. “Hoarding and corruption will decrease. Therefore we congratulate Narendra Modi for this brave decision,” Tendulkar said.

The de-monetisation drive has also found appreciation from Congress leaders in the State like former Union Minister of State for law Ramakant Khalap. “De-monetisation of Rs500 and Rs1,000 notes is a bold and revolutionary steep. I am elated. I welcome this step. This step will crush money. But why should there be new Rs.2,000 notes,” Khalap has said.

Credits The Pioneer

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