Last year on November 8th 2016, the Government introduced demonetisation via the overnight removal of Rs.500 and Rs.1000 currency notes in the economy. The aim of the exercise was to reduce the prevalence of the shadow economy and drive individuals and businesses towards an increasingly accountable existence. Policy over the last year, has focused on enhancing transparency, on urban development and housing, on transactional vigilance, on digitisation and on reducing the objections to doing business.

The real estate sector in India that has been traditionally unorganised and fragmented has had a particularly transformative year. The sector is moving into a tightly controlled and regulated industry. The introduction of RERA and the GST this year, coupled with initiatives such as REITs, The Benami Transaction Act, Demonetisation, has set the stage for added transparency and accountability across all companies operating in and affiliated with the sector.

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