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MUMBAI: Following the government’s decision to ban 500- and 1,000-rupee notes, an investigation by Magicbricks Now across different locations in Mumbai has captured shocking revelations about the real estate sector. These formed the crux of the show, ‘Black in Demand’, on 28 November at 5 pm.
Examining the ground reality, the channel’s team of reporters had visited a number of projects, posing as home buyers, and met with several builders from the industry. The investigation reveals that the real estate sector continues to accept payment in black.
According to the investigation, the sales force of several developers offered discounts to customers if a certain percentage of the flat cost be paid in cash. On probing further, they offered customers a bigger time frame of payment extending until February next year if the payment was made in new notes. They were more than willing to accept the defunct old notes at a premium if payment was made in the next few days. The old 500 and 1,000 notes are being accepted at a daily spot trading rate that decides the premium on these notes.
Magicbricks Now airs investigative show ‘Black is Back’ on 28 Nov | TelevisionPost.com
Examining the ground reality, the channel’s team of reporters had visited a number of projects, posing as home buyers, and met with several builders from the industry. The investigation reveals that the real estate sector continues to accept payment in black.
According to the investigation, the sales force of several developers offered discounts to customers if a certain percentage of the flat cost be paid in cash. On probing further, they offered customers a bigger time frame of payment extending until February next year if the payment was made in new notes. They were more than willing to accept the defunct old notes at a premium if payment was made in the next few days. The old 500 and 1,000 notes are being accepted at a daily spot trading rate that decides the premium on these notes.
Magicbricks Now airs investigative show ‘Black is Back’ on 28 Nov | TelevisionPost.com