Post ban, Noida’s real estate, industrial sectors badly affected

The government’s decision to demonetise Rs 500 and Rs 1,000 currency notes has come as a shock for everybody. Particularly, Indian industries and the real estate markets have been adversely affected by this decision. The impact was clearly visible across Noida with people facing inconvenience in buying daily essential goods and in commuting in auto-rickshaws and taxis. All over the city, long queues were witnessed at petrol pumps where they put up a notice regarding shortage of smaller denominations and people were asked to refill fuel with Rs 500 and Rs 1,000 currency notes.

Vipin Malhan, president, Noida Enterprises Association said: “This decision has put the industrial sector in trouble. Businessmen are facing problems in transactions and dealings with one another.” 

Even the Metro stations of Noida refused to take the abolished currency because of which passengers faced inconvenience at the stations during morning hours. The notices from Metro stations were removed as it was announced that old-high denomination notes will be accepted at Metro stations till Saturday. 

Kanica Dhar, an HR professional, claimed: “The Metro people refused to accept Rs 500 notes even after the government announced that DMRC should accept them.”

Harried crowds are exploring various options to get smaller denomination notes to survive for the next two days. People were found making more than 4-5 transactions at ATMs of Rs 400 so as to get maximum number of Rs 100 notes. Now, the worry is that the realty market, which is already witnessing low sales, may come to a standstill for some time, till there is clarity over circulation and transaction of the new currency and its withdrawal limit from banks.