Developers accused of wrongdoing have seen their shares tumble, even as the main property index has surged this year.The changes may wipe out thousands of small developers who can't comply, according to property consultancy Liases Foras Real Estate Rating & Research Pvt. "Now developers won't be able to misuse and siphon money in the manner they did in the past. Property prices have also taken a hit since the currency ban and home prices may decline 20 percent and land prices could plummet as much as 25 percent, according to analysts' projections. "With the law kicking in, the time has finally come for homebuyers in India to breathe free and invest confidently," Puri said. "No more will unscrupulous smaller builders, or even larger organized developers, be able to take buyers for a ride."

Source: Economic Times May 03, 2017 04:43 UTC