Realty sector still reeling from after effects of note ban: Economic Survey

Fresh challenges for a stressed industry

The sting of demonetisation is still hurting the real estate and housing sector, which is in the doldrums. From hitting a five-year low in residential property sales in the top eight cities, a measly 1.7 per cent growth in the construction sector last year as compared to five per cent in 2015-16, to challenges such as approvals of permits, rising debt levels and non-performing assets (NPAs), the second part of the Economic Survey of 2016-17 has presented a cautious picture of the sector.

According to the Survey, residential sales across the top eight cities in India fell to a five-year