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Indian real estate benefits from Modi's demonetization drive

Greater transparency through proper banking channels will boost market

| India

As five states in India go to the polls in February and early March, it marks the first public litmus test for Prime Minister Narendra Modi's government and its move last November to remove 500- and 1,000-rupee notes in a bid to crack down on corruption.

The bold step meant that, overnight, up to 86% of the country's bank notes were unusable. We've seen the reports and pictures of long queues outside Indian banks as people rushed to get their old notes deposited and receive new ones. The country was shaken by the abruptness and confusion of the process.

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