Demonetisation Hits Real Estate; Sales, Inquiries Dip | Read

25-year-old Ram Naresh came to Mumbai 10 years ago and has been a construction worker ever since. But the last one month has been a trying one for Ram and his family. Since demonisation, the daily wage labourer's income has dropped to a third of what he was earning before. "We need at least Rs. 6,000 per month to survive but ever since demonetisation, we barely got Rs. 2,000-2,500 this month. What will we eat?" asked Ram Naresh. Most of the labourers at Ram's site work for daily wages. With no permanent address listed under their names and since they don't hold bank accounts, they can accept payments only in cash. This has rendered them helpless. Their employers are also facing retention issues. With daily withdrawal limits falling short, paying wages has become nearly impossible.