Modi Builders review: Investment via Bitcoins kills transparency
Modi Builders review Bitcoins as a hindrance for the Indian economy. The leading realtor believes that investments through cryptocurrencies can make the transparency redundant.
Modi Builders Group, a leading construction company in Hyderabad, doesn’t consider cryptocurrencies as a promoter of transparency in the economy. It believes that Bitcoins create massive challenges in the monetary procedures and complicates calculations. So far, RBI and the government doesn’t recognize cryptocurrencies as valid tender in India. Hence, Modi Builders presume a risk attached to the investments made in Bitcoins, for both investors and developers.
The Indian real estate sector has been facing a slowdown since demonetization. Because of that, numerous Indian realtors have started dealing in cryptocurrencies. However, Modi Builders review that Bitcoins encourage opacity in the real estate market. They have been serving quality and have worked with honesty since inception. So, they do not entertain investments via Bitcoins.
The Indian government has been taking steps for the removal of the opacity in real estate market. They have implemented various policies that include- Real Estate Regulatory Act (RERA), Goods and Services Tax (GST) and the Benami Property Bill. Demonetization has also been a major policy change that the government took for eradicating ‘black money’ from the economy. However, demonetization has been leading to an increase in usage of Bitcoins. Modi Builders, in their review, mentioned it as a source that boosts opacity.
One of their CEO, Sourabh Satish Modi said, “Cryptocurrencies only will make a rise in the already existing opacity in the real estate market. The cash flow in the market should be traceable, and Bitcoins are difficult to track at every level. Above all, such currencies are not even the legal tenders.”
Modi Builders have been effective in every venture. They are currently offering flats and villas for sale in Hyderabad and work within the permissible margins. Their finance analyst perceives Bitcoins as an initiator of massive challenges in the real estate market. He says, “I understand the way property is bought and sold in India. And based on that, I really feel that Bitcoins will only create more challenges in the Indian real estate. Rather, it would neither be beneficial to the developers nor to the buyers.”
Working strictly on self-constructed code of conduct, Modi Builders review Bitcoins as a risky business. They appreciate the transactions that are made in the currencies that are acceptable in the eyes of law.
CEO Pranjali Sourabh Modi said: “As crypto-coins operate independent of a central bank, we believe it would provide more challenges and very less benefits. It can cause serious problems to our buyers. They may face certain issues in the ownership or re-sale.”
Modi Builders Group in their review has been denying a foreseeable future for Bitcoins in the Indian real estate. Offering highly comfortable apartments in Hyderabad, they have been satisfying their consumers’ need. They understand and work on the belief that the real assets of the investors should be legal in every way.