Dubai property developers planning a sales offensive in India have suffered a setback as investors from the country reassess plans in the wake of demonetisation.
It follows a move by the government to remove large denomination notes in a bid to tackle the black economy.
That cast a cloud over the Dubai Property Show in Mumbai this weekend, as developers expressed their concerns about the impact on Indian investor sentiment.
Nakheel was focusing on promoting its twin-tower Palm 360 luxury hotel and residential project on the Palm Jumeirah, where homes are expected to be priced at up to US$5 million when they go on sale next year.
Mr Manchanda said it would be “naive” to think demonetisation would not have an impact on business that would be generated at the exhibition