Measuring the Efficiency of Indian Real Estate Firms During the Pre- and Post-Demonetization Period by Adopting Data Envelopment Analysis

Open access


Indian real estate segment has been one of the utmost affected segments of economy contemplating the changes in economic policies. The Indian economy experienced a radical change as an outcome of demonetization and the consequences are perceived on the real estate segment. The current study has been proposed to evaluate the efficiency of Indian real estate firms by adopting the technique of data envelopment analysis during the pre- and post-period of demonetization. The aim of the research is to understand the effect of demonetization on the performance of the Indian real estate firms during the post-demonetization period compared to pre-demonetization period. Eight real estate firms have been considered for the analysis. The firms have been ranked on the basis of the efficiency score. It is evident from the results of the study that there is a significant difference between the ranks of the firms during the period of pre and post demonetization; and it can be elucidated that the demonetization has an impact on the performance of the firms.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • Ajinkya B. Sujaan M. Harshet S. & Geetha I. (2018). Effects of Demonetization on the Real Estate Sector. Pacific Business Review International10(7) 85–94.

  • Arindam B. (2018). Measuring the efficiency of Indian cement companies utilizing data envelopment analysis during the pre and post-recession period. Serbian Journal of Management13(2) 201–213.

  • Ashima G. & Gagan B. (2017). Demonetization Impact on various Sectors. International Journal for Scientific Research & Development5(3) 1084–1085.

  • Ashwani. & Geethanjali N. (2018). Demonetization in India: An Impact Assessment. Journal of Business Thought9 11–23.

  • Beriha G.S. Patnaik B. & Mahapatra S.S. (2011). Safety performance evaluation of Indian organizations using data envelopment analysis Benchmarking: An International Journal18(2) 197–220.

  • Canan S. & Nazan E. (2012). Evaluating efficiency levels comparatively: data envelopment analysis application for Turkish textile and apparel industry. Journal of Industrial Engineering and Management5(2) 518–531.

  • Charan S. (2018). India since Demonetisation (IIMB Working Paper 567). Bangalore: Indian Institute of Management Bangalore. Retrieved from

  • Charnes A. Cooper W. Golany B. Seiford L. & Stutz J. (1985). Foundations of Data Envelopment Analysis for Pareto-Koopmans efficient empirical production functions. Journal of Econometrics30(1-2) 91–107.

  • Development India Real Estate (2018). Impact of RERA GST and Demonetization on the Real Estate Sector. Retrieved from

  • Geethanjali N. (2017). Demonetisation and its Impact (IIPA Theme Paper) New Delhi: Indian Institute of Public Administration. Retrieved from'%20Annual%20Conference%202017.pdf

  • Grmanová E. & Ivanová E. (2018). Efficiency of banks in Slovakia: Measuring by DEA models. Journal of International Studies11(1) 257–272.

  • Himanshu K. Ashwani K. & Zainab A. (2018). Impact of Demonetisation on Indian Economy: A Critical Study. International Journal of Management Studies5(2) 25–31.

  • Indian Brand Equity Foundation. (2019). Indian Real Estate Industry. Retrieved from

  • Janet M.W. & Daniel G. S. (2007). Stepwise selection of variables in data envelopment analysis: Procedures and managerial perspectives. European Journal of Operational Research180(1) 57–67.

  • Mansi K. Pallabi M. & Jolly S. (2017). A Conceptual Study on Impact of Demonetization on the Indian Real Estate. International Journal of Business Quantitative Economics and Applied Management Research3(11) 37–41.

  • Mostafa M. (2007). Modeling the efficiency of GCC banks: a data envelopment analysis approach. International Journal of Productivity and Performance Management56(7) 623–643.

  • Muthukumar V. & Shashikumar M. (2017) Study on the Impact of Demonetisation in Real Estate with Special Reference to Bengaluru. International Journal of Management and Social Science Research Review1(40) 80–83.

  • Pourjavad E. & Shirouyehzad H. (2014). A data envelopment analysis approach for measuring the efficiency in continuous manufacturing lines: a case study. International Journal of Services and Operations Management18(2) 142–158.

  • Radhakrishnan S. Selvan K.G. & Senthil Kumar S. (2017). Impact of Demonetisation on Construction Industry. SSRG International Journal of Economics and Management Studies4(1) 24–27.

  • Sanjeevkumar S. (2017). A Study of Impact of Demonetisation on Real Estate 3rd International Conference on Emerging Trends in Engineering Technology Science and Management (IETE) Institution of Electronics and Telecommunications Engineers (pp.233-239). New Delhi India.

  • Saxena P. & Saxena R.R. (2010). Measuring efficiencies in Indian public road transit: a data envelopment analysis approach. Opsearch47 195–204.

  • Smitha V. S. & Akshay N. (2018). Impact of Demonetisation on Selected Stocks of Real Estate Sector. International Journal of Research and Scientific Innovation5(9) 88–95.

  • Sridevi T. & Pragyan P.S. (2017). Demonetisation Policy: Its Impact on the Real Estate Sector. International Journal of Latest Technology in Engineering Management & Applied Science6(7) 120–124.

  • Staníčková M & Skokan K. (2012). Evaluation of the EU Member States Efficiency by Data Envelopment Analysis Method. International Journal of Mathematical Models and Methods in Applied Sciences6(2) 349–357.

  • The Economic Times (2019). Profit and Loss Accounts of real estate firms (P & L Accounts) Retrieved from

  • Tsou C.M. & Huang D.H. (2010). On some methods for performance ranking and correspondence analysis in the DEA context. European Journal of Operational Research203(3) 771–783.

  • Vaishali P. Aman K. & Sehrawat J.S. (2018). A Critical Analysis of Demonetisation in India: Its Success and Failure. International Journal of Research in Advent Technology6(5) 833–839. Retrieved from

  • Verma N. & Verma T.L. (2017). Demonetization and Possibility to Transform Real Estate Business in India. National Conference Organized by Department of Commerce in Dr. Harisingh Gour University Sagar Madhya Pradesh India. Retrieved from

Journal information
All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 135 135 27
PDF Downloads 99 99 21