Demonetisation has piloted many changes in Country especially in the market of Real Estates. For many conurbation aborigine, owning a home is always a obscure dream. Unaffordable real estate prices compel them to stay in rented properties rather. However, several events and trends taking shape now could soon turn that dream into a reality.
The government’s stupefaction move to cut down the flow of black money accumulators by ban of 500 and 1000 notes seems to have a cooler effect on certain things, especially the residential markets in India. This market can be considered as a hot market for the usage of black money. Most of the people in real estate industries argues to have hard cash as a component of cash payment.
NRIs have a ascendancy in luxury property market in India due to demonetization because Real Estate developers in most of the major cities of the country have exceptionally decreased the property rates, according to Singapore-based business analysts.
“Specifically, the luxury condominium range of property apartments has been badly hit given that one of the objectives of the current demonetisation move is to discourage all significant cash transactions,” said Gaurav Tijoriwalla, Manager, PwC Singapore.
There always been a special attraction for all the NRIs to buy luxury elements in the country, especially in the cities like Delhi, Mumbai, Pune, Banglore, and Chennai. Due to this, change it is been expected to get 15-25 percent change in property rates in the coming times. Property rates have significantly tumbled in the last month after the demonetisation.
Bangalore property registrations have dropped to about 200 per day, compared to approximately 1,800 properties before the move was taken, the experts said.
Mumbai is expected to see a 50-70 per cent slow down or may even go to a no transaction period.
India’s property enquiry portals, as observed by experts, have seen a significant dip, about 400 people per day asking from erstwhile number of 1,500-1,700.
This can be considered as a golden opportunity for all the NRIs to take advantage and explore to subsidize in opulence condominium residential apartments in India.