Did demonetization affect the real estate business?
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Yes! It has already started affecting.Effects of demonetization on Real Estate in Indian Market:
- Rates have gone down, official government biding have seen downfall. For eg. earlier the Reserve price for XYZ was 1 Crore, which has now come down to 50 Lakhs.
- People who bought XYZ property in biding earlier have raised their hands to GIVE UP as they don’t have WHITE money to pay for it.
- Rates will come down in coming days, when there will be no transactions in BLACK and people will have to do all in WHITE which most people don’t have.
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Real Estate India majorly runs on cash transactions from people who pile up their undeclared money and invest it in property in India. It is a popular mode of parking idle and unaccounted money and a huge number of real estate transactions in India are either not reported or under-reported in order to avoid property transaction taxes.
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Demonetization decision taken by the government may put some effect on Real Estate like slow down its growth a bit but saying because of demonetization crashed the Real estate market is absolutely wrong and Real Estate is the most safest way to invest in and give the assured result when you need .and according to me this is the best time to invest in Real Estate as right know it is under the slow process and you will find your desired location within your desired budget and as soon as the effect of demonetization get neutralized the slow process will get back to its normal graph of progression.
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