After the successful implementation of Currency ban, Narendra Modi Prime minister is preparing for a huge decision which will end black money forever! The real estate sector will definitely be affected by the demonetization exercise, as it has traditionally seen a very high involvement of black money and cash transactions. However, almost all such incidences have been in the secondary sales market, where cash components have traditionally been a veritable 'must'. In other words, the resale properties segment will take a big hit.
Mr. Pawan Jasuja, Finlace Consulting said that which homebuyers take the home loans/finance route to buy their homes in the bank, and transactions are done through legal channels. So, peoples have no tension which takes loan from bank for property purpose. Therefore, there will not be any major impact on sales in this segment. But resale properties segment will take a big hit. Thus the property prices will become more affordable in the near future.
Drop in resale transaction, means boom in sale of new property. This could be made possible in as soon as the next six months. It’s a positive step taken in the right direction. Demonetization will have futuristic benefits for customers.