The secondary market is constantly considered to be a profitable choice for investors and homebuyers attributable to low property prices, as against the primary market. The dependency on cash factor is the primary reason for the secondary market to get impacted. This drive has huge drop of demand and enquiries because in the festive season, there was a heavy demand from buyers, fresh and resale property. Many buyers conducting project site visits. Real estate market was cheering with better sales volume owing to the discount announced by developers till Diwali. And resale market, sellers were getting huge benefits by offering their properties at good prices. Now, many homebuyers prefer to wait and watch mode till the overall sentiment improves. However, demonetisation drive which has hit hard the real estate market in the short term is required to pull down the business volume and demand the secondary properties. There are a few places in Delhi/NCR where the immense distinction has been seen between circle rate and market rates.
Mr. Pawan Jasuja, Director Finlace Consulting said that "Those regions where difference between circle rate and market rate is less will recover easily and see quick jump in sale purchase. This will also take place in affordable segment where circle rate are almost equal to market rate".
Overall, opinions in the secondary market look very bleak for next two to three months. However, this decision along with real estate regulatory law, GST and Real Estate Investment Trusts would further improve transparency and increase investor confidence in the real estate market. Further, this will encourage cashless transaction in the secondary market also which would mean every penny getting represented, thus eliminating corruption to a great extent.