- Note Ban and Impact on Real Estate.
The aim of demonetization was to eliminate use of unaccounted for cash in real estate transactions. After almost every 100 days, there has been a shift in buyer demand as well as launch of new projects, leading to rationalization of real estate prices, making housing more affordable.
- Resale Market Trends
Demonetisation has significantly impacted the secondary market where properties are resold by an original allottee to a prospective buyer. Due to restrictions on cash transaction, the seconds market is likely to react by loading the tax liability of the seller on the sale price of the property, unless it is a distress sale.
- Fallout on Primary Market
The removal of almost 86% of currency in circulation, initially led buyers to defer their decision to purchase a house but now with more clarity after Budget 2017, the market is slowly picking up.
- How have Developers Reacted?
Most developers have deferred new launches and are concentrating on execution of existing projects. They are also offering no EMI for a few years, lower EMI schemes or cash discounts to attract users.
- Demonetisation and RERA
Demonetisation and subsequent remonetisation may prove to be a challenge for the real estate sector, which is gearing to comply with norms laid down in real estate Act 2016. A report real estate sector – Post Remonetisation and real estate regulation by RICS says that while these measures will ensure transparency and enhance affordability for buyers, they may increase operating costs for the sector.
Source: htestates 25 feb 2017
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