According to Pankaj Goel, Secretary, CREDAI-NCR, “The Union Government initiated the move to demonetise high value currency notes previous year, which impacted more or less almost every industry in India. As far as the real estate sector is concerned, the commercial market remained unaffected by demonetisation. Sales volume in the secondary residential market, especially in the luxury segment were bit impacted, but now the market has revived up to a good level. Now-a-days, sales volume for the residential market has increased in the suburb of Delhi-NCR. The transaction in the mid-segment and affordable housing remained less impacted and buyers preference remained tilted towards the ready-to-move-in units. Moreover, the implementation of security measures like RERA and GST has transformed the real estate transaction, which has boosted the sentiments of homebuyers”.
According to Saurabh Jindal, Joint Managing Director, SVP Group, “The residential market have witnessed dramatic fluctuations over the last one year, due to reasons like demonetisation drive and other key legislations implemented by the centre. In the beginning, there was scarcity of cash flow in the market, and hence, large number of buyers went off the market. But this resulted in the reduction of property prices, thereby benefiting home buyers. The start of the financial year 2017-18, market get boost and if we talk about the current scenario the sale volume has increased to a good level, so the overall impact of demonetisation was lesser for real estate. Home loan interest rate has been reduced by the banks which is further making an ideal situation for end-users.”
According to Deepak Kapoor, President, CREDAI Western UP, “It has been a year since demonetisation was announced on November 8, 2016, and its wave seems to have settled down and the prospect for the residential market looks promising. During the last one year, apart from notebandi, the realty segment also witnessed several significant policy reforms, such as the implementation of RERA and GST which together impacted the industry. If we talk about in the first few months of post demonetization – there was temporary slowdown in the overall sales volume. However, a year after the move, realty market seems to be picking up, on the back of several amendments and low home loan interest rate. Builders fraternity is hopeful as the market movements indicates that there would be price correction in the residential market in next two to three months as the industry is getting boost by cleaner sources of fund raising.”