No Cash For Curry

article

Demonetisation has severely hit the sentiments of the real estate sector. People and experts both are expecting steep price cuts as correction. But things seem to be shaping up otherwise

VIKAS KUMAR

VIKAS KUMAR

Journalist with more than 15 years of experience. He has worked as a Special Correspondent in The Sunday Indian and as Assistant Editor in NewsBench

No deals are happening. We have a large inventory of unsold flats. The propensity of people for buying flats has substantially decreased,” says Raushan Prakash, a mid-level builder in the Noida region of NCR and Director of NewTech Group while talking to Parliamentarian magazine.

“The number of queries has substantially gone down, as people are now in the wait-and-watch mode after the Modi government scrapped high-value notes.” he further said.Though all sectors of the economy have been severely affected, but the real estate sector has been the worst hit, since the proportion of cash in the economy is proportionately higher in this sector.

Future Tense

So how will this policy of demonetisationaffect the real estate sector? Will the prices of flats go down? Should they wait for some more time, as a course correction may be imminent? The answers, unfortunately, are not simple,nor easy.And it may not also appease those sitting in the government.

Though most real estate observers admit that the policy of demonetisation has slapped the sector, opinions about the extent of the impact is largely divided. The impact, in fact, can be actually more damaging than anticipated.

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