Even though the immediate impact of demonetisation on the real estate sector in the country has been negative, there are many favourable changes that are happening in the real estate market in recent times. With demonetisation and the new rules imposed by the Government, the sector is going through a sea change.
Prior to demonetisation, cash transactions were rampant in the real estate market in many parts of India. However, demonetisation, aimed at reducing cash transactions and bring regularity in all the sectors had a tremendous impact on the property market in the country. Even excellent properties like VTP Blue Waters saw a dip in its prices.
Since demonetisation, there has been a serious dip in the number and volume of real estate transactions. However, experts believe demonetisation will be good for the real estate sector in the long run since it will prevent dubious transactions and bring in more legality into the system. Read more to know about the impact of demonetisation on different aspects of real estate.
Impact on Property Buyers
Demonetisation has cleaned up the black money from the real estate sector and prospective buyers can heave a sigh of relief. Real estate prices have become more realistic today and property buyers can look forward towards getting a better deal from the builders. Also, with new Government policies, the buyers are assured of security on their property investments.
Impact on Property Developers
Demonetisation has weeded out the spurious players and only the genuine developers are left in the market. With new regulations introduced by the Government, the developers can expect to make realistic profits from their future projects. Also, there are strict controls on the property developers in terms of handing over of finished apartments and the timelines set for them.
Impact on home loan rates and its availability
After the initial lull in the real estate market due to demonetisation, the market is slowly picking up. The home loan interest rates have fallen, and banks are keen to offer more flexible and affordable finances. This has empowered the real estate buyers to avail home loans at competitive interest rates from their choice of lender.
For instance, you can opt for Home Loans from Bajaj Housing Finance Limited. Apart from offering high-value finances at competitively lower rates of interest, it also provides many exclusive features and benefits such as doorstep services, property-search assistance, and hassle-free documentation.
Market predictions
The western part of India has emerged as the largest growing real estate market of the country. With many ongoing metropolitan projects such as new airport in Navi Mumbai, Pune Express Highway etc., the property prices are set to soar up further in the upcoming years. This means that it’s a good time to invest in properties in cities like Pune and Mumbai.
If you’re looking for affordable property in Pune, you can visit VTR Blue waters at Mahalunge. It offers affordable houses with close proximity to Hinjewadi, Aundh, Wakad and PCMC. The project also offers amenities such as swimming pool, gymnasium, outdoor play area, indoor play area and so on.