I just booked a 1BHK flat of 3200000(32 Lakhs) in Pune, I paid 50000 (Fifty Thousand) booking amount. Now I heared that

Q: How much rates will reduce in property in pune after note ban

yuwa, Pune

9th November 2016

Buying property in Mantra Ira, Undri, Pune

reduce cost

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Replies (2)

Hi Sunil and Anand.....
Transaction volumes are also expected to go down in the real estate sector in the near term and there will be tremendous downward pressure on prices, especially in land and secondary market transactions. Notes of the two denominations were being used in most cases for buying property. Investors with white money will adopt a wait and watch approach in the hope that prices will decrease further. Notes of the two denominations were being used in most cases for buying property. Investors with white money will adopt a wait and watch approach in the hope that prices will decrease further.

Shivshankar, Delhi-NCR

17th November 2016

Comment

Yes, because this decision is expected to push property prices, including land prices, down as investors will not be able to deploy their cash in real estate and thereby forcing builders to sell at lower prices.

Property markets will see around 25–30% correction in prices. Even builders who claim that they accept only cheques will also be forced to reduce prices given the market conditions around them.

anand modak, Pune

17th November 2016

Comment

I am agree with Anand......Apart from big property markets, tier II and III cities will be worst affected. The practice of investing unaccounted wealth is widely prevalent in real estate and the government’s latest decision is expected to make things difficult for developers. There is bound to be a downward pressure on prices of everything including real estate. This can be a good opportunity for end users to buy their dream homes.

Sunil Joshi, Mumbai

17th November 2016