Want to know how much approximate price percentage will reduce after note ban

Q: I just booked a 1BHK flat of 3200000(32 Lakhs) in Pune, I paid 50000 (Fifty Thousand) booking amount. Now I heared that real estate prices will reduce because of note ban by Government, So do I have to cancel the booking. And if prices will reduce, How much percentage it will reduce?

yuwa, Pune

9th November 2016

Buying property in Mantra Ira, Undri, Pune

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Replies (2)

Hi friends,
And i am very sure there will be little or no transactions in land, commercial spaces and sale of residential units in the resale market (secondary) for the next 3-months following the government’s decision to ban Rs 500 and Rs 1000 notes.

Yogendra, Bangalore

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

@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