Realtors see no rush as cash at play is a small amount now

Posted on:
Key Points

However, it is unlikely that sales momentum will be significantly affected solely due to this change, as many developers are already inclined to avoid transactions involving substantial cash components...

Land transactions, especially in small towns and peripheral areas of large cities, may witness some uptick, as suggested by a marginal rise in enquiries for the same so far, the experts said...

Following the demonetisation in 2016, the cash component in real estate deals has come down across key property markets, and several developers have intimated their channel partners not to encourage transactions involving large cash dealings...

"One of the biggest deterrents has been the gap between market and ready reckoner rates, which has been narrowing further in many micro-markets, allowing less room to accommodate cash in property deals," said a Pune-based realtor...

According to brokers, withdrawal of the Rs 2,000 currency note was widely anticipated as the banks had already either reduced or stopped tendering these notes for a long time, and this also helped the property market clock higher sales in recent months...

You might be interested in

Phone retailers cash in on note withdrawal as sales show uptick

26, May, 23

Smartphone shipments recorded its worst yet decline of 19% in the first quarter of 2023, as per Counterpoint Research which said it was the third consecutive quarterly decline. The research firm noted a change in consumer behaviour, with demand getting concentrated around promotional periods.