In the present scenario, the real estate industry is definitely going through a tough time. Even after two months of demonetization, the conditions are not stable with the demand going low and rates been greatly affected. With the ban of 500 and 1000 currency notes, the country’s economic condition has deteriorated. Even the GDP rate has gone down by 1% which clearly indicates the loss of about Rs 1,50,000 crore. Such huge losses can have a negative impact on the overall progress of the country as so many sectors have been influenced by demonetization. A big setback is for the real estate market which was already low and with demonetization things have become worst.
Despite of putting so many efforts, coping with the situation is nevertheless an easy task. The developers and builders have tried much to ensure that the projects are completed as soon as possible and delivered to the buyers. But unavailability of cash has certainly stopped them thereby affecting the projects to a large extent. This in turn has reduced the cost of the homes which in turn is another loss for the buyers. On an average the cost has gone down to about 10-30% which is favouring the buyers to book their homes.
But if we talk about the builder’s perspective, the conditions are not at all good. Before it was RERA and then it is the demonetization which is creating problems for them. The market was already fluctuating, sometimes high and sometimes but demonetization has made an adverse impact on it. The trouble of the developers is not over as RERA will be implemented soon and there are high chances to move the market. Though RERA comes with a lot of benefits for the builders as well as the buyers but still more emphasis or power has been given to the buyers so that they can trade smoothly and in a transparent manner.
In the coming months as well, such conditions are said to prevail. Though the prices of the homes may remain down but the experts believe that there will be no further drop. This is really a good sign as the developers can expect the demand to go up with the people showing interest in real estate as well. Till then both the buyers and the developers need to have patience to see how the market will behave in the coming time.
With time things will pace up and the market will grow with more buyers entering into the market.
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