Housing Ministry says home prices go down by 5-10% due to demonetisation

hardeepsinghpuriBy Accommodation Times Bureau


 Real Estate sector saw a sudden fall in price by up to 5-10 percent due to post-demonetisation, according to data shared by the housing and urban affairs ministry. There might a further price correction and the ministry is optimistic most of the non-serious players will dissolve soon, according to housing and urban affairs minister Hardeep Singh Puri said on Wednesday.

Claiming demonetisation had the maximum positive impact on the real estate sector; Puri said this had been one of the main hubs of parking black money. “There has been some correction in prices and the ultimate beneficiaries are the end buyers,” Puri added.

Many developers offered freebies during the past one year in the range of 5-7%. Due to the drop of 5-10 percent in property prices.

The ministry said, together, effectively the discount/ correction is expected to be up to 15 percent.

According to Puri the implementation of Real Estate Regulation Act (Rera), transparency in the sector and impact of demonetisation will bring a new phase where the ongoing projects will get completed. “Some states have messed up the issue of ongoing projects. But we are trying hard to push the case of genuine buyers,” the minister said.

“All the initiatives we have taken will have their impact. Many of the projects will get completed by the builders or by some other entities,” Puri told.

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