NOIDA: There has been no impact of the demonetization of bank notes worth Rs 500 and Rs 1000 on the primary real estate market. The NCR wing of Confederation of Real Estate Developers Association of India (Credai) informed media that buying, selling of property, builder-buyer transactions have not affected by the ban as they are all made either through fund transfer or via cheques.
“There is a perception that Real Estate market was affected on Wednesday morning because of the cash flow crunch, but the buying-selling department was not affected at all. All transactions went smoothly and business was fine,” NCR Credai, president, Manoj Gaur told TOI.
The cash exchange is more rampant in the secondary market of real estate where values are exchanged between the builders and the vendors. It is in this segment that cash exchange is more prevalent. “While most of our transactions are cash free now, this has been a boon for the real estate industry. We see very good long term prospects emerging from this for the real estate industry,” Gaur added.
“It is great for the country and the industry in the long term. Will give some short term pain, but all for greater good,” Saacketh Chawla, deputy managing director, Colliers International India, said.
Credits ET Realty