Demonitsation Realty: Buyers on pause
Synopsis
Real estate market receives blow because of demonitsation Buyers have asked their brokers to hold their deals No more cash payments, only cheques
One of the biggest industries that have been hit withdemonitsation drive has been the real-estate sector.
The Economic Times reports that the clients have asked their property brokers to hold off on their deals for the moment. Buyers have asked sellers to accept the now defunct ₹500 and ₹1000 notes, but there are no takers. Instead, cheques are being sought after as opposed to hard cash.
This is evident with a drop in inquiries as property brokers have pointed out. “investors have adopted a wait and watch policy, a Bangalore-based independent property broker, BM Pounacha, told Economic Times.
This is yet another blow for real estate who’ve witnessed a slowdown over the last year thanks to a liquid cash crunch and delays in projects.