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A week after demonetisation, secondary property markets in the Mumbai Metropolitan Region (MMR) and theNational Capital Region (NCR) — the country’s top two real estate markets — have come to a standstill. Sales in the primary market have halved, brokers and developers told Business Standard. Prices have remained stagnant as no deals were happening, they said. “Nobody is buying. They are in a standby mode,” said Ankush, a property agent in Vashi who deals with properties in Navi Mumbai, one of the biggest property markets in MMR. “Prices have not started moving yet.”

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Sandeep Runwal, director of Mumbai-based builder Runwal group, said: “People are studying their positions and exchanging currency. Sales have come to standstill. We are in wait-and-watch mode.”

Experts said prices of builder floors and flats in Delhi’s Chittaranjan Park, Punjabi Bagh, Greater Kailash have all gone down by almost 25 per cent. “In Delhi, 70 per cent of the customers deal in cash and the rest in other ways. We have seen a major dip in that 70 per cent, as people have stopped doing any sort of transaction,” said Ramesh Khanna, president of Rajouri Garden main market association.

Online sale, rentals as well as enquiries have also taken a major beating. But players in this space said prices of rentals and property prices have not gone down on their portals. “We have definitely seen a dip in traffic. Sales have been hit hard as well. However, it is too early to say that the property prices and rentals have gone down,” said Hitesh Oberoi, managing director and CEO of Info Edge. In Thane, another big resale market in MMR, brokers said the situation was same as in Navi Mumbai. “There are no buyers and sellers are ready to negotiate further as they want to clear stocks,” said Tariq Siddiqui, a prominent broker in Thane…

To learn more about how demonetisation has affected India, get the full book here: https://goo.gl/BYpwis

 

 

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