Chandigarh: ‘Post demonetisation, most property deals couldn’t materialise’

As per records with the revenue department, where there were 127 sale deeds between October 8 and November 8, there were only 91 sale deeds between November 9 and November 30.

Written by Hina Rohtaki | Chandigarh | Published:December 10, 2016 1:57 am

Post demonetisation, there has been a dip of around 30 per cent in the registration of properties in Chandigarh.

As per records with the revenue department, where there were 127 sale deeds between October 8 and November 8, there were only 91 sale deeds between November 9 and November 30.

The sale deeds include both leasehold and freehold properties. Amaninder Singh, Tehsildar at the Revenue department said, “ On an average around 130 properties are registered every month. There has been a downward trend this time.”

According to those who deal in properties, as people did not have much cash in hand post demonetisation, most of the deals could not materialise.

“People neither had much cash in hand nor the sellers wanted to accept the demonetised notes. Also, because the rates of the properties dipped, the sellers too did not want to go in losses and some deals may not have materialized,” said JK Bedi, a property dealer based in Chandigarh.

Bedi said that the real estate will remain affected for around six to seven months and things will resume to normal soon.

Mangat Rai, another property dealer said that there will be hardships but the decision of demonetisation will cleanse the real estate sector.

The revenue department has been asked to keep a check on registration of properties ever since the demonetisation of 500 and 1000 notes was announced.

According to some estimates, prices in Chandigarh have already fallen by around 35-40 per cent. “As the prices have dipped, some of the sellers are not even interested in going in for any deals as of now. On the other hand, buyers are finding it the right time to afford a house,” said Vishal Sharma, another property dealer.

For all the latest Business News, download Indian Express App

  1. No Comments.
Express Adda