The number of property registration has come down in Mohali since the government declared currency notes of Rs 500 and Rs 1000 illegal. Experts said that the number of property registrations may further come down in the months to come.
According to the officials of the revenue department, the number of sale deeds has decreased in all the three tehsils-Kharar, Mohali and Derabassi in the district. The district which is one of the biggest real estate market in the region is already struggling with a slump in the market.
According to officials, a total 251 sale deeds of properties were registered in Mohali tehsil in November this year while in 2015 total 315 deeds were registered in the same month in 2016. The officials said that there is a decrease of around 20 per cent in the registration of the properties.
In Kharar Tehsil, where many housing projects are presently underway also noticed a decrease in the registration of property sale deeds.
According to the officials, in November this year, a total 501 sale deeds were registered in the tehsil office while in 2015 in the same month total 698 sale deeds were registered with the revenue department.
In other real estate hotbeds Derabassi and Zirakpur, the revenue department also recorded a decrease in the registration of sale deeds. In November this year total 350 sale deeds were registered in Derabassi while 350 deeds were registered in the same month in 2015. In Zirakpur in November this year the number is registered sale deeds is 216 while in 2015 the number was 300.
G B Singh, a Mohali based property consultant while speaking on the issue said that the number of sale deeds shall come down in the coming few months as the demonitisation will further effect the sale and purchase of property.