Our Prime Minister’s far reaching and much appreciated move to withdraw the 500 and 1000 tender has ruffled quite a few feathers in the real estate industry. However common wisdom implies that this move shall go a long way in making the industry more accountable, dynamic and transparent thereby bringing in greater trust and brighter light into the real estate industry.
If anything, home seekers looking to own luxury apartments from renowned builders are known to be the most unaffected. Says Narasimha Raju, a renowned property advisor in Bangalore, “This move is indeed a dampener to a few players in the secondary market but the primary market should be feel quite encouraged as most transactions are online or through bank loans”
How much of a benefit this move will make to the common man can be ascertained only after a brief period from now. In the present context however, it is to be observed that more and more investors are seeing an abundance of opportunities to target the primary market for luxury apartments as well as the mid segment houses.
While the prices of land and ready to move properties in Bangalore are expected to go down quite naturally given that investors will be expecting a lesser demand and interest from conventional buyers who played in the market, there is a beacon of light for the first time home buyer as speculations are rife that price trends may come down from 10 to 30 percent in the near future.
While the whole world has take note of this massive step India has taken, foreign investment into Indian Real Estate is said to go up many a notches especially considering the the fact that there is greater credibility and a straight face about the Indian real estate in quite a contrast from all these years when it was frowned upon, thanks to many a factor which now seem shrugged off and out.
Though it might have ruffled some feathers for now, the hope and encouragement this move has brought in should make the real estate industry a much more friendly and exuberant one in the coming times. Good times certainly.