After the actions of the government already working towards the end of corruption, the declaration of ban on Rs.500 and Rs.1000 currency brings a revolution in the country. It is marked to be the ultimate step to wash out the stumps of corruption from our nation.
The panic is felt in every vain, even the common man is puzzled about the situation. Meanwhile, the prediction is that this step of government is going to hit the real estate market the most.
Which is true.
But what people don’t know is that there is always a new day. “As a sector that’s known for menace of black money, real estate is now likely to move towards improved transparency.”, a statement by JLL India in its report. And to see the bigger picture or the long-term picture of the real estate industry, the sun will shine soon after the doom.
Investing in real estate is going to benefit in the near future.
- Reduced prices
Shishir Baijal, Chairman & Managing Director, Knight Frank India pointed (in one of the interviews), “Prices coming down to more reasonable levels in the residential property market cannot be ruled out.”
The best advantage of this is that the land prices would fall gradually as the transaction of the money for land acquisition will only involve accountable money. Which will indirectly bring down unit price. It is going to benefit the end users’ utmost.
- Increase Transparency
With the RERA plan coming into action in every state, the traction in authorized money is going to bring immense comfort to the investors and home buyers. It will not only ease their legal transaction but also will increase the transparency between the developers and the buyers.
- Responsible Real Estate
Most of the reputed developers do not deal in cash transaction; these developers have always engaged in responsible business. Hence, in turn, this government act will encourage the other developers to increase the accountable deals.
So, ease your alarmed minds because your money is going to be safe with real estate.