Demonetisation has brought out the black money held with the hoarders and that has resulted in decreasing the purchasing power. This has made investing in property as an intelligent option. Due to the decrease in the purchasing power, the cost of real estate has come down drastically. Experts opine that at least a 30 percent decrease in the land value is expected in the next 6 months to an year.
The recent property show held at UAE has seen almost all the top real estate developers participating. This has paved the way for the NRIs to invest in property.
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“For NRIs residing in the UAE, the Indian Property Show is more than just a real-estate exhibition,” said R Srividya, General Manager Corporate Sales and Brand Engagement, Indian Property Show at Sumansa Exhibitions.
“It is a perfect opportunity to touch base with the latest happenings and updates on the real-estate front back home-particularly now that we are witnessing several important measures that have impacted the realty industry directly and indirectly, he said.
“For NRIs, these changes herald good omen since many builders are already adopting 100 percent transparency policy and cheque payments, which obviously boosts the trust level between the two parties, Srividya added.
“The implementation of Real Estate Regulation Act (RERA) rules, have also been instrumental in bringing professionalism, standardisation and transparency in real-estate sector. This, along with the recent wave of demonetisation has helped the Indian realty industry emerge more transparent and buyer-friendly,” he said.
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“The direct and most significant benefit of demonetisation is increased liquidity across the banks. Such availability of funds will lead to lowering the rate of interest across different loans which will in turn reduce EMI giving a boost to real-estate demand. We expect home loan rates to be down to approx. 7-8 per cent,” said Dharmesh Shah, Vice President-Head Residential Sales and Marketing, Adani Realty.
“By bringing greater compliance, RERA will help making real-estate class more efficient, transparent and healthy than any other asset class, so best time to buy real estate is now,” Shah added.
“The passing of RERA the Benami Transactions Act and the demonetisation move will ensure the sector loses much of its historic taint. Only players who conduct their business with integrity are expected to survive. “This bodes well for end-users, who will be aware of their rights and have the assurance of not being cheated. They will be able to buy properties of their choice at affordable prices, in projects which will undoubtedly be delivered on time,” he said.
By Premji
