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Demand Of India Property Nagpur After Demonetization

Vinayy Kumarr
 


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The demonetization move has broken several deals of Nagpur property, as people are unable to judge where the market will move in the end. Sellers now do not want to handle huge cash transaction that usually takes place in Nagpur real estate market. Flats in Jamtha for sale and other India property Nagpur saw almost 50% payment or even more done through cash which was not recorded for saving tax. However, now that all the all notes have become invalid and the market is cash crunched the sellers are unwilling to put their property up for sale. Working professionals are happy about current scenario as they had a hard time in generating cash reserves for their Nagpur property deals.

People who are currently able to buy flats in Jamtha for sale and other India property Nagpur by making 100% payment through legal routes are able to extract deals from sellers. Many investors are looking to exit the market as they feel that property in tier2 city will see a steep price correction. They too are willing to sell of their investment at slightly discounted prices if the buyer is willing to make the entire payment trough banking routes.

Although many buyers and sellers are feeling that demonetization move will strongly hamper the real estate sector but according to real estate experts exactly opposite is going to happen. Undervalue reporting of Nagpur property on registry papers and legal documents will stop. There is going to be more transparency in dealings of flats in Jamtha for sale and other India property Nagpur. The government will be able to generate more revenues as undervalue reporting of property prices severely hamper the revenue collections of the civic bodies.

Apart from generating more tax revenues from registry rates, stamp duty and other property transfer taxes the civic authority has also benefited from demonetization by collecting old dues. Several property tax and dues defaulters had queued up outside the civic authority offices to pay up their pending dues in old notes. People thought that paying up taxes in old notes is better than standing in long bank queues. Collection of old dues and property taxes has led to windfall gains for Nagpur Municipal Corporation (NMC). This money can now be used to fund pending infrastructure projects that had to be stopped due to cash crunch. So although now it might look that the prospects of Nagpur property might be hit but over the course of time the things will improve greatly for the realty sector.

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