It seems 2017 is the year for the genuine buyers who were not able to invest in the market due to high real estate rates. The demonization drive has managed to pull down the rates of property sale in Chennai. Since the land transactions are done mostly in cash, it is probable that the land prices will come crash down. Therefore, in the coming few months the cost of construction in real estates in Chennai are anticipated to come down drastically. Since land cost is the major cost in a project it can be expected that the new projects that will be rolled out will offer Kundrathur flats for sale and other properties at a much cheaper rate. Housing for All is now looking like a real possibility whereas earlier it looked like a distant dream.
With the lowering of home loan rates, the working class is also finding it much easier to buy a property sale in Chennai. In the past, many people were unable to purchase their desired property sale in Chennai, as several sellers were unwilling to accept 100% cheque payments due to tax constraints. However, now after the demonetization move the ill of cash transactions will be taken care off. Buyers can now easily purchase Kundrathur flats for sale and other properties after taking home loans and by giving 100% cheque payments. Many people are happy as they feel that finally the real estates in Chennai will brace transparency.
With the demonetization coming into effect most of the unaccounted cash has been taken care off. With this, the under-reporting of transactions in real estates in Chennai will also be a thing of the past, as the seller will have to tell the banker from where he has got such a huge amount of cash. The working class is applauding the move as they feel that uncertainty and ill practices of the industry has been removed with the eradication of black money.
Real estate experts feel that demonetization along with RERA will prove extremely beneficial to the end-users of Kundrathur flats for sale and other properties in the city. This move is also expected the clean the image of the realty sector which will in turn augment the confidence of the global investors in the real estate sector. Therefore, in the long run the real estate is going hugely benefit from demonetization although initially the sector might face some teething issues.