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Demonetisation impact: Sales hit but will bounce back, say realtors

10 Dec 2016

Demonetisation impactBENGALURU: Developers say currency recall will eventually help cut home loan rates and drive better sales As apartment sales take a further hit from demonetisation, leading real estate developers say the current patch of slowdown is only a passing phase and things will bounce back in about three months. A small group of developers ET spoke to believe currency recall will eventually help cut home loan rates and drive better sales. "This is indeed a good move by the government and we do not see any negative impact on the real estate industry in the city barring this quarter," said JC Sharma, Credai Bengaluru president, and vice chairman, Sobha Limited. The move, he added, will result in lower lending rates, making housing more affordable to all. "This is indeed a good move by the government and we do not see any negative impact on the real estate industry in the city barring this quarter," said JC Sharma, Credai Bengaluru president, and vice chairman, Sobha Limited. The move, he added, will result in lower lending rates, making housing more affordable to all. The market in Bengaluru has seen a correction recently and is one of the most attractively priced markets in the country , according to Irfan Razack, chairman and managing director, Prestige Group. "This announcement ensures that while bigger players will continue to gain ground, smaller but organised developers will get a level playing field giving rise to a healthy competition and a high quality delivery of projects," he said.   All this, according to him, is expected to make the industry more systematic, robust and reliable creating an atmosphere that is conducive to foreign direct investment, institutional investors and the like.

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