Many people tend to
reside in rented properties as owning a house is a big ask. The country has
undergone several economic reforms in 2016, offering dwellers a new hope. In
the second week of November 2016, the government declared the ban of high-value
currency notes (Demonetization), Rs.500 and Rs.1000, to clamp down on black
money hoarders throughout the country. The drive is said to have a cooling
effect on the residential market.
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The residential market
is hot-bed for the undiscerning utilization of black
money. Dwellers, builders and agents insist on having hard cash as a mode of payment
in real estate deals. Demonetization is probed to deal a body blow this
practice. Another likely effect of the drive is a downward interest rate
structure. This would come as a relief to people who cannot afford the high
EMIs on housing loans.
Alongside, many developers are
turning towards the economic housing segment. House owners can expect more
transparency in the real estate industry as many states likely to enforce the
customer-friendly provisions of the Real Estate Regulatory Act. Such provisions
protect them from construction delays, handovers and other illegal practices
employed by realtors.
