Buy luxury 2 and 3 BHK apartments in Sarjapur Road, Bangalore at affordable prices.

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Impact of Demonetization on Residential Market

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.