Only a few months have been passed when the decision of demonetization of high-value currencies made legal with an aim to curb the flow of black money & to stop the corruption from the veins of Indian politicians. Each section of the Indian market is linked with the politicians & the industrialist who are the culprit for the destruction of the Indian economy. The instant decision of our PM of demonetizing the high-value currencies, proved as a beneficial step towards balancing the financial economy of our country & to stop the funding of black money to the terrorists to put an end to the terrorism. However, this step has been well appraised by the people of India despite they faced lots of difficulties for certain period of time. Moreover, the impact of demonetization affected many sectors, but, the real estate market have seen a stiff decline in its customers base on a sudden.
Real estate is the big sector and a big part of it supports the Indian economy which helps in augmenting the GDP of India. The suburb & the residential apartments in it created a roof over the head of people who are the migrants or the dwellers of it. The popular metro cities are being known by the posh residential apartments which attain the facilities that made it quite impossible for the people to think of its purchase & to maintain it as they dreamed of.
Nobody can forget the date of 8th of November 2016 when the implementation of demonetization of currency agitated the people & the politicians as well, which coerced them to protest against it to save their black money which they collected through illegal means. This insertion of black money for shaking the Indian economy worked a lot from the last few decades. The major portion of the black money has been invested in the real estate sector by the industrialist & the politicians to make it legal & to take the advantage of it.
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| Photo credit: http://www.dnaindia.com/money/report-demonetization-a-day-after-pm-modi-s-speech-sbi-pnb-and-union-bank-slash-base-lending-rates-2288410 |
Furthermore, the fight against the personalities who indulge in hiding their illegal earnings in the real estate sector will come in act soon & it will help the locals to fulfill their dreams of having their own shelter with a minimum investment. It created an alley for the migrants to rent a house or a flat in their desired vicinity in the city they are migrating. As per the steps were taken by the government, there can be a legal property up to number two in the name of a particular person & it's mandatory to construct over it rather than leaving it for further usage.
People of India welcomed this strong measure of our PM to curb the black money & to stop its flow which is being used illegally in augmenting the terrorist activity in different cities. Within few days, its impact has shown a jaw-dropping result which obligated the people to stand with this step for a good cause. Though it created a big intricacy for the folks in managing their life & to run it as they were running previously, but it indirectly helped them whose result can be seen later. Most importantly, the real estate sector & the pricing of rental real estate properties like a house on rent, flat on rent, room on rent & even PG on rent of different cities hiked a lot in the past few years. Behind the hike in prices, black money is one of the major reasons & it has been cut down to some extent by this strong step.
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| Most expensive city in India |
Mumbai is the most expensive cities in India where no other cities can be compared with the pricing of rental real estate properties of this city. Next to it comes Bangalore, where renting a single room will compel you to spend more than 20k without a proper facility. However, Delhi is just close to it where owning a property is just a dream, but renting one can be possible that too little outskirt of the main locality. Chennai is also in the list where finding a rental house or room creates a big difficulty. But, when I talk about Kolkata, Pune & Hyderabad, my mind gets a little relief as they are still inexpensive & a feel of hometown in their ambiance compels to be their dweller of these cities.
Slowly, the effect of demonetization can be seen in the pricing of real estate properties of these cities, where every individual who is dreaming of renting a property or buying a one of their own will be fulfilled. The future of Indian real estate market is going to be secure, as the injected black money has been sucked back by implementing the decision of demonetization suddenly. However, the real estate market won't see a huge downfall in its pricing, but it can provide huge relief to the folks in renting a property as least, under their confined budget.
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