Housing prices in 42 major cities across India could drop by up to 30% over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008.The market value is of 49,42,637 units, which are built-up ready, under construction and currently launched properties, available and sold since 2008 for 42 cities.
“We expect a lot of secondary market transactions (resales) coming down in volume. For every five buyers out there, there is only one buyer willing to pay all-cheque. And usually, people want to take at least 20 to 30 percent of the amount of cash, but this will now go away for the time being,” Samir Jasuja, Chief Executive Officer and Founder of PropEquity said.”There will be almost a complete stop in resales in the coming weeks as this move will take some time for real estate sector to absorb,” he added.