A recent report says that the sudden downfall of the economy resulting from the currency ban, GST and RERA lead to lower the housing prices all around the country.
Real Estate regulation, Demonetization, and GST are the main reasons for this downfall of Real estate faces of India, Pune receiving the strong blow of 7% decline and Mumbai with 5% decrease.
According to the real estate experts, this downfall of the prices is the ultimate effect of poor demand. Demand is the sole feature determining the good and bad faces of real estate scenario.
People’s basic income and savings are being on irregular phase due to government policies of GST and Demonetization resulted in a great decrease in the Demand Chain of buying houses from the savings.
Bengaluru had a sharp decline of 26 percent in the real estate market of houses price getting cheaper along with Chennai with a 20 percent downfall in the rates.
Many new launches are taken down due to this slowdown in the demand. The 2016 and 2017 Real estate market saw a broke down of at least 20 to 30 percent when the last eight years was taken into account.