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LATEST NEWS UPDATES | Five years of demonetisation: Black Money deals down 75-80%; sales outstrip new supply

Five years of demonetisation: Black Money deals down 75-80%; sales outstrip new supply

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published Published on Nov 17, 2021   modified Modified on Nov 19, 2021

-MoneyControl.com

In post-DeMo Q4 2016-Q3 2021, sales of approximately 10.37 lakh units outstripped new launches that were at approximately 9.04 lakh units

Cash transactions in the housing market have reduced by at least 75-80 percent since demonetisation five years ago. Buyers no longer buy homes to get rid of black money - they now buy them because they want to own homes. But the component is still finding its way into property transactions in smaller towns and peri-urban areas, an analysis by Anarock has said.

Also, housing sales in the country have outstripped new supply. In the pre-DeMo period (2013-Q3 2016), approximately 16.15 lakh housing units were launched across the top 7 cities; sales stood at approximately 11.78 lakh units. In post-DeMo Q4 2016-Q3 2021, sales (approximately 10.37 lakh units) outstripped new launches (approximately 9.04 lakh units). Overall, new launches between the two periods were reduced by over 44 percent.

Most of the end-users now majorly driving housing sales expect their property transactions to be transparent and above-board. Today, the housing sector's rough ride due to demonetization has smoothened. Today, housing sales happen because of actual demand, not as a means to launder black money, Anarock Research said.

“Overall, the use of black money in Indian housing has reduced by at least 75-80 percent,” said Anuj Puri, chairman - ANAROCK Group.

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MoneyControl.com, 17 November, 2021, https://www.moneycontrol.com/news/business/real-estate/five-years-of-demonetisation-black-money-deals-down-75-80-sales-outstrip-new-supply-7730641.html?fbclid=IwAR0hthTeVKwIVvD6KS9GiypQ3PkHOMyekioMfY1tXErU2Nmvn2sdcnUu7


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