Property Sales At 6-Year Low After Notes Ban, Resilient Bengaluru Also Hit: Report – NDTV Profit

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Home sales in Bengaluru, which is seen as a resilient market, also fell 45 per cent in the October-December quarter as compared to the year-ago period.

Edited by Surajit Dasgupta | Last Updated: January 11, 2017 19:19 (IST) Surajit Dasgupta

Demonetisation took a big toll on the property market last year with home sales falling to lowest in six years, says a report from real estate consultant Knight Frank.

Sales volume in top eight cities in India, including normally resilient market Bengaluru, dropped by 44 per cent to 40,940 units - which is the lowest quarterly level since 2010 - in the fourth quarter of 2016 (October to December) compared to the corresponding period a year ago, the report said.

New launches by developers also took a hit during the quarter, falling by a massive 61 per cent, the report said.

The report is based on property market in eight top cities: Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad. (Also read70% businesses in Mumbai, Pune say note ban hit them hard)

table real estate sales

"The demonetisation move on 8 November brought the market to a complete standstill. Against this backdrop, developers refrained from announcing any new launches and buyers turned extremely cautious before committing on purchases," the report said.

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