After demonetization had hit the country by November, 2016, it took no time to engulf the market with a number of weird speculations. And, the real estate sector was one of those major industries that got highly affected by the move. However, the much-awaited presentation of union budget has now showed a different scenario, stating the rise of property registrations in Maharashtra.
Although the daily property registrations in the state experienced a decline of 24% after demonetization, a recent survey states that it has now increased by 1% in the Pune division, while in Mumbai and Thane, the listings have shown a rise of 7% and 9% respectively. Also, more registrations are expected to smack the platform in the near future. People adhering to the wait-and-watch policy were supposed to await the union budget and with its arrival on yesterday, they are quite likely to go with the drift and opt for their dream properties.
Also, there was a strong belief that the union budget would come with an array of lucrative incentives for the home buyers and this assumption proved to be nothing but a boon for the entire real estate industry. Also, according to a number of top officials, the dominant outlook on withholding the purchase decision had primarily led to a significant decline in the property listings. Although the situation has improved, but until the tax burden on the home buyers will take the edge off, a steady rise in the registrations can never be expected.