Ever since demonetisation was announced by the government, not only brokers, owners are also feeling the pinch. The real estate market, which has been thriving on black money, has taken a beating as people are not willing to take immediate decisions on buying properties.
Talking to DH, Waquar Ahmed, vice-president (sales and marketing) of Ahmed Realty, said, "Post-demonetisation, I have lost my sales. As cash is involved in all real estate transactions, people are taking extra caution to make a move. They are adopting the wait-and-watch approach."
Ahmed, who sells old apartments and helps new builders get customers, said there are no enquiries from prospective buyers. "I am relying on rentals. In fact, people are expecting huge discounts in case of cheque payments for rentals," he said.
However, Ahmed feels that the ban on Rs 500 and Rs 1,000 notes is only a short-term shock. "It's a long-term benefit for the property market. It is a good move and it will take six to eight months time to reap the benefits. The number of transactions in 2017 will dip compared to 2016." He said that enquiries for leasing and renting of apartments would go up.
But at least 20 other agents that this correspondent spoke to were hesitant to speak about the issues. House owners, though, came forward to share their grievances.
No takers
Prasad, who has advertised in a newspaper about the sale of a 2-BHK duplex in Kengeri, says nobody is showing interest. "I have not received any calls so far. I want to sell my property without involving brokers. If the trend continues, how can I repay my loans," Prasad questioned, adding that he was ready to accept old currency.
Another house owner from Visvesvaraya Layout, who wants to sell his 3-BHK and 1-BHK houses, said that he had been advertising regularly in newspapers. "I used to get many queries, but for the past two weeks, I haven't received any calls. I am eagerly waiting for buyers who can help me repay my loans," he said.
However, Sanjay, who is looking to rent out an office space near Sadashivanagar, feels demonetisation has not affected rental properties. "We don't deal in cash. The demand for office space in Bengaluru will remain attractive," he said.
Talking to DH, Waquar Ahmed, vice-president (sales and marketing) of Ahmed Realty, said, "Post-demonetisation, I have lost my sales. As cash is involved in all real estate transactions, people are taking extra caution to make a move. They are adopting the wait-and-watch approach."
Ahmed, who sells old apartments and helps new builders get customers, said there are no enquiries from prospective buyers. "I am relying on rentals. In fact, people are expecting huge discounts in case of cheque payments for rentals," he said.
However, Ahmed feels that the ban on Rs 500 and Rs 1,000 notes is only a short-term shock. "It's a long-term benefit for the property market. It is a good move and it will take six to eight months time to reap the benefits. The number of transactions in 2017 will dip compared to 2016." He said that enquiries for leasing and renting of apartments would go up.
But at least 20 other agents that this correspondent spoke to were hesitant to speak about the issues. House owners, though, came forward to share their grievances.
No takers
Prasad, who has advertised in a newspaper about the sale of a 2-BHK duplex in Kengeri, says nobody is showing interest. "I have not received any calls so far. I want to sell my property without involving brokers. If the trend continues, how can I repay my loans," Prasad questioned, adding that he was ready to accept old currency.
Another house owner from Visvesvaraya Layout, who wants to sell his 3-BHK and 1-BHK houses, said that he had been advertising regularly in newspapers. "I used to get many queries, but for the past two weeks, I haven't received any calls. I am eagerly waiting for buyers who can help me repay my loans," he said.
However, Sanjay, who is looking to rent out an office space near Sadashivanagar, feels demonetisation has not affected rental properties. "We don't deal in cash. The demand for office space in Bengaluru will remain attractive," he said.
Ever since demonetisation was announced by the government, not only brokers, owners are also feeling the pinch. The real estate market, which has been thriving on black money, has taken a beating as people are not willing to take immediate decisions on buying properties.
Talking to DH, Waquar Ahmed, vice-president (sales and marketing) of Ahmed Realty, said, "Post-demonetisation, I have lost my sales. As cash is involved in all real estate transactions, people are taking extra caution to make a move. They are adopting the wait-and-watch approach.”
Ahmed, who sells old apartments and helps new builders get customers, said there are no enquiries from prospective buyers. "I am relying on rentals. In fact, people are expecting huge discounts in case of cheque payments for rentals,” he said.
However, Ahmed feels that the ban on Rs 500 and Rs 1,000 notes is only a short-term shock. "It’s a long-term benefit for the property market. It is a good move and it will take six to eight months time to reap the benefits. The number of transactions in 2017 will dip compared to 2016.” He said that enquiries for leasing and renting of apartments would go up.
But at least 20 other agents that this correspondent spoke to were hesitant to speak about the issues. House owners, though, came forward to share their grievances.
No takers
Prasad, who has advertised in a newspaper about the sale of a 2-BHK duplex in Kengeri, says nobody is showing interest. "I have not received any calls so far. I want to sell my property without involving brokers. If the trend continues, how can I repay my loans,” Prasad questioned, adding that he was ready to accept old currency.
Another house owner from Visvesvaraya Layout, who wants to sell his 3-BHK and 1-BHK houses, said that he had been advertising regularly in newspapers. "I used to get many queries, but for the past two weeks, I haven’t received any calls. I am eagerly waiting for buyers who can help me repay my loans,” he said.
However, Sanjay, who is looking to rent out an office space near Sadashivanagar, feels demonetisation has not affected rental properties. "We don’t deal in cash. The demand for office space in Bengaluru will remain attractive,” he said.
Talking to DH, Waquar Ahmed, vice-president (sales and marketing) of Ahmed Realty, said, "Post-demonetisation, I have lost my sales. As cash is involved in all real estate transactions, people are taking extra caution to make a move. They are adopting the wait-and-watch approach.”
Ahmed, who sells old apartments and helps new builders get customers, said there are no enquiries from prospective buyers. "I am relying on rentals. In fact, people are expecting huge discounts in case of cheque payments for rentals,” he said.
However, Ahmed feels that the ban on Rs 500 and Rs 1,000 notes is only a short-term shock. "It’s a long-term benefit for the property market. It is a good move and it will take six to eight months time to reap the benefits. The number of transactions in 2017 will dip compared to 2016.” He said that enquiries for leasing and renting of apartments would go up.
But at least 20 other agents that this correspondent spoke to were hesitant to speak about the issues. House owners, though, came forward to share their grievances.
No takers
Prasad, who has advertised in a newspaper about the sale of a 2-BHK duplex in Kengeri, says nobody is showing interest. "I have not received any calls so far. I want to sell my property without involving brokers. If the trend continues, how can I repay my loans,” Prasad questioned, adding that he was ready to accept old currency.
Another house owner from Visvesvaraya Layout, who wants to sell his 3-BHK and 1-BHK houses, said that he had been advertising regularly in newspapers. "I used to get many queries, but for the past two weeks, I haven’t received any calls. I am eagerly waiting for buyers who can help me repay my loans,” he said.
However, Sanjay, who is looking to rent out an office space near Sadashivanagar, feels demonetisation has not affected rental properties. "We don’t deal in cash. The demand for office space in Bengaluru will remain attractive,” he said.