Massive drop in property rates due to reduced demand
The effects of government polices implemented in the last year have impacted the price of real estate in the country massively.
As per reports, the prices of property have dropped considerably after the demonetization, implementation of the Real Estate Regulation Act and GST.
The experts in the field claim that the prices have fallen by at least 3% across the country making property cheaper than before.
The most reduction in property prices has been in Pune at 7 % and second is Mumbai at 5%.
The main cause behind the reduced rates is fall in the demand.
Despite the lowering of prices, sales haven’t picked up as people are not buying property.
People have been avoiding buying of properties in the country and that is hampring the growth of the industry.
The numbers have also affected the launch of new building projects by around 56% in Delhi.