How the mighty luxury segment has fallen
Crowds gathering outside banks in India as people tried to exchange or deposit money that would become virtually worthless overnight. mdsharma / Shutterstock.com
The demonetisation drive that is sweeping India’s ‘black money’ market has laid bare some competitive price points for non-resident Indian (NRI) home buyers in the city of Chennai.
Developers in the city are slashing property rates, reported PricewaterhouseCoopers (PwC) Singapore.
“Experts believe that we can soon expect a 10 per cent to 25 percent discount in the luxury segment of residential condominiums and also in the upmarket areas such as Nungambakkam, RA Puram and MRC Nagar in Chennai,” said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers (PwC) Singapore.
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Chennai is the third most expensive city to buy a residential property in India, according to financial consultancy Artha Yantra Corporation.
Prime property values across India have faced headwinds due to the black money purge, according to Gaurav Tijoriwalla, PwC Singapore manager. “The luxury condominium range of property apartments has been badly hit, given that one of the objectives of the current demonetisation move is to discourage all significant cash transactions,” said Gaurav Tijoriwalla, Manager, PwC Singapore.
In addition to Chennai, PwC expects property values in Delhi to dive with discounts of 25 percent to 30 percent. Discounts in Bengaluru may reach anywhere between 30 percent and 40 percent.
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Source : property-report.com
Read more…Indian demonetisation discounts luxe homes in Chennai
