{"id":37541,"date":"2016-12-09T17:55:12","date_gmt":"2016-12-09T10:55:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-demonetisation-discounts-luxe-homes-in-chennai\/"},"modified":"2016-12-09T18:01:51","modified_gmt":"2016-12-09T11:01:51","slug":"indian-demonetisation-discounts-luxe-homes-in-chennai","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-demonetisation-discounts-luxe-homes-in-chennai\/","title":{"rendered":"Indian demonetisation discounts luxe homes in Chennai"},"content":{"rendered":"


\nHow the mighty luxury segment has fallen
\nCrowds gathering outside banks in India as people tried to exchange or deposit money that would become virtually worthless overnight. mdsharma \/ Shutterstock.com
\nThe demonetisation drive that is sweeping India\u2019s \u2018black money\u2019 market has laid bare some competitive price points for non-resident Indian (NRI) home buyers in the city of Chennai.
\nDevelopers in the city are slashing property rates, reported PricewaterhouseCoopers (PwC) Singapore.
\n\u201cExperts 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,\u201d said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers (PwC) Singapore.
\nMore: India\u2019s Smart Cities Mission wants to transform urban areas into high-tech hubs
\nChennai is the third most expensive city to buy a residential property in India, according to financial consultancy Artha Yantra Corporation.
\nPrime property values across India have faced headwinds due to the black money purge, according to Gaurav Tijoriwalla, PwC Singapore manager. \u201cThe 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,\u201d said Gaurav Tijoriwalla, Manager, PwC Singapore.
\nIn 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.
\nRead next: Pressed for land, Singaporean developers explore growing Indian cities
\n
\nSource : property-report.com
\nRead more…Indian demonetisation discounts luxe homes in Chennai<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How the mighty luxury segment has fallen Crowds gathering outside banks in India as people...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-37541","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9Lv","jetpack-related-posts":[{"id":38881,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-you-might-invest-in-india-over-china-in-2017\/","url_meta":{"origin":37541,"position":0},"title":"Why you might invest in India over China in 2017","date":"December 22, 2016","format":false,"excerpt":"\r Even Chinese developers are investing Chatrapati Shivaji Terminus, a UNESCO World Heritage site in Mumbai. KishoreJ\/Shutterstock China and India, the largest nations on earth, have as much commonalities as they have glaring differences. Sometimes, they erupt into geopolitical tension. This year, both countries have accrued wins in the property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38887,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-mega-developers-to-plough-billions-into-indian-real-estate\/","url_meta":{"origin":37541,"position":1},"title":"Chinese mega developers to plough billions into Indian real estate","date":"December 22, 2016","format":false,"excerpt":"\r Why the market will lure investors worldwide in 2017 Chatrapati Shivaji Terminus, a UNESCO World Heritage site in Mumbai. KishoreJ\/Shutterstock China and India, the largest nations on earth, have accrued wins in the property game this year. 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