{"id":39323,"date":"2017-01-01T00:20:19","date_gmt":"2016-12-31T17:20:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=39323"},"modified":"2016-12-31T21:33:49","modified_gmt":"2016-12-31T14:33:49","slug":"india-banknote-demonetisation-to-hit-home-sales","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/india-banknote-demonetisation-to-hit-home-sales\/","title":{"rendered":"India banknote demonetisation to hit home sales"},"content":{"rendered":"


\nHome sales in India could fall by up to 30 per cent in the first nine months of 2017 because of the government’s ban on the country’s biggest banknotes, analysts say.The cash crunch from demonetisation could also weigh on prices, Kotak Institutional Equities said in a report last week. It is forecasting that at the same time as volumes drop by up to 30 per cent, prices could be cut by 7 to 12 per cent over the first six to nine months of the year.”Demonetisation will result in lower volumes,” the Kotak report said. “Slower [sales] volumes worry us more than drop in pricing, as lower volumes will reflect in lower collections resulting in slowing construction and servicing of liabilities.”In November, the government of prime minister Narendra Modi scrapped 500 (Dh27) and 1,000 rupee notes in an effort to crack down on black money. The property market in India has long been a major recipient of black money transactions. Demonetisation has created uncertainty and is prompting potential buyers to postpone purchases as they wait to see if prices will come down. While analysts expect demonetisation to dampen the market over the first part of this year, they believe it could bring benefits later in the year.”In the first half of 2017, the sector is expected to be largely muted and there would be pressure on prices,” said Shishir Baijal, the chairman and managing director of Knight Frank India. “With inquiries, walk-ins and sales drying up as a fallout of demonetisation, the first two quarters of the coming year will result in a substantial slowdown in sales.”He said that in the longer term, demonetisation and new regulations that India is introducing to increase transparency “will help the sector to grow in a much more evolved manner”. “The end of 2017 is most likely to see the initiation of a robust and sustainable growth trajectory for India’s real estate industry and will be recognised as the base for the future growth of this sector,” said Mr Baijal.Surendra Hiranandani, the chairman and managing director of House of Hiranandani, a luxury property developer, said that interest rates are expected to come down this year because of the influx of cash into the banks following demonetisation, which along with discounts could encourage sales later in the year.”Also, 2017 will see consolidation in the industry on the back of the changing economic scenario that is likely to weed out devious real estate developers,” he said. business@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…India banknote demonetisation to hit home sales<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Home sales in India could fall by up to 30 per cent in the first...<\/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-39323","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-aef","jetpack-related-posts":[{"id":40213,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-property-sales-slump-is-worst-since-global-financial-crisis\/","url_meta":{"origin":39323,"position":0},"title":"Indian property sales slump is worst since global financial crisis","date":"January 10, 2017","format":false,"excerpt":"\r India's property market will continue to suffer next year from demonetisation after sales and launches at the end of last year plunged to the worst level since the global financial crisis, incurring a 226 billion Indian rupees (Dh12.18bn) industry loss in the fourth quarter, according to a new report.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37685,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indias-cash-games-may-hit-dubai-property-sales\/","url_meta":{"origin":39323,"position":1},"title":"India's cash games may hit Dubai property sales","date":"December 11, 2016","format":false,"excerpt":"\r Dubai property developers planning a sales offensive in India have suffered a setback as investors from the country reassess plans in the wake of demonetisation.It follows a move by the government to remove large denomination notes in a bid to tackle the black economy.That cast a cloud over the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37541,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indian-demonetisation-discounts-luxe-homes-in-chennai\/","url_meta":{"origin":39323,"position":2},"title":"Indian demonetisation discounts luxe homes in Chennai","date":"December 9, 2016","format":false,"excerpt":"\r 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\u2019s \u2018black money\u2019 market has laid bare some competitive price points for non-resident\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41881,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/disruption-on-real-estate-from-demonetisation-is-only-about-to-get-worse\/","url_meta":{"origin":39323,"position":3},"title":"Disruption on real estate from demonetisation is only about to get worse","date":"January 25, 2017","format":false,"excerpt":"\r Deep discounts to be expected from second-tier developers Long queue of people outside banks to deposit old 500 and 1,000 banknotes. singh_lens\/Shutterstock India\u2019s demonetisation campaign will come at a hefty cost to real estate sales this year, Fitch Ratings warned in a report released this week. The ratings agency\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandemic-lockdowns-hit-house-sales-volumes-drop-21-but-prices-still-rise\/","url_meta":{"origin":39323,"position":4},"title":"Pandemic lockdowns hit house sales: volumes drop 21%, but prices still rise","date":"November 11, 2021","format":false,"excerpt":"\r Pandemic lockdowns hit the housing market, with national volumes down 21.7 per cent after sales numbers fell from last October's 9185 to 7190 last month.But prices continued to rise, in one Auckland area by 50 per cent annually.Auckland...\r \r Source : nzherald.co.nz\/Property\r Read more...Pandemic lockdowns hit house sales: volumes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122575,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-coronavirus-lockdown-hits-house-sales-prices-volumes-drop\/","url_meta":{"origin":39323,"position":5},"title":"Covid-19 coronavirus lockdown hits house sales: prices, volumes drop","date":"October 14, 2021","format":false,"excerpt":"\r The lockdown drove national house prices down 6.5 per cent from August to September and Auckland house prices down 4.2 per cent.Price rises in what was the seemingly unstoppable house sales juggernaut were halted by the pandemic...\r \r Source : nzherald.co.nz\/Property\r Read more...Covid-19 coronavirus lockdown hits house sales: prices,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39323"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=39323"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39323\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}