Demonetisation derails Thane’s market
The gloom over the realty sector appears to have intensified following the demonetisation process which has shaken the confidence of consumers in the resale property market.
The resale transactions comprise of nearly 25% of all the real estate deals inked in the lake city and business is centred in the old city areas like Naupada, Panchpakhadi, Khopat, Kopri,Vasant Vihar and even Ghodbunder Road.
“Barely any resale flat deals have reached the final stage since the announcement of high value demonetization was made on November 8. The segment was always driven by a notable cash component. Now, it would be almost impossible for such deals to be carried out unless either of the parties take a risk. Few deals that were made before the announcement are also being postponed or brought again to the negotiating table,” said Rajesh Gadgil, president of the real estate association at Thane.