Property resales in Bengaluru tank 60 per cent
The secondary real estate market in Bengaluru is reeling under the burden of demonetization, with transactions down by as much as 60 per cent in November compared with October, according to several brokers who deal in resale of properties.
“In Bengaluru, eight out of every 10 transactions in the secondary market have a large cash component of at least 20% of the deal size.With scarcity of cash, 60% of the transactions have disappeared,“ Abdul Suhail, who runs Coldwell Banker SamOne Realty , said.
For Waquar Ahmed of Ahmed Realty , who sells about 3-4 properties a month, there has been no sales this month, with clients cancelling five deals. “At least 60% of my clients are from business families who have easy cash but cannot use now. They are now seeking heavy discounts, which is not possible. Sales are in a limbo,“ he said.