How Demonetization is Good for First Home Buyers in Bengaluru

The Government of India’s decision to demonetize currency notes to the value of 500 and 1000 caught many people unawares. This resulted in an initial feeling of extreme panic among the population, and people scrambled to turn their notes in. Demonetization did affect the residential real estate in some Indian locations negatively; however, this was not the case in Bengaluru.

Bengaluru is the location of several tech firms, ranging from huge giants of the industry to medium-sized and small firms. Due to its highly-advanced technological development, cash transactions made for the purchase of real estate here are next to negligible. This meant that demonetization did not make a dent in the real estate market, and cashless transactions continued to increase.

A majority of home investors in Bengaluru are salaried professionals availing of home loans, and transactions are always made online. Demonetization and the lack of currency notes did not affect the modern home investor, and transactions proceeded without a hitch. Online cashless transactions served to significantly increase the transparency in the real estate deals between the buyers and the builders.

The residential real estate sector has wholeheartedly welcomed the government’s actions toward demonetization and the move toward cashless transactions. This, and the RERA bill, have aided in greater levels of transparency and accountability in the residential real estate sector. This is a progressive step forward that will have a great positive impact, especially for first-time home buyers in Bengaluru.

The decision of demonetization was taken to clear the country of corruption and to bring greater accountability into financial dealings. This move has seen numerous people turning in their currency notes in to banks, leading to a greater cash inflow. This increased cash flow into banks will surely translate into greater numbers of home loans disbursed, positively affecting first-time homebuyers.

Prestige Group prelaunch apartment is Prestige Aston Park.