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Registration of property dips 60% in Old City

Posted on Dec 29, 2016
Hyderabad

Property registrations have decreased across the Old City post demonetisation, according to the revenue department officials. The number of sale deeds has decreased while there is an increase in gift deeds, in all the sub registrar offices and District Registrar offices (DRO).

"The sale deed documents have decreased by almost 50%, I used to process 10 to 15 sale deed documents every day before demonetisation, now, I process only five to six documents per day," said Ravinder V, sub registrar, District Registrar Office(DRO), Red Hills, "However the number of gift deeds have increased," he added.

Random checks at the sub registrar revealed the people who entered into an agreement before the Centre's decision went a step ahead to buy the property; however, the number of people purchasing a new property was very less.

"Post demonetisation, the sale deeds I came across were among family members and friends. I did not come across even one sale deed since Nov 8, which was not among family members," said Jyothi V, sub registrar, Azampura.

Denizens were visiting the office to register their rental agreement, mortgages and will deeds on December 27, however sale deed registrations were barely seen. The stamp paper counter at the offices, which witness queues most of the time barely, saw any customers. "We used to sell almost 5000 to 6000 stamp papers per day, post demonetisation, the counter has decreased to approximately 2000 per day," said a staffer at sub registrar office, Azampura, "I used to issue approximately 30 to 40 encumbrance certificates(EC), per day, now the count has come down to 15 EC's per day," he added.

Property document registration services, who earn their living by drafting the registration documents blame the cash crunch. "Most of my customers pay the Echallan by cash, they are postponing their property registration due to long bank queues", said, Azam Pasha, a document writer outside a sub-registrar office.

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Possibility of price cuts reviving buyer interest in high-end properties

Posted on Dec 27, 2016
Some activity at last is taking place in Delhis premium real estate market after Novembers shock demonetisation announcement. Investors and others looking for a home of their own are keen to take advantage of the discounts and reduced prices likely to be offered by sellers desperate to dispose of their properties. Homebuyers can expect at least 1 ...
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Consumers expect fall in home prices

Posted on Dec 27, 2016
Housing finance firms downplayed stress in the real estate sector as fallout of the sudden demonetisation early last month in meetings with regulator National Housing Bank, but fear consumer sentiment expects prices to fall, and that could hamper home sales in the coming months, crimping growth, multiple sources familiar with the matter told.In the ...
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Rental rates to go up after demonetisation

Posted on Dec 09, 2016
The average price of a house in the main cities across India has increased by 3.6% compared to last year while rental values have grown at a faster rate of 4.9% during the same period. And in the backdrop of demonetisation of Rs 500 and Rs 1000 notes, rental rates are expected to increase over the next 12 to 18 months, says a report titled Buy vs R ...
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Elite property market prices fall in Chennai

Posted on Dec 09, 2016
Chennai: NRIs have an advantage in luxury property market post-demonetisation as real estate developers in Chennai have 'significantly' dropped property rates, according to Singapore-based business analysts.City-based developers are cutting prices by up to Rs 20 lakh on slow-moving projects.     "Experts believe that we can soon ...
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Luxury home rate may fall by 25-30% after demonetisation

Posted on Dec 09, 2016
NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...
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Housing prices to up to 30%, wiping Rs 8 lakh crore in value

Posted on Dec 02, 2016
NEW DELHI: Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008."In the aftermath of demonetisation impact on Indian real estate sector, market ...
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Housing prices to fall up to 30%

Posted on Nov 25, 2016
Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008.“In the aftermath of demonetisation impact on Indian real estate sector, market value of r ...
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After SBI, ICICI Bank slashes home loan rate by 0.15%

Posted on Nov 25, 2016
New Delhi: Private sector lender ICICI Bank today announced a cut in home loan rate by 0.15 percent for new borrowers, joining the rate cut initiated by bigger rival SBI.Home loans up to Rs 75 lakh for women borrowers will now attract an interest of 9.15 percent from the earlier rate of 9.30 percent, according to the ICICI Bank website.At the same ...
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Luxury home rate may fall by 25-30% after demonetisation

Posted on Nov 25, 2016
NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...
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Property deals in Nashik dip by 46% in a week

Posted on Nov 22, 2016
NashikThe governments decision to demonetize old high-value currency notes has hit property transactions hard in the city.Ever since Prime Minister Narendra Modi made the announcement, the sale and purchase of properties in Nashik have declined by 46%, i.e. between November 9 and 16.Sources in the office of the joint district registrar and collect ...
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Currency pullback can push prices down

Posted on Nov 22, 2016
A significant reduction in black money in the economy following the governments decision to withdraw old higher denomination currency notes may have a substantial impact on the real estate sector as the move can reduce the number of unaccounted transactions in the secondary market to a great extent. But that comes as good news for homebuyers as a ...
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Emgee Group to build apartments priced at Rs 8-12 lakh near Mumbai

Posted on Nov 22, 2016
Emgee Group, known for its high-end properties, said it is planning to enter the affordable homes segment by building homes in price range of Rs 8 lakh to Rs 14 lakh with a configuration of 300 sq ft to 500 sq ft each unit.With this venture the company aims to help home-buyers qualify for benefits of credit-linked subsidy scheme under the Pradhan M ...
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Property registration in Telengana goes down by 40 per cent

Posted on Nov 22, 2016
HYDERABAD: The Central governments demonetisation move has proved to be a severe  blow for the already ailing real estate sector in the State.Not just the realtors and builders but property buyers as well are in a grip of panic after big notes were scrapped. The adverse effect is already being reflected on the income of Telangana Registration ...
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Luxury home rate may fall by 25-30% after demonetisation

Posted on Nov 17, 2016
NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...
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Loan rate may in Kolkata

Posted on Nov 17, 2016
Home loan customers could see EMIs reduce by a fourth and prospective buyers may be able to buy a larger home, feel real estate developers in the city following SBI chairman Arundhati Bhattacharyas iteration that interest rate on loans will decline as banks are now flush with money following the demonetization.Nandu Belani, president of the Bengal ...
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Inflow from realty sale deeds falls in Delhi

Posted on Nov 15, 2016
Delhi/NCRThe scrapping of Rs 500 and Rs 1,000 notes has resulted in a significant decline in the revenue department's collections from registration of property sale deeds. This financial year, the department has so far mopped up Rs 1,880 crore from the registration of various documents, including property sale deeds. This is Rs 230 crore higher tha ...
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Demonetisation may bring down resale flat prices in Mumbai

Posted on Nov 11, 2016
The demonetisation of Rs1,000 and Rs500 is likely to result in an up to 30% fall in the prices of resale flats across the city and its vicinity, said experts.The reason — majority of these flat owners demand cash (never on record) for their transactions, which will now difficult for buyers to come up with after the high denomination notes were scra ...
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SBI cuts home loan rate by 15 bps

Posted on Nov 03, 2016
State Bank of Indias customers may find servicing new home loans relatively easier on their pocket, with the equated monthly instalment (EMI) coming down by Rs. 11 per ₹1 lakh loan, following the bank paring its benchmark interest rate by 0.15 percentage points.Indias largest bank on Wednesday said it has cut interest rates by 0.15 percenta ...
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Affordable projects in Mumbai, NCR lead growth in festive season sales.

Posted on Nov 03, 2016
Residential sales across eight major cities in India improved 15% in the second quarter of 2016-17, especially during the festive season. Further improvement is expected when more affordable apartments are available in these markets.On an annual basis, residential sales across eight major cities in India improved 15% in the second quarter of 2016-1 ...
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