It has been almost a year since demonetization had occurred. Demonetization had a huge effect on the economic structure of the country. The real estate market had to suffer a lot due to this move made by the government. It effectively reduced the pace of the real estate market as it blocked the flow of cash in the market. Real estate market is all about cash transactions mostly. However, even after a year of demonetization the real estate market continues to follow the slow pace for another 6 to 8 months. In the short run, the market will change its pace slowly, but in the long run, it will run at a higher pace. The small scale property developers will face more problems than the large-scale property developers. However, the scenario may be different for the commercial property developers than the residential as here the commercial properties are more in demand than the supply as per some of the known sources of the real estate field. Hence, the demand of such project may stay higher in coming days.
Post demonetization, the real estate market has not yet launched any new project in this financial year till now. All the focus is concentrated on the ongoing projects from last financial year. Completion of pending projects will only let the developers step forward for new projects. The Noida real estate market report states that, in the central part of the city, there are almost 50000 residential apartments under construction. This is based on the record of last two quarters of this year. There is a high demand for properties in areas like Sector 62 and 63, Sector 96 to 98 in Expressway, NH-24, Sector 70 to 79 and Sector 80. In all these areas, most projects are in the under construction phase while few projects have been completed and are ready to move in. The basic reason for high demands in these sectors is the opening of metro services in Sector 62, apart from this availability of easy transport communication, educational institutions, IT and ITeS are some of the other reasons. Another reason for high demand in this part of Noida is the NH-24 which connects Delhi-NCR.
To conclude, the market situation will become normal by the next financial year. The metro service will be an important addition to the city and a positive sign for the real estate market of Noida.
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