BENGALURU: Demonetisation has delivered a major blow to the real estate sector in the State. Registration of properties — both land and buildings — has come down by almost 30-35 per cent in the past one week.
“Earlier, on an average, around 6,000 to 7,000 properties used to be registered per day in state with Rs 30 to 35 crore revenue collection. Now, it is around 4,000 registrations with a revenue collection of Rs 20 to 25 crore,” said an official in the Office of the Inspector General of Registration and Commissioner of Stamps.
An official, who did not wish to be identified, said the real estate in Bengaluru is not any different from other parts of the state. “Even before demonetisation, the real estate market in Bengaluru was not doing very well. The high price tag on apartments and land is to be blamed for this. However, looking at last week’s transactions, we can say that demonetisation is taking away the property business,” he explained.
He added that the initial impact has revealed 30 per cent dip in registration in the last one week and the exact impact of demonetisation can be assessed only by next week.