Capital property market has been edged out by Rental property market according to various realty dealing service providers. Rental demand has increased in popular cities like Pune, Delhi, Bengaluru, Chennai and Mumbai in the year 2016 and has shown an increase of more than 800% in rental values.
Secondary home sales have come to a halt since it mainly operates under unaccounted cash transactions and many of these old currency notes have been demonetised after the Honorable Prime Minister Narendra Modi's speech as on 8th November 2016.
One of the property experts said that Rental market remains powerful and deals have not been influenced due to demonetisation. With consumers delaying property buying decisions and anticipating some demonetisation led punition in prices, rental market will gain in the short term. He assumes rental prices to grow 5-8% in next one year.
Delaying of buying decision is benefiting rental transactions and the demand for rented houses has been going up across localities. The end users' preference, for now, has shifted to renting property and waiting for an expected softening on prices and home loan rates, thereby enhancing affordability.
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