With the Reserve Bank of India announcing the withdrawal of Rs 2,000 currency notes from circulation, people may now be looking at parking these notes either for purchasing land, primarily agricultural land, in the periphery or small towns or for buying residential stock from the secondary real estate market, real estate brokers and experts told Moneycontrol.
However, unlike demonetisation in 2016, there is no “rush” or “urgency” to do so as the apex bank has given the public time till September 30, they said.
There haven’t been immediate transactions on the ground as the announcement was made just about three days back, said builders and brokers on condition of anonymity.
Also, the impact on the real estate sector may not be as much as during demonetization in 2016 as the Rs 2,000 notes are still legal tender and comprise just about 10.8 percent of the total notes in circulation unlike Rs 500 and Rs 1000 notes that comprised almost 86 percent of the currency that was rendered invalid overnight.