The Evolution of Mysore's Real Estate Market Post-Demonetization

The real estate market in Mysore has undergone significant changes since demonetization was implemented in India. The impact of this move on the real estate sector was felt across the country, and Mysore was no exception. Demonetization was aimed at curbing black money and corruption, and it had a profound impact on the real estate market. In this article, we will discuss the evolution of Mysore's real estate market post-demonetization.

One of the most significant changes that occurred in the real estate market was the reduction in cash transactions. The government's decision to demonetize high-value currency notes led to a sharp decrease in cash transactions in the real estate sector. Prior to demonetization, a large portion of the real estate transactions in Mysore was conducted in cash, making it difficult for authorities to track the source of funds. However, demonetization made it mandatory for all real estate transactions to be conducted through banks, which increased transparency in the sector.

The reduction in cash transactions also led to a drop in real estate prices in Mysore. Since cash transactions were no longer possible, many builders and developers were forced to lower their prices to attract buyers. This led to a drop in prices, which made real estate more affordable for middle-class buyers.

Another significant change that occurred was the rise in demand for affordable housing. With the drop in real estate prices, many first-time homebuyers in Mysore were able to enter the market. This led to a surge in demand for affordable housing units, which prompted developers to shift their focus to this segment. The government's push for affordable housing also played a role in this shift.

The real estate market in Mysore also saw a shift towards branded developers. Prior to demonetization, the real estate market in Mysore was dominated by local builders and developers. However, with the increase in transparency and the rise in demand for affordable housing, branded developers started entering the market. These developers brought with them a level of professionalism and quality that was lacking in the local market.

In conclusion, demonetization had a profound impact on the real estate market in Mysore. It led to a reduction in cash transactions, a drop in real estate prices, a rise in demand for affordable housing, and a shift towards branded developers. These changes have made the real estate market in Mysore more transparent, affordable, and professional.