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Buyers Of Coimbatore Property Adopt Wait And Watch Policy
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Will demonetization affect the prices of Coimbatore property is a question which is being asked by several stakeholders. Although most of the people do not give a clear answer but it is quiet apparent that people have stopped making purchases for Kovilpalayam flats for sale and other property in Coimbatore. Everyone wants to get a clearer picture before making a huge investment. Both the sellers and buyers of Kovilpalayam flats for sale and other property in Coimbatore are adopting the wait and watch approach. Since in many areas of the city the market value and the government approved value of land differ most of the properties which are sold are registered at an undervalued price.
This practice has been continuing since time immemorial as both the parties prefer to register the Coimbatore property at undervalued price so that they can save on the tax component. Around 20% of the buying price goes in paying various taxes and duties. To save this the buyers preferred to register the property at the lowest possible rate and this is usually the government approved rate. Since the property is registered at lower rate only the registered amount is transferred through valid means the rest is paid through cash. The sellers also preferred to register at lower value to save on the capital gain taxation. The sellers later used to money to buy another property or for other purposes. However post demonetization the practice of registering Coimbatore property at undervalued price cannot continue for two reasons. Firstly there not enough cash component in the market to continue this practice. Secondly sellers do not want to face the herculean task of specifying their source of income for the cash component. The buyers of Kovilpalayam flats for sale and other property in Coimbatore are also waiting for the property prices to correct as they know that currently there is no buyer in the market.
Since the black money has been completely eradicated the properties will not sell at the inflated market prices. The end-users who are willing to buy Kovilpalayam flats for sale and other property in Coimbatore do not have deep pockets to enter the market. On the other hand the investors are cash crunched and they do not have enough money to invest in Coimbatore property. Only time will tell which way the property market will move after demonetization drive is complete but currently there is a complete lull in the market.
Makaan.com is a reputed real estate website that connects buyers and sellers by bringing them on a common platform. Affordable and luxury property in Coimbatore are available over Makaan.com for searching and sorting.
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