Predictably, the secondary sales or resale housing market proved far more vulnerable to demonetization than the primary market. This segment, along with luxury housing, historically drew the bulk of 'cash components'.

“That which does not kill us, makes us stronger” – Friedrich Nietzsche

Anuj Puri, Chairman – ANAROCK Property Consultants

Over the past one year, demonetisation has been a buzzword across all Indian industries, but much more so in real estate.

The radical move of banning high-value currency notes, seen as the Government’s surgical strike on black money, has become a landmark event in the history of the Indian economy.

Looking back on Year 1 AD (After Demonetisation), it is plain to see that it has brought significant disruptions into the overall economy – and particularly the real estate sector.

The rolling out of key policy reforms such as the Real Estate (Regulation and Development) Act [RERA] and the Goods and Services Tax [GST] compounded the aftermath effects of demonetization.

Although there was a lot of confusion and uncertainty immediately after demonetization, the shadow of this radical move now appears to be fading.

The long-term effects of demonetization on the real estate sector are aptly summed up by the wise words of the German philosopher,