The economic survey has said that property prices fell due to cash crunch following demonetisation and could decline further as investing undeclared income in real estate becomes more difficult. "Demonetisation could have the particularly profound impact on the real estate sector," it said On short-term effect on the sector through December-end, the Economic Survey 2016-17 said that "prices declined, as wealth fell while cash shortages impeded transactions".
Talking about the likely longer-term effect, the pre- Budget document tabled in Parliament today said, "prices could fall further as investing undeclared income in real estate becomes more diffic It said that tax component could rise, especially if Goods and Services Tax, slated for rollout in July, is imposed on real estate.
As per the survey, much of the black money accumulated was ultimately used to evade taxes on property sales adding that this type of tax evasion would diminish with curbs on unaccounted wealth and financial transactions taking place increasingly through electronic means.
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The economic survey has said that property prices fell due to cash crunch following demonetisation and could decline further as investing undeclared income in real estate becomes more difficult. "Demonetisation could have the particularly profound impact on the real estate sector," it said On short-term effect on the sector through December-end, the Economic Survey 2016-17 said that "prices declined, as wealth fell while cash shortages impeded transactions". 
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