In spite of the fact that inquiries from potential homebuyers, particularly those searching for homes of their own have expanded, nobody is really purchasing property. This is going on notwithstanding when costs of homes and significantly littler lodging units in Central and other premium regions Delhi – recorded at Rs 400 crore or more – have slammed by 30% after demonetisation, say realty operators. Nobody's prepared to pay the sort of rates expected in Delhi's exceptional ranges in white cash.

Land and property exchanges here are generally finished with money, contingent upon the property and zone it is arranged in. The money check proportion could be anyplace between 80:20 to even 60:40.

Till November 8, properties in premium regions were accessible and much looked for after for stopping dark cash. After demonetisation hoarders of money got occupied with sorting out their budgetary issues and land exchanges were affected as arrangements could just happen through checks. "Demonetisation came like an electric stun to property exchanges and for all intents and purposes conveyed property deal and buy to a halt," says Devender Tara of Tara Estates situated in Vasant Vihar. This has never happened and it is probably going to take three to four months or more for the land business to resuscitate.

Amid the most recent month, where his business is concerned, Tara says there has been "add up to quiet" on the property exchange front. The response of the individuals who needed to offer properties has been blended. Dealers he knows have sliced property costs by 25% to 35%, with some demonstrating their readiness to cut costs assist. And still, at the end of the day, numerous purchasers are remaining endlessly.

The sticker price of Rs 600 crore for a 8,000 sq yard plot in Tughlaq Road has been trimmed by the proprietor to Rs400 crore. In Vasant Vihar a storm cellar and ground floor of a 430 square yard building estimated at Rs12 crore is currently on offer at Rs 9 crore.

Property specialist Gaurav Goel rattles off five properties in Golf Links – three based on plots of 375 sq yard each and two on 575 sq yard plots each – which are currently being offered for less. One proprietor of the 575 sq yard plot is presently prepared to offer his Rs100 crore property for Rs75 to Rs80 crore.

Sudarshan Sharma of SDR Real Estate Agents in Anand Niketan says in the 30 years that he has been doing business, it's interestingly that even non-inhabitant Indians are demonstrating no enthusiasm for properties. In regions like Shanti Niketan, Anand Niketan and West End the quantity of properties accessible at a bargain are generally few. In spite of the fact that the proprietors have trimmed their value request the purchasers have yet to approach, includes.

It's clear that both property venders and purchasers are sticking around for opportunity and sitting tight for things to move forward. Land specialists additionally feel that the administration's express revelation that benami property would be on the hit list soon has driven many to expect a further climbdown in property costs. This they feel will undoubtedly happen as benami property proprietors might want to offer their possessions at the earliest opportunity at whatever value they can get the chance to remain out of inconvenience.

The silver coating in the general apparently inauspicious aftermath is that finally property costs which had turned out to be nonsensically over the top could think.

The  writer is a senior columnist.