Construction of flats not affected
The construction sector in Mysuru, fuelled by the demand for housing units, including apartments, have not remained unaffected by demonetisation. But, unlike transactions in real estate, the build-property, including the ready-to-occupy apartments, is surging ahead. There is no slump in property rates, but major builders have not shied away from taking up new works due to demonetisation, said a project consultant in a private construction company. Endorsing his view, N. Subramanya of the Builders’ Association of India, said there were nearly 15 major players in the construction industry active in Mysuru, and all of them have projects on hand or are nearing completion. “Construction of apartments was not affected due to demonetisation though there was some slow down due to payment issues in the initial weeks. But, it was sorted out and the apartment market is showing signs of growth,” he said. But the inventory of unsold units continues to be high and at least 1,500 to 2,000 units are unsold. This is a normal phenomenon in any market and once they are sold new units come up, said Mr. Subramanya. Mahesh, a civil engineer with multiple projects on hand, said there was confusion resulting in slowdown in construction sector during the initial few weeks of demonetisation and the projects on hand suffered delay in completion. But six months on, the sector is gaining traction again, but it is nowhere near the pre-demonetisation levels, he added.
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