The conversation between human and AI assistant.
How do the real estate prices get affected by the Indian Government's decision to de-monetize 500 and 1000 notes?
Yes, can you elaborate on how exactly the real estate prices were affected?
Sure. Real estate transactions in India are known to involve a significant amount of cash transactions, which often remain unaccounted for. With the de-monetization of high-value currency notes, a lot of this unaccounted for cash disappeared from the market, leading to a drop in demand for real estate. As a result, several property prices went down. Some reports suggest that residential property prices in the country declined by up to 20% in some markets immediately after the move.