According to media reports, a number of prospective home buyers are being approached by real estate agents or brokers to buy property in lieu of old demonetized notes of 500 and 1000. It is being reported that some people are luring and in some cases scaring taxpayers about demonetized money to sell real estate inventory.
<strong>Can anyone sell a property for old currency?
Legally, no. The Prime Minister has already declared such currency to be void and to have lost its legal tender. So, you cannot purchase property using such a money. It would be an illegal way of doing a property transaction.
Why are such people making these kinds of offers?
Some property agents are stuck with a lot of unsold real estate inventory. They are cashing on the public’s wariness of their savings which is in form of demonetized currency. So, by spreading panic, they are trying to get rid of their stock. All this by charging an extra premium as their fees to dispose of the cash.
There are also some agents who are trying to convert black money into white by promising such deals. They expect to find some loopholes in government regulations to convert this cash into legal money. But will they be actually able to do that is another story altogether.
Should I go for such a deal?
Also, it is advisable to transact property through verified or well-known agents with good track record. Any agent which is indulging in such means already appears as dishonest. Also, in most cases, there is a high probability that some undesirable or unsaleable property would be handed over to a buyer by playing on panic and fear.
If you look around, there are many reputable builders and developers with some excellent deals on property. If you are really looking forward to purchasing a home, you can get a mortgage too as interest rates are expected to fall in future. A transparent and proper real estate transaction is always good for you as it is safe and secure. Not to forget that the government is closely watching various big transactions happening around the country.