new delhi its not a good time to be in real estate as people got over the initial shock of the governments move to make rs 500 and rs 1000 notes redundant those involved in the realty business were coming to terms with a bleak future a day after while crisil a global ratings company predicted a slowdown in the sector with land prices set to fall local brokers were counting the number of deals or transactions that are now stuckthe biggest impact say brokers is likely to be on property transactions in the city these are highvalue deals with a large black component especially as the circle rates are not reflective of the market rates said deepak sapru a realtor in delhi the reason is the price of properties in areas like friends colony defence colony and lajpat nagar which get sold in crores with only a fraction being paid on paper brokers revealed that several transactions which are likely to be hit had been stopped everybody is waiting to see what happens next no one is sure how to pay the black component now added sapruthe situation is bad in the rest of ncr as well said m m reza of silver brick realty pvt ltd a local brokerage company in noida the residential segment has been sluggish with most investors moving out of the market in the past year the black component had been very small though as circle rates were high in noida at least according to reza despite the prevalence of white deals the black money was still present which will now be impacted the residential segment will see a correction of at least 10 which is massive in the realty sector admitted reza for commercial properties this will be even higher he claimed the first to be hit will be the projects with assured profits these mostly run on cash so they will be impacted badly he added crisil in an analysis on wednesday forecast a rough future for the real estate market its report showed a highly negative impact on the sector predicting that ncr with high investor demand would be severely impacted while land prices are likely to fall it also forecast that the residential real estate demand would decline especially in markets with unorganised developers where the practice of cash transactions was prevalent