kochi demonetisation has hit the real estate industry in kochi badly and there is a 26 drop in land and flat transactions during postdemonetisation periodbetween november 1 2015 and october 31 2016 about 45181 land and flats were registered and the area transacted was 184343 hectare in the district it came down to 33025 registrations from november 1 2016 to september 30 2017 and the extent of area transacted during this period is 140654 hectare registration department officials said another 2500 to 3500 registrations will be done in october and another 1000 hectare will be transacted this monthregistration officials and economists attribute the decline in the transactions to demonetisation while environmentalists are happy about the decline in transactions since there would be a decline in the construction activitiesnowadays most land transactions in ernakulam take place in eastern part of the district including muvattupuzha and kothamangalam where land is available after demonetisation was implemented state government made valuation certificate mandatory for buildings which the customer prefer to buy the valuation certification certified by the chartered engineer in the local body should be provided while registering this prevented builders from selling flat at exorbitant rate the valuation certificate is prepared by fixing rate per square feet of the building said biju p k ernakulam district registrarboth the real estate and unorganized sectors suffered badly after demonetization was implemented in november last year earlier people who hoarded black money used to invest in real estate sector they had 4050 black money but with the demonetisation they got scared to invest in real estate since tax officials started to monitor all the transactions it is the fear of monitoring that dissuades many to invest in the real estate demonetisation also helped to bring down speculation in the sector if the current situation in the sector continues and speculation comes to an end ordinary people can buy houses at affordable prices now only those who are in actual need invest in the real estate sector said martin patrick chief economist of centre for public policy research cppr in kochiland registration officials and real estate players said that unlike in the past the buyers are now interested in small chunks of land thats below 5 cents also they are willing to move away from prime land and invest in property in places like kothamangalam and muvattapuzha that is comparatively greeneran official in njarakkal subregistration office said people now buy small plots to construct house instead of buying large plots as they did earlier only the actual buyers who want to construct a house on four to five cents of land buy the plot in the district he saidthe confederation of real estate developers association of india kochi president paul raj said that demonetisation helped to stop speculation that was prevalent in real estate sector the speculative approach in the sector has stopped only the buyers who actually need a house invest in the sector now with the implementation of real estate regulatory authority rera