new delhi postdemonetisation the real estate sector saw a drop in prices by up to 510 per cent according to data shared by the housing and urban affairs ministry in fact there could be further price correction and the ministry is optimistic most of the nonserious and flybynight players will vanish soon housing and urban affairs minister hardeep singh puri said on wednesdayclaiming demonetisation had the maximum positive impact on the real estate sector puri said this had been one of the main hub of parking black money there has been some correction in prices and the ultimate beneficiaries are the end buyers puri told toiadded to the drop of 510 per cent in property prices many developers offered freebies during the past one year in the range of 57 per centtogether effectively the discount correction is expected to be up to 15 per cent the ministry saidthe data also show that the average resale price of properties witnessed a dip of 1015 per cent immediately after demonetisation however price correction has happened in the past couple of months in the case of readytomove in propertiessimilarly new launches of projects since january has been less across top 10 cities including noida pune mumbai chennai hyderabad bengaluru and ahmedabad only exception has been gurgaon which has witnessed 72 per cent increase in new launches on year on year basis in the case of affordable housing segment under the state government scheme the ministry data saidpuri said the implementation of real estate regulation act rera transparency in the sector and impact of demonetisation will bring a new phase where the ongoing projects will get completed some states have messed up the issue of ongoing projects but we are trying hard to push the case of genuine buyers the minister saidall the initiatives we have taken will have their impact many of the projects will get completed by the builders or by some other entities puri said