A few months ago real estate was the lifeline for builders in Okhla. Many made good money by selling flats to people living abroad, providing little basic amenities.
There are many rags to riches stories in Okhla and the real estate industry is big with several middlemen involved.
However, demonitisation and GST appears to have broken the backbone of the industry as many buildings do business in cash. Though no builder on record is willing to talk about the issue, many speak in whispered tone that flats are not selling and buyers are a few as nobody wants to purchase flats on cash as is the norm in pre-demonitisation period in the locality.
This is not to say that flats are not being constructed. New flats are coming, according to sources, but the problem is getting buyers. The old days are gone when builders got good money from people living abroad willing to stay in the Muslim ghetto for security reasons, now they are gone and locals do a lot of surveys before purchasing new flats.
It is reported that several flats are empty and some builders have started moving to other industry with some even investing heavily in stock exchange.