Speaking to CNBC-TV18 Gulam Zia, Executive Director of Knight Frank said that demonetisation was the last nail in the coffin.
Prior to that there were problems plaguing the real estate sector. Every market has gone through a tough time, he said, adding that the NCR market was the worst distressed.
Even in Mumbai the high-end luxury products were badly affected, he said.
He was hopeful that affordable segment will be fastest segment to bounce back.
Watch video for more