Black Money Generation in Real Estate Business
Recently (Feb '17), I was waiting for my photocopies being done at Xerox shop in Vijayanagar, Bengaluru. Then a fellow came asking for making couple of copies of 2 thick documents. His friend suggested him to order sufficient numbers in advance so that one doesn't have to come now and then only when the clients come for buying the sites. Then I realized that he was from Real Estate business. I casually mentioned that the business must be dull now due to DeMo. To my surprise, he told me that people feared only for one week after announcement of DeMo in November 2016. In fact, out of 120 plots near 'Dodda Aalada Mara' on Mysore Road, he has sold 40 and business is OK. Further, he explained that though the rate is @ Rs 1000 per sq. ft., this month he is giving a discount of Rs 90 per sq. ft. but registration will be made at Government's Guiding price of Rs 6 lakhs only for a 30x40 plot. So the balance has to be made by cash payment.
Imagine the cash portion! I don’t know how anybody is arranging such cash. How can then be Black money minimized, if not completely eliminated? How much I.T Department can do to curb these bad practices and book the defaulters/culprits? Unless the basic mentality of the people is changed for better, it’s not possible for any major shift in doing business right. more
Imagine the cash portion! I don’t know how anybody is arranging such cash. How can then be Black money minimized, if not completely eliminated? How much I.T Department can do to curb these bad practices and book the defaulters/culprits? Unless the basic mentality of the people is changed for better, it’s not possible for any major shift in doing business right. more
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I fully agree with Sudhirji, its big nexus of civil servants who can subvert any attempt of government, as previous politicians have made them really thick and big. One solution for curbing black money in property deal is to adjust the circle rate/ rates for registration, as done is some parts of Delhi, where no black money can be of use, as circle rates are little higher then actual prices... this seems one possible solution, if government can get right information and civil servants do not get into it again... JAGO BHARAT JAGO more
Mar 06
Not only the real Estate but the black money is used and converted to white in other source also. These are Petrol pumps and Goods Transport Companies. It is observed that many big companies have the involvment of some ministers funding and through this they get Tenders on very low rates and do more business. more
Mar 06
Yes, it is people who often indulge in black money transaction to save tax and then blame others for the mess. Most shed crocodile tears. No one has the courage to report such cases if they come to know. more
Mar 03
Maximum IAS & IPS officers and PCS officers had been corrupt and they have built big empires to them selves as Benami property so Govt first should raid such officers so that a confidence comes in among public. more
Mar 02
Sir the black money matter is very serious it it rating our economy ,but you can do little as those watch dog agency responsible to check they are deep in this .for example,good decision and move by ,strong PM could bear only 40%.due to corrupted Bank employees matter of fact all Have washed their hand with sandal soap. Our politician are root of corruption and they are only law makers sitting in the top house of country. more
Mar 02
