Investigate all property sales transactions
This is a typical knee jerk reaction in which we Indians specialise. We very well know the reasons for involvement of black money in India in the real estate business and real capabilities and limitations of CVC, CBI and ED for carrying out such large scale investigations of crores of such transactions.
This will give millions of Column Centimetres of news coverage but will lead us no where and bog down these agencies.
Solutions:
1. Reduce Stamp Duties & Registration Charges for property transactions to 0.5 to 1%. See how Security Transaction Tax has brought down under reporting of Security Transactions!
2. Liberally make available land for construction of housing particularly for low cost housing.
3. Make available adequate amount of low cost funds for housing finance.
4. Remove un-necessary restrictions on Real Estate Sector which generate black money.
5. Track down generation of black money at source -- people (bureaucrats & politicians) having large amount of discretionary powers.
6. Crack down on hawala transactions which help in re-cycling black money into real estate sector. more
This will give millions of Column Centimetres of news coverage but will lead us no where and bog down these agencies.
Solutions:
1. Reduce Stamp Duties & Registration Charges for property transactions to 0.5 to 1%. See how Security Transaction Tax has brought down under reporting of Security Transactions!
2. Liberally make available land for construction of housing particularly for low cost housing.
3. Make available adequate amount of low cost funds for housing finance.
4. Remove un-necessary restrictions on Real Estate Sector which generate black money.
5. Track down generation of black money at source -- people (bureaucrats & politicians) having large amount of discretionary powers.
6. Crack down on hawala transactions which help in re-cycling black money into real estate sector. more
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Properties are usually registered at a value which is usually 1/5 to 1/10 to the prevailing market value. If stamp duty is reduced to 0.5 to 1% as you say it is quite reasonable and people will have the tendency to register property transactions at market rate. For curbing black money circulation in property transactions all payments should be through banks only, for which steps are already taken. But this should be supplemented by demonetization also, to stop cash payments. more
Sep 02
In Greenfield Colony Faridabad petty builders are operating. These builders are constructing flats on plots purchased from original owners . These flats are constructed with material of very low quality and are not as per approved plan. 6 or 9 flats are made on plot I.e. 2 or 3 units/flats on each floor by violating all norms & regulations. Quality of workmanship is of very low grade. By this way they looting innocent people; who are investing their lifetime earning and later on repenting. Nobody is concerned about it. Concerned departments are not taking any action inspire of various complaints. It seems that corruption is playing its part and common man is suffering. more
Aug 13
