CREDAI opposes any black money transactions in real estate
The Confederation of Real Estate Developers Association of India (CREDAI) has decided to prevent any black money transaction in Indian real estate sector.
Many people believe that real estate is the best sector where they can invest their ill-acquired money. According to CREDAI, builders are encouraging the black money in real estate to increase the cash inflow and as most of the transactions are not recorded, the investments happen easily.
CREDAI believe that if government implements a single window approval system which will allow proposals to be sanctioned in short time, that will reduce the influence of black money.
In Bihar, projects are approved in just 15 days and after it is signed by the project architect, the local corporation does not see much. In Gujarat, developers are sent the approval letter by post and the concerned official is penalized and his salary is deducted if he does not approve or reject the plan within the specified number of days.
The real estate experts feel that this movement by the CREDAI will help the builders in various aspects.
Role of black money in Indian realty soon to be revealed
Source: DNA India
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