India Inc. fights against black money in realty
No Comments Sub Category:Cities,Mumbai,Realty News,Residential Real Estate Posted On: Nov 23, 2012
Ulwe, a village with mess and uneven streets in the outskirts of Mumbai which even lacks basic facilities but flats in that area will cost you a bomb. The cost of the flats is beyond the reach of mediocre family.Home buyers who were planning to buy in this area said that many builders demand around 30 percent of the selling price in cash, a tiny piece in the all-pervasive, unaccounted “black money” that charges India’s straitened exchequer immeasurable bucks within misplaced taxable earnings.
However,buyers, bankers and tax officials were skeptical that the law would stamp out unlawful practices these people point out carefully entwined with politics.
Out of 10 developers, 4 were ready to do the dealing in full white but the rest were asking for a black component, said Umesh Kolhapure, who was looking for a three-bedroom house around Ulwe.
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Apartments in Mumbai, black money, Flats in Mumbai, home buyers, Investment, Jones Lang LaSalle, Mumbai, Mumbai developers, Properties in Mumbai, Realty News, tax officials, Ulwe
