Realty most visible source for black money in India
Real estate has been the most visible source for black money as it has never been regulated in India. This is also a hot topic in the India Parliament which opened on November 29, 2012.
Other than real estate, black money also involves owners and investors.
Black money is present in every step of a real estate project, from acquiring land to selling the house, says government.
The real estate market itself want transparency in transactions which is not happening because of some politicians themselves are involved in black money deals.
Black money players included and may still include international celebrities, politicians, businessmen, mafia kingpins and foreigners. And these players are the ones who finance developers and builders to launch projects. However, none of these deals are done in public.
Ajay Maken, housing minister is trying to draft the first regulatory bill in country’s real estate to bring transparency, greater accountability and prevent delay and forgery. The disadvantages of this new law is that it does not deal with land acquisition and politicians themselves.
Even home buyers need to be blamed as they readily agree to pay the amount the developers demand under-the table.
Commonfloor’s take: Politicians are the biggest players in the black money racket in India, so the regulatory bill need to be implemented to maintain transparency.
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Ajay Maken, black money, black money racket, Builders, Developers, home buyers, housing minister, India Parliament, Investors, Real-estate market, Realty News, Regulatory Bill, Transparency
