Soon, Real Estate Transactions To Be Aadhaar Linked; Will It Help?
Will this stop black money circulation in the country?
As per latest reports, Indian real estate market will become $180 billion by 2020; and right now, India attracts close to $32 billion as private investment in the sector, every year.
Such a huge, and massive industry, but still Aadhaar isn’t yet mandatory for the sector.
Considering that Aadhaar’s one of the primary objectives was to curb black money circulation, ignoring Real Estate from the Aadhaar maze is indeed surprising.
But not any more.
Indications are coming that Govt. may soon link Aadhaar with real estate as a mandatory requirement, and this can be the one of the biggest push for Aadhaar in India.
In a related news, telecom operators have proposed some unique, innovative ways to encourage Aadhaar’s rural expansion, an area which has been ignored till now.
Aadhaar Linked Real Estate in India: A Reality?
But soon, the biggest and the nastiest of all sectors: Real Estate would be Aadhaar linked; and the primary intention is to stop the illegal flow of black money into the system.
After all, a when a common man purchases a home, it is their most expensive purchase ever, and if black money inflates the prices by creating fake bubble, then it is indeed alarming.
Hopefully, Aadhaar linking will stop this evil practice in India.
This was confirmed by Union Housing Minister Hardeep Puri, when he said recently during an interview: “Seeding Aadhaar to property transaction is a great idea but I’m not going to make an announcement on that. We are already linking Aadhaar to bank accounts, etc, and we can take some additional steps for property market also,”
When a reporter asked him whether mandatory linking of Aadhaar with every real estate can be a possibility, he said, “Absolutely, that’s the way it’s heading anyways. I have no doubt that it will happen.”
This is indeed a strong signal from the Govt. to all real estate czars out there: You can hide, but you cannot escape.
Telcos Kickstart Unique Ways For Rural Aadhaar Push
Meanwhile, taking cue and inspiration from the Govt., leading telecom operators have themselves proposed several unique and interesting ways to encourage more rural inclusion, when it comes to Aadhaar push.
Basically, these ideas have been generated so that more and more rural telecom users can connect their SIM Cards with Aadhaar. There are more than a billion telecom users in India, and everyone has to be connected with Aadhaar before February 6th, 2018.
Vodafone has decided to send mobile vans in deep rural hinterland of Rajasthan, which acts as hubs for ‘re-verification’, an activity which involves Aadhaar verification of the mobile phone users.
An unnamed Vodafone employee said, “The company’s mobile vans-based initiative to link customer SIM numbers with their Aadhaar can be extended to other circles if the Rajasthan pilot works..”
On the other hand, Idea Cellular has set up temporary canopies and camps across major rural markets, wherein their customers can visit, and complete the Aadhaar verification process.
In fact, Idea is also sending employees to homes of senior citizens and handicapped, so that they don’t face any issues.
Airtel is also said to have set up camps in villages, for the same.
Nation-wide, telecom operators will soon start OTP based re-verification process as well.
We will keep you updated as receive more information.