Soon, Aadhaar Will Be Mandatory For Every Real Estate Transaction – Surgical Strike Against Black Money?
Another big news from the government to stop ‘benami’ transactions in India – linking Aadhaar to property transactions will soon become mandatory.
This proposal has been awaiting results for a long time, and now reports have surfaced about this being turned into a law soon.
As per analysts, this can be one big ‘surgical strike’ against black money and corruption, since Real Estate is counted among #1 sector for the same.
Find out all the details right here!
Government In Final Stages Of Mandating Aadhaar Linking To Property Transactions
It has been probably 2-3 years since the Government has been trying to make Aadhaar linking to transactions made for property mandatory. The government was meant to make amends to the Sections 32 and 32A of the Registration Act, 1908, so that there would be no legal loopholes.
And now there is news that the government is the final stages of passing the rule as a law. This will hugely affect the black money and benami / proxy transactions that are done in this country on a great level.
It will definitely bring about transparency in the transactions, and will probably bring down the rates of the property more. However, there is a chance that builders and owners might hike the prices of property to maintain the same profit.
Moreover, there will also be a simplification of transactions and loans as the transparency will increase.
Rajan Bandelkar, President, National Real Estate Development Council (NAREDCO) Maharashtra said, “Linking Aadhaar with property ownership has the potential to weed out black money and eradicate fraudulence from the real estate sector. This move also has the potential to enable rationalization of home prices, as all those who have invested in benami property will rush to disinvest.”
Government’s Steps To Stop Illegal Transactions and Black Money
The Modi led Government is more than keen to curb black money and illegal transactions, and they have taken a lot of steps from time to time that can serve as evidence. The government recently declared that people who are caught in tax evasion and black money will no longer be let off with a penalty, but they will have to face prosecution.
We will keep you updated, as more details come in.