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What Will Happen to Black Components in Property Transactions?

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What Will Happen to Black Components in Property Transactions?

Last updated: October 29 2015
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  • #21

    #21

    Re : What Will Happen to Black Components in Property Transactions?

    i dont think black money is a problem as much as going outside india is a problem. If the same is brought back into the system then its not that much of a problem

    Comment

    • #22

      #22

      Re : What Will Happen to Black Components in Property Transactions?

      Discussion so far-SIT is of hardly any use.

      Comment

      • #23

        #23

        Re : What Will Happen to Black Components in Property Transactions?

        Complaint of huge money laundering and siphoning of Rs 6500 crores | Aam Aadmi Party

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        • #24

          #24

          Re : What Will Happen to Black Components in Property Transactions?

          Swiss accounts are a diversion. Bulk of black money is right here in India - The Times of India

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          • #25

            #25

            Re : What Will Happen to Black Components in Property Transactions?

            Why Indian approach fail to give a solution ?? because 95% of energy is wasted to discuss problem only (discussion...committee....enquiry....recommendati ons....again and again...once again and always) ?? But the real problem does not move an inch !! And we are those who NEVER think in different way ??

            Every one knows that huge black money is invested in real estate but is it the real problem Problem in not the cheater authority, problem is not the cunning builders and the problem is also not the few greedy people for them a home is not a shelter but a commodity ?? so where is the problem ??

            PROBLEM :- Problem is the loop-holes which allow black money to enter in the real estate market and once those loop holes are sealed then black money may not be invested in this sector,,,,Forget what happened in the past and what is happening...Just make few rules to seal like

            POSSIBLE SOLUTIONS

            1-Husband+wife = Only one home (If they are living under same roof)....For divorcee couple 02 homes...NOT MORE THAN THAT WILL PERMITTED (This will help real estate for not becoming Commodity)

            2-Re-sale must be done on open auction basis !! Seller must be protected with circle rate + some % as base price .....This will give seller a genuine price, buyer may find property in his city or his choice....Govt will get revenue ...and the investors / traders..they will be hit hard !!

            3-Banks should not give loan to those who do not file return !!

            4-Property agent / advisers / channel partners / service providers etc must obtain a valid licence and all their transactions must be visible to the competent authority / auditors,

            5-Builder Buyer Agreement must be standardized and registered in court to protect builder & buyer both ....and real estate sector will generate huge revenue for govt !! no amount is to be paid to the builder before that so the builder may not add anything in that because once money goes to builder the he may twist BBA as he wish to !!

            6-Builder's booking form should be a form only and builder must be punished if he writes no. of conditions on that form ...Some forms has 16 conditions where as many crosses 40 ??....Why conditions required on form when BBA is there ??

            7-Authority must be made more responsible and if any acquisition dispute occurs then all the expenses / penalty is to be bear by authority only.

            8-Banks must be punished if any document related dispute arises,

            9-Buyers are also not saint so for them ...Every bank account must be clubbed with PAN card and during filing return he must mention all his accounts...Banks should calculate his purchase power from PAN details only and excess loan is to be avoided.

            Your valuable comments are most welcome !!
            Last edited July 10 2014, 10:50 AM.

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            • #26

              #26

              Re : What Will Happen to Black Components in Property Transactions?

              Originally posted by derek111 View Post
              Why Indian approach fail to give a solution ?? because 95% of energy is wasted to discuss problem only (discussion...committee....enquiry....recommendati ons....again and again...once again and always) ?? But the real problem does not move an inch !! And we are those who NEVER think in different way ??

              Every one knows that huge black money is invested in real estate but is it the real problem Problem in not the cheater authority, problem is not the cunning builders and the problem is also not the few greedy people for them a home is not a shelter but a commodity ?? so where is the problem ??

              PROBLEM :- Problem is the loop-holes which allow black money to enter in the real estate market and once those loop holes are sealed then black money may not be invested in this sector,,,,Forget what happened in the past and what is happening...Just make few rules to seal like

              POSSIBLE SOLUTIONS

              1-Husband+wife = Only one home (If they are living under same roof)....For divorcee couple 02 homes...NOT MORE THAN THAT WILL PERMITTED (This will help real estate for not becoming Commodity)

              2-Re-sale must be done on open auction basis !! Seller must be protected with circle rate + some % as base price .....This will give seller a genuine price, buyer may find property in his city or his choice....Govt will get revenue ...and the investors / traders..they will be hit hard !!

              3-Banks should not give loan to those who do not file return !!

              4-Property agent / advisers / channel partners / service providers etc must obtain a valid licence and all their transactions must be visible to the competent authority / auditors,

              5-Builder Buyer Agreement must be standardized and registered in court to protect builder & buyer both ....and real estate sector will generate huge revenue for govt !! no amount is to be paid to the builder before that so the builder may not add anything in that because once money goes to builder the he may twist BBA as he wish to !!

              6-Builder's booking form should be a form only and builder must be punished if he writes no. of conditions on that form ...Some forms has 16 conditions where as many crosses 40 ??....Why conditions required on form when BBA is there ??

              7-Authority must be made more responsible and if any acquisition dispute occurs then all the expenses / penalty is to be bear by authority only.

              8-Banks must be punished if any document related dispute arises,

              9-Buyers are also not saint so for them ...Every bank account must be clubbed with PAN card and during filing return he must mention all his accounts...Banks should calculate his purchase power from PAN details only and excess loan is to be avoided.

              Your valuable comments are most welcome !!
              In last general election 1687 parties fought.This means 1687 ideologies. But while coming to action almost same British law with minor changes here and there.For example,The Land Acquisition Act,1894 is yet to be replaced due to lack of consensus among the parties.

              Comment

              • #27

                #27

                Re : What Will Happen to Black Components in Property Transactions?

                Originally posted by Jogeshwar View Post
                In last general election 1687 parties fought.This means 1687 ideologies. But while coming to action almost same British law with minor changes here and there.For example,The Land Acquisition Act,1894 is yet to be replaced due to lack of consensus among the parties.
                Jogeshwar Sir what you said is 100% correct that without political will power desired changes in real estate sector will be a dream !!...But we can not sit back and contribute with alternative / possible changes in addition to blaming political parties.

                It is true laws are made/ amended in parliament by political parties and we must use platform of such sites http://www.indianrealestateforum.com to show list of better option which may be considered !! Mind it, everyone who wish to do something start with google (or other search engine) to get "Already available" information which is the hard work of people like you and me !!....So along with criticism of politicians each one of us must post one suggestion to stop black money entry in real estate because this is very important topic and needs everyone's attention....May be some day some one who wish to change will read our suggestions and may pick few of them

                Let's hope for better !!

                Comment

                • #28

                  #28

                  Re : What Will Happen to Black Components in Property Transactions?

                  Well said.But black money phenomenon is a high altitude matter like planets in the sky? What aam aadmi can do? The other point is that sometimes it is difficult to know where river ends and sea begins. To protect oneself from such situations aam aadmi must know 'Money Management'.Is there any such programme or forum to educate aam aadmi on money management?

                  Comment

                  • #29

                    #29

                    Re : What Will Happen to Black Components in Property Transactions?

                    Black money is usually owned by rich people which are-
                    Politicians
                    Businessmen who fund political parties
                    Real estate investors who divert politician's money in pseudo names.
                    Underworld who help politicians
                    Actors/ sportsmen/ Artists who help politicians in events, image making..
                    Then why will politicians do something against it?

                    Comment

                    • #30

                      #30

                      Re : What Will Happen to Black Components in Property Transactions?

                      Black money worth over Rs 1 trillion detected last fiscal - Business Today

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