After GST PM Modi’s great move to suck black money in Real Estate
After GST PM Modi’s great move to suck black money in Real Estate
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Mumbai: In a move intended at restriction the utilization of black money in property deals, the government is taking into consideration to link real estate transactions with Aadhaar, the unique identity number.

 Union Housing Minister Hardeep Puri has confirmed during an interview to link property deals with Aadhaar would set a long way in sucking out black money from real estate and assist in cleaning on benami properties.

Linking the Aadhaar card mandatory in real estate deals will bring key blow on secondary or resale property market according to expert’s analysis.

The real estate sector, which has marked continually slowed down to a great level in the last few quarters due to the demonetization, goods and service tax and RERA.

Now Linking the Aadhaar card with real estate deals would take even longer time to make progress in this sector if such a move is finalized.

 By linking Aadhaar to real estate deals, the government will able to monitor the property transaction between two parties and restrain registration of properties under others' names to suck black money.

On the other hand, in the current system providing PAN is compulsory for registration of properties of a certain value in various states, many transactions still leave unobserved.

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