Black Money into Property post Demonetisation

Similar to black money going into jewelry and gold, sizable chunk of black money seems to have gotten invested into property (flats, land, etc.) With this post we seek your inputs on how black money has been deployed into property, esp benami property transactions.

We look forward to your inputs!
Transparency International India more  

View all 40 comments Below 40 comments
Builders openly solicit business in old currency though it has been DEMONITISED . This can only be done with political patronage. In a case where FIR has been filed against a prominent Builder six months back, High court asked the police economic offence wing commissioner as to why the builder was not arrested and on whose support the builder was not yet arrested . But that is all. more  
Builders convert the white money into black by registering properties at a significantly lower price than the price actually paid by the buyer. There is no much technology involved. The whole process is 420 in nature. This they are doing because of ineffective judiciary system. Unless the Govt reforms the judiciary system nothing can change in the system. We read in the news paper almost daily that a heneious crime happen in the town and the culprit was caught, the police says that he was arrested many times before in various crimes. This is the problem of our inefficient and ineffective judiciary system. Thanks more  
Talking about our area,its a public secret that the Jantri or the Govt approved value of any property is about 80% less than the market value,ie 20% to be paid in cheque and 80% in cash ! This is probably encouraged by powerful builder lobbies and a mix with Govt officials.This creates a big problem even for people not wanting to deal in black money as the system needs to be corrected.Many innocent citizens have been stuck with loads of old currency by either selling their only ancestral property or having ready cash to purchase their dream house.The law has to be enforced to bring the book price to more realistic levels. more  
Firstly property dealers are still dealing in old demonetised HD currency.They charge about 40% more for the same and have probably found brokers who change it to new currency for a premium.These inputs are heard by me. more  
It is a well known thing that while buying property, the seller want a % of agreed purchase value in black. With demonetisation, probably there would be a curb. But benami property is a big challenge. A mere look at the schemes floated and completed by the builders would give an idea as many flats are lying unoccupied. While there might be genuine buyers, many flats are owned by people to channelise their illegitimate means of earnings, e-PPB would certainly bring such people in trouble and it should be enforced. more  
Post a Comment

Related Posts

    • Request A gazette that puts notification on discontinuation of any car on public domain

      Dear Jeep India, You had plans to discontinue the Jeep Compass Petrol models as on May 2023, and in March 2023 you aggressively sale pitched me by sending your Sales Executive to my hous...

      By Tarit MOHAN
    • Karnataka corruption brought the Govt down

      Corruption was the biggest issue in Karnataka. And the top leadership did nothing to stop it. 40% proved costly. This should be a lesson for 2024. No amount of roadshows can win elections if the tr...

      By SN Mittal
    • Political Funding Tax Evasion modus operandi

      Heard of a tax evasion scheme. Person donates, say, ₹10L to a political party. Gets ~35% IT benefit (for taxable income >50L). The political party returns back ₹9L. Political party converts it's...

      By Rajesh Suri
    • PM/ CM Helplines

      The PM Helpline was very effective when it was launched and it is supporting citizens to a great extent. It has however been observed that for the states that have a CM Helpline, the grievance of P...

      By Pranaya Rawat
    • Adding 5 Adani companies to Nifty indices

      An NSE subsidiary is set to include 5 Adani group firms in 14 Nifty indices. Experts are worried as it would drive lakhs of investors’ savings into the group’s sinking stocks from March...

      By Karuna Dhingra
    • LIC investment in Adani in REF

      ‘LIC investments in AdaniGroup has now turned Negative Initial investment: ₹ 30,127 Cr December: ₹ 62,550 Cr January: ₹ 56,142 Cr Now: ₹ 29,721 Cr

      By Yash Jindal
    • Adani Saga

      Did this attached really happen or is this narrative building. However the bigger question is , if the promoters had ₹9000 crore available , why were they raising additional capital via FPO ?

      By Arjun Singh
    • Indian industrialists and bankers buying FPO

      Shame on Sunil Mittal, Jindal and Deepak Parekh for propping up the botched FPO of Adani. Especially Parekh who belongs to the industry where trust is supreme. Deepak Parekh's HDFC Life is the only...

      By Ruchika L Maheshwari
    • Adani potential Conflict of Interest with SEBI

      The daughter of Cyril Shroff but his daughter is married to Gautam Adani’s son. Cyril Shroff serves on SEBI’s Committee on Corporate Governance & Insider Trading. If SEBI listens t...

      By Sudesh Rai
    • Circuit Breaker Lower Limit for shares

      So Adani Total Gas (I mean literally) was falling 20% day after day since Hindenburg report came. Because the circuit breaker control kicked in. Yesterday for all Adani companies this l...

      By Vishal Khanna
    • adani group

      the answer is quite simple;groups like adani would not promote any professionalism and hence would not associate with entities which impose their professional independence.they wish people who are ...

      By Suresh Dasarathy
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)