How to curb black money in Real Estate?

Answered QuestionsCategory: KnowledgeHow to curb black money in Real Estate?
Krutharth Dave asked 6 months ago

How to curb black money in Real Estate?

How to curb black money in Real Estate?

What’s up Readers!!!!

“How to curb black money in Real Estate?”Have you ever faced a problem buying a house in your city or anywhere in our country? Have you faced issue while buying and the builder demands some part of the money in cash? Well, everyone has faced this problem. The question arises as “How to curb black money in real estate”?

 Disadvantages of Black Money

  • Black money works as the terminator in our economy. 
  • Black money is a termite eating the country slowly and steadily. 
  • Builders try to earn extra profit by hyping the price of the property.
  • The pressure of tax is borne by the middle class and the lower-income group.
  • Income tax to be paid by an individual is reduced leading to loss at the hands of the Government. 
  • The development of the country is hampered.

 “How can we curb black money in real estate”?

How to curb black money in Real Estate?

Real Estate Regulatory Authority (RERA)

  • The government of India passed the RERA Act in May 2016. 
  • RERA was established to curb black money. RERA was brought vigorously to address the issues of manufacturers, representatives, homebuyers and different partners of the land business.
  • Earlier, there was no regulatory authority to check the builders in their dealings.
  • RERA has executed numerous changes and is still under process.

Spread Awareness

  • If you are aware of any malpractices in real estate, spread that knowledge among people.
  • There needs to be aware of black money in the country.
  • Builders try to earn extra profit by hyping the price of the property.
  • Social Spread through Facebook, Twitter, LinkedIn and other social platforms can be a major tool through which you can easily communicate your knowledge and experience related to black money in Real Estate

Complain to the Registered Authority

  • Communicate with the registered authority about the malpractices in Real Estate.
  • Complaints can be made with RERA about the particular builder dealing with black money.
  • Actions could be taken after reporting the malpractices.
  • Look out for the implementation of the action taken and spread the word amongst the world.
  • Communication can be an effective tool to curb the problem of Black money in Real Estate.

How to curb black money in Real Estate?

Black money can be curbed effectively with the help of:-

Government

  • Regulatory authority and the government should take proper action against the complaint registered by the person.
  • The government should maintain transparency and each level of implementation should be maintained online.

Individual/ Buyer

  • The buyer should check the information about the builder, its track record and complaint registered against him, if any. (How to curb black money in Real Estate?)
  • The buyer should have the proper knowledge and remain cautious before buying any property.

Builder

  • Builders should abide by the rules and regulations mentioned by the regulatory authority. 
  • Builders should not try to earn extra profit by hyping the price of the property.
  • There should be transparency in paper proceedings between the buyer and the seller.

Conclusion

Black money works as a terminator in our economy. Black money can be curbed when all the factors will work effectively and implemented.

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