The Centre has introduced a number of reforms in the last couple of years to curb illegal practices and bring transparency to all the major sectors influencing the economic development of the country.
The government introduced reforms like RERA and GST to the real estate industry to eliminate the bad players. There was news that the government was considering linking Aadhaar card with real estate deals.
However, in a recent development, the government made it clear that no such rule will be imposed. The experts Arun Dev Builders, a leading real estate builder in Delhi, said that the decision makes sense as linking real estate transaction with Aadhaar card would have impacted the secondary or resale property market. The sales in the secondary market are usually undervalued to escape the payment of taxes and 40-50 percent of the entire value is paid in cash on most of the occasions. So, the decision makes a lot of sense.
It was assumed by the experts that by linking Aadhaar with real estate would help in monitoring the transactions between the two parties, curbing illegal registration of properties. The benami properties were also under the scanner of the government for some time now, and people could sense what was coming.
But the recent decision has surprised a lot of people. Experts at Arun Dev Builders reckon that the government has taken a sensible decision as the real estate sector has already been facing a number of issues.
The industry is undergoing a lean patch in the last decade, and with the implementation of numerous reforms, the real estate sector was further struggling to cope up with the change. It has failed to attract investors in the last few years, but the situation can only get better in the coming years.