Black Money in Real Estate Sector

New Delhi:(Page3 News Network)-In order to bring in transparency and also to provide for a uniform regulatory environment to enforce disclosure, fair practice and accountability norms towards transactions (buying or selling) in the real estate sector, the Ministry of Housing and Urban Poverty Alleviation is in the process of formulating a Real Estate (Regulation and Development) Bill. The said Bill proposes to set up Regulatory bodies in the States/Union Territories.. This was stated by Shri Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA), in the Lok Sabha today, in a written reply to a question by Shri Pradeep Majhi, Shri Arjun Meghwal & Shri Kishnbhai V Patel.
The Minister stated that the Real Estate sector is widely perceived as vulnerable to generation and absorption of black money. Regulatory reforms in this sector can be an effective instrument for curbing the role of black money in the sector.
The Minister further stated that the Ministry of Housing & Urban Poverty Alleviation had invited the views/comments/suggestions of the State Governments and other stakeholders at various stage of drafting the Bill. Four States viz., Tamil Nadu, Uttrakhand, Sikkim and Government of NCT of Delhi have not sent their responses on the draft legislation. The draft Bill has been prepared. However, no time frame can be assigned for its finalization at this stage, the Minister added.