ADHAAR TO BE LINKED TO PROPERTY TRANSACTION SOON

The Hush Post: The noose could tighten soon as for the first time Union Housing Minister Hardeep Puri has said that Aadhaar will be attached to property transactions. This could mean a major blow to the business of property, particularly the investor, builders and the property dealers as well as buyers who have more than two houses and are transacting continually.Speaking to a national news channel, Hardeep Puri said this would definitely bring out the black money from real estate and also help in benami transaction. It is almost going to be as gigantic a step as demonetisation but the minister says, it may not be announced. They will just start a crackdown on the suspicious transactions.

Sources said the government has plans to amend Sections 32 and 32A of the Registration Act, 1908. “Anyone presenting a document at the property registration office will have to undergo Aadhaar authentication.

Experts say that it will also help the genuine home buyers and bring down the property prices still further and also ensure that the prices do not increase in the metropolitans and tier two cities where buyers have had to bear the maximum brunt.

Speaking to ET Now Puri also said that apart from the adhaar linkage and as part of the insolvency bill there are safeguards for homebuyers who when it comes to a situation of a builder defaulting, the legitimate buyer is not harassed.” he said.

The government has also enacted the Benami Transactions (Prohibition) Amended Act, 2016, which gives powers to the authorities to provisionally attach and eventually confiscate benami properties. It further said that a person found guilty of benami transactions would face rigorous imprisonment for at least one year, which can be extended up to seven years. Such a person will also have to pay fine, extendable upto 25 per cent of the fair market value of the property.

Leave a Reply