10042015Fri

Last updateThu, 09 Apr 2015 2pm

#ClampDown: India amends law to stamp out 'Black Money' in real estate

The Indian government on Tuesday extended the reach of a law to regulate the real estate sector and curb undeclared "black money" in property markets that costs the treasury billions of dollars in lost taxable income not to mention cause unnecessary headaches for millions of homebuyers.

The decision by Prime Minister Narendra Modi's government to amend the bill, which was submitted by the previous government in 2013 but not passed by the Rajya Sabha, aims to boost investor confidence and stamp out illegal practices in the real estate sector.

"The bill seeks to ensure accountability and transparency, which will in turn enable the real estate sector to access capital and financial markets essential for its long-term growth," the government said in a statement.

The amendments approved by the cabinet will bring tougher regulation to consumer protection rules to commercial as well as residential real estate.

Vendors in India’s real estate market often demand part payment in illicit cash, making many ordinary people party to corruption and excluding some of the emerging middle class from the market.

The new set of laws will allow buyers to approach consumer forums in case of disputes with real estate developers, who will have to disclose all information about the project and comply with funding rules, an official said after the cabinet meeting.

BLOG COMMENTS POWERED BY DISQUS

 

Photo Gallery- Featured

Diwan Rahul Nanda

"#BallsOfSteel: Diwan Rahul Nanda - The man who threw the cat among the pigeons"

The wealthy come in a myriad different guises – Gopichand Hinduja looks like the unmarried uncle everyone ignores; Lalit Modi looks like a character from the Indian version of ‘Only Fools and Horses’ whilst Narayan Murthy looks like a bored tax collector on the verge of retirement.

  • latest Post

  • Most Read

  • Events

Addmotor Electric Bike| Electric bike shop / electric bicycle shop Electric bike review| Electric trike| Fat tire electric bike| Best electric bike| Electric bicycle/E bike| Electric bikes for sale| Folding electric bike| Electric mountain bike| Electric tricycle Mid drive electric bike| Juiced Bikes Pedego Rad-Power

Tomtop| Online shop| Online Einkaufen

地產代理/物業投資| 租辦公室/租寫字樓| 地產新聞| 甲級寫字樓/頂手| Grade A Office| Commercial Building / Office building| Hong Kong Office Rental| Rent Office| Office for lease / office leasing| Office for sale| Office relocation

DecorCollection European design furniture| sofa hk| sofas| beds| coffee tables| dining tables| dining chairs| sideboards| furniture hk| Cattelan Italia| Koinor

International schools hong kong| Wycombe Abbey| private school hong kong| English primary school Hong Kong| primary education| boarding school Hong Kong| Wycombe Abbey School

邮件营销| 電郵推廣| 邮件群发软件| Email Marketing| 搜尋引擎優化 SEO

QR code scanner| inventory management system| labelling| Kiosk| warehouse management|