Indian Economy is highly influenced by real estate. The black money existing in the real estate harms the Economy of India. MHUPA’s regulatory bill will act as a means to reduce the play of “black money” existing in the real estate.
Many real estate developers demand payment in cash at least up to 30 % of the total amount. This denotes to the existence of Black money in real estate industry. The existence of Black money costs India tax worth billions of rupees.
India government is to bring Legislation which will assure more transparency to the real estate dealings. This legislation will be discussed in parliament’s winter session. Continue reading