The decision of Housing and Urban poverty alleviation ministry (MHUPA) is looked down by the apex body of Real Estate Developers- CREDAI.
CREDAI showed higher discontent over the MHUPA’s new Real estate Bill. The officials of CREDAI said that the bill will foster corruption. The new Real estate Bill is roughly welcomed by the real estate developers.
The Confederation of Real Estate Developers’ Associations of India have nearly 8,800 developers as its members. The CREDAI members represent 20 States of India. The apex body has 114 city- divisions across the country. Continue reading
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