Never miss a story

Get subscribed to our newsletter


×
Significant usage of unaccounted cash is still prevalent in the secondarly real estate market. Pixabay

It has been three years since demonetisation which was implemented with the aim to curb and eradicate black money. But according to a report released on Wednesday, significant usage of unaccounted cash is still prevalent in the secondarily real estate market.

The report prepared by Anarock Property Consultants said that up to 30 per cent of the total transaction value in the secondary or resale residential maket in India can still be paid in cash.


However, the primary sales market in tier-I cities offer the least scope for unaccounted wealth in property deals, it said.

“Demonetization in November 2016 sent Indian residential real estate — till then a preferred laundromat for unaccounted wealth — into an almost terminal tailspin. Even three years after DeMo, the battle is only half-won,” said Anuj Puri, Chairman Aof Anarock Property Consultants.

“The secondary or resale residential real estate market still accommodates black money; at least 30 per cent of the total cost of resale property can still be paid in cash. While more and more buyers and sellers prefer official payment routes as a matter of principle, many still use the resale property market to launder untaxed cash,” he added.


Many buyers use the resale property market to launder untaxed cash. Pixabay

As per the report, while the trend in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), which are historically notorious for black money in real estate, has tamed considerably in primary sales, their resale property markets still see cash components.

As much as 20-25 per cent of the total resale property cost can still be “adjusted” with black money, it said, adding that in Bengaluru, Pune and Hyderabad, the prevalence of transparent payment routes, even on the resale market, is much higher.

“Unlike the primary sales market, the resale market still lacks strict regulations, making it easier for buyers and sellers to use cash components.

Also Read- How To Protect Your Ad Spend From Irrelevant Traffic

Also, the primary sales market involves developers with a reputation to protect, while a resale property transaction involves two individuals. The pricing of resale properties also lacks transparency,” the report said.

In the case of direct sales by developers, there are readily-available pricing benchmarks, while in the secondary market, a seller can inflate the price of a property based on location, added features and so on without stating on the books. (IANS)


Popular

Photo by Towfiqu barbhuiya on Unsplash

Clinicians must encourage their patients to report any changes to periods or unexpected vaginal bleeding after vaccination.

Some women say they experienced period changes after getting a Covid-19 vaccination. While the reported changes are short-lived, research into this possible adverse reaction remains critical to the success of the vaccination programme, according to an editorial published in The BMJ.

"A link between menstrual changes after Covid-19 vaccination is plausible and should be investigated," wrote Dr Victoria Male, a reproductive specialist at Imperial College London, in the editorial. Reports of menstrual changes after Covid-19 vaccination have been made for both mRNA and adenovirus-vectored vaccines, she added, suggesting that, if there is a connection, it is likely to be a result of the immune response to vaccination, rather than to a specific vaccine component, she said.

Keep Reading Show less
Photo by Becca McHaffie on Unsplash

A garage sale in the 21st century needs a tech savvy platform.

A garage sale in the 21st century needs a tech-savvy platform. This is where Poshmark comes into the picture, the platform with a community of over 2.5 million Canadians has products listed with over half a billion dollars in value by their users.

It began expanding outside of the United States in Canada in May 2019 and has now launched in India. So its become simple and easy for anyone to sell items from their closet, enabled by a full suite of end-to-end seller tools and services, including seamless listing, merchandising, promotion, pricing, and shipping. Indian consumers will be able to join Social marketplace Poshmark, Inc. (Nasdaq: POSH), a booming community of more than 80 million users and a vibrant network of millions of shoppable closets to make money, save money, connect with others, and foster entrepreneurship.

assorted-color clothes lot hanging on wooden wall rack The platforms scalable model and infrastructure enables continued expansion to new countries and categories in the future. | Photo by Duy Hoang on Unsplash

Keep Reading Show less
wikimedia commons

Children playing ringa ringa roses in an open backyard in England

Great historic events that have shaped the world and changed the outlines of countries are often not recorded in memory, or so we think. Wars made sure to destroy evidence and heritage, and the ones who survived told the tale of what really happened. Folklore, albeit through oral tradition kept alive many such stories, hidden in verse, limericks, and rhymes.

Ringa-ringa-roses, a common playtime rhyme among children across the world, is an example of folklore that has survived for many centuries. It tells the story of the The Great Plague of London which ravaged the city between 1665-1666.

Keep reading... Show less