My OperaJoin Hands Against the CORRUPTION
Thursday, May 19, 2011 7:24:39 PM
ROOTS OF CORRUPTION
Real Estate in India is very much defined by black money. India's real estate prices have been booming over the past ten years, however you would fail to find any government source that lists the actual prices that properties are being sold at. In fact, government appraisals of properties are less than a fourth of the selling price in many cases. The difference between asking price and the appraisal of state government agencies such as HUDA (in the northern state of Haryana) and PUDA (in the northern state of Punjab) varies from state to state. Almost every state has an Urban Development Agency, which is responsible for managing deeds of real-estate for record, appraisals, and maintenance. Since the appraised price is a fraction of the price a property is sold at, the seller or buyer is not responsible for revealing acceptance of the remaining cash payment (thus most property deals are done in cash for the black portion and any other from of payment for the legal portion). Constituting the difference of the money (if not reported) as black money. Most people will not report the black money received to avoid taxes.
Real Estate in India is very much defined by black money. India's real estate prices have been booming over the past ten years, however you would fail to find any government source that lists the actual prices that properties are being sold at. In fact, government appraisals of properties are less than a fourth of the selling price in many cases. The difference between asking price and the appraisal of state government agencies such as HUDA (in the northern state of Haryana) and PUDA (in the northern state of Punjab) varies from state to state. Almost every state has an Urban Development Agency, which is responsible for managing deeds of real-estate for record, appraisals, and maintenance. Since the appraised price is a fraction of the price a property is sold at, the seller or buyer is not responsible for revealing acceptance of the remaining cash payment (thus most property deals are done in cash for the black portion and any other from of payment for the legal portion). Constituting the difference of the money (if not reported) as black money. Most people will not report the black money received to avoid taxes.
