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Speculation grows on Aadhaar linkage with property
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SME Times News Bureau | 16 Nov, 2019
Over the last 2-3 years, there
has been off and on buzz about an impending decision to link Aadhaar
with property and the decibel level around this audacious gambit has
just got louder.
If the government goes ahead and implements the
widely speculated move of linking Aadhaar with property, it will
constitute another big surgical strike against black money and money
laundering. The first big 'surgical strike' was in the form of
demonetisation announced in November 2016.
Ever since the Modi
government came to power in 2014, it has tightened the screws on black
money and the first hit of the campaign was taken by the real estate
sector. With black money flows into the notorious sector waning,
property prices fell and the value destruction in property has been a
key cause of the economic slowdown.
The fall in property prices
has controlled generation of black money and also made property more
affordable for the masses, especially as the government is moving
towards Housing for All target by 2022.
There have been reports of the government being in final stages of coming out with a law to link Aadhaar with property.
The
move, if it happens, will weed out 'benami' (proxy) transactions,
increase transparency and make property more affordable as there could
be an initial rush to liquidate assets for fear of coming under the tax
lens.
Rajan Bandelkar, President, NAREDCO Maharashtra, in a
recent statement, said: "Linking Aadhaar with property ownership has the
potential to weed out black money and eradicate fraudulence from the
real estate sector. This move also has the potential to enable
rationalization of home prices, as all those who have invested in benami
property will rush to disinvest."
It can, however, help in the
ease of transactions and providing finance. "The Aadhaar-property
linkage will also provide some ease to procedures related to home buying
such as home loan, property transaction, sale or purchase of property,
etc, due to enhanced transparency. Since the entire linking process will
be time-consuming, the government should give enough time to property
owners," Bandelkar added.
Manju Yagnik, Vice Chairperson Nahar
Group and Vice President NAREDCO (Maharashtra) said: "The proposal to
link Aadhaar Number to property ownership is a welcome move in favour of
the residential segment as it will lend more credibility and
transparency to the segment. Home buyers will further benefit from it
because it also brings a sense of security in their transactions, which
will favour reputed players with proven track record.
"On the
other hand, it will also encourage serious investors to look at sizeable
and long-term investments in the residential sector, which will add to
further momentum in the market."
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