While the Union Budget 2015-16 doesn't bring many fireworks to the real estate sector, there are few proposals that would impact positively to the ailing sector. Finance Minister Arun Jaitley while presenting his budget speech has proposed the introduction of a new and comprehensive Benami Transactions (Prohibition) Bill to check domestic black money in the real estate sector.
Finance Minister Arun Jaitley while presenting his government’s first full economic vision document since it came to the power in 2014, said that the government is committed to curb black money transactions in the realty sector by bringing in tough laws and amending the existing ones. The introduction of Benami Transaction Bill is sure to bring in much needed transparency in the real estate sector and boost market sentiments that otherwise seem a little skeptical towards the industry.
The proposed measure would bring lot of optimism back into the real estate sector and offer some relief to the home buyers who had nothing in particular to take away from this year's budget. As per one of the surveys conducted by a realty portal (MagicBricks), almost 15 per cent of the prospective buyers wish the budget 2015-16 to bring in more transparency in the real estate sector.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group says, “the Benami Transaction Bill will incentivize usage of wired money rather than cash transactions and therefore held both the property buyers and sellers accountable for the money used in the dealings. The bill will also enable the government to confiscate benami properties or properties that are registered in the name of fictitious people and provide for prosecution.”
Mr. Anil Mithas added, “the Government of India has taken a much needed first step towards reducing the black money component in the real estate sector by proposing a new and comprehensive Benami Transaction Bill to be introduced in the current budget session of Parliament. While the government seems committed to curb domestic black money in the realty sector, it will be interesting to see how strictly it enforces the bill in the coming months.”
Finance Minister Arun Jaitley while presenting his government’s first full economic vision document since it came to the power in 2014, said that the government is committed to curb black money transactions in the realty sector by bringing in tough laws and amending the existing ones. The introduction of Benami Transaction Bill is sure to bring in much needed transparency in the real estate sector and boost market sentiments that otherwise seem a little skeptical towards the industry.
The proposed measure would bring lot of optimism back into the real estate sector and offer some relief to the home buyers who had nothing in particular to take away from this year's budget. As per one of the surveys conducted by a realty portal (MagicBricks), almost 15 per cent of the prospective buyers wish the budget 2015-16 to bring in more transparency in the real estate sector.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group says, “the Benami Transaction Bill will incentivize usage of wired money rather than cash transactions and therefore held both the property buyers and sellers accountable for the money used in the dealings. The bill will also enable the government to confiscate benami properties or properties that are registered in the name of fictitious people and provide for prosecution.”
Mr. Anil Mithas added, “the Government of India has taken a much needed first step towards reducing the black money component in the real estate sector by proposing a new and comprehensive Benami Transaction Bill to be introduced in the current budget session of Parliament. While the government seems committed to curb domestic black money in the realty sector, it will be interesting to see how strictly it enforces the bill in the coming months.”