India: Let Modi Hit at the Real Estate

With the curbing of circulation of black money, the prices of real estate have already started falling down.  While the trend will continue for sometime, those who have the black money in the form of  real estate are likely to hold on to their land and buildings for sometime , hoping that  “ the situation would improve in the course of time” .


by N.S.Venkataraman

( November 14, 2016, Chennai, Sri Lanka Guardian)  Mr. Modi’s attack on  black money has received huge support from the country men all over India, though some politicians , business houses , corrupt government employees and others such as  educational  institutions and hospitals  who have tasted black money and derive their power from the black money holdings in various forms, are crying foul.

Common man understands

The hardships faced by people belonging to  middle  and lower income group  may be a ten days problem  and not one hundred  days problem and most of  them  understand this and are willing to cooperate with Mr. Modi. Actually, the common man want more decisive blows against the black money holders and corrupt persons.

Real estate should be the next target

Obviously, the next target of Mr. Modi should be the black money that are hidden in the real estate in the form of land  or building.It is very well known that almost all transactions of buying and selling  real estate in the last several years have been done by part or full payment in cash and this cash amount are obviously black money.

With the curbing of circulation of black money, the prices of real estate have already started falling down.  While the trend will continue for sometime, those who have the black money in the form of  real estate are likely to hold on to their land and buildings for sometime , hoping that  “ the situation would improve in the course of time” .

As thousands of crores of rupees of black money are locked up in real estate, it is necessary  to take steps to bring out such black money by fixing  the ceiling for number of houses that one can possess   or maximum area of vacant land that one can hold.

Those who hold more land or houses than the stipulated maximum by the government should be asked to sell them as per the guidance value.

Need to cleanse the registrar offices :

Further, it is very necessary to cleanse Registrar offices all over India ,which have  become the hot bed of corruption in real estate dealings. The Registrar offices all over the country where property deals are registered should be subjected to heavy scrutiny. Further, all the officers working in such offices should be asked to submit the details of property that they presently possess and that  they have acquired in the last five years.

A special cell should be created urgently to deal with the task of rooting out the black money hidden in the real estate.

No looking back for Mr. Modi

This should be the next logical step that Mr. Modi should take in the holy war of fighting against the demon of corruption in the country.

There are around 300 million people ,(more than 25% of national population) who live below poverty line not knowing where their next meal would come from without proper shelter.  It is impossible to improve the life conditions of such unfortunate persons without rooting out black money and corruption.

Millions of people belonging to lower income group may not be able to understand the anti corruption strategies  of Mr. Modi adequately due to their lack of opportunity for education but would feel the positive impact of his strategy before long and will remain grateful to Mr. Modi.

Certainly, Mr. Modi will have the support of large number of  people in the country who want transparency in public life  and where the corrupt persons should fear the law.

Now, that Mr. Modi has boldly and clearly declared a war on corruption, he should not look back under any circumstances and should  take the fight to the logical end.

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