Aadhar Mandatory for Property Transactions: Modi Government's New Measure

The Modi-led government has been taking significant steps against black money. One of the major actions was the demonetization of old 500 and 1000 rupee notes, which removed over 80% of the currency in circulation. While this measure didn't fully achieve its intended success, the central government continues to monitor and combat black money and the sectors where it is prevalent.

Focus on Real Estate

The latest focus of the central government is on the real estate sector, known for significant black money transactions. Aadhar linkage is now being considered a crucial step in this battle.

Aadhar Linkage

One of the key measures against black money involves mandating Aadhar linkage for all property transactions, including buying, selling, and transferring properties. Union Minister Hardeep Puri indicated that Aadhar linkage might soon become mandatory for all real estate transactions.

Real Estate Sector

It is widely known that the Indian real estate sector has a high prevalence of black money transactions. To eliminate this, mandatory Aadhar linkage for property transactions is expected to be implemented soon. This move aims to bring greater transparency and accountability to the sector.

Bank Linkage

While Aadhar linkage for property transactions is a promising idea, the government is currently focusing on linking Aadhar with bank accounts and other financial instruments. Steps towards mandatory Aadhar linkage for real estate transactions are expected to follow in the coming months.

Benami Properties

Prime Minister Modi has spoken several times about measures to eliminate benami (proxy) properties. Linking Aadhar to property transactions will place significant pressure on individuals involved in black money dealings.

Impact on the Real Estate Market

The Indian real estate sector has already been impacted by the implementation of RERA (Real Estate Regulation and Development Act) and GST (Goods and Services Tax). Making Aadhar mandatory for all property transactions could further affect the market, but it is a necessary step to curb black money circulation.

Conclusion

The central government's move to mandate Aadhar linkage for property transactions is a critical step in the ongoing fight against black money. While it may present challenges for the real estate market, the long-term benefits of increased transparency and reduced black money transactions are expected to outweigh these difficulties. This measure reflects the government's commitment to creating a cleaner and more accountable financial environment in India.