Why Realty Sector Contributes To Black Money In India?
Bangalore: In a recent Corruption Perceptions Index (CPI) 2012 survey, out of 176 countries, India ranked 94, which is even worse than China and Brazil. Corruption prevails in the real estate segment too. Corruption has become an unresolved issue in India that has been spread throughout the country like a deadly plague hindering the country’s growth. There have been many corruption cases that made headlines and caught our attention because of its illegal money involvement.
Below are few reasons why the land in India attracts lots of black money, reports Alam Srinivas from BBC News.
1) Mismatch in the equation: demand and supply
In India, the rate of urban housing shortage has decreased since 2007 but still, a quarter needs housing, according to the report of the Technical Group on Urban Housing Shortage.
The report showed that Indian cities are falling short of around 18.8 million homes. Alternatively, the current housing shortage scenario has improved in comparison with 24.7 million in 2007 which was recorded by the same group.