Why Realty Sector Contributes To Black Money In India?

Therefore, in most cases, sellers with disputed property records insist to take payments in cash and apparently, buyers who enter in such transaction, have access to black money.

So, the government has come up with a scheme where states those put up their land records online are allowed to access central funds for welfare schemes that include the Jawaharlal Nehru National Urban Renewal Mission.

4) Official paperwork, another reason:

In India, developers have to run from pillar to post to get the official paperwork done to start with a construction work. For instance, developers have to get around 60 approvals to come up with a sizeable property project, which in turn takes three to four years to complete all the obligatory bureaucratic clearances.

So, there is possibility to pay bribe to bureaucrats and other officials to get approvals faster.

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