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Secondary market likely to get hit by linking Aadhar with realty
Posted on: 04/Dec/2017 5:36:23 PM
A lot of people are panicked due to the recent announcement by Prime Minister Narendra Modi that states about cracking down benami projects by Aadhar linking.
One of the residents in Mumbai who is a government employee owns four properties all of which are in posh locales. Apart from the rent he obtains from these properties, he also sold a floor in one of his properties for meeting his needs to admit his daughter in a private medical college. He who has saved a lot in the past two decades to own all these properties is now put awestruck without knowing how to save all of his pickings.
It has turned too tough to sell out properties that were bought about 3 years ago. In the past, things used to be very smooth, and he could sell properties whose ownership had been questionable. With Aadhar linking, things have changed that they are almost impossible.
Following demonetization, by setting up the Real Estate Regulatory Authority, and by introducing goods and services tax, it is likely that the realty sector is likely to face a major disruption. According to experts, the secondary sales in the market that primarily deals with cash will probably get hit.
It is very much tough and challenging to acquire properties and develop them for sale, say small scale real estate developers who get indulged in dealing with high-end properties in the National Capital Region, Bengaluru, Mumbai and other cities. There will however not be much impact for the primary market developers in spite of the shot period of disruption just the way demonetization and RERA did.
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