Everybody in India already knows how much Black Money is used in Real Estate.
It is shocking to see these people put out statements such as these out to public when everyone knows the truth already.
Either these so called literate and high-powered people think that the common man is a fool or they think that they have unearthed something which will be a shocker to everyone.
Real Estate Scam is known to everyone – even those who don’t own any property.
The Registry Office in any city – looks dilapidated and rotten from outside but within that premise Lakhs & Crores of Rupees change hands within a day.
Black & White Payment
It is a common knowledge that you can split the payment for a flat in Black & White.
White is the money shown on papers i.e The amount on which the registration is paid to the government.
Black is the money that is paid in cash or kind which is not on paper.
Accountability of Registrar
The flats are valued so less and still no objection is raised by the Registrar – even though the circle rates are always present for reference. This is where most of the corruption happens in the Real Estate pricing scam.
I believe No such crime can be committed without any government official knowing about it. Especially when we are talking about Real Estate/Buildings which come under a specific Circle Rate and every flat/property needs to get Registered with the Government recruited Registrar with full details and pricing.
Check on Corruption
A simple way of checking the corruption is to check the employees in the Registry Office. These people with the smallest of designation will also have 10 folds the money earned by an engineer in some IT firm.
Keeping a tab on the Registrar will surely change the way Registry Office works.
Amrapali Scam
If we tell you the scam in short, it is basically a Real Estate Builder who took a lot of payments for flat that they sold in Black and the Registered amount was way less. Made hundreds of Shell firms on the name of their peons, drivers, etc and did several crores transactions through that. Black money was used by them as there is no account for it.
Now there is no money left to complete the project as the money has been used or put on other projects through the shell firm transactions.
Now the people who bought these flats through their hard-earned money – those people who took loans for their property are now stuck in this situation. They don’t have their flats ready nor the builders are giving them refunds as on paper they are showing that they don’t have any money left.
Amrapali Audit Report
Now let us hope that the Supreme Court will serve the justice real quick and the genuine buyers will have some relief as some might have put their life savings in this property.
On a bigger picture, there must be many such scams happening all across India. Government has to come up with a long term solution for it.
