Coming up next: KYC for Property Owners

Coming up next: KYC for Property Owners




Know Your Client (KYC) is usual norm for all bank account holder, Dmat Account holders and all credit or debit cards in the country. Any defunct account needs to be deleted with one year of last transactions. Any bank locker which is not opened during any financial year are been sealed by banker.
On the same norm, Benami Property Transactions is the next big agenda of the government. To catch black money which is been converted into real estate property, government is all set to bring in rules and regulations to curb the black money transactions in property transactions.
KYC will give identification to property owners. All owners of the properties will be requiring to identify themselves. Benami Properties will be identified and confiscated by the government if not identified and renewed periodically.


Source : The Accommodation Times

Komentar

Posting Komentar

Postingan populer dari blog ini

RERA to boost housing demand, protect buyers, say realty firms

Gambar
RERA TO BOOST HOUSING DEMAND, PROTECT BUYERS, SAY REALTY FIRMS Developers expect housing demand to recover with the implementation of the real estate law from May 1 as it will protect buyers from unscrupulous players, while prices will remain stable due to huge unsold inventory. The two apex bodies of real estate developers-CREDAI and NAREDCO-feel that the implementation of this law will bring a paradigm change in the way Indian real estate sector functions, but see some “teething” problems initially. The two bodies wanted the government to exclude ongoing projects from the ambit of the Real Estate (Regulation and Development) Act, 2016, passed last year by Parliament, but their suggestions were not included in the law. “It’s a paradigm change in the real estate sector. It will protect buyers who have purchased flats in the past. The regulator under the RERA should find ways to help complete ongoing projects and provide relief to home buyers,” NAREDCO Chairman Rajeev Talwar said. CREDA...
Baca selengkapnya

Agreement for Sale Versus Sale Deed : Main Differences

Gambar
What Is The Difference Between Agreement Of Sale And Sale Deed? An agreement for sale of an immovable property is not the same as a sale deed for the same property. We look at the differences that home buyers and sellers should be aware of, from a legal standpoint. While buying a property, people enter into an agreement with the seller. The form and format of the agreement may be different. It may either be an agreement for sale or it may be a sale deed. People generally do not understand the difference between these two documents and treat both as synonymous. However, it is not so. What is an agreement for sale? An agreement for sale, is an agreement to sell a property in future. This agreement specifies the terms and conditions, under which the property in question will be transferred. The Transfer of Property Act, 1882, which regulates the matters dealing with the sale and transfer of house property, defines the contract for sale or an agreement for sale as under: “A contract for t...
Baca selengkapnya

What REITs (Real Estate Investment Trusts) mean for Indian Real Estate

Gambar
What REITs (Real Estate Investment Trusts) mean for Indian Real Estate Real estate investment trusts are intended to enable more people to invest in the Indian property market and boost funding in the sector. How does it work and why haven’t more people flocked to this investment avenue? We examine The Indian real estate sector has been lucrative for savvy investors over the last decade, but it has not been without accompanying uncertainties. The introduction of real estate investment trusts (REITs), will provide a platform that will allow all kinds of investors (even those with smaller budgets) to make safe and rewarding investments in the Indian property market. With REITs, investors can start with as small a sum as Rs 2 lakhs, to secure units in exchange. The REIT platform has already been approved by the Securities and Exchange Board of India (SEBI) and like mutual funds, it will pool the money from all investors across the country. The money collected from the REIT funds, will sub...
Baca selengkapnya