India’s biggest real estate company DLF blaming use of black money in real estate to antiquated laws, Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector.
“After Independence so far there is no update in Real Estate’s laws and regulations, everything is archaic” DLF chairman K P Singh said at a media conclave.
He added, that although changes are being undertaken, it is “not happening at the pace that I would like to see”. Yesterday, Prime Minister Manmohan Singh had said stamp duty needs to be reduced in order to check flow of black money into the real estate sector.
NEW DELHI: Terming stamp duties as a “big obstacle” in ensuring transparent transactions in real estate, Prime Minister Manmohan Singh today batted for reducing such levies to check the flow of black money in the sector.
“I think as far as black money in real estate is concerned, unfortunately that is a reality and one way out of this would be to lower the stamp duties,” Singh said in media Conclave
The Prime Minister’s statement was welcomed by private players in the sector, saying it would help cleanse illegal funding.