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Black money in realty an unfortunate reality: PM

Posted by on March 18, 2011 0 Comment

New Delhi, March 18 (IANS) In a candid admission that black money in the realty sector was an unfortunate reality in India, Prime Minister Manmohan Singh Friday said one way out of this malaise was to reduce stamp duties that may tempt undervaluation of assets.

“As far as black money in real estate is concerned, unfortunately that is a realty,” the prime minister said at the 10th edition of the India Today Conclave at the Taj Palace Hotel here.

“One way out of this would be to lower the stamp duties. The stamp duties in our country are a big obstacle to cleaning the mess with regards to transactions in real estate,” he said during the question-answer session after his inaugural address.

“So that is one way in which we can work towards a system whereby black money will be less of a menace in transactions related to real estate.”

The prime minister’s comments come against the backdrop of the findings of the finance minisry that creation of black was the highest in the real estate sector, followed by the manufacturing industry.

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