Linking real estate transactions with Aadhaar will enhance transparency & accountability in the sector: Surendra Hiranandani
The recent indications from the government to link real estate transactions with Aadhaar have garnered positive reactions from the realty players. The government has passed directives mandating linking of Aadhaar with PAN, mobile phone number, bank accounts and financial savings instruments but, has not linked Aadhaar with real estate deals. Union minister for housing Hardeep Singh Puri, in his recent interview to a news channel has indicated to do so.
Commenting on this, Mr. Surendra Hiranandani, CMD, House of Hiranandani said, “The move will minimize the scope of fraudulent and benami transactions and ensure foolproof property titles for the buyers. Aadhaar has already been mandatory by the government for various schemes and its implementation here will definitely enhance transparency and accountability in the sector. The data provided by it will give crucial information on demand and supply in any particular region as well the pricing trends in the market.”
He also said that it is important to digitize the data pertaining to land and property simultaneously so that it becomes easy to monitor and identify the authenticity of the individual.
“After demonetization, the government has adopted a series of measures to curb the use of black money and bring more transactions under the purview of the legal framework. While it has hampered the economy in the short term, we are hopeful that these measures will be profitable in the long run. There has been a robust rise in investment inflow from both foreign and domestic institutional investors owing to the policies introduced by the government,” Hiranandani added.