Real estate transactions should go digital
Home prices could come down if the real estate sector moves away from cash transactions and embraces digital economy, Urban Development Minister Venkaiah Naidu said. This, according to him, will also make the sector truly transparent and, therefore, valuation will become more realistic.
Speaking at the Confederation of Real Estate Developers’ Associations of India Conclave here on Monday, Naidu said: “Land prices in some cities in India have sky-rocketed. There is a need to bring down land prices to the ground level.”
Referring to the high prices in some of the metro cities, the minister said, “When you look at the land prices here, it is on par with prices in Paris or New York.”
Explaining the benefits of going digital, the minister said the real estate sector should seriously think of digitising all transactions. “There has to be a voluntary code of conduct. I want the real estate sector to go for digital transaction to maintain transparency,” he said.