Attack on black money spent in real estate

Attack on black money spent in real estate

Lucknow. After demonetisation, a new scheme has been prepared to curb black money. This blueprint is related to the real estate industry. If the property is sold by getting the power of attorney in his name, the money will go to the owner’s account only. Not only this, it will also be mandatory to give proof of residence in the area where the property will be located. In this way, an attack will be done on the black money being spent in real estate.

In fact, the Registration Department has started this system to prevent stamp theft and forgery through Power of Attorney. Therefore, now the land registry will be done through power of attorney only when the sale amount has been deposited in the account of the original owner. Not only this, the registry of power of attorney will be accepted only if the residence or property of the person doing the power of attorney is within the zone of that sub registrar. For this, valid proof in the form of residence certificate will have to be given.

DIG OP Singh said that till now power of attorney was happening in blood relation only but now with some conditions anyone can do power of attorney. According to the new order, the system has been implemented.

it used to be like this

Advocate Nasan Raj Singh Rathore told that builders and property dealers used to get power of attorney in their names by giving money to the farmer or other person for his land. After this, they used to register themselves by selling the land according to their own accord. This caused damage to the stamp.

According to the rules, first the builder should get his name registered with the farmer and then after selling, the name of the buyer should be registered. On selling the land by power of attorney, the number two money was used in the sale to the farmer, builder and then to the third. Now with the new rule, the condition of transfer of money to the original owner’s account will curb this.