Blaming use of black money in real estate to archaic laws, India’s largest realty firm DLF today said Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector.

“Real estate industry is the least reformed. Wherever any reforms have not taken place, parallel economy exists… This industry’s laws, regulations everything is archaic. No reform has taken place since Independence,” DLF Chairman K P Singh said at the India Today Conclave here.

He, however, said 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.

“The Prime Minister’s statement said that reduce stamp duty… I think this is a great statement,” Singh commented.

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  1. vswaminathan says:

    Quote:

    “Real estate industry is the least reformed. Wherever any reforms have not taken place, parallel economy exists… This industry’s laws, regulations everything is archaic. No reform has taken place since Independence,”

    unquote

    The reported pronouncement, coming ironically from a leading player in the industry, to say the least, do not seem to hold water; on the contrary, require being seriously reflected upon, with a pinch, nay a few pinches, of ‘salt’.

    So far as one’s awareness goes, there are no ’ laws’ or ‘regulations’ to be found on any statute book, which even remotely could be honestly decried as ‘archaic’; more so, which could be rightly alleged to have been responsible, directly or indirectly, or even remotely, for ‘generation’ or ‘use’ or proliferation of ‘black money’ or, for promotion of ‘parallel economy’.

    On the contrary, as one is or needs to be aware, there are very much in place ‘laws’ and ‘regulations’ of a ‘post-independence’ origin. Albeit, sadly, thanks to the ‘vested interests’, they have, by and large, failed to ‘take off’- even on a test flight.

    Pointed mention requires to be made to some such enactments, – governing construction and sale of buildings, comprising independent units – ‘flats’ or ‘apartments’; in particular, – of the states – for instance, Tamil Nadu and Karnataka.

    As is commonly grieved and acknowledged, especially in the recent decades, none of the external ‘reforms’ , be it by way of enactment or regulations, conceived of and brought into being by the centre or the state, have served their avowed objectives at least significantly, if not totally; but instead, have failed the stakeholders miserably.

    The dominant, rather disquieting poser is THIS: – WHO IS RESPONSIBLE, individually or collectively?!

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