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Now, seller returning cash to realty buyer

The government needs to make the method of calculating the ready-reckoner rate for each locality completely data driven and transparent

Harsh Roongta 

My friend Suresh called to report that he had finally managed to sell off his flat in Mumbai. He then described a strange phenomenon — the transaction value was reported at Rs 292 lakh in the sale agreement whereas the deal was actually struck at Rs 250 lakh.

Suresh got paid the entire consideration of Rs 292 lakh but was required to pay back Rs 42 lakh to the buyer’s architect for work to be done in the flat by the buyer. The net consideration in his hands was Rs 250 lakh only. Effectively, Suresh had tur­ned the “black money” concept in real estate on its ...

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First Published: Wed, November 20 2019. 23:12 IST
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