On a lighter note: RBI has said you can change Rs20000 ie. 2000x10 notes without showing your ID card.
A person can visit 100 banks and change 20000x100. Banks started realizing this and is now asking for ID card.
Business has already started. People are charging 5 percent for the same.
Damn man! Its 9 + 2 = 11% here
But frankly those days are over. Here while registering deed it is mandatory to submit both aadhar & pan of both buyer and seller. With AIS and paper trail , it’s difficult having black unaccounted money from govt. I mean sure you can quote 15 lakhs in sale deed while actually selling property for 30 lakhs having the other 15 lakhs as black money, but where is that going to be used. Only option is to go to kirana shop to convert gold
How is 9+3= 11%
On one hand, people are converting black money into white and here in Real estate our white money getting converted to black.
Whoops my bad, 9% is what they said stamp and 2% was some administrative charge or so what they told
You can buy gold through kachcha bill or no bill at all from small jewellers. Even small shops have hallmarked jewellery and karatmeter these days. So no issue of purity
You can use it to buy another property or wedding party for your kids
In primary markets, after Demo and RERA builders are demanding maximum payment in cheque but in secondary markets nothing much has changed.
I’m willing to do it for 3%
I knew it. You are a politically connected person.
Yes, Chacha Vidhayak Hain Hamare
1 Like
Around 80 crores?
@ANKIT_T your favorite UHNI
@Jason_Castelino Ankit handles only above 100cr. His chacha is vidhayak he says.
Arey. Mera nahi. Mine is all accounted. 
Please dont get angry. I dont want to lose Pabbas party over these silly 80cr talks. 
No ,80k. I only deal in chillars
This is also the case with me. Even when I am willing to pay in white and get it registered at full value, builders are coercing to get it registered for less. And they also tell that I save few lakhs in the registration fee. However, I feel the bigger benefit is to the seller than the buyer because seller will not pay any income tax on the unaccounted cash and he will anyway find ways to dispose off the cash in different ways.
For Ex. if a buyer buys an apartment for 1Cr and registers for 60 lakhs, the buyer saves Rs. 2.75 lakhs in registration fee(assuming fee at 6.65%). But now the Seller got 40 lakhs unaccounted. If it was legitimate, he might have to pay an income tax on the 40 lakhs(assuming profit margins of ~50%) at 30% which would be around 12 lakhs. This is never told to the buyers and they are always telling that the buyer can save 2 or 3 lakhs if you register at a lower price. Furthermore, they have figured out to get it registered at lower price even when taking out loan. I am not sure how they are doing this but it is more like unaccounted cash goes towards construction or something.
Please share your thoughts on my understanding.
1 Like
This is a common practice. Fair value registration is done for the base construction. The additional amount is what the builder charges for value addition on top of the base construction - electrical, plumbing, floor work, painting etc. There is nothing illegal about this if this goes via the online and recorded white route.
In this case, then I need to get a separate bill for the electrical, plumbing etc. But I do not get any bill for such things. Then this will not be the white route right? The final bill in most cases is the sale deed itself.
Typically you would get a recorded document from a good builder showing the net amount for value addition. It wouldn’t be split as electrical, plumbing etc usually. That’s all.
