Aadhaar-property linkage could soon  become reality, will check ‘benami’ deals

Hyderabad: The Centre could soon end the long speculation over the linking of Aadhaar to property, with the Narendra Modi government giving finishing touches to a law to check benami (proxy) deals in the real estate sector, NewsMeter has learnt.

Highly placed sources said the government will bring out a legislation making Aadhaar-property linkage mandatory across the country. "It will eradicate benami transactions in the property market and make real estate more affordable," said a senior government official.

The much-talked exercise of linking Aadhaar to property may be another surgical strike against black money and money laundering, observe economists. PM Modi terms the November 2016 Demonetisation or note ban a 'surgical strike' on money launderers and black money hoarders.

Since 2014, the Modi-led Centre has been taking several measures to tighten the screws on black money and benami transactions. Demonetisation had taken a toll on realty prices and the value destruction in property has been a key cause of the economic slowdown.

If the Aadhaar-property linkage becomes a reality, then it will make the property market more affordable for the masses and help the Centre its goal of 'Housing for All by 2022'.

Economists say such a legislation will rationalize home prices. “The benamis will come into light as those who parked their black money will disinvest,” said a property consultant in Hyderabad.

“The move will enhance credibility and transparency in the property market. Buyers will further benefit as it’ll ensure transparency and clear title as well. The secured transactions will further motivate investors and people with surplus income to invest more in the real estate sector. India will attract long-term investments in the property market. And this will help the real estate market expand further,” added the property consultant.