{"id":36914,"date":"2016-12-03T22:27:52","date_gmt":"2016-12-03T15:27:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=36914"},"modified":"2016-12-03T19:42:37","modified_gmt":"2016-12-03T12:42:37","slug":"benami-property-transparency-in-india-home-ownership","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/benami-property-transparency-in-india-home-ownership\/","title":{"rendered":"Benami property: transparency in India home ownership"},"content":{"rendered":"


\nAjay Jain, the executive director of investment banking and head of the real estate advisory arm of Centrum Capital in Mumbai, talks about benami property.Could you explain the issue of benami property in Mumbai?People with excessive unaccounted monies have invested in properties in fictitious or other people’s names, thus sidestepping being the owners on paper while enjoying all the benefits. Such benami property transactions saw a hike during infamous scams where large amounts of black money were quickly hidden in properties. Not paying income tax on income earned leads to generation of black money being parked in the purchase of benami properties. Similarly, money received as bribes by many are being used for purchase of such properties. This includes transactions such as land purchase, purchase of residential houses, commercial properties, hotel buying and selling.How effective do you think the benami property transactions act will be?The practice of putting the correct name to the transacted property will be put into effect. The properties of the right owners, once identified, will be confiscated by the government and furthermore, they will be prosecuted and liable to face imprisonment or penalty as the case may be. A large number of benami dealings are associated with land transactions. Clear titles will help developers to execute joint venture transactions. A lot of land inventory may become available to the government after the benami investigations, which may be opened up to fast-track the implementation of the prime minister’s dream of housing for all by 2020. The success of the act lies in its speedy and stringent implementation.Are efforts being stepped up to trace benami purchases abroad?The undisclosed foreign income and assets bill with compulsory reporting of foreign assets and income for resident individuals and the benami act – both these anti-black money measures indicate that the government is very serious about bringing unaccounted money and income into the system. India is inking agreements with many countries, including the US and Switzerland, to add new provisions to share banking information.business@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Benami property: transparency in India home ownership<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ajay Jain, the executive director of investment banking and head of the real estate advisory...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-36914","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9Bo","jetpack-related-posts":[{"id":36916,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/india-homes-in-on-benami-property\/","url_meta":{"origin":36914,"position":0},"title":"India homes in on benami property","date":"December 3, 2016","format":false,"excerpt":"\r The Indian government is coming down hard down on the widespread problem of corrupt practices and black money inflows through \"benami\" transactions that have plagued the property sector for decades.In a benami transaction, property or land is bought in someone else's name or under a fictitious identity, often used\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-indias-anti-benami-law-have-teeth\/","url_meta":{"origin":36914,"position":1},"title":"Does India\u2019s anti-\u2018benami\u2019 law have teeth?","date":"December 28, 2016","format":false,"excerpt":"\r It\u2019s just \u2018the beginning\u2019 Long queue of people outside banks in Gurgaon to deposit old 500 and 1000 currency notes. singh_lens \/ Shutterstock.com Prime Minister Narendra Modi has vowed anew to be relentless in his fight against corruption in India. In his sights after the demonetisation drive: benami property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":124347,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-you-need-to-know-when-purchasing-properties-with-a-previous-deed-of-gift\/","url_meta":{"origin":36914,"position":2},"title":"What you need to know when purchasing properties with a previous deed of gift","date":"January 25, 2022","format":false,"excerpt":"\r Risks exist in the purchase of properties where there was a previous assignment at nil consideration or a deed of gift, as the transaction could be set aside should the previous owner go into bankruptcy or liquidation within five years of the or winding up petition.To protect the interests\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11876,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/danube-launches-sixth-affordable-housing-project-in-dubai\/","url_meta":{"origin":36914,"position":3},"title":"Danube launches sixth affordable housing project in Dubai","date":"May 3, 2016","format":false,"excerpt":"\r Danube Properties has announced its sixth affordable housing project in Dubai \u2014 the Dh300 million Glamz Danube tower containing 418 units.The development, which is split between two blocks on top of a podium containing ground floor retail units and parking, will be built on a plot next to its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121860,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-beware-investors-of-real-estate-assets-beyond-hong-kong-should-be-aware-of-risks-rules-and-complications\/","url_meta":{"origin":36914,"position":4},"title":"Buyers beware: investors of real estate assets beyond Hong Kong should be aware of risks, rules and complications","date":"September 7, 2021","format":false,"excerpt":"\r Purchasing properties situated outside Hong Kong, particularly uncompleted ones, is complicated and full of risks.Consumers should study all related information before making a purchase decision and be extremely vigilant when investing in these properties so as to protect their own interests.In Hong Kong, there is no legal requirement that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116343,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-residential-transactions-continued-to-push-on-during-circuit-breaker\/","url_meta":{"origin":36914,"position":5},"title":"Private residential transactions continued to push on during circuit breaker","date":"May 14, 2020","format":false,"excerpt":"\r There were 286 caveats lodged from 7 April to 30 April, according to Knight Frank Singapore.\u00a0 Despite the closure of showflats and restrictions of viewing of properties because of the circuit breaker measures, Singapore\u2019s real estate market still showed life. \u201cA quick count of real estate caveats across all\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/36914"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=36914"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/36914\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=36914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=36914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=36914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}