Sanjay Dutt, EMD South Asia Cushman & Wakefield
Sanjay Dutt, Executive Managing Editor South Asia Cushman & Wakefield said, “The cabinet nod to curb black money in the form of benami transactions is a very welcome step for the real estate sector. This will ensure transparency in the future and will also pressurize current property holders to procure proper documentation and legal ownerships for their property claims, further ensuring that all land and built property are properly documented with right ownership information. One of the key issues in real estate and infrastructure is lack of clarity of ownership of potential land. This law will also severely restrict malpractices in land and property ownerships in India. The implementation of the law has to however, has to be strict and very prompt. The coersion of non-adherence along with the benefits of proper documentation will be also be a key stone development for effective implementation of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (also Land Acquisition Act, 2013)”
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