Multiple Properties.



Sanjeev Goyal


All are aware that black money in the system is finding its way in selected investment portfolios major of which are share market, gold and properties. While the share market is totally regulated and bullion market is partially controlled, the property market majorly remains uncontrolled. On one side the needy persons are not able to have homes due to sky rocketing prices others are buying multiple properties to satisfy the investment needs. This has created an ever widening disparity in the society. Homes are rapidly going out of the reach of a middle class family and a large portion of population is forced to live in rented premises. The high rentals paid by them have impacted the whole economy. A large population on one hand is struggling to meet its days end while the high rentals producing a large chunk of ‘unearned’ income earned in the hands of landlords, attracting even more black money to settle there. This has created a vicious circle.

Though while allotting a new plot/flat the civic bodies take an undertaking from the applicant about not having been allotted any other flat/plot earlier by the same agency, there is no such restriction for cross border transactions. For example a Delhite can easily buy multiple properties in Delhi, NOIDA, Ghaziabad and Gurgaon without violating any law. In my view Govt. should examine this concept and no one should be entitled to any second allotment by any civic body within the country i.e. resident of any particular state should be debarred from procuring any other flat/plot from any other civic body across the country.

This would definitely put some restriction on the ever increasing applications for few plots/flats auctioned by the agencies and thereby check the prices as well by facilitating the needy to come forward.

This would only

(i) Directly impact the property prices to some extent
(ii) Help many people realize their dream of having own home.
(iii) Plug a legal loophole facilitating parking of black money,
(iv) Discourage people from owning multiple properties there by reducing pressure on housing sector,
(v) Facilitate reducing social gaps by providing more people with the status of landlord.

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