Despite receiving criticism from several quarters over making Aadhaar linking with bank accounts, phone numbers, insurance policies, PAN, PPF, NSC, LPG connections mandatory, the government may now tighten the noose around immovable property transactions to put a stop on black money flow in the real estate sector. Prime Minister Narendra Modi has on several occasions hinted that demonetisation is just one step in curbing black money, and that many more steps would be taken to clean up the financial system in India.
Union Housing Minister Hardeep Puri has said that he has no doubt the linkage would happen. Speaking to Nayantara Rai of ET NOW, Puri said such a move would go a long way in sucking out black money from real estate and also help in crackdown on benami properties. “Seeding Aadhaar to property transaction is a great idea but I’m not going to make an announcement on that. We are already linking Aadhaar to bank accounts, etc, and we can take some additional steps for property market also,” he said.
Sources said the government plans to amend Sections 32 and 32A of the Registration Act, 1908, for this. “Every person presenting a document at the property registration office for registration, shall, whether executing or claiming under the same, undergo Aadhaar authentication,” said a source.