Dear sir, my father want to sell his second home for 62 lakhs but as we all know that no body gives you all the money in white the buyer saying i only do registery for 12 lakh which is govt rate. now my father is little depressed because every single rupee of his is white and now he needs the money to build his dream bunglow and he gets the good amount too but nobody is ready to do 62 lakh registery now if he sells the house how he shows left the money please help me its urgent
1 Answers
Unfortunately, nothing much can be done here. Only solution would be just wait for a buyer who is ready to buy in full white. May be a person who is in service and want to avail home loan.
Property sector is one of the most corrupt sector. Its a nexus of builders, property dealer, politicians and other influential people. These people don't allow government to keep circle rates as per market rates. Which results in a huge difference between registry price and actual price. This gives birth to black money or cash deals.
Both buyers and sellers benefit from cash deals. Seller saves on long term gains and income tax, buyer saves on registration cost.
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