The following comment in an Indian Express column by Pratik Kanjilal reminded me of my own feelings that we talk of money in Swiss banks and ignore the elephant in the room which affects almost anyone needing to buy or sell property:
But gentle reader, do put yourself in the shoes of the black money-wallah, who has allegedly salted away $1.5 trillion. Would you stash it in a European bank where a return of 3 per cent looks fantastic, or in an Indian real estate project where 25 per cent is boring? When shall we see a programme on black money which asks why it must be recovered dramatically from foreign shores, when most of it is obviously here in India?And I wonder what if the property registration process was modified as follows:
- Register a sale on a web site.
- An auction is initiated for, say, 10 days.
- Anyone can bid over the registration price.
- At the end of the auction, if a successful bid is present:
- The seller received the extra amount
- The buyer is refunded his purchase price
- The government gets extra stamp/registration duty.
- Property is registered in the name of the buyer of the successful bidder as the case may be.