Blaming use of black money in real estate to archaic laws, India’s largest realty firm DLF has said Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector.
“Real estate industry is the least reformed. Wherever any reforms have not taken place, parallel economy exists… This industry’s laws, regulations everything is archaic. No reform has taken place since Independence,” DLF chairman K P Singh said at a media conclave.
He, however, said although changes are being undertaken, it is “not happening at the pace that I would like to see”. Prime Minister Manmohan Singh has said stamp duty needs to be reduced in order to check flow of black money into the real estate sector.
The Prime Minister’s statement was welcomed by private players in the sector, saying it would help cleanse illegal funding.
