This link will be a great thing for the real buyers as it will reduce prices to more realistic levels
News reports say that the cabinet note for linking real estate to your Aadhaar number is ready and may see the light of the day soon. If that happens, then we should kick any thought of a real estate ‘revival’ a few years down the road. And that is a good thing for an average tax-paying salaried Indian. Because if you decode the word ‘revival’ as it appears across the media and in PR outreaches, you are looking at the world from the point of view of the developer, the broking firms and the banks, and not from your own point of view—a real estate aspirant looking for a home to live in or an investment to make. India has this strange story of having millions of unoccupied homes waiting for buyers while owning a home in a city remains just out of reach for millions of Indians as well. The real demand for housing sits at a price point that is below what the unsolds are going for and since the investment demand has dried up, the unsolds sit past their sell-by date. The linking of a biometric identifier to a piece of real estate has the potential to be another step in the war against the use of real estate as the sump for non-tax paid money—also called ‘black’ money. This link, if it happens, will be a great thing for the real buyers and investors of real estate in India as it will reduce prices to more realistic levels that are supported by current incomes which are used to pay the EMIs as tax-paid money attempts to buy real estate.