2% of Rich Indians own 90% of property
Imagine a village that consists of 100 huts and 100 people. 2 people in that village owns 90 of those huts, rest 98 must stay in the remaining 10 huts. Is that just?
Thats the state of India today. Government has taken a tough stanz against people stashing away black money by devaluing Rs 500 and Rs 1000 notes, but one of the biggest scandals that has been taking place is people with black money have got huge swaths of property and they are the one who determine real estate prices and say who stays where. I feel that this injustice should be put to an end. So how to do it?
Link Unique ID to Property
Properties all over India should be linked to unique ID of those who own it. By this way we can get a map of who owns how much.We can crunch this data to find out how much money transaction that person has done and we can find out weather that person had black money at that time or not.
If a property is not linked to any unique ID, then government should confiscate it. If black money has been detected for a particular property transaction, then that property should be confiscated as well and action should be taken against the person who took and gave black money, say charging 50% of the transaction amount as tax from both the parties.
Drop in property prices
If government does that, government will gain huge amount of property and money. This property could be auctioned out to public and public can buy it with far cheaper rates than that is at present.
Rather than own working for 30 years to own a home, one may be able to own a home in 2 years, possibly a luxury home in 5 years.
Powerful real estate lobby
The entire real estate industry in India floats upon illegal transactions, and they artificially determine the price of land and house. This massive oligarchic ship should be sunk to make life of an Indian better, but will the government have the guts to do it?
I have a hunch that real estate will be having a huge lobby and P.R with various government agencies. The question is do we have a powerful leader to shatter this oligarchy?