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India: Property market: Biggest sink of black money

Posted on 08 November 2010

From Indiatimes.com: What makes India’s property market the biggest sink of black money in the country? The Adarsh Housing Society scam threatens to topple ministers, politicians and military top brass, but that’s unlikely to slow property transactions in Mumbai, Delhi or anywhere else in the country. Some of these, according to anecdotal evidence, could involve as much as 60% to 70% of the payment in hard cash.
“Real estate is where most of the cash generated in the economy flows,” admits a finance ministry official, who doesn’t want to be identified……………………………………….Full Article: Source


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