Elim­i­nat­ing il­le­gal trans­ac­tions

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regular re­vi­sion of cir­cle rates: The gov­ern­ment must work out a way to en­sure that cir­cle rates are re­vised fre­quently. Th­ese rates should also evolve as per ac­tual mar­ket prices. Long gaps in re­vi­sion kill the ob­jec­tive of cir­cle rates. Cir­cle rates should re­flect mar­ket rates in­cen­tives to buy­ers: State gov­ern­ments should set up a sys­tem to in­ter­pret the re­alty mar­ket in a bet­ter way. Fre­quent re­vi­sion of cir­cle rates en­sures that buy­ers and sellers pay stamp duty and the ex­che­quer gets rev­enues. In­cen­tives should be given to those who pay in white and reg­is­ter prop­er­ties buy­ers and builders hope­ful: Low­er­ing stamp taxes on prop­erty trans­ac­tions is an­other way of elim­i­nat­ing black money from the re­alty sec­tor. This mea­sure will help in­cen­tivise the lower lev­els of eva­sion associated with such trans­ac­tions and en­cour­age peo­ple to reg­is­ter prop­erty the le­gal way e-reg­is­tra­tion of trans­ac­tions: A re­port by in­dus­try as­so­ci­a­tion As­socham sug­gests that elec­tronic reg­is­tra­tion of real es­tate trans­ac­tions (and re-reg­is­tra­tion of ex­ist­ing own­er­ship claims) to match in­di­vid­ual iden­ti­fi­ca­tion num­bers will go a long way in min­imis­ing the chan­nelling of cor­rupt earn­ings con­stantly mon­i­tor prop­erty val­ues: The reg­is­tra­tion de­part­ment should set up a ded­i­cated team in each state to mon­i­tor prop­erty val­ues. The av­er­age of the last two high­est de­clared val­ues must be taken into ac­count to de­ter­mine the ‘real’ mar­ket price

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