Finance Ministry seeks details of property transactions above Rs 50 lakh, Real Estate News, ET Real Estate

Pune: The Union Finance Ministry has demanded from the registration departments of all the states including MaharashtraTo provide details of all sales and purchases of immovable property valued at Rs 50 lakh and above as part of the “real estate report,

The ministry has sought submission of data every quarter by the 15th of the following month.

State property registration department officials have confirmed the Union finance ministry’s instructions and said it was part of an “administrative” exercise and instructions have been given to all sub-registrars.

Officials said the letter has been sent to the state registration department, a copy of which has also been sent to the chief secretary. These reports are called immovable property reports (IPR).

According to officials of the estate department, the letter was sent by the Union finance ministry, and accordingly, all sub-registrars have been directed to submit the details in the format sought by the ministry.

Officials said the ministry has sent similar letters to all other states and union territories.

The sub-registrars are required to compile details of all sales and purchases of immovable property worth Rs 50 lakh or more every quarter and submit the report to the Financial Intelligence Unit, India (FIU-Ind) as per the format mentioned in the report. letter, said a senior official of the state registration department.

Similar reports will be sent from all the districts of the state.

“Around 30 lakh property documents are registered annually in the state. With this new advisory, the registration departments will have to keep a tab on transactions of Rs 50 lakh and above and maximum transactions in most metros are below Rs 50 lakh,” the official said. is up.”

FIU-Ind is the national agency responsible for receiving, processing, analyzing and disseminating information relating to suspicious financial transactions.

It is also responsible for coordinating and strengthening the efforts of national and international intelligence, investigative and enforcement agencies against money laundering and financial terrorism.