When a retired IAS officer confirmed as a lot as shut a ₹14 crore farmland deal, solely a fraction of the money moved by official channels. The rest — a staggering ₹10.5 crore — modified arms in cash, counted for hours inside a monetary establishment with quiet complicity. This was no isolated case. No matter years of crackdowns, India’s precise property sector — significantly land transactions — stays a haven for black money. From benami possession to underreported sale values, loopholes throughout the system proceed to permit big cash-based presents shielded from tax scrutiny.
A Reddit publish not too way back reignited the dialog spherical black money in Indian precise property, notably in farmland transactions. “The amount of black money in farmland presents is staggering,” wrote one individual, sharing a firsthand account that shortly went viral.
“So not too way back I participated in a land deal… the other social gathering was a retired IAS officer who was posted as a result of the collector of our district. (The land was purchased 2 a very long time prior to now whereas he was serving). This land was in any case throughout the title of a benami of some cousin of his,” the individual wrote. The deal was pegged at ₹14 crore, nonetheless solely ₹3.5 crore was transferred by monetary establishment accounts. The remaining ₹10.5 crore was paid in cash — counted over 5 hours in a private monetary establishment using three cash counting machines, whereas the monetary establishment supervisor made small communicate.
“As I was a UPSC CSE aspirant sooner than, I was very scared with the best way during which these people had been coping with cash,” the individual added. “They left I consider only a few crores throughout the monetary establishment and carried the rest of their vehicle. My father termed them as ‘cheetha’ for counting each gaddi… I was shocked to know that there’s just about 75-80% black money in land presents.”
The publish drew tons of of reactions, many echoing comparable experiences all through India.
“What else had been you anticipating?” replied one individual. “In precise property and significantly land, unwritten rule just about wherever in India is: you pay circle worth in white, rest in cash/black… IAS or non-IAS, state of affairs is comparable.”
One different shared, “In Tier 2 cities… in farmlands, that [white component] is likely to be as little as 5%. I’ve seen land presents method above ₹14 Cr by which the cheque amount was 7-7.5%, rest in cash.”
A third added, “Spherical Hyd there are some lands the place the ratio is 97:3… a ₹1 Cr land may want a information value of solely ₹3 lakhs.”
And a fourth summed up the sentiment: “Because of this Black Money received’t ever go away from India. NEVER… It’s a Win-Win State of affairs for every occasions.”
