Hyderabad: A realtor is selling 150, 200 and 300 sq. yd plots at Pocharam near Infosys campus. The catch? He wants the property value as per government records to be paid in white and the rest in black.
Land in the area is being sold for Rs 20,000 per sq. yd while the government value is Rs 7,000. Therefore, anyone purchasing a 150 sq. yd plot should pay Rs 10.5 lakh through cheques or online transfer. The remaining Rs 18.5 lakh is to be paid in black.
Why does he do it?
The realtor said: “I want to leave this business and invest the money elsewhere. I will need to pay tax towards capital gains as the land was purchased by our forefathers when it was cheap,” he said. He had a bit of ‘advice’: “If you pay all the money in white, you will need to pay more for registration. If you adopt a black-and-white method, you will need to pay just one-third.”
