The Uttar Pradesh government has mandated that both buyers and sellers in real estate transactions must possess a PAN card to enhance financial transparency and combat suspicious activities.
The Uttar Pradesh government has introduced a new regulation requiring both parties involved in the buying and selling of real estate to possess a Permanent Account Number (PAN) card. This decision aims to address issues related to dubious transactions and the purchase of benami properties, which have been a concern in the region. By enforcing this requirement, the government seeks to bring about greater accountability and transparency in real estate dealings.
This initiative is part of a broader effort to ensure that all financial transactions are documented and traceable, thereby reducing the scope for unaccounted or illegal funding in property acquisitions. The government believes that requiring a PAN card will not only discourage illicit financial practices but also streamline processes for legitimate buyers and sellers, making transactions simpler and more legally secure.
Overall, this move signifies Uttar Pradesh's commitment to enhancing regulatory frameworks in the real estate sector. By instituting stricter guidelines around property transactions, the government hopes to cultivate a more transparent market environment, which could lead to increased investor confidence and ultimately benefit the economic landscape of the state.
