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Supreme Court orders new verdict for POA

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Power of attorney is been practiced for a long time in realty business mainly in the northern regions of Delhi, Punjab, Haryana and Uttar Pradesh. But a recent Supreme Court verdict has brought an end to the process to check the various irregularities in the realty industry. According to the sources of www.propertykhazana.com around 70 percent of the total dealings made on only Delhi location are powered by the act of POA. And it is very difficult to measure the exact limit of the areas continuing this process as its number is growing rapidly in every field apart from the property transactions. Supreme Court has ordered to ban the process and any transaction made on such ground will be made illegal. However a certain option is left for the POA only the case is really genuine with adequate documentation and cross examination of the authority.
Transaction through POA is favored to get rid of the taxes which go to the account of the black money of the seller. Apart from the northern sides many are involved in POA transaction in various places in Maharashtra including Mumbai. Its redevelopment of the slums in various location of Maharashtra has come into lime light of POA along with many other cases at various other sites. Further checking this process will reduce the rate of black money in the country and will encourage the government revenue department with few more decks of currency for the development.
Source: NIMMA BENGALURU

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