The Union finance ministry has asked the registration departments of all states, including Maharashtra, to provide details of all sales and purchases of immovable property valued at Rs 50 lakh and above as part of “immovable property reports”.
The ministry has sought data to be submitted every quarter by the 15th of the succeeding month.
Officials from the state property registration department have confirmed the directions from the Union finance ministry and said that it was part of an “administrative” exercise and instructions have been given to all the sub-registrars.
The letter has been sent to the state registration department, with a copy marked to the chief secretary, added officials. These reports are termed immovable property reports (IPR).
According to the property department officials, the letter was sent by the Union finance ministry, and accordingly, all the sub-registrars have been directed to submit the details in a format as sought by the ministry.
The ministry has sent similar letters to all other states and the Union territories, said the officials.
The sub-registrars will have to compile details of all sales and purchases of immovable property valued at Rs50 lakh or more in every quarter and submit the report to the Financial Intelligence Unit, India (FIU-Ind), according to the format mentioned in the letter, said a senior official from the state registration department.
Similar reports would be sent from all the districts of the state.
“Nearly 30 lakh property documents are registered annually in the state. With this new advisory, the registration departments will have to keep an eye on transactions worth Rs 50 lakh and above and most metros have maximum transactions above Rs50 lakh,” stated the official.
The FIU-Ind is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions.
It is also responsible for coordinating and strengthening the efforts of national and international intelligence, investigation and enforcement agencies against money laundering and financial terrorism.
