Congress, BJP candidates under valuing their assets, says Yogendra Yadav
Mar 27, 2014
Source : The Economic Times


DELHI: Aam Aadmi Party's Yogendra Yadav on Tuesday accused rival candidates from Congress and BJP of under-valuing their property to an extent that negated the Election Commission rules and Supreme Court judgment mandated to ensure transparency in polls.

Yadav alleged that BJP candidate Rao Inderjit Singh has grossly undervalued his immovable assets at Rs 14.1 crore, whereas its actual worth is over Rs 300 crore as per circle rates. According to him, Congress candidate Rao Dharampal has not disclosed his entire property details and in fact dismissed giving details by filing an entry that he was a deponent or 'karta' of HUF (Hindu Undivided Family) and paid income tax for all their assets. "He has declared the worth of his immovable properties at Rs 6.5 crore. If you say this to anyone, he will laugh at you. He is known as a big developer in Gurgaon," he said.

"The nexus between politician and builders is evident as plots of land being developed by builders are shown as owned by politicians. The conversion of land, prevention of acquisition by government and undervaluing of wealth — they all require a political umbrella," Yadav said adding that in Gurgaon the administration was known to be "for the builder, by the builder and of the builder".

Under-valuing one's property is hardly restricted only to Gurgaon. For instance Congress MP J P Agarwal has claimed in his election affidavit that three properties including one in Lutyens' Delhi and another in posh south Delhi are worth just Rs 1.3 crore while Nagpur MP Nitin Gadkari shows assets worth only Rs 4.73 crore.

Another common trick is wealthier spouses providing cover. So wife Tejaswini pips BJP's Ananth Kumar with assets worth Rs 3.86 crore as compared to the husband's Rs 51.12 lakh. Chandigarh MP Pawan Kumar Bansal also has wealth of Rs 1.06 crore, a shade less than his wife Madhu Bansal who has assets worth Rs 1.60 crore.

Jagdeep Chhokar of Association for Democratic Reforms said, "Under-valuation of assets by politicians is rampant and all possible pretexts are used for not declaring the true worth of their assets." Chhokar said that the NGO had urged the Election Commission to scrutinize and get affidavits of the successful candidates verified by government agencies within 6 months of elections. In this political scenario, Congress' Nandan Nilekani, who declared wealth worth Rs 7700 crore, is a rare exception.







Latest Realty News

Tirupur Corporation to increase tax collection
Mar 27, 2014
TIRUPUR: Chairman of Taxation and Finance Standing Committee in Tirupur Corporation R. Chandrasekar presented the budget for 2014-15 financial year with fiscal deficit projected at Rs. 17.39 crore.
Portal to make business easy for traders
Mar 27, 2014
CHENNAI: Traders and entrepreneurs in the city will soon be able to pay property tax, profession tax, or obtain a trade licence from the Chennai Corporation and even pay tax to the Commercial Tax Department through the Central government’s G2B portal, eBiz.
Sahara India Real Estate Corporation Limited,Sahara Housing Investment Corporation Limited
Mar 27, 2014
DELHI: The Supreme Court Wednesday asked Sahara Group chief Subrata Roy to deposit Rs.10,000 crore with the market regulator SEBI for his release on interim bail from judicial custody.
Indian IT firms expect revenue boost from US
Mar 27, 2014
BANGALORE: As more and more American manufacturing companies shift production to the US and reduce their reliance on low-cost labour in China, Indian technology outsourcing companies are expecting a big boost in revenues from their manufacturing clients.
CBI books Pearls group MD in Rs 45,000 crore scam
Mar 27, 2014
CHANDIGARH: Real Estate major Pearls group MD Nirmal Singh Bhangoo, who has several infrastructure projects in Punjab and has been the major sponsor of deputy chief minister Sukhbir Badal-led Kabbadi World cup events, has been booked by the CBI in a Rs 45,000-crore scam for allegedly duping investors by promising agriculture land.
Real estate, construction sectors hit, as companies divert funds to poll contribution
Mar 27, 2014
DELHI: As India's mammoth general election approaches, jackhammer drills are quietening down at construction sites and earthmovers and cranes remain parked.
Payment Default: Cases Registered against Chit Fund Firm
Mar 27, 2014
THIRUVANANTHAPURAM: Various police stations in Thiruvananthapuram and Kollam districts have registered cases against a private chit fund firm which allegedly defaulted in repaying maturity amount to investors.
Pune appreciation potential better than national average
Mar 27, 2014
PUNE: Conventional wisdom of real estate suggests that in times of slowdown, the emerging markets outperform the matured markets. The matured markets are expected to correct or crash during tough times. However, Pune has been bucking the slowdown blues and has maintained a uniform appreciation across the micro markets of the city, something that defines how resilient Pune’s property market is.
Solve water woes of NCR to boost realty sector
Mar 27, 2014
DELHI: As summer sets in, the hapless people of the capital and the NCR will once again face water shortages and the tanker mafia. As is the norm, there will be heated debates on the crisis, but nothing concrete ever happens on the ground.
IIFL home bonds oversubscribed
Mar 26, 2014
CHENNAI: The issuance of unsecured redeemable non-convertible debentures by India Infoline Housing Finance Limited (IIHFL), the housing finance subsidiary of IIFL Holdings Limited, has been oversubscribed 2.24 times of the base issue. Based on stock exchange data, total collections stood at Rs 224.5 crore, which is 2.24 times of the base issue.

Latest Realty News Of State

Realty Talk's