Cash Transactions Prohibition Explanation: The specialist elucidates the implications behind the prohibition on cash transactions.
Here's the revised article:
So, why's the dust settling on cash transactions in real estate? A seasoned pro shed some light on the subject.
Apparently, cash transactions in the real estate world are like a cloak of mystery, hiding dodgy deals and shady activities like bribes behind them. But by making these transactions more transparent, we can trace where the bread's been buttered—er, I mean, follow the money trail. That's the gist, according to a seasoned pro.
Now, don't think that banning cash transactions in real estate will send prices skyrocketing or crashing like a wrecking ball. Mikhail Beliaev, the pros' POV broker, insists there are a plethora of other factors that influence real estate costs.
On the legislative front, we've got Svetlana Razvorotneva, Deputy Chair of the State Duma's Housing and Utilities Committee, backing the cash ban for real estate deals valued over a million rubles. TASS got wind of it and dropped the news on April 21. The plan is to present it to the State Duma by the end of June, with hopes of adopting the law by year's end. The Russian Union of Real Estate Market Participants, aka "Samолет плюс" and "Этажи," have added their signatures to the proposal, hoping to stamp out under-the-table deals.
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Newz bits:
- Proposal Status: Cooking in the legislative kitchen.
- Expected Adoption: Possibly by year's end.
- Impact on Prices: Not expected to be a game-changer.
- Submission Timeline: June end, as of now.
- The proposed ban on cash transactions in real estate deals valued over a million rubles, supported by Svetlana Razvorotneva and various real estate groups like Samолет плюс and Этажи, is expected to be presented to the State Duma by the end of June, with the aim of being adopted by the end of 2025.
- By making real estate transactions more transparent through a cash ban, it would be possible to trace the money trail, potentially uncovering shady activities such as bribes that are currently hidden behind cash transactions.
- Mikhail Beliaev, a seasoned pro and POV broker, believes that other factors, beyond cash transactions in real estate, have a significant impact on real estate costs.
- The proposed cash ban for real estate deals is attracting attention in the general-news and finance spheres, as well as in politics, due to its potential to enhance transparency in the real estate industry.
- As the situation with the cash ban for real estate deals unfolds, it is worth keeping an eye on the developments, with updates available through our Telegram channel @expert_mag.
