Recent high-profile scandals in the coal and telecoms sectors involving large corporate houses and politicians have rattled investors in Asia's third-largest economy, where undeclared wealth has long been rampant.
Real estate accounts for a large share of illicit transactions, thanks to lax regulation and the numerous approvals needed for projects, making many ordinary people party to corruption and pricing some of the emerging middle class out of the market.
That has prompted the newly-appointed housing minister, Ajay Maken, to push a real-estate regulation bill.
Designed to bring greater accountability, transparency and prevent fraud and delay, the bill proposes appointing the sector's first national regulator.
However, it will not have control over land deals, which is where illicit activity is widely believed to be rampant.
"The bill is not going to help solve the issue of black money," said Anurag Mathur, chief executive officer of project and development services at Jones Lang LaSalle.
"Black money is tied in or shifted through land transactions and the regulator will have no jurisdiction over that."