buying property in goa

kev

Hiya, Me & My Bride(19 Yrs!) Have Been Going To Goa On Hols For The Last 10 Years And Now Wish To Buy A Minimum 2/3 Bed Property In South Goa,has Anyone Got Any Tips/advice(good&bad) About Buying? I Am Looking Towards Retiring&chilling Out There Before Sinking Into Oblivion!!!
I Have Registered With A Couple Of Estate Agents Over There On The Internet And Tried(unsucessfullly) To Deal With Icici Bank.
We Are Going Back Out In November This Year With This Mission!!(although She Wants To Lie On The Beach..... As Usual!!)
Any Helpful Hints Gets A Kingfisher(any Unhelpful Gets A Feni !!)
Dio Boro Kurunc (ta ) Kev .

GoanCanuck

Would be better to post this thread in the Goa section of this forum.

-m2-

Hi Kev, welcome to Indiamike!

In one form or another, this question has been asked and answered numerous times -- some of the threads are in the Goa section, some in Ex-pat, and some here in the Yak-Yak forum. I encourage you to click on the Search button at the top of the page and type in: buying property Goa It brings up 20 items, many of them will be pertinent to your concerns as a prospective retiree.

good luck!

iyou

This page at the Reserve Bank of India website has a lot of useful information. Here is the relevant (and disappointing) answer to the question:

Q.7. Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase?

A.7. No. Under section 2 (ze) of the Foreign Exchange Management Act, 1999 ‘transfer’ includes among others, ‘purchase’. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase.


You can lease property, however.

Good luck!
.
.
.

__________________
.
.
.
--May a moody baby doom a yam.

Nick-H

Scroll on down the page to the last questions...

__________________
.


Just one member of the IndiaMike Mod Team

crvlvr

iyou, thanks for the link. i searched the entire RBI website earlier and could not find it.

GoanCanuck

The key words here are resident outside India. Once a foreign national completes 182 days stay in India he is deemed to be resident in India. This enables him to buy property in India while maintaining his foreign nationality.

cwcwdavid

Sorry OT, my mistake.

Question about GPRS net connections in Goa moved to
http://www.indiamike.com/india/showt...4#post12 6884

Nick-H

crcwdavid... Can I suggest you post in a more appropriate thread/forum?

If you go here, to the Geek Speak Forum you may well find what you are looking for in existing threads. Try a search, also.

Also I can recommend This Site for discussion of India telecoms and internet conectivity.

shere

Talking about property in Goa I saw the following place for sale for less than £5K . It is a bit small.

http://www.homesgoa.com/WebPages/Pro...t24_anjuna.htm

GoanCanuck

The quoted price is meaningless without first having a look at the place. Many of these advertised apartments have extensive leakage/seepage problems due to the heavy rainfall in Goa. Anyone buying a second hand apartment in Goa would do well to understand that almost all apartments in Goa more than 5 years old will leak more often than not.

oldhippie

I used to own a few units at Paradise Village, Calangute and had problems with leaks and falling plaster within 3 months of construction. I hd to get the place replastered and a year later rewired as there were wiring faults. I eventually sold them off as it was too much of a hassle. I really do not recommend owning property unless you plan to live there all year round.

Shere
These guys are pretty reliable. I bought a house off them last year. They also have an interesting publication Home & Estates which lists property for sale around Goa. This Anjuna property looks like it is within a resort so they will not give you a sales deed for it.

__________________
Too Many Gandus, Too Few Bullets.

cwcwdavid

Sorry for the above OT post. Last 5 mins at a net cafe last nite, I messed up and posted the wrong thread. Memo to self: do one thing at a time :-) .

The question I meant to post here is about the 183 days residency.

I assume makes you tax resident in India.
If India is using something similar to British tax system that will have implications
1. income tax on all income from anywhere in the world for the year you are resident.
2. Capital Gains Tax on any gain in the year anywhere oin the world (e.g. gain from selling stocks or real estate)
3. Needing to fulfill some requirements [more than NOT being in the country 182 years in a tax year] to become NON-resident in India in subsequent years.

In some countries however (Thailand for example) income is only taxed if brought into the country even if you are resident.

Does anyone know a site where there are details of the Indian tax system or even just know which of my assumptions that some of the above will apply are correct? I guess it should be of concern to all considering this ...

Thanks,
David.

PS
I will probably look at a couple of flats - resorts and/or houses for sale in the next week around Calangute and may take photos and make some report on my blog. If anyone has suggestions for stuff I could view (and I'll send u some photos afterwards), please pm me.

GoanCanuck

Better if you avoided Calangute entirely. Calangute has really gone downhill in the last few years due to over development while the Government has totally ignored important issues like building better roads, gutters, sewerage etc. Calangute does not even have a petrol/diesel filling station! The main road in Calangute is so narrow that in the evening(during the peak season) the traffic becomes unmanageable.

Colva and Benaulim are better overall in my opinion.

cwcwdavid

Hmm thanks for the advice but each to their own.

No petrol station is +++ for me. No cars would be a mega mega +++ .

Reason for choice of Calangute is that I want somewhere where there are a choice of bars-cafe open till late (beyond midnite) with customers (even in August) and where I can walk from accomodation.

AFAIK that leaves a choice of Calangute or Panjim (please correct if I'm wrong).

So far I only looked at the stretch Baga to Candolim. Both Baga and Candolim are basically closed for off-season, Calangute is not busy but not closed and quite pleasant.

Agree about the traffic though, last night mistake to walk down the Baga road in downpour at 7pm. No shirt and along the beach was a better option.