Advice please on Buying Property

TDK · Nov 11th, 2004, 18:06

Hi All. i'm a newbie to this site and very glad to have come accross it. I'm strongly considering buying a small property in India (probably Goa) but have found it very hard to get definative advice on the current laws re:foreigners buying property in India. I would be very grateful indeed if anyone can please recommend a trustworthy and competant property lawyer in Goa who could guide me through the beaurocratic minefield and also if anyone knows if i still need to get permission from the Reserve Bank of India inorder to buy Indian property/repatriate any sale proceeds back to the UK? Also does anyone know if i can legally purchase a property with a 6 month tourist visa (and then apply for a residency visa once i have a Sale Agreement for a property)? I will have stayed in ndia over 6 months in the same tax year by the expiry of my current visa atleast so i hope that will make things smoother.
Anyway i would be very grateful for any related advice/info & if any ex-pats have any property to sell in Goa (preferably under Rs500,000 cos of my tight budget), i'd love to hear the sale particulars by PM).
Wishing you all the best, TDK.

mira4bai4 · Nov 12th, 2004, 17:26

I may be wrong but I think that one has to have residency before one can purchase property. It is a little like the bank accounts, anyone can have a RS account short or long term but to get a foreign currency account one has to have residency. I have read it somewhere about the land or fixed property purchase maybe the RBI would have something. Propert Acquisition

TDK · Nov 13th, 2004, 18:15

Thanks very much Mira4bai4, i really appreciate your reply and thanks also for the link to the RBI web section on Aquisition & transfer of Immovable Property. I have just skim read it but may take a while for my brain to process all the info

Anyway i will also try emailing their helpdesk to clarify a few points.Anyway thanks again and if anyone else has any direct experience of purchasing a property in India as a foreign national i'd be very grateful for any useful tips please. Cheers.

mira4bai4 · Nov 14th, 2004, 04:56

That's fine TDK, I will be looking to buy an apartment about 12 months after I shift to the Punjab Chandigarh. Buying apartments is easier as there is no land involved so it is less drama.

There are housing estates in Delhi, 4 bedrooms, 4 bathroom, all marble floor, round 2,000 sq ft which are security gated and fenced, swimming pools, gymnasium, golf course and parks. Rs 23,01,694. AUD$65,000

atyagi · Nov 16th, 2004, 23:08

Which area of Delhi are you talking about here, any website?

Quote:

Originally Posted by mira4bai4

That's fine TDK, I will be looking to buy an apartment about 12 months after I shift to the Punjab Chandigarh. Buying apartments is easier as there is no land involved so it is less drama.

There are housing estates in Delhi, 4 bedrooms, 4 bathroom, all marble floor, round 2,000 sq ft which are security gated and fenced, swimming pools, gymnasium, golf course and parks. Rs 23,01,694. AUD$65,000

crvlvr · Nov 17th, 2004, 02:33

TDK,

Why don't you consider putting your money in a bank and paying rent with the interest?

Typically, in India rental rates are lower than the interest earned on the capital. Property purchase in India is plagued with scams and risks – for India and more so for non residents. Indian regulations don’t allow you to repatriate any profits you might make from the sale of property. Plus, stamp duty (similar to sales tax) must be paid each time the property is sold.

mira4bai4 · Nov 17th, 2004, 06:08

Here is the Link to the 'Posh' real estate in Delhi

atyagi · Nov 17th, 2004, 06:38

Thanks for the link, yup i knew it has to be in noida, in delhi you can't find a good 2 BD RM for that price... We are also considering options right now to purchase a property in Delhi (South) or Noida

Quote:

Originally Posted by mira4bai4

Here is the Link to the 'Posh' real estate in Delhi

mira4bai4 · Nov 17th, 2004, 06:42

Here is the better Link to the new estate.

mira4bai4 · Nov 17th, 2004, 06:55

Going through all my bookmarks I can't find the indepth link that I had but here is another option, maybe they have changed the site as the info on the previous link is missing. Link

TDK · Nov 27th, 2004, 17:41

Hi CRVLVR, Thanks for your advice re: renting instead of buying in Goa. I'm sure the scams are plentiful when it come to buying property in India, and i appreciate the warning, but for some reason i'd still like to check out the options when i head down to Goa with out diving in too soon! Cheers, TDK

deutchesafrikar12 · Dec 3rd, 2004, 21:25

TDK... a good safe venture would be Tata housing. Check out their website. But I'm unsure if they'll have something in your budget
dak

Quote:

Originally Posted by TDK

Hi CRVLVR, Thanks for your advice re: renting instead of buying in Goa. I'm sure the scams are plentiful when it come to buying property in India, and i appreciate the warning, but for some reason i'd still like to check out the options when i head down to Goa with out diving in too soon! Cheers, TDK

Jamie11 · Dec 3rd, 2004, 21:47

TDK,

have a look at

www.homesgoa.com

but, buying from estate agent is an expensive option, its best to spread the word that you are looking when youre there

deutchesafrikar12 · Dec 3rd, 2004, 22:05

Yes a good site.. but the coordinators are very slow in replying
dakcouse

Quote:

Originally Posted by Jamie11

TDK,

have a look at

www.homesgoa.com

TDK · Dec 4th, 2004, 17:09

Hi Dak and Jamie,
thanks alot for your advice re: buying property in Goa and for the website tips. Dak could you please let me know the website for Tata housing cos i've not come accross it before and am very intererested to check it out. I've come accross the other site though and found it to be very compreshensive.
Thanks again guys for the tips and any more tips/warnings much appreciated.
Cheers - TDK.

Nov 11th, 2004, 18:06	#1
TDK Member Join Date: Nov 2004 Location: UK/India Posts: 51	Advice please on Buying Property Hi All. i'm a newbie to this site and very glad to have come accross it. I'm strongly considering buying a small property in India (probably Goa) but have found it very hard to get definative advice on the current laws re:foreigners buying property in India. I would be very grateful indeed if anyone can please recommend a trustworthy and competant property lawyer in Goa who could guide me through the beaurocratic minefield and also if anyone knows if i still need to get permission from the Reserve Bank of India inorder to buy Indian property/repatriate any sale proceeds back to the UK? Also does anyone know if i can legally purchase a property with a 6 month tourist visa (and then apply for a residency visa once i have a Sale Agreement for a property)? I will have stayed in ndia over 6 months in the same tax year by the expiry of my current visa atleast so i hope that will make things smoother. Anyway i would be very grateful for any related advice/info & if any ex-pats have any property to sell in Goa (preferably under Rs500,000 cos of my tight budget), i'd love to hear the sale particulars by PM). Wishing you all the best, TDK.

Nov 17th, 2004, 02:33	#6
crvlvr Guru Join Date: Sep 2004 Location: Hollywood Posts: 4,667	Rent or Buy? TDK, Why don't you consider putting your money in a bank and paying rent with the interest? Typically, in India rental rates are lower than the interest earned on the capital. Property purchase in India is plagued with scams and risks – for India and more so for non residents. Indian regulations don’t allow you to repatriate any profits you might make from the sale of property. Plus, stamp duty (similar to sales tax) must be paid each time the property is sold.

Dec 4th, 2004, 17:09	#15
TDK Member Join Date: Nov 2004 Location: UK/India Posts: 51	Buying Property in Goa Hi Dak and Jamie, thanks alot for your advice re: buying property in Goa and for the website tips. Dak could you please let me know the website for Tata housing cos i've not come accross it before and am very intererested to check it out. I've come accross the other site though and found it to be very compreshensive. Thanks again guys for the tips and any more tips/warnings much appreciated. Cheers - TDK.

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Nov 12th, 2004, 17:26	#2
mira4bai4 Lost in Space Join Date: Jun 2004 Location: ND PaharGanj Permanently/Temporarily Posts: 1,245	I may be wrong but I think that one has to have residency before one can purchase property. It is a little like the bank accounts, anyone can have a RS account short or long term but to get a foreign currency account one has to have residency. I have read it somewhere about the land or fixed property purchase maybe the RBI would have something. Propert Acquisition

Nov 13th, 2004, 18:15	#3
TDK Member Join Date: Nov 2004 Location: UK/India Posts: 51	Thanks very much Mira4bai4, i really appreciate your reply and thanks also for the link to the RBI web section on Aquisition & transfer of Immovable Property. I have just skim read it but may take a while for my brain to process all the info Anyway i will also try emailing their helpdesk to clarify a few points.Anyway thanks again and if anyone else has any direct experience of purchasing a property in India as a foreign national i'd be very grateful for any useful tips please. Cheers.

Nov 14th, 2004, 04:56	#4
mira4bai4 Lost in Space Join Date: Jun 2004 Location: ND PaharGanj Permanently/Temporarily Posts: 1,245	That's fine TDK, I will be looking to buy an apartment about 12 months after I shift to the Punjab Chandigarh. Buying apartments is easier as there is no land involved so it is less drama. There are housing estates in Delhi, 4 bedrooms, 4 bathroom, all marble floor, round 2,000 sq ft which are security gated and fenced, swimming pools, gymnasium, golf course and parks. Rs 23,01,694. AUD$65,000

Nov 17th, 2004, 06:08	#7
mira4bai4 Lost in Space Join Date: Jun 2004 Location: ND PaharGanj Permanently/Temporarily Posts: 1,245	Here is the Link to the 'Posh' real estate in Delhi

Nov 17th, 2004, 06:42	#9
mira4bai4 Lost in Space Join Date: Jun 2004 Location: ND PaharGanj Permanently/Temporarily Posts: 1,245	Here is the better Link to the new estate.

Nov 17th, 2004, 06:55	#10
mira4bai4 Lost in Space Join Date: Jun 2004 Location: ND PaharGanj Permanently/Temporarily Posts: 1,245	Going through all my bookmarks I can't find the indepth link that I had but here is another option, maybe they have changed the site as the info on the previous link is missing. Link

Nov 27th, 2004, 17:41	#11
TDK Member Join Date: Nov 2004 Location: UK/India Posts: 51	Hi CRVLVR, Thanks for your advice re: renting instead of buying in Goa. I'm sure the scams are plentiful when it come to buying property in India, and i appreciate the warning, but for some reason i'd still like to check out the options when i head down to Goa with out diving in too soon! Cheers, TDK

Dec 3rd, 2004, 21:47	#13
Jamie11 Senior Member Join Date: Oct 2004 Location: goa Posts: 195	TDK, have a look at www.homesgoa.com but, buying from estate agent is an expensive option, its best to spread the word that you are looking when youre there