Information for buying property in Goa

eater · Aug 26th, 2004, 18:54

Old hippie, in the words of pooch, how much is dirt cheap in Goa, for say one unit apartment (2 BR, 2BR)? Near the beach?
Does anyone know if PIOs can receive financing, same terms as local residents?
So much to learn, so little time!

goangoangone · Aug 26th, 2004, 21:35

I don't think you can buy property unless you have Resident status. A friend of mine bought a leasehold though.

oldhippie · Aug 26th, 2004, 23:27

>>HongKong is extremely expensive a place<<
It sure is but not during Sars last year. Property prices were down 44%. I bought a waterfront apartment for 6Mil HK$s and 10 months later it went up to 9 Mil HK$. The trick is to hold on to your money until something major happens like Sars.

The publication is Home & Estates and is available in Goa for 30 Rupees I think.

eater · Aug 27th, 2004, 08:45

Quote:

Originally Posted by goangoangone

I don't think you can buy property unless you have Resident status. A friend of mine bought a leasehold though.

Persons of Indian origin now can buy properties (unmoveable!) in India.
Someone was asking about who is considered a resident (resident/citizen are different issues...resident is to do with income tax:
An individual is Resident in India in a particular year if :-
he/she was in India in that year for a total of 182 days or more

goangoangone · Aug 27th, 2004, 13:37

Nice one Eater. Another snippet of info.I'm slowly getting to the bottom of this. It's amazing how difficult it is to find definitive information.

pooch · Aug 27th, 2004, 14:17

No Goans on on this board ? If buying is not an option there is the 99 year lease which exists in Chennai, perhaps those interested in buying property in Goa could do a check on the 99 yr lease option .

oldhippie · Aug 27th, 2004, 17:30

Dig
I found Indian Bank or HSBC to be good with financing. I totally agree with you about Goa. I spent many summers there as a kid back in the 70's before all the charters started ruining the place. I have a few NRI buddies from the UK who recently bought some units at Paradise Village, Calangute for 12 Lakhs each. Its
not a lot when converted to US dollars but its a nice little investment just the same.

Bill

lobo · Aug 28th, 2004, 02:36

Should foreigners be buying property in india?
It will be very cheap to most of them especially those in the west , but if for instance many foreingers buy property in goa then the prices will shoot up, what about the people who live and work there?
These people will earn less, and be priced out of the property market because they cant compete with the foriengners who wont live there but will rent/live there at certain times of the year.
Not fair in my opinion, it has knock on effects to the local population.

gipsi47 · Aug 29th, 2004, 13:42

I see no problem with foreigners buying property in Goa, there are many companies building specifically for that market. They are not building for the local market who can buy proprerty at a much more reasonable price more suited to their needs. This does not drive up the prices for the locals, only the foreigners.

kiwi_razz · Aug 29th, 2004, 16:18

not that its relevant, but in Dubai with some new apartments (I assume its the swanky ones) you get permament residence with it.

chudr001 · Sep 11th, 2004, 01:50

Hi,

I'm looking in purchasing a property in Goa (Candolim/Calangute). Did anyone see the recent "Get a New Life" episode on the BBC?
I found it quite useful, we've a trustworthy contact in Goa to assist us in the process and my dad has an Indian passport, which I believe makes the process easier.
Does anyone know any information on how to search for properties, are there any websites? Is it easier to get out there and search round?

Any info would be useful!!!
Thanks

oldhippie · Sep 11th, 2004, 02:05

Some of you guys intereseted in firsthand info from Goans should consider visiting
http://www.goacom.com

They have interesting links on their site and I think they have a forum and chat room which is frequented by Goans living in India and overseas.

Please be very careful hen buying property in Goa as there are a lot of scams. The most important thing is getting a sale deed and many of the new developments do not offer one. Sometimes they come up with a document but when you take it to the Panchayat they claim it is a fake.

kiranlal · Sep 17th, 2004, 23:31

it is possible to buy properties in india , but you need to make it for a buissness pupose for the better operations. and for the safty , in tourusum industry tou can have100% shares in your name . in the begining it may look bit official and stupid .but i found it is use ful to getmany concessions like cheap domestic indian air tickets and long term buissness visa .

crvlvr · Sep 18th, 2004, 02:09

Buyer Beware. The policy of the Indian govt is as fickle as the wind. If it suits them politically they may very well change their policy of allowing foreign ownership -- for business reasons or whatever. Back in the 70s they even kicked the mighty Coca Cola out of the country..

Elle · Sep 21st, 2004, 01:46

Hi Oldhippie

I am also interested in buying property in Goa as a tourist in Candolim. I would be very interested in your recommendation trade publication as I am a bit naive regarding these things and would be grateful for any suggestions/advice I can get.

thanks
Elle

Quote:

Originally Posted by oldhippie

You can buy property in Goa as a tourist. I recently bought 2 units in Calangute. I had them totally refurnished to suit Americans and am now renting them out for some decent money.
PM me if you like and I can recommend a trade publication I used. Property in Goa is dirt cheap and if you have some spare $$s its a bargain.

Aug 26th, 2004, 23:27	#18
oldhippie Member Join Date: Oct 2003 Location: Mumbai, India Posts: 412	>>HongKong is extremely expensive a place<< It sure is but not during Sars last year. Property prices were down 44%. I bought a waterfront apartment for 6Mil HK$s and 10 months later it went up to 9 Mil HK$. The trick is to hold on to your money until something major happens like Sars. The publication is Home & Estates and is available in Goa for 30 Rupees I think. __________________ Too Many Gandus, Too Few Bullets.

Aug 29th, 2004, 13:42	#24
gipsi47 bulleteergoa Join Date: Aug 2003 Location: Patnem Beach,Goa India Posts: 51	Why not??? I see no problem with foreigners buying property in Goa, there are many companies building specifically for that market. They are not building for the local market who can buy proprerty at a much more reasonable price more suited to their needs. This does not drive up the prices for the locals, only the foreigners.

Sep 11th, 2004, 01:50	#26
chudr001 Member Join Date: Sep 2004 Location: England Posts: 1	Buying a House in Goa Hi, I'm looking in purchasing a property in Goa (Candolim/Calangute). Did anyone see the recent "Get a New Life" episode on the BBC? I found it quite useful, we've a trustworthy contact in Goa to assist us in the process and my dad has an Indian passport, which I believe makes the process easier. Does anyone know any information on how to search for properties, are there any websites? Is it easier to get out there and search round? Any info would be useful!!! Thanks

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Aug 26th, 2004, 18:54	#16
eater Senior Member Join Date: Aug 2004 Location: Mumbai presently, previously Canada Posts: 431	Old hippie, in the words of pooch, how much is dirt cheap in Goa, for say one unit apartment (2 BR, 2BR)? Near the beach? Does anyone know if PIOs can receive financing, same terms as local residents? So much to learn, so little time!

Aug 26th, 2004, 21:35	#17
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	I don't think you can buy property unless you have Resident status. A friend of mine bought a leasehold though.

Aug 27th, 2004, 13:37	#20
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	Nice one Eater. Another snippet of info.I'm slowly getting to the bottom of this. It's amazing how difficult it is to find definitive information.

Aug 27th, 2004, 14:17	#21
pooch Senior Member Join Date: Jan 2002 Location: Middle East <---->India Posts: 384	No Goans on on this board ? If buying is not an option there is the 99 year lease which exists in Chennai, perhaps those interested in buying property in Goa could do a check on the 99 yr lease option .

Aug 27th, 2004, 17:30	#22
oldhippie Member Join Date: Oct 2003 Location: Mumbai, India Posts: 412	Dig I found Indian Bank or HSBC to be good with financing. I totally agree with you about Goa. I spent many summers there as a kid back in the 70's before all the charters started ruining the place. I have a few NRI buddies from the UK who recently bought some units at Paradise Village, Calangute for 12 Lakhs each. Its not a lot when converted to US dollars but its a nice little investment just the same. Bill

Aug 28th, 2004, 02:36	#23
lobo Senior Member Join Date: Apr 2004 Location: london Posts: 431	Should foreigners be buying property in india? It will be very cheap to most of them especially those in the west , but if for instance many foreingers buy property in goa then the prices will shoot up, what about the people who live and work there? These people will earn less, and be priced out of the property market because they cant compete with the foriengners who wont live there but will rent/live there at certain times of the year. Not fair in my opinion, it has knock on effects to the local population.

Aug 29th, 2004, 16:18	#25
kiwi_razz Senior Member Join Date: Jun 2004 Location: London Posts: 410	not that its relevant, but in Dubai with some new apartments (I assume its the swanky ones) you get permament residence with it.

Sep 11th, 2004, 02:05	#27
oldhippie Member Join Date: Oct 2003 Location: Mumbai, India Posts: 412	Some of you guys intereseted in firsthand info from Goans should consider visiting http://www.goacom.com They have interesting links on their site and I think they have a forum and chat room which is frequented by Goans living in India and overseas. Please be very careful hen buying property in Goa as there are a lot of scams. The most important thing is getting a sale deed and many of the new developments do not offer one. Sometimes they come up with a document but when you take it to the Panchayat they claim it is a fake.

Sep 17th, 2004, 23:31	#28
kiranlal The only one of its kind Join Date: Sep 2004 Location: Trivandrum,Kerala,India,Malaysia,Singapore Posts: 530	it is possible to buy properties in india , but you need to make it for a buissness pupose for the better operations. and for the safty , in tourusum industry tou can have100% shares in your name . in the begining it may look bit official and stupid .but i found it is use ful to getmany concessions like cheap domestic indian air tickets and long term buissness visa .

Sep 18th, 2004, 02:09	#29
crvlvr Guru Join Date: Sep 2004 Location: Hollywood Posts: 4,667	Buyer Beware. The policy of the Indian govt is as fickle as the wind. If it suits them politically they may very well change their policy of allowing foreign ownership -- for business reasons or whatever. Back in the 70s they even kicked the mighty Coca Cola out of the country..