Exotic Regency, Siolim

momoko

Hi,
Would love to hear from anyone else who is purchasing an apartment at the Exotic Regency in Siolim (Developer, Samir Kalangutkar). My friend and I are thinking of trying to sell ours on after the final payments have been made (as won't be spending so much time in Goa now) and it would be nice to hear from other people to know whether they are keeping or selling theirs on just out of interest and whether they've been asked for the final payment yet as it was due in May 2007? Like the apartments and developer seems a nice guy but just don't need the property now.

momoko

HI, I need advice.
Have put a deposit down on an apartment in Siolim but now I want to pull out. Should I just get the deposit back (the developer has done this in the past without any problem) and just call it quits OR take a bigger risk and go through with the final payment so I can try and sell it on for at least some profit? The prices have gone up since last year and goa property sales said they could sell it for a profit without too much trouble but a Goan friend of mine is advising me just to pull out and call it quits. I don't want the apt now because not spending so much time in Goa in future and also don't like the dodgy legal situations.

ddevadatta

consult a good attorney. Any advise here is wraught with problems.

__________________
Ayurvedic cure for an Indian headache

Nick-H

You'd have to tell us a lot more about your individual situation, but if you read through our Goa Property threads I don't think, assuming that you a foreign citizen not of Indian origin, that you will pick up much optimism.

<cross-posted with DDevadatta>

...Yes, true, and make sure you do not let the developer palm you off with their lawyer. Get someone independent.

Rather like medical advice, we can discuss stuff here and share our experiences. IndiaMike has an excellent body of knowledge and links to external sources on property in Goa. But you need professional advice on your own property deals, and that we cannot give.

indira

I will be in Siolim, in 2 weeks time,Where exactely is your flat in siolim?...I know of one builder in siolim named Namdeo Kalangutkar... my property settlement is done by a very good lawyer named Timble in Panjim (Opposite UTI)bank....who is well versed with foreign citizen problems...

momoko

Kalangutkar is the name, I think that's his father. He did take me to see his own lawyer. He sems a nice guy but I'm really on the verge of just getting the deposit back and forgetting the whole thing...just don't want to go deeper with it. Thanks for responses.

birds

Take it easy. In India thing never go quickly. And almost always there are solutions.

Trying to get your deposite back is always an option.

First get legal advice. Even if you think you have started this process with the wrong paper-work there are often still plenty of solutions or other options.

If you really want to get rid of the apartment you may want to sell your 'option' to another interested party.

You may want to try a lawyer called Augustus Monteiro in Calangute (lawyer_goa@sancharnet, tel: +91 9822384843). He deals with lots of foreign property cases.

Whatever you do take your time!!

goangoangone

Don't miss this:

http://www.hindu.com/2007/06/24/stor...2456120700.htm

__________________
GoanGoan......here

GoanCanuck

British citizens who are not of Indian origin are not eligible to purchase any property in Goa or any where else in India while visiting India on a tourist visa. From your post it sounds like that you have paid the initial deposit on an apartment with the eventual goal of paying the full amount of the sale price of the apartment and then registering the apartment in your name

The bad news for you is that you will under the present circumstances prevailing in Goa never be able to register the apartment in your name. The land registry in goa is closed for foreign nationals who are not of Indian origin.

Take your money and run.

birds

Although it sounds terrible, often it is not a severe as it seems. Check your status with a lawyer. It will not cost much and may save some of your investment.

momoko

Thanks, but I'm not interested in even trying to register it in my name because i know i can't, that's why I'd rather just sell it, but will have to go through the final payment process in order to reap some profits back. But I just don't want to end up paying taxes and lots of legal fees which is why i thought i may as well just pull out. Would like to hear from any non indians who did sucessfully sell their property on after purchasing in Goa.

Jamie11

Under no circumstance part with anymore money. You will loose it all.

You have made a mistake paying the deposit, but you are not alone. A lot of people have done this. My advice is just pull out, move on and forget about it.

__________________
such is life....

GoanCanuck

I have to disagree. The current mess in Goa is partly due to the wrong "advice" given by lawyers to foreign nationals.

goangoangone

Correct! Lawyers in Goa know less about foreigners buying property than we do. Lawyers here tell you what you want to hear.

hillingderek

i am also going through the process of buying in goa can you let me know what happened with your purchase in india or if anyone has completed a sale please let me know thanks