Foreign owned property in Goa, (Part One)

cdrake · Jun 16th, 2006, 04:15

Quote:

Originally Posted by karen and cliff

After all the usless and incorrect adivce I got on Sunday from this forum I decided to contact a legal team in Goa looks like you are all not often right and you were wrong again guy's

PLEASE READ CORRECT INFORMATION BELOW

Since the Goa Government Cautioned about foreign national buying properties in Goa, we have been receiving various inquires/queries from the foreign national’s who have already purchased properties in Goa and who are intending to purchase in future.

Our legal department has made enquires with our legal panel lawyers and government departments and they are of the opinion that:-

If you have purchased property in India as per the rule laid down by R.B.I (Reserve Bank of India) as per F.E.M.A (Foreign Exchange Management Act. 1999, which states that 182 days stay in India is compulsory in one preceding financial year commencing 1st April to 31st March. If you have not violated the above rule laid down R.B.I under F.E.M.A, than in such case the government cannot confiscate your property purchased in Goa/India.

It has been noticed by the Goa Government that many of the foreign national’s who has purchase properties in Goa, has violated the rule laid down by R.B.I under F.E.M.A, by conveying property in their name without fulfilling above regulation. This has happened because; most of the foreign national’s who have been advised wrongly by various agents and solicitors regarding purchase of property in Goa. The scrutiny of those documents is in progress, until such time Goa Government has stop the registration of the properties by the foreign national’s in Goa.

However you can still register a property if you are purchasing by company’s name, if the said company is formed in Goa/India and registered it in Goa/India as per company’s registration Act 1956 and if you have obtained a business visa. You need to swear an affidavit stating that you have fulfilled all the norms laid down under Indian law related to purchase of immovable property in Goa/India.

We will keep you informed about progress in the above matter through our monthly newsletter.

Thanking you,
Yours sincerely,
For Homes & Estates Consultancy Services,
Chandrakant Kundaikar
Law Officer

I really hope this will help the people that are in our position but have set up legitamate companies in Goa
regards
Karen and Cliff

Did anybody give you any contrary advice? Ithought, as regards the RBI rules, this was EXACTLY what everyone told you on this forum.

where?

Also this is only as regards adhering to laws. I don't see any advice from your lawyers about transmission of title and non encumberence of the property in question. I hope you have the time to do further research on these isses as well, because It seems to me that much advice on this forum was focussed on that, and it was CORRECT advice.

greenchutney · Jun 16th, 2006, 04:38

Quote:

Originally Posted by karen and cliff

After all the usless and incorrect adivce I got on Sunday from this forum I decided to contact a legal team in Goa looks like you are all not often right and you were wrong again guy's

ah!..thank you for the indiamike gold-plan subscription and the fees you paid $0. you might want to upgrade to the diamond level

. the advice at that level is a bit more useful.

crvlvr · Jun 16th, 2006, 05:30

Quote:

Originally Posted by karenandcliff

After all the usless and incorrect adivce I got on Sunday from this forum I decided to contact a legal team in Goa looks like you are all not often right and you were wrong again guy's

no one here gains anything by giving you false information. On the other hand, is your "legal team" as unbiased as the members here? Or, do they receive any compensation from the sellers?

some quick googling revealed that "Homes & Estates Consultancy Services," is nothing more than a real estate broker who makes money when real estate is sold. Take a look - http://www.homesgoa.com/WebPages/HTML/Contact_Us.htm

Do you think they have a vested interested to warn you if it is detrimental to their business? the key here is whether the company you formed is legitimate or not. that will be decided by some body of govt or the court -- that is not under the influence your real estate consultant.

If you have done everything legitimately, you have nothing to worry. But, please don't bash the other members here who are trying to sound a warning to others who may not have been as legitimate as you in their deals.

capt_mahajan · Jun 16th, 2006, 07:30

Caveat Emptor

cyberhippie · Jun 16th, 2006, 09:08

I fail to understand why you are so worried if i was now a house owner in Goa I wouldn't be swayed by what I read on a travel forum, I would know for sure I'd dotted all the eyes!! The paranoia displayed by some here only leads me to think you have some doubts on the way you handled thing!!

The info here has been straight down the line and unbiased (why do think we want to lead you astray?????) if your company is legit and you've satisfied all the other citeria then no sweat if you haven't well the Goan goverment has every right to investigate your right to buy!!

goangoangone · Jun 16th, 2006, 09:16

Quote:

However you can still register a property if you are purchasing by company’s name, if the said company is formed in Goa/India and registered it in Goa/India as per company’s registration Act 1956 and if you have obtained a business visa. You need to swear an affidavit stating that you have fulfilled all the norms laid down under Indian law related to purchase of immovable property in Goa/India.

1)The latest advisory from the RBI is that they will not allow residential property to be registered in a company name.
2)You need to be actively trading with a head office in the UK and actively trading with a branch office in Goa.
3)Sworn affidavit is not acceptable. All property registration is now scrutinised by the Home Dept.
http://oheraldo.in/node/14229?PHPSESSID=7aa1dd80a5036d
http://oheraldo.in/node/14095

cyberhippie · Jun 16th, 2006, 09:26

Which kinda puts perspective on what your lawyers are telling you!! As in being a little economic with the truth!

goangoangone · Jun 16th, 2006, 09:56

Quote:

After all the usless and incorrect adivce I got on Sunday from this forum I decided to contact a legal team in Goa looks like you are all not often right and you were wrong again guy's

If you're referring to any of my contribution, please feel free to correct where I've given wrong information. I'm only too happy to edit my posts.
My lawyer will also like to know where he's going wrong.

goangoangone · Jun 16th, 2006, 10:00

Quote:

I really hope this will help the people that are in our position but have set up legitamate companies in Goa
regards
Karen and Cliff

This is no help at all to anyone unless they know what your position is!

Please let us in on the secret.

goangoangone · Jun 16th, 2006, 10:43

Quote:

Our legal department has made enquires with our legal panel lawyers and government departments and they are of the opinion that:-

That's their opinion, others' opinions may differ.

English Oxford Dictionary. opinion, a view or judgement not necessarily based on fact or knowledge.

cdrake · Jun 16th, 2006, 10:52

Reminds me of two sayings..

one is old ronnie reagan when he said "Trust, but verify"

The second is the old tamil saying "The goat completely trusts the butcher ."

capt_mahajan · Jun 16th, 2006, 11:07

know what? i have been responding to the first post on the thread, while others may have been responding to me as if i was responding to them!!

i give up. rum and coke, anybody?

dzibead · Jun 16th, 2006, 11:11

Quote:

Originally Posted by crvlvr

some quick googling revealed that "Homes & Estates Consultancy Services," is nothing more than a real estate broker who makes money when real estate is sold. Take a look - http://www.homesgoa.com/WebPages/HTML/Contact_Us.htm

Do you think they have a vested interested to warn you if it is detrimental to their business? the kety word here is wether the company is legitimate or not. that will be decided by some body of govt or the court -- that is not under the influence your real estate consultant.

karen and cliff: you should heed crvlvr's warning. Your "legal team"!?!? Give me a break! You should consult with a properly qualified Goan lawyer, in a real law firm, who is well-versed in property transactions and whose advice isn't affected by any conflict of interest. But instead of following all the "useless and incorrect advice" available here - including recommendations that people considering a property purchase in Goa should seek competent and disinterested advice -- what did you do? What prudent steps did you take to properly inform yourselves? You clicked on an internet site whose "legal team" (whatever that means - it doesn't necessarily mean any of them are even qualified lawyers, that's for sure!) has, as crvlvr pointed out, a vested interest in telling you that a purchase is OK, all the better to part you from your money.

As capt_mahajan so wisely said earlier "i only insist again, with all due respect to other peoples money, that these other people get, as you say, competent advice. not just advice which they want to hear."

But apparently some folks will never get the message. Sigh.

dzibead · Jun 16th, 2006, 11:13

Quote:

Originally Posted by capt_mahajan

know what? i have been responding to the first post on the thread, while others may have been responding to me as if i was responding to them!!

i give up. rum and coke, anybody?

See you at the bar, Captain!

Nick-H · Jun 16th, 2006, 11:31

Quote:

Originally Posted by karen and cliff

After all the usless and incorrect adivce I got on Sunday from this forum I decided to contact a legal team in Goa looks like you are all not often right and you were wrong again guy's

You guys just have not got the point.

Indiamike.com is a discussion forum. It is a place for sharing news, experiences, ideas and opinions.

Some of the contributors here are very well-informed.

No-one makes any guarantee about not being wrong.

Nobody posts here as a profesional, with any responsibility that would incur.

Evrybody here just tries to help.

Seems to me that you have joined IM just to argue one issue and cast petty and sarcastic slurs on everyone else who has something to say about it. If that is what you enjoy, kindly go and do it somewhere else.

We are going to get on with the conversation anyway.

Thanks.

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