Foreign owned property in Goa, (Part One)

pinkindia · Jun 17th, 2006, 18:41

I suspect this being entitled "Foreign owned property in Goa" means I should stick to the subject. Sorry everyone, but it did bring up some interesting issues with the depth of feelings evoked.
Perhaps, more people should join Capt. Mahajen with his rum and coke!

capt_mahajan · Jun 17th, 2006, 18:42

Quote:

Originally Posted by goangoangone

I'm told there was a report on Indian national TV yesterday that computer checks are to be run on all foreign property registrations in India.
Can't find anything in any papers at the moment.

mind you, I wasn't aware that it was computerised anyway.

computer checks? in property? the last bastion of black (undeclared) money in india?

this i would like to see.

Nick-H · Jun 17th, 2006, 22:41

Quote:

Originally Posted by pinkindia

Just out of interest, I have never heard of anyone being requested to give a virginity test before being allowed into the UK...before I get blasted, I am not accusing anyone of lying.. I was just wondering if this was common practice?

How on earth did this get into the conversation?

British tourists are routinely subjected to virginity testing, have their passports stamped, and if their status is found to have changed on their return their are refused permission to re-enter the UK. This is applied more rigourously to those destinations where large quantities of drink or drugs are routinely consumed. Where travel to India is concerned, it is of little concern except to those spending time in Goa.

tonylittle · Jun 17th, 2006, 22:57

Quote:

Originally Posted by Nick-H

How on earth did this get into the conversation?

British tourists are routinely subjected to virginity testing, have their passports stamped, and if their status is found to have changed on their return their are refused permission to re-enter the UK. This is applied more rigourously to those destinations where large quantities of drink or drugs are routinely consumed. Where travel to India is concerned, it is of little concern except to those spending time in Goa.

Life is never boring on Indianmike a bit below the belt sometimes

Tony

pinkindia · Jun 17th, 2006, 23:32

Quote:

Originally Posted by Nick-H

How on earth did this get into the conversation?

British tourists are routinely subjected to virginity testing, have their passports stamped, and if their status is found to have changed on their return their are refused permission to re-enter the UK. This is applied more rigourously to those destinations where large quantities of drink or drugs are routinely consumed. Where travel to India is concerned, it is of little concern except to those spending time in Goa.

Ask the lady doctor from Assigao.ref: letter printed by a local newspaper in reply to another, link found on this site.

With ref to your reply,is this knowledge gained from personal experience???

Nick-H · Jun 17th, 2006, 23:41

How do you think I came to be stuck in India!

Do please provide the link to the thread you mention, I'm dying to read it. I missed a lot when I was away.

dzibead · Jun 18th, 2006, 00:13

Quote:

Originally Posted by pinkindia

Just out of interest, I have never heard of anyone being requested to give a virginity test before being allowed into the UK...before I get blasted, I am not accusing anyone of lying.. I was just wondering if this was common practice?

I suspect there's a very good reason why you've never heard of this. Similarly, I've never heard of anyone being required to jump up and down on one leg, do three backflips, and sing the entire "Ode to Joy" (in German) from Beethoven's Ninth Symphony before being allowed into the U.S.

Coincidence? ... or something more...?

Nick-H · Jun 18th, 2006, 00:19

These non-disclosure agreements get everywhere!

Nick-H · Jun 18th, 2006, 00:24

Anyway, enough fun, back to the topic

From hints that I've picked up here so far I've got the impression that this is how it is done, at least by the foreign-targetting developers...

They "sell" the house on a lease which includes an option to buy as and when the purchaser becomes qualified. I imagine that a pretty hefty up front payment is made, so that the developer gets their "purchase price", followed by a nominal rent, and a final nominal payment on transfer of the property.

Is that it? And if so, is there anything illegal about that in Indian law?

capt_mahajan · Jun 18th, 2006, 07:33

Dont know if its illegal, but it would be contested to hell and back. What recourse does anybody have if the seller refuses to transfer the property at a later date?

I also remember reading somewhere (i may be mistaken) that even a lease to a foreigner should not be more than five years. what happens to an option then, if the original lease becomes legally debatable? Not to talk of rules changing in the interim.

I suspect many "foreign targeting developers" are only interested in the money, not the legality. Anyway, this concept i just dont get. its not the property which is foreigner friendly, but the whole sale hinges on any foreigners right to buy property in the first place, depending on status.

Any property. Not foreigner friendly ones.

In a country where people spend a lifetime or two in court to resolve normal property disputes, an option to buy years down the line seems an option to volunteer to be nailed to the wall.

goangoangone · Jun 18th, 2006, 09:13

Quote:

Originally Posted by Nick-H

Anyway, enough fun, back to the topic

From hints that I've picked up here so far I've got the impression that this is how it is done, at least by the foreign-targetting developers...

They "sell" the house on a lease which includes an option to buy as and when the purchaser becomes qualified. I imagine that a pretty hefty up front payment is made, so that the developer gets their "purchase price", followed by a nominal rent, and a final nominal payment on transfer of the property.

Is that it? And if so, is there anything illegal about that in Indian law?

I have an Agreement of Sale.
The parties concerned, that is the "developer", his parents (as landowners) and myself are all named with mugshots. Everything is signed and witnessed and stamped. With this comes all licences and permissions. Eg. survey number, construction licence, planning, sarpanch permission. In the Agreement it says that on my request, they will immediately sign, execute and deliver the final conveyance/sale in the manner that I require "but strictly as per the prevailing proivisions of law in force."
It's the last part that I'm waiting for now. When we discover what exactly the RBI/Home Dept. require, I'll apply for the final deed of sale and register the purchase.

capt_mahajan · Jun 18th, 2006, 09:59

goan..gone, just curious, since i have started looking in goa too,

how did you check up on clear title here?
thanks.

cdrake · Jun 18th, 2006, 10:14

gone goan,

this is fine, but much as I don't want to think of the "other" eventuality, what if you don't meet RBI/ other requirements, you're completely at the mercy of the seller/developer to get your money back.

if you go to court, it can take YEARS...and inflation in India runs at some 5-6 % (minimum)...

goangoangone · Jun 18th, 2006, 11:29

Quote:

Originally Posted by capt_mahajan

goan..gone, just curious, since i have started looking in goa too,

how did you check up on clear title here?
thanks.

The family I'm buying from own land in the area and are reputable. I was introduced by a friend. My lawyer checked it out but I wouldn't personally know how to do it. In the document there's a lot of legal jargon about Land Registration Office,Taluka Revenue Office and devolvement to the male owners in a court proceeding.

In some cases you have to trace split families all over the world to establish whether they're dead or alive, and to give permission to sell. I know an Indian guy here whose sister and a bent lawyer set up some forged documents to get their mother's property.

He's fighting that one now.
Same old answer I suppose......find a good lawyer.

abraacasa · Jun 18th, 2006, 21:57

Hi, I deal with the sale of holiday homes in the region and work closely with the laws of the Reserve Bank of India (who make the law) and there is one IMPORTANT thing to remember. Yes you need to be a RESIDENT to BUY a property (which means get your deeds). If you are not a RESIDENT then you still own the property on a leasehold as has already been mentioned. What is a RESIDENT. They must be in India for a period of 182 days in the proceeding financial year AND prove their intention to stay in India. BOTH criteria MUST be fulfilled, not just the 182 day bit. Can people please take note of this as it seems to be overlooked by many. The RBI does not stipulate how you can prove your intention to stay but basic employment, having a RUNNING business or selling everything in your home country and moving to Goa should suffice.
People have been advised by solicitors to buy property under a business name, dont do it unless you are aware of the law. The buisiness should be trading and the property must be used in connection with the business. You also have to submit information to the RBI within 90 days of purchase if you wish to buy this way.
Recent visitors to Goa have seen stories on the Herald and Navind Times that they are stopping foreigners buying. That is not the case they are just cracking down on those that have cut corners and done it illegally in the past. If you do everything by the RBI rules you are fine.
It is a very complicated issue but as we are based here in Goa full time we can clarify some issues for people. Take care

Jun 17th, 2006, 18:41	#166
pinkindia Member Join Date: Jun 2006 Location: India Posts: 5	pinkindia I suspect this being entitled "Foreign owned property in Goa" means I should stick to the subject. Sorry everyone, but it did bring up some interesting issues with the depth of feelings evoked. Perhaps, more people should join Capt. Mahajen with his rum and coke!

Jun 18th, 2006, 21:57	#180
abraacasa Member Join Date: Jun 2006 Location: Goa Posts: 7	Goa Property issues Hi, I deal with the sale of holiday homes in the region and work closely with the laws of the Reserve Bank of India (who make the law) and there is one IMPORTANT thing to remember. Yes you need to be a RESIDENT to BUY a property (which means get your deeds). If you are not a RESIDENT then you still own the property on a leasehold as has already been mentioned. What is a RESIDENT. They must be in India for a period of 182 days in the proceeding financial year AND prove their intention to stay in India. BOTH criteria MUST be fulfilled, not just the 182 day bit. Can people please take note of this as it seems to be overlooked by many. The RBI does not stipulate how you can prove your intention to stay but basic employment, having a RUNNING business or selling everything in your home country and moving to Goa should suffice. People have been advised by solicitors to buy property under a business name, dont do it unless you are aware of the law. The buisiness should be trading and the property must be used in connection with the business. You also have to submit information to the RBI within 90 days of purchase if you wish to buy this way. Recent visitors to Goa have seen stories on the Herald and Navind Times that they are stopping foreigners buying. That is not the case they are just cracking down on those that have cut corners and done it illegally in the past. If you do everything by the RBI rules you are fine. It is a very complicated issue but as we are based here in Goa full time we can clarify some issues for people. Take care __________________ abraacasa www.srgoaproperty.com

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Foreign owned property in Goa, (part Two)	Nick-H	Property in India	990	Aug 25th, 2008 00:04

Jun 17th, 2006, 23:41	#171
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 26,904	How do you think I came to be stuck in India! Do please provide the link to the thread you mention, I'm dying to read it. I missed a lot when I was away.

Jun 18th, 2006, 00:19	#173
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 26,904	These non-disclosure agreements get everywhere!

Jun 18th, 2006, 00:24	#174
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 26,904	Anyway, enough fun, back to the topic From hints that I've picked up here so far I've got the impression that this is how it is done, at least by the foreign-targetting developers... They "sell" the house on a lease which includes an option to buy as and when the purchaser becomes qualified. I imagine that a pretty hefty up front payment is made, so that the developer gets their "purchase price", followed by a nominal rent, and a final nominal payment on transfer of the property. Is that it? And if so, is there anything illegal about that in Indian law?

Jun 18th, 2006, 07:33	#175
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,113	Dont know if its illegal, but it would be contested to hell and back. What recourse does anybody have if the seller refuses to transfer the property at a later date? I also remember reading somewhere (i may be mistaken) that even a lease to a foreigner should not be more than five years. what happens to an option then, if the original lease becomes legally debatable? Not to talk of rules changing in the interim. I suspect many "foreign targeting developers" are only interested in the money, not the legality. Anyway, this concept i just dont get. its not the property which is foreigner friendly, but the whole sale hinges on any foreigners right to buy property in the first place, depending on status. Any property. Not foreigner friendly ones. In a country where people spend a lifetime or two in court to resolve normal property disputes, an option to buy years down the line seems an option to volunteer to be nailed to the wall.

Jun 18th, 2006, 09:59	#177
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,113	goan..gone, just curious, since i have started looking in goa too, how did you check up on clear title here? thanks.

Jun 18th, 2006, 10:14	#178
cdrake I want my baby back babyback babyback babyback Join Date: Oct 2005 Location: United States of America Posts: 640	gone goan, this is fine, but much as I don't want to think of the "other" eventuality, what if you don't meet RBI/ other requirements, you're completely at the mercy of the seller/developer to get your money back. if you go to court, it can take YEARS...and inflation in India runs at some 5-6 % (minimum)...

User Name		Remember Me?
Password