Foreign owned property in Goa, (part Two)

cyberhippie · Apr 27th, 2007, 19:53

Goangoangone that was a standard way to buy property before folks decided they could avoid Indian law. It's worked well for a few people I know. There's separate contract that names you as the owner.
However as you rightfully point out it's VERY dangerous. In all the cases I know of people have used long term Indian friends to do this.
I've heard one or two horror stories about this, as well as the good ones!

Jamie11 · Apr 27th, 2007, 20:19

Quote:

Originally Posted by cyberhippie

Goangoangone that was a standard way to buy property before folks decided they could avoid Indian law. It's worked well for a few people I know. There's separate contract that names you as the owner.
However as you rightfully point out it's VERY dangerous. In all the cases I know of people have used long term Indian friends to do this.
I've heard one or two horror stories about this, as well as the good ones!

I also know a person that did it, but in a totally different scenario, for one it was only a few lahks, and it was not a property speculation, and it was with a long term friend, equivelant to a kind of wierd timeshare.

But really, anyone thinking of doing such a thing in the scenario described is surely 100% NUTS!!!

goangoangone · Apr 28th, 2007, 09:30

I've got 2 good friends here. I will have to consider registering under one or jointly, maybe(that's a good idea!)

if it looks like I'll lose everything.

goangoangone · Apr 28th, 2007, 09:38

Quote:

Originally Posted by Jamie11

you should have chin'd him

I probably would have if I stayed and argued with him.

mal ishus · Apr 28th, 2007, 14:00

Quote:

Originally Posted by goangoangone

I've got 2 good friends here. I will have to consider registering under one or jointly, maybe(that's a good idea!)

if it looks like I'll lose everything.

this is one way alot of people have done it, we even concided it

for all of 10mins,the biggest draw back is if this person die's and then the rest of his family become involved,we know a couple in calangute with this problem now.

goangoangone · Apr 28th, 2007, 14:49

As I said, it would only be as a last resort and if I put it in 2 people's names then they would both have to die together

or conspire to get it from me. Unlikely but still possible.

mal ishus · Apr 28th, 2007, 15:24

don't get me wrong i am not knocking your idea need's must and all that, we know 4 or 5 couple's that have done this with no problem's as yet,2 couple's are both with the same lady hotel owner in candolim but when these people bought we are talking £6000 or £7000 so they have had there money back on the holidays they have spent there already.we have taken a 5yrs lease on an apartment in donna paula that was advertized in the herald,it is brand new fully furnished 2bedrooms 2bathrooms 2balconys 3 ac units,we pay electric, gas and cable tv, 1 lak for eleven month's it is owned by a goan who works in kuwait british embassy and bought it as an investment.he says we can have it as long as we want it,even doing it this way there was a lot of legal paper work and photo's involved

the irish indian · Apr 28th, 2007, 15:55

[quote=mal ishus;329862 when these people bought we are talking £6000 or £7000 so they have had there money back on the holidays they have spent there already.[/QUOTE]

Yeah,

I think now that property is costing 40k upwards people need to think a lot longer and harder about their investment.
After all its not a bargain if you loose it.
Their is an ongoing dispute in the British expats/Goa forum under Acron Homes covering this.
It is essential reading especially the posts from member Douglas M.

mal ishus · Apr 28th, 2007, 16:41

we do a long winter stay in goa for the last 5yrs and this pot as been at boiling point for about 3yrs,an apartment we rented for 2yrs came up for sale and the doctor that owned it told us he would like to sell it to us but would'nt for all the hassel involved he only wanted 4 laks, in hind sight we should have bought it in a friends name and let them have it when we are to old to go

But goa is changing fast and not for the better

Jamie11 · May 1st, 2007, 04:07

Quote:

Originally Posted by goangoangone

I've got 2 good friends here. I will have to consider registering under one or jointly, maybe(that's a good idea!)

if it looks like I'll lose everything.

Normally its best to cut the loss asap as it will ony become more expensive the longer it drags on,more expenses along the way etc.

Have you thought of maybe trying to find an indian business minded person, maybe there or in UK that is legaly entitled to purchase property in Goa,offer it to him for example at half the current market value to take it of your hands.it may sound a bit drastic but im sure it could be the cheapest option in the long run...

BTW,I did a similar thing, still lost a few thou sterling, but I think it was the best thing I did.

TDK · May 4th, 2007, 22:33

Quote:

Originally Posted by P Williams

Be very careful when buying at this present time we did everything by the book in 2005, five year x-visa,did well over 183 days required in the financial year,and are being investigated by Directorate of Enforcement together with many other British people. We were requisition to furnish all the answers within 15 days. We employed at Advocate 8500 rupees, that was 5 months ago and still have not heard what is happening with the FEM. Did you know that if you have an official letter you must KEEP THE ENVELOPE!!!!

Thanks very much Noni for your thread and i just want to say i'm really sorry for all the trouble you've experienced with the authorities even though you've done it all by the book. Did you actually manage to get the Title deeds/freehold for your property registered in your name, or did you have a long Lease Agreement? I'm assumuing that if one owns a property based on having an Agreement of Sale and a Long Lease agreement, that that makes you immune to investigation by the authorities(?)
I would be really interested to hear how you get on including how effective your lawyer is (when you hear more) but i quite understand you may not want to discuss all this over an open forum so if ok with you could i PM you please to chat a bit more about our personal experiences with buying in India as i think it could be mutually beneficial to share info.
Thanks in advance and I hope everthing works out for the best for you. TDK

Noni · May 5th, 2007, 16:39

Hi TDK by all means send me a PM. We have our Title Deeds which were registered with the registrar in Mapsa in 2005. Our Apartment is Freehold. Noni

Nick-H · May 7th, 2007, 22:18

Respecting you guys' privacy... but as much as you can tell in public is greatly appreciated by others.

Noni · May 8th, 2007, 00:40

Quote:

Originally Posted by Nick-H

Respecting you guys' privacy... but as much as you can tell in public is greatly appreciated by others.

Would you like me to copy the letter we received from the Directorate of Enforcement.
Also there was a very interesting Article which you can read
"Trouble in Paradise" - Telegraph co.uk - Property Overseas
5.8.2006 (Archieve)

Nick-H · May 8th, 2007, 00:55

The article rings a bell; I think there has been a link to it in this thread?

If you feel that it is not compromising your privacy, feel free to copy the letter here if you feel that it would be a help to others. There are always some who never quite believe unless they see with their own eyes, and also others who like to study the wording of these things.

I'm glad to say that my own interest is largely academic, as I am happy for our house (which is not in Goa) to be in my Indian wife's name.

Apr 28th, 2007, 09:30	#288
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	I've got 2 good friends here. I will have to consider registering under one or jointly, maybe(that's a good idea!) if it looks like I'll lose everything. __________________ GoanGoan......here

Apr 28th, 2007, 15:55	#293
the irish indian Totally Clueless Join Date: Apr 2007 Location: Northern Ireland Posts: 180	[quote=mal ishus;329862 when these people bought we are talking £6000 or £7000 so they have had there money back on the holidays they have spent there already.[/QUOTE] Yeah, I think now that property is costing 40k upwards people need to think a lot longer and harder about their investment. After all its not a bargain if you loose it. Their is an ongoing dispute in the British expats/Goa forum under Acron Homes covering this. It is essential reading especially the posts from member Douglas M. __________________ "If you cry because the sun has gone out of you life, your tears will prevent you from seeing the stars" Rabindranath Tagore

Apr 28th, 2007, 16:41	#294
mal ishus Growing old is mandatory,Growing up is optinal. Join Date: Sep 2006 Location: Sth Yorkshire / Dona Paula Jetty Posts: 252	we do a long winter stay in goa for the last 5yrs and this pot as been at boiling point for about 3yrs,an apartment we rented for 2yrs came up for sale and the doctor that owned it told us he would like to sell it to us but would'nt for all the hassel involved he only wanted 4 laks, in hind sight we should have bought it in a friends name and let them have it when we are to old to goBut goa is changing fast and not for the better

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Apr 27th, 2007, 19:53	#286
cyberhippie Account Closed by User's Request Join Date: Jul 2002 Location: the Netherlands Posts: 6,009	Goangoangone that was a standard way to buy property before folks decided they could avoid Indian law. It's worked well for a few people I know. There's separate contract that names you as the owner. However as you rightfully point out it's VERY dangerous. In all the cases I know of people have used long term Indian friends to do this. I've heard one or two horror stories about this, as well as the good ones!

Apr 28th, 2007, 14:49	#291
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	As I said, it would only be as a last resort and if I put it in 2 people's names then they would both have to die together or conspire to get it from me. Unlikely but still possible.

Apr 28th, 2007, 15:24	#292
mal ishus Growing old is mandatory,Growing up is optinal. Join Date: Sep 2006 Location: Sth Yorkshire / Dona Paula Jetty Posts: 252	don't get me wrong i am not knocking your idea need's must and all that, we know 4 or 5 couple's that have done this with no problem's as yet,2 couple's are both with the same lady hotel owner in candolim but when these people bought we are talking £6000 or £7000 so they have had there money back on the holidays they have spent there already.we have taken a 5yrs lease on an apartment in donna paula that was advertized in the herald,it is brand new fully furnished 2bedrooms 2bathrooms 2balconys 3 ac units,we pay electric, gas and cable tv, 1 lak for eleven month's it is owned by a goan who works in kuwait british embassy and bought it as an investment.he says we can have it as long as we want it,even doing it this way there was a lot of legal paper work and photo's involved

May 5th, 2007, 16:39	#297
Noni Senior Member Join Date: May 2007 Location: GOA - Posts: 129	Hi TDK by all means send me a PM. We have our Title Deeds which were registered with the registrar in Mapsa in 2005. Our Apartment is Freehold. Noni

May 7th, 2007, 22:18	#298
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,210	Respecting you guys' privacy... but as much as you can tell in public is greatly appreciated by others.

May 8th, 2007, 00:55	#300
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,210	The article rings a bell; I think there has been a link to it in this thread? If you feel that it is not compromising your privacy, feel free to copy the letter here if you feel that it would be a help to others. There are always some who never quite believe unless they see with their own eyes, and also others who like to study the wording of these things. I'm glad to say that my own interest is largely academic, as I am happy for our house (which is not in Goa) to be in my Indian wife's name.