Property in Kodaikanal

snowfie · Nov 15th, 2008, 16:30

Hi,

I'm in Kodai for the next few weeks and am interested in property (approx 10 acres) in the area. I have a few questions:

- Are the prices really soaring as high as they say?
- How much should agricultural land cost per acre approx 10km from Kodai?
- How difficult is it for a British national to buy here?

Any help or advice greatly appreciated.

Thanks

Sophie

machadinha · Nov 15th, 2008, 16:35

Quote:

Originally Posted by snowfie

- How difficult is it for a British national to buy here?

While massive and contentious and never conclusive (how could they be), you are strongly advised to dig through these threads. While focusing on Goa, the essence won't be much different anywhere else in India, it just attracts the greater number of interested parties:

Foreign owned property in Goa, (Part One)
Foreign owned property in Goa, (part Two)

The subject will naturally be covered elsewhere on this site as well, but these two should basically sum it all up. Bottom line: Don't hold your hopes up, get yourself well and truly informed, and be very wary of being taken for a ride.

Ran1970 · Dec 2nd, 2008, 15:19

Sophie, as a British national, you generally can't purchase land in India, unless you hold a Person of Indian Origin Card, or inherit it.

There is a blanket prohibition on foreigners and even non resident Indian's from buying Agricultural land, without the consent of the Reserve Bank of India (which is unlikely to be granted).

You could theoretically incorporate a company in India and hold a minority shareholding, and the company could purchase the land. Logically, an Indian company may be able to purchase agricultural land, though this would be a difficult loophole to exploit and I'm not sure how the authorities would see such an argument, in particular, if you held a substantial interest in the company.

Should you think about incorporating a company to buy land, you need to think about whether you can trust your co-shareholder and what happens if he or she dies, because your co-shareholders shares will form part of that persons estate. You could end up being a minority shareholder at the whim of someone else's desires.

For further details about the acquisition of property in India by foreign nationals, you need to go to the Reserve Bank of India website and search the relevant section.

You really need to hunt down a solicitor in Madras (Chennai) in Tamil Nadu to advise you on a legally watertight acquisition strategy.

Best wishes,

Ran

madhublessy · Apr 21st, 2009, 13:35

Quote:

Originally Posted by snowfie

Hi,

I'm in Kodai for the next few weeks and am interested in property (approx 10 acres) in the area. I have a few questions:

- Are the prices really soaring as high as they say?
- How much should agricultural land cost per acre approx 10km from Kodai?
- How difficult is it for a British national to buy here?

Any help or advice greatly appreciated.

Thanks

Sophie

have you found any land as yet? prices indeed are high even with the recession.

SMARTGUY · Apr 22nd, 2009, 21:41

Hi Blessy,

Welcome to Indiamike !

Are you into real estate business..? As I see you are from Kerala what about the property prices in Ernakulam/Cochin.. Are they still high and soaring but somebody recently told me that the rates have fallen tremendously and I was thinking of venturing into some reasonable deals.

Anyways ! Have a nice time here

madhublessy · Apr 22nd, 2009, 21:46

Quote:

Originally Posted by SMARTGUY

Hi Blessy,

Welcome to Indiamike !

Are you into real estate business..? As I see you are from Kerala what about the property prices in Ernakulam/Cochin.. Are they still high and soaring but somebody recently told me that the rates have fallen tremendously and I was thinking of venturing into some reasonable deals.

Anyways ! Have a nice time here

I am not into real estate business yet I am in the awares. Prices in Ernakulam is not exactly dipping as people do not want to lose unless they are desperate sales. Registrations are less. If you are lucky you may strike a bargain. May be lady luck will smile on you... Good luck to you

SMARTGUY · Apr 22nd, 2009, 21:50

Lady luck Hmmm ! You got any good deals to suggest !

Nick-H · Apr 23rd, 2009, 00:25

Piling in here...

How about prices in Alleppey and the more rural districts around there just now?

ithin · May 15th, 2009, 04:24

Quote:

Originally Posted by Ran1970

Sophie, as a British national, you generally can't purchase land in India, unless you hold a Person of Indian Origin Card, or inherit it.

There is a blanket prohibition on foreigners and even non resident Indian's from buying Agricultural land, without the consent of the Reserve Bank of India (which is unlikely to be granted).

You could theoretically incorporate a company in India and hold a minority shareholding, and the company could purchase the land. Logically, an Indian company may be able to purchase agricultural land, though this would be a difficult loophole to exploit and I'm not sure how the authorities would see such an argument, in particular, if you held a substantial interest in the company.

Should you think about incorporating a company to buy land, you need to think about whether you can trust your co-shareholder and what happens if he or she dies, because your co-shareholders shares will form part of that persons estate. You could end up being a minority shareholder at the whim of someone else's desires.

For further details about the acquisition of property in India by foreign nationals, you need to go to the Reserve Bank of India website and search the relevant section.

You really need to hunt down a solicitor in Madras (Chennai) in Tamil Nadu to advise you on a legally watertight acquisition strategy.

Best wishes,

Ran

Most of the churches own land in India like this. All Catholics churches are owned by Vatican a foreign entity. So I think the company deal works.

placement · Aug 1st, 2009, 16:21

Have you found any solution for purchasing property yet?

Nov 15th, 2008, 16:30	#1
snowfie Member Join Date: Oct 2008 Location: Edinburgh Posts: 18	Property in Kodaikanal Hi, I'm in Kodai for the next few weeks and am interested in property (approx 10 acres) in the area. I have a few questions: - Are the prices really soaring as high as they say? - How much should agricultural land cost per acre approx 10km from Kodai? - How difficult is it for a British national to buy here? Any help or advice greatly appreciated. Thanks Sophie

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Dec 2nd, 2008, 15:19	#3
Ran1970 Member Join Date: Dec 2008 Location: New Delhi Posts: 6	Sophie, as a British national, you generally can't purchase land in India, unless you hold a Person of Indian Origin Card, or inherit it. There is a blanket prohibition on foreigners and even non resident Indian's from buying Agricultural land, without the consent of the Reserve Bank of India (which is unlikely to be granted). You could theoretically incorporate a company in India and hold a minority shareholding, and the company could purchase the land. Logically, an Indian company may be able to purchase agricultural land, though this would be a difficult loophole to exploit and I'm not sure how the authorities would see such an argument, in particular, if you held a substantial interest in the company. Should you think about incorporating a company to buy land, you need to think about whether you can trust your co-shareholder and what happens if he or she dies, because your co-shareholders shares will form part of that persons estate. You could end up being a minority shareholder at the whim of someone else's desires. For further details about the acquisition of property in India by foreign nationals, you need to go to the Reserve Bank of India website and search the relevant section. You really need to hunt down a solicitor in Madras (Chennai) in Tamil Nadu to advise you on a legally watertight acquisition strategy. Best wishes, Ran

Apr 22nd, 2009, 21:41	#5
SMARTGUY Senior Member Join Date: Oct 2005 Location: INDIA Posts: 163	Hi Blessy, Welcome to Indiamike ! Are you into real estate business..? As I see you are from Kerala what about the property prices in Ernakulam/Cochin.. Are they still high and soaring but somebody recently told me that the rates have fallen tremendously and I was thinking of venturing into some reasonable deals. Anyways ! Have a nice time here

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SMARTGUY Senior Member Join Date: Oct 2005 Location: INDIA Posts: 163	Lady luck Hmmm ! You got any good deals to suggest !

Apr 23rd, 2009, 00:25	#8
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,197	Piling in here... How about prices in Alleppey and the more rural districts around there just now?

Aug 1st, 2009, 16:21	#10
placement Member Join Date: Aug 2009 Location: Chennai Posts: 1	Have you found any solution for purchasing property yet?