Things to think about when buying in Goa

rivermouse · Mar 26th, 2007, 11:36

I came to Goa 4 months ago with the hopeful intention of buying a property here but prudently I wanted to see the difference between holidaying here and living here. Sadly, I have decided not to buy here. I have created an blog (with no adverts) for the time I have been here to read my thoughts and conclusions about buying and living here see:
http://grifsingoa.wordpress.com/2007...-just-renting/
http://grifsingoa.wordpress.com/2007...ng-a-property/
I hope this helps.

capt_mahajan · Mar 26th, 2007, 11:44

Welcome to indiamike.

I think you went about it cautiously, which is good. I wish more people would see what is entailed before buying, sometimes blindly.

Nick-H · Mar 26th, 2007, 12:08

So no need to recommend you read this thread and its sequel then. Nearly a thousand posts on the subject.

Welcome to IndiaMike

Hope you'll stick around.

I'm not interested in Goa, but I am interested in the general subject of property in India so will certainly read your blog.

goangoangone · Mar 27th, 2007, 00:06

Don't be sad. Think of the money you won't lose. You can get years of rental for what you would have paid out on a dodgy purchase. Sleep easy. Look at these mugs on expats, http://britishexpats.com/forum/forumdisplay.php?f=94 . They can't see and won't listen!

Tobias · Mar 29th, 2007, 00:34

Great blog and Goa photos... thanks for sharing!

crvlvr · Mar 29th, 2007, 01:20

rivermouse, welcome and thanks for sharing your blog. Given that you gave it serious thought, can you explain to me why a foreigner will want to purchase property in India especially since it makes little fiancial sense (rents are so much cheaper and Indian laws prevent the repatriation of any profits from the subsequent sale of the property) in addition to all the pitfalls you highlight in your blog?

rivermouse · May 15th, 2007, 18:34

Unfortunately, many people with a bit of spare cash do not think of the consequences of purchasing when just on a vacation. Many Indian people think that because we are European we have loads of surplus cash. In many cases this is not true, most work extremely hard to get enough money to fulfil their dream of living in the sun. India is a third world country with a very peculiar attitude to progress. Instead of encouraging genuine inward investment they still seem to prefer bribery and the black economy. Just consider that the Indian government only collects income tax from 35 million people. The money has to come from somewhere!!!!

capt_mahajan · May 15th, 2007, 19:06

Quote:

Originally Posted by rivermouse

Instead of encouraging genuine inward investment they still seem to prefer bribery

Well, it seems that quite a few of the folks buying property prefer this too

shashank.aggarwal · May 15th, 2007, 19:11

Quote:

Originally Posted by rivermouse

Unfortunately, many people with a bit of spare cash do not think of the consequences of purchasing when just on a vacation. Many Indian people think that because we are European we have loads of surplus cash. In many cases this is not true, most work extremely hard to get enough money to fulfil their dream of living in the sun. India is a third world country with a very peculiar attitude to progress. Instead of encouraging genuine inward investment they still seem to prefer bribery and the black economy. Just consider that the Indian government only collects income tax from 35 million people. The money has to come from somewhere!!!!

I am not sure if I am supposed to be saying this, but unfortunately I have been saddened by this remark.

How can someone compare holidaying in Sun with basic requirement of earning bread ?? its easier to say that tax is collected only for 35 million people..but it also has to take in account the number of people living below poverty line..

and even though things are looking good..but its only for last 5-10 years..

batistuta · May 15th, 2007, 19:24

Quote:

Originally Posted by shashank.aggarwal

I am not sure if I am supposed to be saying this, but unfortunately I have been saddened by this remark.

How can someone compare holidaying in Sun with basic requirement of earning bread ?? its easier to say that tax is collected only for 35 million people..but it also has to take in account the number of people living below poverty line..

and even though things are looking good..but its only for last 5-10 years..

So, Are you implying that the rest of the millions live below the Poverty line? How did you get earning bread into your post? Based on what correlation?.

You Know shashank , Reading your posts, I remembered a great poster of Indiamike. An ex-poster, His Posting Name was Sanday-Del.

shashank.aggarwal · May 15th, 2007, 19:33

Quote:

Originally Posted by batistuta

So, Are you implying that the rest of the millions live below the Poverty line? How did you get earning bread into your post? Based on what correlation?.

You Know shashank , Reading your posts, I remembered a great poster of Indiamike. An ex-poster, His Posting Name was Sanday-Del.

hey...its not the they are below poverty line..but they might not be well off either.. just to give u a rough example..In India if your annual income is below Rs.100,000 you are not supposed to pay tax. That converts to USD 2500 OR Euro 1500 per annum(approx). Now compare that to incomes in europe and west.

About the bread..what does writer wants to convey when he says

Quote:

Many Indian people think that because we are European we have loads of surplus cash. In many cases this is not true, most work extremely hard to get enough money to fulfil their dream of living in the sun.

Its just the irony that the writer is working hard to fulfill his dream of lying in sun..and Indian is working hard to make his ends meet. (I do not support fleecing, but thats as common in business in India as anywhere else in world, its simple when one gets a chance..)

rivermouse · May 16th, 2007, 00:45

All I can say to your comments is that to understand where I am coming from read 'In spite of the Gods - the Strange Rise of Modern India' by Edward Luce, then perhaps you will understand the economics of the Indian situation better. As for lying in the sun, yes it is part of it but the best part is meeting and having dialogue with the Indian people.

batistuta · May 16th, 2007, 06:11

Quote:

Originally Posted by shashank.aggarwal

hey...its not the they are below poverty line..but they might not be well off either.. just to give u a rough example..In India if your annual income is below Rs.100,000 you are not supposed to pay tax. That converts to USD 2500 OR Euro 1500 per annum(approx). Now compare that to incomes in europe and west.

About the bread..what does writer wants to convey when he says

Its just the irony that the writer is working hard to fulfill his dream of lying in sun..and Indian is working hard to make his ends meet. (I do not support fleecing, but thats as common in business in India as anywhere else in world, its simple when one gets a chance..)

What's wrong in the poster trying to get a well deserved break. Don't tell me that you would not do the same if you got a chance. What Irony are you speaking about? People in Goa trying to make thier ends meet? You mean to say that they are not benifitted when someone buys some Property from them at an inflated rate?

Please don't post any more wierd examples about the salaries in Europe and India.

crvlvr · May 16th, 2007, 06:30

Quote:

Originally Posted by rivermouse

... read 'In spite of the Gods - the Strange Rise of Modern India' by Edward Luce, then perhaps you will understand the economics of the Indian situation better.

Many of us here understand the economic situation in India very well. But what we, or should I say "I", don't understand is why foreigners are attracted to purchasing real estate in India when (1) its not cheap and (2) the laws do not allow it. Many other contries offer better bargains that are legitimate.

barodian · May 16th, 2007, 07:04

Many of us here understand the economic situation in India very well. But what we, or should I say "I", don't understand is why foreigners are attracted to purchasing real estate in India when (1) its not cheap and (2) the laws do not allow it. Many other contries offer better bargains that are legitimate.

Purchasing real estate in India is not cheap. It is cheap for foreigners and NRI's because they are converting Euro, Pounds and Dollars into Rupees. I know if I want to buy a property for 700,000 rupees (7 lacs) I can do that with about $17,000 U.S. dollars, which is still a big amount but do able. In Bay Area you can't seem to find anything less than about $450,000 for townhomes or condo. But, for a average Indian household 7 lacs is still pretty high income. I know people in India who barely make 1 lac a year.

Bribery is everywhere! I don't know any country that makes this exception. In U.S., there are briberies and "special favors" going on everyday. We consumers don't see it but in India it is very open.

Everyone has their own reasons for investing and not investing. So, respect their judgement and move on!

Mar 26th, 2007, 11:36	#1
rivermouse Member Join Date: Mar 2007 Location: England Posts: 4	Things to think about when buying in Goa I came to Goa 4 months ago with the hopeful intention of buying a property here but prudently I wanted to see the difference between holidaying here and living here. Sadly, I have decided not to buy here. I have created an blog (with no adverts) for the time I have been here to read my thoughts and conclusions about buying and living here see: http://grifsingoa.wordpress.com/2007...-just-renting/ http://grifsingoa.wordpress.com/2007...ng-a-property/ I hope this helps.

Mar 26th, 2007, 12:08	#3
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 26,856	So no need to recommend you read this thread and its sequel then. Nearly a thousand posts on the subject. Welcome to IndiaMike Hope you'll stick around. I'm not interested in Goa, but I am interested in the general subject of property in India so will certainly read your blog. __________________ . Just one member of the IndiaMike Mod Team

Mar 27th, 2007, 00:06	#4
goangoangone Monsoon Loon Join Date: Aug 2004 Location: Goa Posts: 1,500	Don't be sad. Think of the money you won't lose. You can get years of rental for what you would have paid out on a dodgy purchase. Sleep easy. Look at these mugs on expats, http://britishexpats.com/forum/forumdisplay.php?f=94 . They can't see and won't listen! __________________ GoanGoan......here

May 15th, 2007, 18:34	#7
rivermouse Member Join Date: Mar 2007 Location: England Posts: 4	Too much money and very little sense Unfortunately, many people with a bit of spare cash do not think of the consequences of purchasing when just on a vacation. Many Indian people think that because we are European we have loads of surplus cash. In many cases this is not true, most work extremely hard to get enough money to fulfil their dream of living in the sun. India is a third world country with a very peculiar attitude to progress. Instead of encouraging genuine inward investment they still seem to prefer bribery and the black economy. Just consider that the Indian government only collects income tax from 35 million people. The money has to come from somewhere!!!!

May 16th, 2007, 00:45	#12
rivermouse Member Join Date: Mar 2007 Location: England Posts: 4	Response to comment All I can say to your comments is that to understand where I am coming from read 'In spite of the Gods - the Strange Rise of Modern India' by Edward Luce, then perhaps you will understand the economics of the Indian situation better. As for lying in the sun, yes it is part of it but the best part is meeting and having dialogue with the Indian people.

Mar 26th, 2007, 11:44	#2
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,105	Welcome to indiamike. I think you went about it cautiously, which is good. I wish more people would see what is entailed before buying, sometimes blindly.

Mar 29th, 2007, 00:34	#5
Tobias Permanent Tourist Join Date: Mar 2006 Location: London, England Posts: 31	Great blog and Goa photos... thanks for sharing!

Mar 29th, 2007, 01:20	#6
crvlvr Guru Join Date: Sep 2004 Location: Hollywood Posts: 4,474	rivermouse, welcome and thanks for sharing your blog. Given that you gave it serious thought, can you explain to me why a foreigner will want to purchase property in India especially since it makes little fiancial sense (rents are so much cheaper and Indian laws prevent the repatriation of any profits from the subsequent sale of the property) in addition to all the pitfalls you highlight in your blog?

May 16th, 2007, 07:04	#15
barodian Senior Member Join Date: Mar 2007 Location: California Posts: 167	Many of us here understand the economic situation in India very well. But what we, or should I say "I", don't understand is why foreigners are attracted to purchasing real estate in India when (1) its not cheap and (2) the laws do not allow it. Many other contries offer better bargains that are legitimate. Purchasing real estate in India is not cheap. It is cheap for foreigners and NRI's because they are converting Euro, Pounds and Dollars into Rupees. I know if I want to buy a property for 700,000 rupees (7 lacs) I can do that with about $17,000 U.S. dollars, which is still a big amount but do able. In Bay Area you can't seem to find anything less than about $450,000 for townhomes or condo. But, for a average Indian household 7 lacs is still pretty high income. I know people in India who barely make 1 lac a year. Bribery is everywhere! I don't know any country that makes this exception. In U.S., there are briberies and "special favors" going on everyday. We consumers don't see it but in India it is very open. Everyone has their own reasons for investing and not investing. So, respect their judgement and move on!

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