To Buy or Not to Buy!

#1 Aug 23rd, 2005, 16:15
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  • anar is offline
#1
Hi, I'm a new member - this message, my first, to all you wonderful, helpful people. My friend, who is British (not of Indian origin), wishes to buy a plot of land in Kerala with a view to building his dream home there. We have had a lot of conflicting information regarding whether he can or cannot have the deeds of the land in his name. Some say it's not possible without an Indian partner (since it would be me, a friend, it doesn't worry him) while others claim it is now possible for foreigners to buy if the funds go through the Reserve Bank of India - only it takes longer (about five months for all the paperwork to complete). Any advice on this would be welcomed. Thanks.
#2 Aug 23rd, 2005, 16:36
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#2
Hello Anar, Welcome to IM

First thing you must do... do a search of this site; it is an often discussed subject, and there is no point in any of us repeating yet again what has been written in other threads. You can see the Reserve Bank of India regulations on their website, and you'll find all the necessary links in other threads.

But in short... He can't . Not unless he satisfies the conditions for Residence or PIO first, all of which couyld take some time. Enjoy your searching!
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#3 Aug 23rd, 2005, 17:18
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#3
Thanks, Nick-H, I am finding it an uphill task, wading through relevant (or what I thought were relevant - pages and pages of Kirpichick wanting to retire in Goa and the flood of responses it unleashed, come to mind) threads to get to the bottom of this dilemma. It's early days but I think my friend feels it would be far easier for his land to be in my name and be done with it! Life is too short. It's bad enough he has to leave every six months (that old visa question), we don't need to add this to our plate of 'unpalatable things one has to contend with whilst living in India'.
On another note, does anyone know of a ferry/boat/ship service from Kerala to Sri Lanka (Colombo or near there)? He has a fear of flying but has to brave it every six months.
#4 Aug 23rd, 2005, 17:29
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#4
There is no ferry from India to Sri Lanka. There has been talk about it for a long long time but nothing ever happens.
#5 Aug 24th, 2005, 02:12
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#5
Quote Shanthi: "As for getting the ouse built afterwards, well I for one would not go the way of some by having it's ownership put in the name of a PIO - it spells trouble for later no matter how well you believe you know the person/people involved."

We are a male couple, we've been together for fourteen years - I don't think it will be a problem, putting his property in my name. The problem it seems would be trying to go through the RBI and it's legendary redtape. We are all for lessening unpleasant, anxiety-producing activity. I just wondered if there was an easy way of going about it. Clearly not. Thanks all the same, Shanthi.
#6 Aug 24th, 2005, 03:08
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#6
I hope the best for you and your partner. Hope the red tape is not too thick.
Let us know how it goes!
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#7 Aug 28th, 2005, 17:20
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#7
To Buy or Not to Buy??? you ask.

Any purchase in India is more than an investment, it is a responsibility. You need to cover all exposure to others coming in to take advantage of you. It isn't like buying stocks, or a condo in Florida.

Also, if you don't plan on living there year-round, you need to hire security to protect the place. And then, you need to hope that your security guard won't use his position as a platform to rob you blind.

This isn't to mention all of the legal hassles of the deal.

Every transaction in India has two prices- the initial Rs price, and the headache price. Determine if you can/want to afford the headache that is nearly guaranteed.
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#8 Aug 29th, 2005, 03:19
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#8
Thanks, livin-in-india, but you seem to have misunderstood. His intention is to buy land with a view to building his 'dream home' there, not a cold, calculated business transaction. Sure, if it proves to be a sound investment, so much the better. It will be somewhere close to where we live so there won't be such a huge worry about being gypped out of his property by security men and suchlike - we are told the first thing we need to do is build a wall (pay the seller to have it done before the purchase even, to avoid hassles with neighbours, etc later!) before anything else. We are prepared to do the 'right thing'. My uncertainty was (and still is) about whether he can own land in his name legally. As for headaches and hassles, I've done this before in India and the UK for myself and believe me, buying property in India is a piece of cake compared to buying property in the UK. Conversely, a friend had a nightmare experience both buying and then selling her condo in San Francisco. I guess I have been lucky - my Guardian Angel has been looking out for me. Let's hope his does too.
Thanks for your kind wishes, jjacquemain.
#9 Sep 19th, 2005, 19:10
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#9

Only Indian Citizen or PIO can own land

Hi
Only an Indian Citizen or PIO card hold (Person of Indian Origin) could own land in their name in India, as per my understanding. If your friend is none of the above he could not own a property in his name legally in India.


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