Its that Douglas's fault and Keiths not much better.

Hi again Sue,

You still havnt come back to me on my earlier points, but i have another isssue.

Would you also like you to explain to us how you think any developer can offer what is effectively a perpetual put option on the Goan property market to all its clients, as outlined in your last para for £300! Others have claimed a similar privilige on this site.

This lender/ buyer of last resort role is the sort usually taken on by central banks, not by property developers! Why would they ( the developer) do such a thing, whats in it for them, the risks are massive?

Even if you do believe that option could effectively be exercised by all Acronites , how many of you have checked out the developers balance sheet to see if the cash is available to deliver if necessary (margin requirement, again massive )

Over to you and all comers

Hi Douglas,

yes indeedy sir...

Sub prime crisis in the US,feeding through to "normal" lending,no first time buyers in the UK,6% interest rates in the UK by Christmas,Spanish property flattening off,good time to sit tight and keep the pennies in high interest accounts !!

Lots of cheap rentals in Asia as well..

Keep the faith (and your cash)


Keith Rogers

Hi Douglas and Keith,

Looks like everyone has vanished.......wonder why.

The thing about it is that the advise you were both giving wasnt meant to get anyones back up....just sound advise....some people just hear what they want to hear.

I guess time will tell.....

Best Regards,
Remy

Hi Sue and Dave
Welcome back. I admire your forthright stance Sue. Douglas has not declared (1) who he bought the property from that he can't sell now and (2) did he send the money for the purchase through the normal legal channels? If so, then he is entitled to repatriate his capital (but not the profit) according to the FEMA regulations. So I am surprised to hear him say that he can't get his money out. Anyway, we hope you had a good break. Look forward to hearing from you. Chandu

Hi Rose and Mick - I note that the construction of Block F is progressing smoothly. How do you feel about the recent correspondence? Regards. Chandu

Hi Chandu,

By all means comment on my situation, but please have the good manners to address your comments directly to me. Im responding anyway, directly to you.

I bought the property from a ltd co trading as developer and a resort (similar to your own positions) Who i bought it off is not relevant of course, John Britto tried the same tactic in his correspondence to cornishman,

Please also read my posts carefully and if your going to quote FEMA , fully understand it. My previous posts clearly state that i fully complied with FEMA.

I also previously stated that i (and all other foreign nationals in the same position) cannot sell immovable property in india under the generel permissionconcessionif they are not resident

Furthermore the register is currently closed to registering both sales and purchases by foreign nationals. ( not just me, its a blanket exclusion)

I also admire Sues forthright stance, she came out with more attitude than Chris Eubank. However she has since failed to come up with convincing argument or evidence to support that attitude.

In summary dont try and rubbish me unless you know your subject.

Hi Douglas,

It would be intersting to find out the percentage of properties that are being "purchased" by foreign nationals.

A good friend of mine from the punjab whose family have extensive property interests in India and America is literally licking his lips at the prospect of lots of cheap real estate being available in Goa.

He has previously kept away from the region due to overly high prices,he now can see,in the near future, quite a bonanza for rental companies as developers offload surplus stock to try and balance their books.


Keith Rogers :curse:

HI Kieth,

Difficult to say, I lived in a village inland and after my initial rental period rarely went to the expat population centres.

Rough guess , say 30 percent foreign nationals ( say 80% of those brits) and the rest pios , nris, Indian residents.

Perhaps the Acronites would like to contribute to this one. What is the mix of the various classes living on your site?

At the moment i think there is still high demand in Goa from the other classes, if you take the brits out there is still demand from the others.

I think there is going to cheap everything when all these bubbles burst worldwide, not just property in Goa.

Kind regards

I think in this current situation there are several very different set's of circumstances which are affecting us "foreigners".
There are those who have in the past qualified for residency but now find that they cannot renew their x visas.
Then there's the people who formed companies to own property, which I think everyone now realises is illegal.
Then theres the 5 year "renewable" lease situation.
Can those people who have had their x visas rejected still come and go using a six month tourist visa ? or are they really ejected, end of story.
Lot's of people I think don't really want to live more than six months in Goa so the "rolling" lease may well suit them and shouldn't cause any problems with the law.
Now comes my grey areas of concern.
I cant really see how all these Indian property buyers are rushing to Goa to snap up these property bargains, as they are still owned by people with the free hold rights who cannot legally sell as they no longer have an X visa.
The second point which is causing me concern is this "rolling lease", is it really in the spirit of the law? or is it a loop hole.
Now the big one to which I'm still waiting for more answers on. if you decide to sell I believe that it has to be done through the developer, will you get the real market value or as they have you over a barrel since they are holding the lease which is what you are selling, will you be offered a much reduced value, like they do with time shares.
I suspect that there many who are quite happy to stay with the lease route knowing that they will never own the freehold but they can enjoy their own place in the sun for many years with out the the problems that residency brings, BUT is it in the spirit of the law as they say, could this be the next target area for the government?
Just trying to clear my own mind.

Hi again cornishboy,

I think youre almost there, dig down to the cause ie your not wanted in goa other than as a short term tourist. and it is as clear as daylight.

Once you accept that premise and its hard not to otherwise why are they investing so much time and quality people into excluding foreigners, then you must follow through on the logic trail something like this.

Once you accept that youre not wanted other than as a short term tourist, any system designed out of self interest to enable you to stay longer or have any stronger connection with the housing stock other than as a room renter, could and i think will, be construed as evasion by the authorities.

Moving on to the developer, if you only have a 5 year lease , he can change the locks at the end of the period and escort you off the premises. He can sell the property and the new owners not acknowledge your tenancy and a lot of other risks. As you say he can offer you a low price for the lease or noy buy it at all, he is under no obligtion. Assuming he is honest, I think it largely depends on who his next customer is, if its a brit the lease is worth less than a twentieth of the freehold . if its an indian resident he might get the freehold price.

You are dealing with a mass of uncertainty and risk here which affects both the price and the desirability of an investment.

Why go there , just rent an apartment for a few weeks.

Regards

Douglas

Hi Douglas,
thanks for your comments to my email.
Are you still allowed back in Goa on a tourist visa, or have they refused you one of those as well?
Have you, or any one else out there, heard of any "foreigners" being allowed to stay and keep their freehold after being investigated?
The 'Indian property buyers' I meant to refer to in my previous post were the Indians mentioned in Keiths post, not "foreigners" coming to buy in India.
Does any one know anybody who has actually "sold" their lease hold property ?
I wish more expats in Goa were online to give us their situations.
I've had no response from the Indian embassy re their change in policy about issuing X visas, still that's nothing new.
At least we are having our eyes opened on this Forum.
Regards from Sunny Cornwall, great place to live and invest in !!!

Hi Douglas & gang

The reason i haven't getting back to you is that unlike some people i have a life away from this computer with work and socialising with friend, so i don't tend to sit and watch the screen to wait and jump on anyone who has a opinion different from yours.

Don't feel as though i have to explain myself to you or anyone else, My money, my opinion my problem if things go wrong.

here,here sue they seem to wait for people to write somthing ,then they jump in and try to take over.wont let people talk,just but in

Hi rosemary, had a great time weather was hot, beer was cold, what more can you ask for.
We are off to Lock Lomond this weekend for a couple of night (wedding anniversary), but the weather forcast not looking to good, said it could snow.

well im off now so take care and if you dont hear from me for a while its becasue im hiding in the cupbord, frightend to come out and explain myself