Re: Acron Homes
 

Hi Douglas,

I'm still laughing from your last post.
You should have your own TV Show.

Anyway i agree with everything that you and Keith have said but i,m thinking if potential 'buyers' like the ones in this thread know what their getting and are happy enough to proceed then so be it.

The main concern that i would have is a very 'back to basics' one.
Fema makes it clear that you CAN NOT purchase property on a tourist visa. No ifs, buts or maybes.

So we have already established that getting an x visa and therefore obtaining residency is a non runner sooooo all that these property developers are doing at the end of the day is ducking and diving and not wholly delivering.

At this moment in time they are effectively a Landlord Agency offering little more than a expensive long term rental agreement to tourists.
Its only a matter of time in my opinion before the Government closes in on this scam and puts an end to it. It will only take another slight adjustment in the current legislation to close the door completely on the tourist property racket. I think its coming and when it does where does that leave all the "owners".

Again.... You can not buy property in India on a tourist visa.......what part of this do people not understand?

Now i think i'll go and heat some milk.

Regards,
Remy

Re: Acron Homes
 

Hi Remy,

Thank you for the feedback in your first para, i wasnt sure how it would be received.

So in addition to being a white knight, a seeker of truth, a slayer of dragons, a rescuer of damsels (only an attempted rescue in some cases, in the case of sue mission not accomplished) an exposer of myths, a scrutiniser of contracts, a destroyer of cults, a clearer of smoke and mirrors, a sweeper up of bullshit, douglas can now rightfully claim to be a wit.

regards to all

Re: Acron Homes
 

Impressive chest beating Douglas.
I have been following this thread with interest.
Surely these people aren't buying property (YET) they are just leasing with the option to buy as and when and if they become eligible.
So is leasing now illegal ? hope not.
Depends on what their contracts say, is it a sale contract or a lease contract ?

Re: Acron Homes
 

Hi Bryson 7,

I've checked my agreement with Acron and it clearly states that it is a lease agreement with no mention of sale anywhere that I can see.

I dont believe leases are illegal now,just that they will be on of only 2 ways to stay in Goa,the second is simple long term rental from a person in Goa.

This is the route I'll be taking next year.

Keith Rogers :curse:

Re: Acron Homes
 

Hi Bryson 7 and welcome to the site.

You are absolutely right, brits are simply being offered a 5 year lease with the option to buy, nothing wrong with that and its not illegal. This is a moral issue.

What is morally wrong with current practice, is that brits are being offered these things wholesale and are somehow being convinced that these agreements are something more than they are. As there is little chance of them being able to exercise the buy option, they simply have a five year lease.

So if a developer can currently only offer a five year lease to a foreign national, lets call it that and more importantly charge accordingly.

regards

douglas

Re: Acron Homes
 

Hello Keith & Douglas
Thank you for your replies, so with this areement whats all the fuss about? as it appears that they can sell their lease agreement in the future and possibly make some money if they brought off plan.
Keith beware you don't rent an "illegal" house as many surely will be now.

Re: Acron Homes
 

Hi again cornishboy and thank you for the compliment.

It looks like this thing that douglas so enthusiasticaly queried and isolated in a previous post must be the black money.

Now it all makes sense, once the transaction has been completed the developer is seen to be squeeky clean as all they have done is sold a lease at par. Assuming there is a profit, the foreign national receives all the black money, incurrs the cgt liability, cant disclose it, commits various offences in the process and may or may not get away with it.

The first few who try this may go home with a tax free gain in their pocket. However,as you are a member of a clearly identifiable group the chances of the authorities moving against you are high.

My experience of working in financial services in uk tells me that the regulators prefer to move against groups or organisations rather than individuals as like everyone else they are looking for the most bang for their buck.

If you get caught, you could face a stiff fine or deportation or even taste prison food ( not a nice thought in India)

Regards

douglas

Re: Acron Homes
 

Hi againBryson 7,

Please read my recent post timed at 10.16 and the more manic one that preceded it.

Regards

douglas

Re: Acron Homes
 

Hi Douglas,
Thank you for your reply.
I agree with what you say but as YOU know the banks can be "flexible" in their dealings. ( better add some "porrige" with your milk)
Again I think if the money stays in India there isn't a problem.
I suppose it could always be used via your Indian Visa card or...... well there are hundreds of ways of using money.
Again thank you for all your comments on this subject.

Re: Acron Homes
 

Hi Bryson,
The big problem is that people are being charged FREEHOLD prices for LEASEHOLD property and then are being informed that obtaining freehold is a simple matter of completeing 183 days and obtaining residency.

What their not being told is that;
1)We now know that the government have stopped giving out x visas and as you cant complete 183 days on a tourist visa here lies a big problem in that you can not register your purchased property.
2)The lucky ones that already had an x visa are now not able to get them renewed even after registering a property. Therefore they end up loosing their residency status.
3)I dont think anyone can deny that paying 40K plus for a property that they think they will own someday but simply wont is a scandal. Freehold prices for Leasehold property. The thing is these properties have been sold on the understanding that Freehold is easy obtained which unless you are a PIO is definately not.

If people therfore cannot own the property why doesnt companies like Acron (who are targeting tourists) simply rent tourists the property instead up to 6 months at a time with NO RISK to the tourist whatsoever. Ah but that would definately not be beneficial financially to the property developer as they are also earning mega interest on the tourists capital and building their next developments on pre-paid tourist money at no risk to themselves.

Not bad work if you can get it.

Regards,
Remy

Re: Acron Homes
 

Hi again cornishboy,

I hear what you are saying, my first obvious point is why would you want to keep your money in India when youve just sold the lease on your property and presumably severed your connections with the place?

Secondly ,whether you keep the black money in a local bank account or not, doesnt change the fact that youve probably committed various fairly serious offences on the way.

Thirdly, the existence of the black money in an Indian account wih your name on it, simply provides evidence for the authorities if they decide to move against you.

Finally, most acronites seem keen to project this squeeky clean , honest dealing , superior finish, satisfied customer type image of the operation they are dealing with. That doesnt tie in with the fact that under the arrangement you outlined to us, the foreign national has no option but to commit these offences if they sell at a profit ( which almost everyone from that stable who posts here seems to believe that they can do, make a profit that is).

What developer who purports to have the best interests of their clients at heart and has a fair following of mr and mrs jones's rather than al capones in their client bank, would put their clients in that position in the first place?

Furthermore, why havnt they ( the developer) made it absolutely clear to mr and mrs jones what offences they will be comitting and what risks they are taking when they wish to sell under this arrangement?

Without the efforts of sleuths like douglas , they may never have known until it was too late.

regards

douglas

Re: Acron Homes
 

Here here Remy,

I was trying to say the same thing to Bryson, but was obviously being to subtle for a change, so it may not have come across.

regards

douglas

Re: Acron Homes
 

Hello me again,
Regarding the "Freehold / Leasehold" price.
This is the "going rate" price as Acron charge the same price to Indians as they do "Foreigners" . If one is not happy with it , go else where.
Surely this current clamp down was beyond Acrons control, and I think you yourself Douglas, are looking forward to the day when X visa's might again be issued.
The Acron agreement clearly say's "if and when", when talking about gaining the freehold, not you Will.
So if X visa are issued in the future perhaps people will again get the freeholds, who knows.

Re: Acron Homes
 

That day will be a long time coming mate.

Off to rent in Goa for the near/long future..


Hassles won't be mine.

Keith Rogers

Re: Acron Homes
 

[quote=cornishboy;4680560]Hello me again,
Regarding the "Freehold / Leasehold" price.
This is the "going rate" price as Acron charge the same price to Indians as they do "Foreigners" .

:huh:
True but the main differance is that Indians own the property. They get the title deeds, the freehold, therefore thier investment is secure.
No problems here.
Eh foreigners dont !:blink:

But if your happy with this then.............:cool: