Originally Posted by TDK (Post 4932388)

Hi again Andy & thanks for your response. It still seems a bit up in the air if a lease can be renewed but at the same time there can't be a right to renew(a bit subtle for me).

Yes the phrase Caveat Emptor must have been made specifically for buying foreign property! I don't think that most of FN buyers or developers were necessarily counting on the FNs meeting the 'residential' status as many would never be able to do the required stay,(atleast not within the inital 5 year lease period) as many buyers have to hold down jobs abroad, but i have no statistics.

Regards-TDK

Originally Posted by a_f_d (Post 4931742)

Douglas said (well a lot of things actually , but recently:

well shame on you for giving up on your lovely property then - I'm months older than you and I reckon I'd still be trying for an X/tourist visa, talking to the British Consul/ my MP/ uncle Tom Cobley (but I feel for your bitter disappointment).

...


good idea, but under the Stamp Act as amended this would attract 90% of the usual Stamp Duty (my posts passim)

AndyD 8-)#

Originally Posted by Douglas M (Post 4934461)

Hi a-f-d,

You outlined nonis comment on my objectivity regarding loss of my home, so i presume that was meant as a comment that required some explanation.

Unlike most people who have suffered loss in goa, I dont see the situation as a them and us confrontation, i am not trying to fix what has been broken.

My emotional involvement has nothing to do with the facts of the case and through my investment experience i am able to differentiate between the two and remove most of the emotional content from the equation. In doing so i can deal with it effectively and efficiently.

Combine that with a spiritual and philosophical bent and the answer in my case was to leave quietly and set up home somewhere else. Anything else would have involved unnecessary expenditure of both emotional energy and money in terms of lawyers fees and so on. More importantly it would have delayed the establishment of a new home.

Your last para now regarding POA , are you saying it is mandatory to register a POA?

if so, is the 90 % stamp duty paid offset against the stamp due to be paid when subsequently registering the sale deed, as with Agreement to Sale?

regards
douglas

Originally Posted by Douglas M (Post 4934360)

Hi TDK,

This is one of those areas thats probably best not discussed here. You would have deed of gift in your posession that would justify you having a large amount of cash.

As i understand it, If you open an NRO account you are allowed to pay in rents and proceeds from sale of property and receive interest .

In the scenario i outlined ( if you used an NRO account) you would not be paying in the proceeds from the sale of property as you didnt sell the property cuz it was never yours to sell in the first place. You would be paying in a gift from a resident indian.

Regarding repatriation of funds from a NRO account now, you can repatriate the original capital and interest credited providing the account has not been opened for more than 6 months no questions asked.

Anything other than that and questions should be asked and the bank should get permission from RBI in order to release the funds. Thats where the lock in if applicable should kick in. So best not go there.

This is another reason why FNs should think very carefully before they invest in india ie exchange ccontrols particularly non residents

Just to touch on your delhi experienc, when i first arived in goa i unwittingly imported my personal posessions amd some furniture. The only visa available to me at that time was a tourist visa. Importing on a tourist visa was apparently an offence that i was unaware i was committing. Customs at vasco detained my posessions for two months and charged me duty and fined me a total of 1.6 lakhs. Yet another example of the things you cannot do on a tourist visa. They only allow you to be tourist and then go home, not set up home.

regards
douglas

Originally Posted by aj_india (Post 4935502)

Hello All,

Apologies if I am out of flow of what is being discussed here - my interest is in Acron homes so I am not totally out of topic :). There's loads and loads of useful information here which is very helpful - but I have not been through all of them.

I want to know if any one has been to the India property exhibition in London last weekend where Acron had a stall to showcase their properties. I was there on saturday and met one of the directors of Acron India.

I am interested in Villa Veera or one of their new ventures coming up in Nagoa called Villa Julieta. Has anyone bought anything in any of these projects. If yes, are you planning to use it for youself after it is completed, or rent it out ... what kind of annual rental income are they projecting in the future, capital gain on the property and would it be easy to put it on resale if not happy with the end product.

And finally, how far is Villa Veera from Baga beach... walking distance, driving distance, are the roads ok to drive etc?

Thanking you all very much in advance :).

Aj.

Originally Posted by aj_india (Post 4935703)

Hi Mike,

Thanks a lot for your reply and information. I am an NRI, have been living in the USA and UK for the past 11 years plus. I have been going to Goa since 1992 (atleast once in two years) and the very first time I stepped into Goa, I knew this place is going to be very special to me in the coming years.

After several visits in the past 10/15 years, I now feel that Goa is the only place in India where I could spend extended holidays when in India. The intension now is to buy a place in Goa (close to Baga beach) and rent it out during the season when the rental potential is more and use it for about two months in a year for myself around August/October.

Acron seems to be a very reputed company and their finished projects look very good compared to other(s) as the fact that they are a bit expensive compared to other builders. Being an NRI, I think most of the problems people are facing are not a concern.

Anyways, I will be in Goa in October and will have to check out Acron homes to finalize the deal... :)

Thanks.

Aj.

Originally Posted by a_f_d (Post 4931762)

noni said:

why lemons? looks AOK to me, and should have been accepted by the sub-registrar on face value.

AndyD 8-)#

Originally Posted by aj_india (Post 4935703)

Hi Mike,

Thanks a lot for your reply and information. I am an NRI, have been living in the USA and UK for the past 11 years plus. I have been going to Goa since 1992 (atleast once in two years) and the very first time I stepped into Goa, I knew this place is going to be very special to me in the coming years.

After several visits in the past 10/15 years, I now feel that Goa is the only place in India where I could spend extended holidays when in India. The intension now is to buy a place in Goa (close to Baga beach) and rent it out during the season when the rental potential is more and use it for about two months in a year for myself around August/October.

Acron seems to be a very reputed company and their finished projects look very good compared to other(s) as the fact that they are a bit expensive compared to other builders. Being an NRI, I think most of the problems people are facing are not a concern.

Anyways, I will be in Goa in October and will have to check out Acron homes to finalize the deal... :)

Thanks.

Aj.

Originally Posted by noni (Post 4936047)

Hi,
Have you actually bought an apartment, Andy or just thinking of it?

Originally Posted by normski (Post 4935028)

Hi Douglas
thought you may find this of intrest.
http://news.helplinelaw.com/0806/eco power.php
Regards Normski.