catpat123

I thought Steven Woods WAS the MD of Goa Property Sales.

TONY P

Me Too
TP

TONY P

Is this the same company that the Herald was ranting on about a while back?
They have 4 offices I believe and say that as an Estate Agency they don't break any rules because they don't own the property concerned but just act as a middle man, so they don't actually SELL anything but operate as an Estate Agency does in this country. The company trades as Goa Property Sales but is actually Steven Wood Estae Agency Pvt Ltd. Maybe he isn't the MD at all.
Regards
TP

John Chappell

Hi All,

A "Steven Ben Woods" is listed by Company's House as being a Director of a company living in Yorkshire. Goa Property Sales Registered Office is also listed as being in Holmfirth Yorkshire, and not a million miles from Mr Woods address.

Regards to all

John

noni

Big Bell ringing in my brain! Have delved into old papers and found an article by Misha Fernandes (Sorry don't have the date - the Goan Observer - have cut the important relative date off the cutting)

""Foreigners own real estatate firms in Goa"" quote
Thanks to coach Steven Wood, not just people from the rest of the country and NRIS BUT, FOREIGN NATIONALS CAN ALSO WIN GOLD, SILVER AND BRONZE MEDALS IN THE GREAT GOA PROPERTY RACE.

ENGLISH OWNED AND RUN - IT IS A CONCERN OF :curse: STEVEN WOOD ESTATE NCY Pvt.Ltd. two offices in Calengute, one is Siolim and Margao. This kind man charges a whopping Rs 50,000 to help set up a company in India, of which Rs. 25,000 would be refundable once you purchase from them! Moreover legal and registration charges would amount to a separate Rs40.000Has anybody got the date of the article, so that it can all be printed in full here to warn people.

a_f_d

sheesh, Douglas is tetchy today.
You obviously need something to do, so why not get your mental choppers around Section 53A of The Transfer of Property Act, 1882 - as amended by The Registration and other... (Amendment) Act, 2001
and let us know what it means.

AndyD 8-)#

Remy-Ireland

Hi All
What has happened to Douglas, Noni, LeavingGoa and others isnt rumours but fact. I think Mr Woods needs to update his 'Buying in Goa' FAQs with post-autumn 2006 answers.
Also there is a differance between following the rules and bending them.
Remind me Mr Woods, how do you do 183 days on a tourist visa?

Remy

noni

Sorry boys, Douglas can't come out to play Mrs. D. has read his thread to me and has him in an arm lock!!

Remy-Ireland

AFD,

You dont know what youv done!!!!!!!!!!!!!!

noni

FN WHO HAVE TO FULFIL STRINGENT LEGAL REQUIREMENTS TO PURCHASE IMMOVBLE PROPERTY IN INDIA AS WELL AS IN GOA, HAVE NOT ONLY BEEN FLOUTING THE REGULATIONS BUT HAVE BEEN SETTING UP REAL ESTATE AGENCIES IN GOA. Thanks to coach Steven Wood not just people from the rest of the country and NRIs but, foreign nationals can also win gold, silver and bronze medals in the great Goa property race.
GOAN OBSERVER investigations have recently revealed that a foreign national is running a real estate agency called GOA PROPERTY SALES which boasts of being "English-owned and run" It is the concern of Steven Wood Estate Agency Pvt Ltd. and was established nearly two years ago to specifically represent and market new Goan properties off-plan (i.e. those that are still under construction) in India and overseas.
With one office in the UK and four offices in Goa, 2 in Calangute,Siolim and Margao) this real estate agency makes its profits from the sale of off-plan properties, those nearing completion and a number of remarket properties as well. A visit to their website www.goapropertysales.co.uk. opens up an array of roughly around 250 Apartments semi detached villas. (Some of the places he is selling - places which have been facing the wrath of lopsided development for quite some time now. Frequently asked questions No. 16 on the websit of the RBI specifies that "a foreigner cannot set up a partnership/proprietorship concern in India'
Annexure 1 Section B of Master Circular No. 02/2006-07 issued by the RBI lists "Housing an Real Estate business"as one of the activities/items for which Foreign Direct Investment is prohibited. In spite of these restrictions GOA PROPERTY SALES Claims to be a registered real estate agency in India. Having personaly invested in GOA property, this organization has stated on its website, that "Goa is a sound investment for a number of reasons. The local people are very friendly and helpful, the cost of living is very low,etc. and the capital growth on our investment has increased by at least 100% in just over 18 months.
Will be back with the second part later)

noni

RBI Rules:-
THEN again Part 11 Section 5.3 of the RBI MASTER CIRCULAR STATES THAT
"Foreign nationals of non-Indian origin resident outside India are not permitted to acquire any immovable property in India, unless such property is acquired by way of Inheritance from a person who was resident in India"
Nevertheless, many foreign nationals of non-Indian orgin have bought immovable property in India by residing in the country for more than the stipulated 182 days and presenting proof of residency OR BY setting up a Limited Company and then acquiring property in its name. However, as per annexure 2 Section 6 of the RBI's Master Circular 02/2006-7 only NRIs ARE ALLOWED TO INVEST 100% IN REAL ESTATE IN INDIA. A senior official of the RBI confirmed this when he told the GOAN OBSERVER that foreigners are forbidden from investing in real estate development or setting up real estate companies in India.
BENDING THE LAW - BUT EVEN THOUGH FOREIGNERS ARE BARRED FROM INVESTING IN REAL ESTATE UNLESS THEY FULFIL THE FEMA REQUIREMENTS, MANY REAL ESTATE COMPANIES - INCLUDING THE ENGLISH OWNED Goa Property Sales - have blatantly bending the law by helping potentional buyers to register FAKE COMPANIES which are set up exclusively for circumventing the restrictions imposed by the RBI. For, as per a specification of the FEMA "A person resident outside India who has a branch office or other place of business (excluding a liaison office) in India for carrying on his business activity, with requisite approvals wherever necessary, is eligible to acquire immovable property in India which is necessary for or incidental to carry on such activity, PROVIDED that all applicable laws, rules, regulations or directions in force are duly complied with.

THE OUTLOOK EDITION DATED JAN. 29 2007 REPORTS THAT THE TYPICAL FORMULA USED BY FOREIGNERS IN BUYING PROPERTY IN THE STATE IS TO FLOAT A COMPANY WITH AN INDIAN PARTNER AND THEN REGISTER IT IN GOA.
ONCE THIS IS DONE, HUGE REMITTANCES ARE PUMPED IN FOR AN ALLEGED INVESTMENT INTO REAL ESTATE. AND UPON BUYING THE PROPERTY, THE COMPANY SEVERS ALL TIES WITH ITS INDIAN PARTNER.
NOT SURPRISING _ goa proprty sales also offers a Limited Company Formation Service. Goan Observer received a series of correspondence e-mails between a prospective client, Pete Edwards Jr, and the MD of the Steven Wood Estate Agency Pvt. Ltd. Steven Wood, has been instrumental in highlighting the suspect operations carried out by Goa Property Sales in aiding individuals to acquire property in Goa.
When Edwards (who is the holder of a DUAL British and USA CITIZENSHIP) E-MAILED WOOD FOR HELP TO acquire property in Goa without relinquishing his dual citizenship, the latter replied that the best way to do this would be to set up an Indian Ltd. Co.

INSTANT FIRM
In later correspondence Wood revealed to Edwards the the Limited Company Formation Service offered by Goa Property Sales would charge a whopping Rs 50,000 to help set up a company in India, or which Rs. 25,000 would be refundable once Edwards purchased from them! Moreover, "legal and registration" charges would amount to a separate sum of Rs 40,000 Wood did not however, furnish step by step guide, as requested by Edwards, on all the formalities of buying property in Goa - from the formation of Indian Limited Company to the final sale of property.
The proprietors of Goa Property Sales on their website claim to have bought property off-plan in Goa, with themselves not residing in India at the time of the purchase.
Adv. Cleofato Coutinho speculates that they (the owners) must have given their power of attorney to a second party to buy the property on their behalf. Replying to whether they had stepped on FEMS's toes by setting up a business in real estate in Goa, he opined "An Agency of this type has no particular status. It just plays the role of a middlman, helping to form an alliance between the actual developer and the client"
on how a foreign national can acquire property in India Adv. Coutinho said "Foreigners can buy constructed property in their own name after they have stayed six months in India and submitted some proof of their residency to the authorities. However, this procedure has become very touch, because hardly any visas arre being issued to foreigners for a span of six months nowadays. Therefore ", he continued "they (foreigners) have two other options, they can either set up a Limited Company in India or enter into an agreement of lease of property, the duration of which CANNOT cross five years. In this way, they can incorporate the particular property into a company an then go about acquiring some more. However, an indiviual CANNOT enter into an agreement of lease. It has to be done in the name of a company" he explained.

The ingenuity of FN desirous of having their share of Goa's real estate pie has scaled new heights, with them being more than able to exploit a loophole in the law to their maximum advantage. Therefore, if over 12,50,000 sq mts of property in Goa has been purchased by them so far, it won't be long before they begin drafting a regional plan of their own!

TONY P

Hi Noni
Do you actually understand any of that, it lost me after "Then" Like the way you put the area in Lakhs can you do it in Cents of land as well? Would give more karma but not allowed at the moment.
Regards
Tony P

TONY P

Not surprised after the vest remark, I can understand why Douglas thinks that she is the type of woman people want to rescue, they want to rescue her from him.
Douglas give her the credit card, the poor woman needs clothes, shoes, handbags, make up, hairdos, let her out of the OP, cam cream and blanco are no substitute for SHOPPING, no matter how much she loves you.
I never realised that women are Doppelgangers, it is the best kept secret, from bridegrooms, one unmade up face and moonlight camo for Hubby and a drop dead gorgeous, face on, hair done, posh frock for the rest of the world We all know which one we marry, but it sure ain't the one you wake up next to on a Sunday morning
Regards
Tony P

Remy-Ireland

Well Done Here Noni,

Like Tony i dont understand it all but you can certainly get the jist of whats being said. I see the 5 year lease thing suddenly dosent look so appealing anymore.
Plenty of substance for Dougs to pick through.
I would like to here his take on this.

Kind Regards,
Remy (Karma Given)

Remy-Ireland

Actually Noni tried to give Karma to you and Tony but its telling me i must spread reputation around befofe i can give it to you two again.