leavinggoa

Goodbye.

Simon Wood

Ouch! Guys. Just trying to be friendly.
I am not a developer, just a satisfied investor.
If any one wants to share views or experiences Pms are probably better if this is the tone that will continue.
I live in Dubai, UK citizen, as that is where I work.
I buy houses here and there as a money making hobby with a view to retirement. Thats all.

Bye from Dubai.

Simon

leavinggoa

What visa do you hold? What is your residential status? What Indian bank accounts do you have? Please elaborate. Most foreigners can't buy immovable property in India.

Simon Wood

Hi LeavingGoa
I dont have a visa for India other than my tourist visa for the first three months entry and exit.
I have no residential status in India what so ever.
I have no Indian bank account yet. Dont need one.
You are quite correct. Most NRI/PNIO can not buy immovable proerty in India.
I am just joining this forum as I assume most others who join do so for information shareing within areas that they have invested in.
I am 100% confident in my investments there and will deal with any "developments" that may present themselves in the future.
Bye from Dubai

Simon

tracy beevis

Hi Simon, I'm not disputing that you are being friendly, but reading your post does make me feel that you are looking at Goa as a profit making scheme, which I hasten to add, you will not be the first or the last. Where I'm coming from is I simply love Goa and it was my dream to have a little 1/2 bed apartment to spend my hoildays there and in time spend more time there, also to give my family and friends the opportunity to go there, but I also wanted the reassurance that in buying I did in fact own the property legally and that I had also purchased it legally. That's all.

avocadogreen

Do you mean NRI's and PIO's? If so, they CAN buy immovable property in India. It's persons like yourself - foreign nationals who hold only tourist visas - who cannot, at least not legally, despite what some unscrupulous or ill-informed developers/sellers may tell you. Based on what you've said so far about your situation, I'm afraid you're in for a big shock if you think you've legally bought real property in India. I was particularly surprised to see your post in another thread stating that you had "bought" several properties "on the phone"!

As for your joining the forum for "information sharing," I'm not sure what information you have to share (more like misinformation, I fear), but you might do well take a look at some of the recent posts here about the legal restrictions on real property purchases by foreign nationals, and the actual experiences of people who have run into problems with such transactions. The Indian authorities (both central government authorities and State government authorities) are starting to scrutinize these transaction and are cracking down on transgressors. There's been a lot in the press on these issues since early last summer. Surprised you seem to have missed it.

avocadogreen

Following up on my previous post, here's some information from the FAQ's section of the Reserve Bank of India website, which may (should) be of interest to Simon Wood. If all you did was obtain a lease not exceeding 5 years, Simon, you're probably OK, but if you think you purchased a freehold, you're in for a surprise. You didn't do it legally. Here's an excerpt from the RBI site:

"Q.6. Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?

A.6. No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India. But, he/she may take residential accommodation on lease provided the period of lease does not exceed five years. In such cases, there is no requirement of taking any permission of or reporting to Reserve Bank."

Douglas M

Hi all,

For those who don't do their homework and feel that litigation may resolve any differences they may later have with the developer or agent, i would like to quote a statistic from a recent article on India by the SE asia bureau chief of the financial times.

"India has a backlog of 27 million cases of suit and at the current hearing rate it will take 300 years for them to be heard." ( wonder why the lawyers dont tell you that?)

Another item of interest to all travellers and students of efficiency is that "the highways dept has one employee for every eight tenths of a mile of road."

Imagine what state the roads would be in if they were understaffed then!

fofo

What is PMS???

Fofo

catpat123

PMs are Private Messages sent from one user to another that the rest of the forum cannot see.

LINEMAN

Just got back from Goa and we have met seven couples who have bought
partialy built and off plan paying £35,000 to £65,000 per property.I could
not believe so many people were still going ahead buying. When I asked
them if they realy knew what the law is on buying property is, I was
infomed that they knew what they were doing and people like myself were
envious and were trying to frighten them. O well I did try, but with some
people theres no telling them anything, but with their attitude I dont know
if I am glad or sad.

leavinggoa

What frightens me, is the prices they are paying. They've doubled in the last 2 years and the RBI is now raising interest rates to curb inflation.

Douglas M

Hi Lineman,

Nice to have your report, i have experienced the same reaction many times both on this site and elsewhere. You can do no more than state the case for abstinence and withdrawal, your duty is done.

This type of behaviour is based on the human need to acquire ( fear of loss and the need to gain) and is an essential feature of the workings of any market. In simple terms the market ( in this case the indian property market) has to draw in as many participants as posssible in order to establish a tipping point.( I sympathise with the individuals concerned and try to intervene (as on this site), but observe the class they belong to and their lemming like behaviour with professional indifference.)

Once the tipping point is reached for whatever reason, ( say new legislation, access is denied or no more buyers( price) or a worldwide crash) the market crashes, the excess wealth is destroyed, mr and mrs jones wonder what on earth happened and blame everyone but themselves. Then the pros move in and mop up.

After a reasonable period of time, more people who one could argue should have never been allowed to own money in the first place, acquire some and the cycle repeats itself.

The market must do its job, it is undefeatable, indefatigable and its workings essential, its a control system. All we can do is try and pull a few from the flames.

I hope that helps

regards

douglas

leavinggoa

That is the truth of the markets. Douglas is not wrong. I was in futures for 30 years.

LINEMAN

What concerned me most was that some people were taking equity out
of their homes to finance or part finance their dream, but for many it
could turn into a nightmare. It looks like a win win situation for the
developers.