Re: GOA - Buyer Beware!
 

Hi All
I was under the impression that current legislation quite specifically states that FNs cannot purchase Agricultural Land, it has to remain in Indian hands unless enough money passes into other Indian hands of course.
TP

Re: GOA - Buyer Beware!
 

Hi Tony,
Even a PIO/NRI cant buy agricultural land never mind an FN.
A PIO/NRI can buy immovable property but not farming land end of.
There has been reports that the Russian Mafia have been sold Agricultural land which has sparked outrage and investigations.
The Save Goa Front are pushing hard to have these matters of bribery and corruption regarding Foreign Land Deals sorted. This also takes into acount FN property purchases in breach of FEMA regulations (which there are many).

Regards,
Remy

Re: GOA - Buyer Beware!
 

Hi Remy,

I think we were just debating an anomaly here remy, rather than putting forward a course of action.

I am sure there are numbers of FNs who have breached FEMA as you say, there are also many more indian buyers and sellers who have breached other property and ownership regulations.

Avoidance and evasion are parts of indian culture that sometimes verge on the anarchistic. Many FNs are simply victims of this avoidance culture, but we are clearly identifiable and dont have a vote so we have been singled out on this occasion.Mr and mrs jones from sheffield are surely more inept and overly reliant on incompetent lawyers, rather than than criminal.

Add in a touch of xenophobia to enflame the mob and you end up with the current situation in goa.

Dont forget that india has its own drug cartels , prostitution and hit men too, most of this russian mafia stuff is a convenience for the politicians and easy copy for journalists.

Having said all that, many FNs still have a colonialistic sense of entitlement to their spot in goa and in light of recent events and their obvious vulnerability under the visa system, anyone who continues with such attitudes is at best deluded.

regards
douglas

Re: GOA - Buyer Beware!
 

Hi Noni,

Douglas is clearly in intellectual mode at the moment, but i am sure the manic phase will return. Something to do with the moon i think.

There is also a limit to any subject matter, naval personnel bladders included.

On a lighter note, I have heard that air india has ordered their airbus 380s with roof racks so they can accommodate the chickens and goats. Customer service is their motto.

regards
douglas

Re: GOA - Buyer Beware!
 

Please Douglas DON'T be giving Monarch Ideas of how to get more people on "Squeezi Jets"!

Re: GOA - Buyer Beware!
 

Hi Guys

Just returned from my hols in "FRANCE!!!!!!!". I see the great debate about FNs buying in GOA still going strong.
Does any body know just how many Brits have bought Apartments and houses through the likes of Churchil and ACRON cos we are going to need some big new council estates when the Indians throw us all out!!:mad:

Re: GOA - Buyer Beware!
 

Well I hope they are only flying Indian & Russian routes

Re: GOA - Buyer Beware!
 

Hi dicky,

Nice to have you back, regarding numbers of FNs we have info from the registrar that 480 FNs actually bought over the last three years and 70 odd or15% of them have been referred for further investigation.

Few other FNs have bought (signed a sales deed and had it registered) but many think they have.

We can then split those remaining thinkers into those who have signed an agreement to sale, those who have signed a lease and those who have formed companies. These are the three methods used by FNs in goa.

From my knowledge of other FNs in goa plus a feel factor and in the absence of any other statistics, i estimate that say 6o % of these FN thinkers have signed an agreement to sale, 20 % have signed a lease, 15% have formed companies and say 5% were qualifying resident but either haven't bothered to register the sale or were prevented from doing so by the closure of the register.

Sticking my neck out even further now, lets say there are 7 wanabee thinkers for each registered sale so we now have a total of 3,360 thinkers, that can be sub divided into 2016 agreement to salers, 672 lease holders, 504 company registrations and 168 resident frustrated.

Lets extrapolate even further now and say of those 3360 not registered wanbee thinkers, over the next 5 years 10 % will lose all their money through fraud, developer going bust, developer mortgaging the property etc and lets say an average apartment/villa costs £20,000 we are talking potential losses of say £6.7 million from these particular risks.

Move that forward another 20 years and bring in mortality and divorce, say another 40% lose their total holdings, we could add on another £26.9 million in losses and so on.

This is just an exercise , there are other risks and factors, it may turn out worse or better than this, what is certain is that losses will be sustained.

When we have firmer figures and new developments we can modify and adjust these categories and projections, at least we now have a grid to work off.

kind regards

douglas

Re: GOA - Buyer Beware!
 

Hi all,

I got an e'mail from ACRON today (should rebrand themselves TEFLON)Their blurb says they have "A good track record" all I can say is so did Ben Johnson the Canadian sprinter !:rofl:

Kevin

Re: GOA - Buyer Beware!
 

:eek: Here we go again. http://www.goacom.org/news/getStory.php?ID=2052

Tourists upset as Goa begins to act overforeigner land deals. :thumbdown:

Love the bit about :

"Some of the ire is directed at real estate firms, agents, chartered accountants and lawyers who kept the industry buoyant by misinterpresting the law and misguiding them"

Though the state goverment is currently assessing the records, there are indications it may may face legal hurdles in any retrospect action. etc. etc.

Re: GOA - Buyer Beware!
 

well not really again - according to the date line that was June last year!

AndyD 8-)#

Re: GOA - Buyer Beware!
 

Oh! dear, it was in this weeks paper, or whatever. I liked the bit where for the first time they were talking about the way FN's were angry at the Goan, lawyers, developers, real estate agents, accountants etc. I suppose we should include the Politicians, for misrepresentation and misleading us with regard to Indian law. They need our Estate Agent Misrepresentation Act over there, call our Estate Agents dishonest they are angels compared to this lot.
OK we all learn from our mistakes, we certainly have learnt from ours.

Re: GOA - Buyer Beware!
 

Hi Andy,

Its Goa........Just takes a year or two for the news to filter out.:rofl:

Re: GOA - Buyer Beware!
 

Heres the latest from the Goan property fiasco.:eek:
Hope this link works,

http://oheraldo.in/node/26019?PHPSES...6c1a326799ec56

Regards,
Remy

Re: GOA - Buyer Beware!
 

Gud Moaning !Has anyone seen the "poll" in todays Herald ?:thumbdown:So much so for the friendly Goan people and the Susegad life ! Anyone fancy voting to rig it? After all if you can't beat em join em :sneaky:
Dio booray dis diun 2u
Kevin