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Re: GOA - Buyer Beware!
Originally Posted by Saveyourbreath
(Post 6332046)
What is the position should a FN have title deeds prior to the registar been closed. Can this FN sell/transfer the title deeds to another Goan/NRI/PIO?
I would agree with Douglas, any FN having put down a deposit in the current climate - if the developer gives you a get out of jail card - take it and run!! Then worry about how you run with it and to where:confused: Hi Saveyourbreath, The register is effectively closed to freeholding FNs, irespective of whom they wish to tranfer the title to. As such, freeholding FNs are in the worst possible position relative to the leaseholders and agreement to salers, who can at least retrieve something (with the cooperation of the freeholder). kind regards douglas |
Re: GOA - Buyer Beware!
Are you are that in India, in many places like Bombay there is a black (cash) and white (cheque) component to your payment.
If you can convince someone for an all cash deal, you might find many Indians willing to purchase your property but the problem lies in the fact that how will you transfer your property in this person's name. Maybe the person who sold you the place might co-operate for a nominal fee. |
Re: GOA - Buyer Beware!
Originally Posted by riws
(Post 6332323)
Are you are that in India, in many places like Bombay there is a black (cash) and white (cheque) component to your payment.
If you can convince someone for an all cash deal, you might find many Indians willing to purchase your property but the problem lies in the fact that how will you transfer your property in this person's name. Maybe the person who sold you the place might co-operate for a nominal fee. What currency are you going to pay me in other than cash ( beads, yak skins, wives?) Why would anybody give me a lump of money, knowing that i retained the freehold on the register ? (i know stupid FNs do it all the time) The previous freeholder has no part in the newly proposed registration, the registrar is the obstacle. regards douglas |
Re: GOA - Buyer Beware!
Hi Douglas and riws.
How would the person who sold you the property in the first place be able to help as they no longer have freehold/transfer title? It appears to me that the Goans are in a win - win situation. I am sure this thread will run and run, and there will be many FN's as Douglas says in denial. However, just hope that one or two of the brighter ones will take note and keep their money out of Goa. If you love the place so much - RENT. Lesson to be learned, never invest in a country with a locked currency and being dependant on a permission to visit visa which can be revoked at any time. Also countries with deep rooted corruption:thumbdown: |
Re: GOA - Buyer Beware!
Originally Posted by Saveyourbreath
(Post 6332365)
Hi Douglas and riws.
How would the person who sold you the property in the first place be able to help as they no longer have freehold/transfer title? It appears to me that the Goans are in a win - win situation. I am sure this thread will run and run, and there will be many FN's as Douglas says in denial. However, just hope that one or two of the brighter ones will take note and keep their money out of Goa. If you love the place so much - RENT. Lesson to be learned, never invest in a country with a locked currency and being dependant on a permission to visit visa which can be revoked at any time. Also countries with deep rooted corruption:thumbdown: here here douglas |
Re: GOA - Buyer Beware!
No, here in Bombay, it is different. e.g when a developer asks for 40 lakhs cheque payment and 30 lakhs in cash for a house. Both Buyer and seller show the worth of property as 40 and not 70.
This is to evade taxes, which is a parallel economy which runs in this country. This is what I meant by a "cash" payment. Maybe a communication gap here. Sorry about that. At least in Bombay, there are two different prices for all properties, one which is disclosed to the Govt and another which is quoted in the transaction between buyer and seller. |
Re: GOA - Buyer Beware!
Originally Posted by riws
(Post 6332387)
No, here in Bombay, it is different. e.g when a developer asks for 40 lakhs cheque payment and 30 lakhs in cash for a house. Both Buyer and seller show the worth of property as 40 and not 70.
This is to evade taxes, which is a parallel economy which runs in this country. This is what I meant by a "cash" payment. Maybe a communication gap here. Sorry about that. At least in Bombay, there are two different prices for all properties, one which is disclosed to the Govt and another which is quoted in the transaction between buyer and seller. I am aware of the paying of black and white money in india, in order to avoid stamp duty. The govt of goa have devised the ultimate anti- avoidance measure, they simply refuse registrations from FNs. This clearly stops the avoidance , but deprives them of the stamp duty on the white money. Perhaps they should employ more english people in these decision making posts. Most english people (and maybe some of the brighter welsh ,scottish and irish readers also) dont dislose thir criminal activities in writing on a public site either. regards douglas |
Re: GOA - Buyer Beware!
:thumbsup: Nice one Douglas. Stiff upper lip, never let the ...... get you down. It's almost tropical here in the UK, who needs Goa, time for a BBQ with a nice cup of rosy!
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Re: GOA - Buyer Beware!
Originally Posted by Douglas M
(Post 6332460)
Hi rws,
Most english people (and maybe some of the brighter welsh ,scottish and irish readers also) dont dislose thir criminal activities in writing on a public site either. As long as I don't post in my name and don't indulge in such deals myself, it hardly matters what I post here. I am a fan of Warren Buffett and see Goa real estate as a value investors opportunity right now. That is the main reason I am here. :D |
Re: GOA - Buyer Beware!
Originally Posted by riws
(Post 6332560)
As long as I don't post in my name and don't indulge in such deals myself, it hardly matters what I post here. I am a fan of Warren Buffett and see Goa real estate as a value investors opportunity right now. That is the main reason I am here. :D
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Re: GOA - Buyer Beware!
Originally Posted by riws
(Post 6331332)
It think it is builders / developers who are responsible for the current predicament. They flouted many rules in setting up their projects and the local anger was projected on the FN's.
I have heard in many cases that Non Goan Indian builders don't sell apartments or villas to Goans or NRI Goans and prefer FN's and Non Goans. Best option would be to work out some compromise - FN's and Non Goans should not be allowed to buy land or Old Portuguese villas (even in patnership.) and can own individual newly built villas or apartments which comply with all environmental rules. People who have purchased land should be allowed to sell at their quoted price. We thought an Advocate (like in the Uk) would have told us not to purchase, we are not all Mensa people like Andy/Douglas, neither are we stupid. (:curse: we must have been to believed the Goan Advocate) |
Re: GOA - Buyer Beware!
Not really, I am planning to invest only in off plan property investments - later the better. Looking at the way property prices have saturated in main metro cities in India (Bombay,Delhi etc.) Goa is certainly a good bet few years down the line and should offer good appreciation. I am certainly not going to be a shark benefitting from other people's problems.
Most developers I spoke to in last two weeks don't seem to be having any buyers but were not willing to reduce their prices. By not allowing FN's to buy and local village bodies not allowing housing projects to go through, Goans are artificially creating a housing shortage, which unfortunately will lead to real estate prices spiralling upwards in coming years. |
Re: GOA - Buyer Beware!
i put a note on another thread, a british couple yesterday got stopped at the airport with 9000pds on them, they have been refused exit and now awaiting a court hearing will be fined X amount and of course the police mant to know where the money came from etc etc alledgally a brother sold his property here and thats part of the proceeds. Of course now they are in the doo.doo .. as they will be investigated in depth, and the police want the brother over here to answer questions be warned!!!:eek:
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Re: GOA - Buyer Beware!
Originally Posted by poppetjay
(Post 6332942)
i put a note on another thread, a british couple yesterday got stopped at the airport with 9000pds on them, they have been refused exit and now awaiting a court hearing will be fined X amount and of course the police mant to know where the money came from etc etc alledgally a brother sold his property here and thats part of the proceeds. Of course now they are in the doo.doo .. as they will be investigated in depth, and the police want the brother over here to answer questions be warned!!!:eek:
Two Norwegians detained for carrying excess currency NT NETWORK VASCO The air intelligence unit (AIU) of Customs at Dabolim airport detained two foreigners for allegedly carrying excess foreign currency here this morning. According to the sources, two detained persons are learnt to be Norwegians and had boarded the Srilankan Airlines flight at Colombo. When they landed at Dabolim airport this morning at around 8.10 am, the AIU of Customs detained them on suspicion while their routine check-up. It was learnt that the foreigners had concealed the excess currency (British pound sterling) equivalent to Rs 12 lakh in a suitcase, disclosed the source. The detained foreigners were being interrogated by the Customs till late in the evening. ‘The Navhind Times’ when contacted the airport officials at Dabolim, they confirmed to have detained two foreign nationals by the Customs. Regards Hemingway. |
Re: GOA - Buyer Beware!
Originally Posted by riws
(Post 6332560)
As long as I don't post in my name and don't indulge in such deals myself, it hardly matters what I post here. I am a fan of Warren Buffett and see Goa real estate as a value investors opportunity right now. That is the main reason I am here. :D
May I suggest you get on your bike, confine your views to indiamike ? PS Thats where you will find your like minded bhenchod ghatis !:curse: |
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