Have property prices for apartments in North Goa come down over the last few months? If so by around how much? Thank you for your replies in advance.

We don't know how much they are because we are not allowed to sell ours so it is hardly worth looking. Sorry.

Unfortunately the only ones who can sell are those on a Sale Agreement and they have to pay the builder betweent 2 lac and 15 lac to have their names taken off the sale agreement and reverted to the builders name. So there goes your profit. If you have a Registered Deed, forget it, if you are a FN and looking for a bargain DON'T PURCHASE OR YOU WILL LOOSE YOUR MONEY. Please read Buyer Beware.

Sorry to have to welcome you to the site on such a negative note

Thanks for your replies guys. I am technically a PIO so I think I can buy non agri land 'safely'. If anyone has any ideas on the current situation with the prices please do share

Hi!
I know you will not believe your ears but its a fact ... one of the developer in North Goa has offered a 37% reduction than last years quoted price for a 3 BHK villa. This is thru a most reliable source who is currently hunting properties in Goa but looking at the change in sceanario has put off purchase by another 6-8 months.

Prices have fallen by 15-20% and I trust the prices will crash further by another 10%-15% over a couple of months. Please DO NOT go as per the quoted prices on the several R/E agents websites ... Builders are more than willing to negotiate if you have hard cash.

I would advice, you hold on for another 6+ months and see the bubble burst ... the prices although have remained stable (i would say rather quoted at the market rates) over the last 1 yr. but some of the builders are getting deseparate to liquidate their inventory and some are finding it extremely difficult to find new purchasers given the fact that most of the north indians / non-goans have pulled out due to crash in stock market and the current economic slow down.

Please consider the following factors which will / might affect the property prices in Goa in the immediate & near future:
1. FN's seem to have stopped buying given the ongoing cases by ED against some of the FN's. There might still be cases wherein FN's are purchasing due to misinformation / misrepresentation of facts by certain developers / advocates.
2. An ammendment bill is introduced in the Rajya Sabha by north goa MP and also, the political parties are going to use the current unrest by the local goans to their advantage by aggresively pursuing ''special status'' to Goa or restrict sale of land / properties to Non-Goans.
3. FN's who have purchased earlier and are presently under investigations by ED will be more than willing to dispose off the property and take back their investments which they rightly deserve and this will lead to more properties being made available in the market resulting in further pressure for prices to drop and i must say it will be chaos.
4. Local Goans and NRI Goans are not at all interested in purchasing at the current prices since they have seen prices go thru the roof within a short span of time (last 3-4 years) due to non-goan builders and investors who poured in with their money and jacked up prices everywhere. They are waiting pateintly for the prices to correct. I have many Goan friends and know some NRI families too which have confirmed the same.
5. Given the current slow down and recession nobody is willing to commit or part with cash which is hitting the realty sector very badly. The non-availability of bank finance / high interest costs are also directly affecting the realty sector across india.
6. If you are planning for investment purpose, i would suggest Navi Mumbai (Palm Beach Marg area) / Nagpur (MIHAN) and if you have cash try Bangalore ... you will get the best of best deals.

In my opinion, Bangalore is a perfect example of how things will turn in Goa..Hordes of builders & developers rushed into B'lore and plenty of construction started pushing up prices to unrealistic levels. The developers took huge bank finances thinking that the properties will be sold as hot cakes, Investors rushed in thinking the properties will offer high capital appreciation or fetch good rentals from NRI's / IT professionals in US.
The developers and Investors poured in big sums of money and at the same time IT Profs & NRI's committed direct purchases which hit the investors who were thinking of selling their properties to these NRI's.

Current situation in B'lore:
1.Plenty of properties are ready for possession & many are under construction
2. Banks have stopped releasing finance to developers who have inventories / un-sold appartments etc. fearing that the developers will default on payments.
3. Most of the IT professionals & NRI's in US have lost high paying jobs and many more losing jobs every day which in turn made them pull out or stop payments towards their properties.
4. Investors are struggling to recover what ever they can and exit and many are stuck neck deep with mortgages.
5. Sales have DROPPED / STOPPED.
6. The HIGHLY INFLATED PRICES have CRASHED.

I am sure Goa will see the same thing happening and only the smart ones will
unload the current inventories at reasonable prices and exit the Goan property market before it totally collapses, others who are still living in a fool's paradise and continue thinking that some stupid people will be buying at the current prices are gonna drown with their own greediness.


If you are planning to purchase LAND and if you are of Goan origin than wait for the prices to fall since outside developer / non-goan builders are reluctant to enter the Goan market ... they have burnt their fingers pretty well and others do not want to enter into legal hassles and face opposition to their projects by the villagers after buying land at astronomical levels and getting stuck during construction.... that is the worst thing that can happen to a builder.

DO NOT BUY ... WAIT & MORE IMPORTANTLY DO YOUR RESEARCH WELL. ... Good Luck.

But having learned what I have seen on here, why would anyone want to attempt to buy in Goa anyway, when as an FN you cant actually legally own the property??

Very good post and even better advice, thank you!

But don't you just know, some British idiots who know better than anyone else will be buying property in Goa even as we read it..................

Mitzy
Sam is referring to those who can produce PIO or OCI status (as can the originator of this thread, see #4). These people can be legal citizens of any country on Earth, but their Indian ancestry gives them property buying rights...............

Regards
Johnny Five, innit?

Never a true word J5 heard of 3 british sisters who have just purchased a "holiday home" in calangute 35.000pds, paid for it in the UK and it isnt even finished. mugs spring to mind!!!!!!

Thanks for that Sam very informative - the only point I would not agree with is No. 3 . We have our deeds are have been under investigation for three years!. We have been told by an Advocate that NO FN who has registered their deeds at the moment can sell. The only ones able to sell are those who have Agreements of Sales and then the builder changes the names on the Deeds back to his charging from between 2 Lak and 15 Lak. What more can I say :curse:

Oh I understand ..... does that relate to anyone here?

Yes, apart from "ex-Milward, innit?", several of the current active members have PIO status. Pretty sure most of those with Indian names on the property buying threads would come into this category also.
Due to the way PIO (Person of Indian Origin) works, one can be white, with English names but still able to prove the necessary heritage. OCI (Overseas Citizen of India) is similar, but for life. PIO lasts 15 years then requires renewal, but covers your spouse, OCI does not.
Apologies to our PIO/OCI members for the gross oversimplification for the benefit of our esteemed Super Moderator, innit?

Somebody has been reading Sam K's posting:-

http://www1.timesofindia.indiatimes....ow/4146649.cms

Hi ,please do not even think about buying in goa---Govnt has banned it!!!
Brokers and notaries will tell u no poblem!!!u give money- you will be crying all the way to bank!
Sorry if pi sd u off ,but plse ,do not buy,read all forums,it will be made clear,
pissed off property owner

Good response! Respect.