Originally Posted by Santan (Post 6006031)

Hi all,

We have just arrived back from Goa with what we feel is our "get out of Jail" card ! So I have decided to start a "good news" thread.
Our developer has agreed to "buy back" our apartment at original cost + 5%(even though they are now DOUBLE the price!)
I feel I cannot stomach the stress of trying to"buy" over there and have like many, had enough!
From shack owners to the Laminis there is an air of despondancy of what is going to happen to Goa in the future when the tourist/buyer stops going to Goa so hence our chance to "jump ship" was something we couldn't refuse !
IF we go decide to go back to Goa it will only be as a tourist from now on.

If anyone out there has some GOOD NEWS about registrations,reliable advocates,or any help that may benefit the EXPATS I suggest it to be posted here.

See you all next year....MAYBE..

SANTAN

Originally Posted by Saveyourbreath (Post 6006629)

Well done Santan.
The hard bit could be actually getting your money out of India. Have you made plans for this?

All readers on this Goa forum who may doubt the complex issues to trying to buy in India, must note that the developers cannot loose.Under most contracts of purchase if you are unable to go to the notary then you are in breach of your contract, therefore liable to loose ALL monies paid over to the developer. It is not their fault you do/did not comply with the rules/criteria in India. Therefore you have either funded their development at a low interest rate without them having to offer any security (which the bank would have required). Or worse still you would have given them the funding to build, make profit and claim default of contract. So if the build cost is 15lakhs and sell cost to you is 25 lakhs. He would already have profit of 10 lakhs. By the time it is ready, say 2 years he is then able to resell at todays market price of as you say double. Wow 35 lakhs profit on a single unit. All funded by Brits/Europeans....why would they need a bank!!!
This scenario also applies to anyone on a 5 year lease. What guarantee do you have they will renew. IF the law changed in years to come, would the developer allow you to go to the notary with freehold title? If you were able to sell on the lease (doubtful anyone would buy a 5 year lease from you) who would keep the capital growth aspect of the unit. There are huge tax implications which would be very complex.

One last note :
NEVER make any payments from the UK direct to the developer. To have a cat in hells chance of fetching you money back, all money going into India must be routed through the RBI with all the relevant documentation filed, otherwise you will be unable to repatriate in the future. Why do you think that most of the agents in the UK take a fee in the UK, because they cannot claim their commission out of India.

Good luck. Most of us are of the same opinion that we wish we had visited Goa as a tourist only.

Originally Posted by Santan (Post 6006031)

Hi all,

We have just arrived back from Goa with what we feel is our "get out of Jail" card ! So I have decided to start a "good news" thread.
Our developer has agreed to "buy back" our apartment at original cost + 5%(even though they are now DOUBLE the price!)
I feel I cannot stomach the stress of trying to"buy" over there and have like many, had enough!
From shack owners to the Laminis there is an air of despondancy of what is going to happen to Goa in the future when the tourist/buyer stops going to Goa so hence our chance to "jump ship" was something we couldn't refuse !
IF we go decide to go back to Goa it will only be as a tourist from now on.

If anyone out there has some GOOD NEWS about registrations,reliable advocates,or any help that may benefit the EXPATS I suggest it to be posted here.

See you all next year....MAYBE..

SANTAN

Originally Posted by Santan (Post 6006031)

Hi all,

We have just arrived back from Goa with what we feel is our "get out of Jail" card ! So I have decided to start a "good news" thread.
Our developer has agreed to "buy back" our apartment at original cost + 5%(even though they are now DOUBLE the price!)
I feel I cannot stomach the stress of trying to"buy" over there and have like many, had enough!
From shack owners to the Laminis there is an air of despondancy of what is going to happen to Goa in the future when the tourist/buyer stops going to Goa so hence our chance to "jump ship" was something we couldn't refuse !
IF we go decide to go back to Goa it will only be as a tourist from now on.

If anyone out there has some GOOD NEWS about registrations,reliable advocates,or any help that may benefit the EXPATS I suggest it to be posted here.

See you all next year....MAYBE..

SANTAN

Originally Posted by Santan (Post 6006031)

Hi all,

We have just arrived back from Goa with what we feel is our "get out of Jail" card ! So I have decided to start a "good news" thread.
Our developer has agreed to "buy back" our apartment at original cost + 5%(even though they are now DOUBLE the price!)
I feel I cannot stomach the stress of trying to"buy" over there and have like many, had enough!
From shack owners to the Laminis there is an air of despondancy of what is going to happen to Goa in the future when the tourist/buyer stops going to Goa so hence our chance to "jump ship" was something we couldn't refuse !
IF we go decide to go back to Goa it will only be as a tourist from now on.

If anyone out there has some GOOD NEWS about registrations,reliable advocates,or any help that may benefit the EXPATS I suggest it to be posted here.

See you all next year....MAYBE..

SANTAN

Originally Posted by jani (Post 6772212)

You are one of the lucky ones which is very good news indeed, but I would not count the chickens before they are hatched. Promises by developers in India are only real; when you actually get your money in your hands.

Wish you all the best.

Jani :thumbsup: