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

Hi Santan,

Lucky escape me thinks.

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.

Hi Save your breath,

I agree in most with your post.
Personally i would never purchase any property in India off plan.......i think its way to risky. Alot of things can happen in the two-three years that it takes a developer to complete his project, for instance what happens if his business goes belly up or if the land he is building on is'nt legal building land and or he has'nt aquired the right permits and documentation. This is all happening in Goa at this moment in time.

Ref repatriation.....i think as long as the money is credited through proper banking channels you should be able to repatriate the original purchase price of the property back to the UK.......having said that things never seem to run smooth in Goa.

Purchasing on a 5 year lease and paying freehold prices for the same IMHO is completely crazy. There are simply way too many unscrupulous builders, developers, agents etc in India (not them all) but one too many for my liking who could take advantage of this situation. I would advise any would be FN purchasers to hold fast to their money and by all means rent property but don't buy......its a mine field out there and not just in India.

Regards,
Remy

Well done santan. How ever did you get your developer to give you + 5% as well? Did you approach him or did he come to you?
We are new to all this and after reading some of the posts over the last few weeks my partner and I are worried sick about loosing our money. Any advice most welcome.
Daff

laughing all the way to the bank.
Good on you.

Hi Santan,

We've just done exactly the same. However, we think we have a case against the company in UK, and I think we may well have bought via the same lot of cowboys as you. Be very interested to share info, if you want to private mail me.

Cheers,

Jimbo.

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

The only people we have heard of that have had their money return was those FN who bought from Regal Builders in Candolim. Now the builders will only sell to Indians.