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Selling property in Goa

Selling property in Goa

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Old Apr 10th 2017, 4:12 pm
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Post Selling property in Goa

Hi all,

I am looking to sell an apartment in Goa (Arpora, one of the Acron properties)

An old thread mentioned Pink Zebra, and I went into their offices a few years back, so will try speaking to them - does anyone know of any other good agents?

Other friends have suggested advertising in the UK, where I am based. I have seen a few independent adverts on Rightmove etc - if anyone has done this, and could recommend a good site or knows of agents in the UK that would be great also

I will be in Goa next week, just looking to try get in touch with agents initially before I head out

Thanks

Vishal
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Old Apr 11th 2017, 8:11 am
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Originally Posted by Vish P View Post
Hi all,

I am looking to sell an apartment in Goa (Arpora, one of the Acron properties)

An old thread mentioned Pink Zebra, and I went into their offices a few years back, so will try speaking to them - does anyone know of any other good agents?

Other friends have suggested advertising in the UK, where I am based. I have seen a few independent adverts on Rightmove etc - if anyone has done this, and could recommend a good site or knows of agents in the UK that would be great also

I will be in Goa next week, just looking to try get in touch with agents initially before I head out

Thanks

Vishal
Hi Vishal, We had an Acron apartment in Siolim which we sold two years ago through sending the details to all my friends and using Facebook. I did contact Pink Zebra and Bill was very good so I would definitely recommend them. We met several agents but Pink Zebra were the best of them all.
Try selling privately first. Advertise in papers in India and have a friend take over the viewings in your absence. While you are there you could give a local lawyer like the one next door to Pink Zebra Power of Attorney. Good luck
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Old Apr 11th 2017, 11:46 am
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Default Re: Selling property in Goa

Hi Chris,

Thanks for the quick feedback - really useful

I will try advertising and asking around to see if I can sell privately, think we may be able to get others that live in the block to show anyone around

We also used the solicitors you mentioned when buying, so will stop by there, good idea on power of attorney

Vishal
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Old Apr 14th 2017, 11:08 am
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Default Re: Selling property in Goa

Don't Acron offer re-sale facilities?

AndyD 8-)

P.S. There are new restrictions on using non-family / foreign POA's (try Google)

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Old Apr 15th 2017, 9:33 am
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Default Re: Selling property in Goa

Hi Andy,

I am not aware of any formal re-sale facilities offered by Acron, I think some of the former employees might provide help with sale (we used a contact for rental a while back)

Thanks, i'll look into restrictions on POA, I am leaving for Goa tonight, so can stop by the solicitor for a chat next week. Not a major issue if we need to travel back to sign any documents (another excuse for a holiday).

Vish
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Old Dec 7th 2017, 5:38 pm
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Default Re: Selling property in Goa

Sorry for reviving an old thread, but though people on this forum might be able to help me.

My parents recently passed away, and left us with a property in Goa. They were British nationals, and as I understand it, did not meet the FEMA requirements to own property in Goa.

While we like India, we're not the type who go back to the same place every year, and hence would like to sell the property if it all possible.

Could anyone give us some pointers to how me might sell this property, given the deeds will not have been registered?

Many thanks in anticipation.

Andy
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Old Dec 8th 2017, 9:42 am
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Default Re: Selling property in Goa

Is this Acron? - It may help if it is because they have a reputation for being helpful.
Either way, your parents should have an Agreement for Sale; if it was Acron they would also have a 'revolving' five-year lease (they may also have signed deeds but if they're not registered I don't think that helps much).
An Agreement of/for Sale can be assigned ("Deed of Assignment") to someone else for a 'consideration'; I think it can also be inherited**, and hence assigned by the legatee.
Foreign wills are a bit of a minefield in India (well, so is foreign anything!) - which suggests the other option of reverting title to the previous owner for a price.
Both methods require the agreement of the previous owner, which presumes some (possibly hefty) "consideration".

** If an AforS can be inherited, and you are or could become 'A person Resident in India' as per FEMA then it just might be possible to Register the Deeds in your name.

I'm a bit rusty on this, if you have specific questions or want more info (usual caveats - inalb etc.) then send me a PM.

AndyD 8-)
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Old Dec 11th 2017, 10:50 am
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Default Re: Selling property in Goa

Originally Posted by Vish P View Post
Hi all,

I am looking to sell an apartment in Goa (Arpora, one of the Acron properties)

An old thread mentioned Pink Zebra, and I went into their offices a few years back, so will try speaking to them - does anyone know of any other good agents?

Other friends have suggested advertising in the UK, where I am based. I have seen a few independent adverts on Rightmove etc - if anyone has done this, and could recommend a good site or knows of agents in the UK that would be great also

I will be in Goa next week, just looking to try get in touch with agents initially before I head out

Thanks

Vishal
Hi Vishal,

I gave up buying a flat in Colva a couple of years ago after wasting a lot of time and money there. I think I picked a wrong local agent and possibly also the seller who made it difficult for me.

I am still keen to buy a flat there. Would love more details on the property you are selling. I am based in UK too and a OCI holder which in theory should make buying easier, but my last experience was NOT good.

Anyways, get in touch and we can discuss this further.

Cheers

<snip>

Last edited by christmasoompa; Dec 11th 2017 at 7:07 pm.
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Old Dec 11th 2017, 7:09 pm
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Default Re: Selling property in Goa

Originally Posted by lenuk50 View Post
Hi Vishal,

I gave up buying a flat in Colva a couple of years ago after wasting a lot of time and money there. I think I picked a wrong local agent and possibly also the seller who made it difficult for me.

I am still keen to buy a flat there. Would love more details on the property you are selling. I am based in UK too and a OCI holder which in theory should make buying easier, but my last experience was NOT good.

Anyways, get in touch and we can discuss this further.

Cheers

<snip>
I've removed your email address from your post - remember that BE is a public forum, so it'll be picked up by every spambot & weirdo out there! The OP can contact you via the forum if they wish, although do note that this is a very old thread and they haven't visited the forum since 15th April, so are unlikely to see your post.

HTH.
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Old Jan 6th 2018, 12:28 pm
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Default Re: Selling property in Goa

Originally Posted by Vish P View Post
Hi Andy,

I am not aware of any formal re-sale facilities offered by Acron, I think some of the former employees might provide help with sale (we used a contact for rental a while back)

Thanks, i'll look into restrictions on POA, I am leaving for Goa tonight, so can stop by the solicitor for a chat next week. Not a major issue if we need to travel back to sign any documents (another excuse for a holiday).

Vish
Hi Visa

We own an Acron apartment and are looking at selling. We are OCI holders. Just wondered how you got on with your sale and was your experience a good one. Any recommendations would be appreciated

best regards
Anita and Andy
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Old Jan 6th 2018, 12:29 pm
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Default Re: Selling property in Goa

Originally Posted by anitaandy View Post
Hi Visa

We own an Acron apartment and are looking at selling. We are OCI holders. Just wondered how you got on with your sale and was your experience a good one. Any recommendations would be appreciated

best regards
Anita and Andy
Please forgive the typo re user name !
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Old Jan 14th 2018, 4:33 am
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Oh my God! Good luck with that! My husband is a British national, WITH a PIO Card and we have been trying to sell our property since the past TWO YEARS. They come up with some excuse or the other to circumvent the law and make allegations of FEMA irregularities even though, under the Government of India regulations, we met all requirements and should not even be in this position.

IMHO a Public Interest Litigation or Class Action suit is required to challenge the legality of what is going on in Goa. As far as I am aware FNs and PIOs/OCI in no other state have this problem. It would be interesting if a group got together to pool information and try to see a way forward.

Originally Posted by Fork_handles View Post
Sorry for reviving an old thread, but though people on this forum might be able to help me.

My parents recently passed away, and left us with a property in Goa. They were British nationals, and as I understand it, did not meet the FEMA requirements to own property in Goa.

While we like India, we're not the type who go back to the same place every year, and hence would like to sell the property if it all possible.

Could anyone give us some pointers to how me might sell this property, given the deeds will not have been registered?

Many thanks in anticipation.

Andy
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Old Jan 14th 2018, 4:42 am
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Default Re: Selling property in Goa

Originally Posted by lenuk50 View Post
Hi Vishal,

I gave up buying a flat in Colva a couple of years ago after wasting a lot of time and money there. I think I picked a wrong local agent and possibly also the seller who made it difficult for me.

I am still keen to buy a flat there. Would love more details on the property you are selling. I am based in UK too and a OCI holder which in theory should make buying easier, but my last experience was NOT good.

Anyways, get in touch and we can discuss this further.

Cheers

<snip>
Hi LenUK

Quite frankly, given our own personal experience, I would advise that you DO NOT buy in Goa. We did and now seriously regret it. There are several OCIs who have been trying to sell for over 2 years and have been refused permission! We ourselves have been trying to sell for coming up to 2 years now. We would have saved a lot of headache and heartache if we had simply put our money into Non Resident Fixed deposits. The money would have earned interest and would have been freely repatriable.

You would be better off renting an apartment on short term basis, as and when you want to visit.

Cheers
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Old Jan 14th 2018, 1:10 pm
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Default Re: Selling property in Goa

The apartment is in my wife's name, her parents were Indian Nationals and we both have PIO - now OCI status. In addition, the purchase was registered locally in Goa at the time and we were hoping that this would make a difference. We had heard that the unregistered properties were the ones that couldnt be sold. There has got to be a way if the property was acquired lawfully surely ? !
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Old Jan 15th 2018, 6:59 am
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Default Re: Selling property in Goa

Originally Posted by anitaandy View Post
The apartment is in my wife's name, her parents were Indian Nationals and we both have PIO - now OCI status. In addition, the purchase was registered locally in Goa at the time and we were hoping that this would make a difference. We had heard that the unregistered properties were the ones that couldnt be sold. There has got to be a way if the property was acquired lawfully surely ? !
If your wife's parents were Indian nationals and it is solely in her name then you probably do not have a problem. If it were in both your names, regardless of OCI status, even though you actually are legally entitled to buy and sell non-agricultural property it has been my personal experience that they still make allegations to the contrary so as to disregard the OCI card and its benefits! The sneaky and dishonest will always find some way to pervert the truth to their own benefit.

I personally know of at least 4 other PIO/OCIs who are currently being prevented from selling. So, you are lucky it is only in your wife's name. That being said, your wife will still need "Permission to Sell" her own property and getting that "Permission" may well take some time.
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