Real estate in Goa

Discussion in 'India property' started by vincy8039, Sep 26, 2007.

  1. vincy8039

    vincy8039 New Member

    Indian real estate is highly unregulated, unorganised market with huge potential. The information flow is concentrated to brokers and agents which acts as their only tool to extract money from buyers and sellers.

    The most important factor as we all know in real estate is Location, Imagine what happens if the location information is made freely available to public. Its happening in other parts of the world and india will not be untouched. Mapofi- Property in India, Property In Dubai, Homes For Sale, Real Estate Maps & Local Information is one such initiative which is breaking ground and actually have taken steps to provide a way to where the future lies. Its interesting to know that Buyers and sellers save 50% on their commission when they transact through Mapofi. Without compromising Real Estate Agents share.

    Indian real estate market has one of the lowest rate of commission structure (2%) as compared to its european and American counterparts. Still the lack of regulation makes it a bitter experience for the sellers and buyers with increasing number of insecure real estate brokers. There is an urgent need to make this market more regulated and rules drawn clearly and transparently. A combined intiative from Govt. and real Estate community is required.

    Its Time for an inevitable change to make property transaction a Delightful Experience for everyone.
     
  2. cariad7

    cariad7 New Member

    As much as people want to invest in Goa at the moment you cannot get the visa's to do the number of days required. The Registra is closed, and then the Reserve Bank of India have given out
    A foreign national of non-indian origin, resident outside India cannot purchase any immovable property in India. But they may take residential accommodation on lease provided the period does not exceed five years.

    The Company route is a no no.

    People who have registered their deeds are now being investigated by the
    Directorate of Enforcement.

    So I don't think it would be a delightful experience for anyone.
     
  3. JMBroad

    JMBroad New Member

    I doubt he'll reply Cariad hehe that's the guy who I was talking to asking if he had even read the post which we were discussing. If you check, it's the exact same post that I called him on, which he then posted in three different threads.

    I'm assuming it's just an attempt to get business, probably from an automated bot which does a random search for property forums then spams the same message hoping to get business.
     
  4. vincy8039

    vincy8039 New Member

    How NRIs, PIO can buy land in India

    The law has come a long way since the days of the Fera (Foreign Exchange Regulation Act) regime, when buying or selling of immovable property was governed by the citizenship of a person.

    Under Fema (Foreign Exchange Management Act), the thrust is on residential status. But before we go into the details of the law, let's get the definitions straight. An NRI is an Indian citizen residing outside India. A citizen of another country is a PIO (person of Indian origin) if he has held an Indian passport at any time or if he, his father or his grandfather has been a citizen of India. A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan is not regarded as a PIO.

    With the emphasis on residential status, a foreign citizen who is a resident of India can buy and sell properties without prior approval from the Reserve Bank of India, subject to a general ban on citizens of the eight countries mentioned above and restrictions on buying certain properties.

    A foreign citizen of non-Indian origin cannot acquire agriculture land/farm house/plantation property in India without the prior approval of the RBI, whereas a foreign citizen of Indian origin can acquire such properties without the prior approval of the RBI but only by way of inheritance. Leasing of immovable property for a period of five years or less is freely permitted.

    The RBI does not determine the residential status of a person for the purpose of acquisition of immovable property in India. Under Fema regulations, residential status is determined by operation of law. The onus is on the individual to prove his residential status, if questioned by any other authority.

    Acquisition by way of purchase

    A general permission is available to NRIs or PIO to purchase only residential/ commercial property in India. There is no restriction on the number of residential/commercial properties that an NRI or a PIO can buy. The name of a foreign national of non-Indian origin cannot be added as a second holder of a residential/commercial property purchased by an NRI or a PIO.

    A foreign national of non-Indian origin, resident outside India, cannot acquire any immovable property in India by way of purchase without the RBI's nod. However, a foreign national of non-Indian origin, including a citizen of the eight countries mentioned above, may acquire only residential accommodation on lease, for not more than five years.

    He does not require the RBI's permission for this. A person resident outside India (that is, an NRI, a PIO or a foreign national of non-Indian origin) cannot acquire agricultural land/plantation/farm house in India by way of purchase.

    Acquisition by way of gift

    An NRI or a PIO may acquire residential/commercial property by way of gift from a resident of India, an NRI or a PIO. However, a foreign national of non-Indian origin resident outside India cannot acquire residential/commercial property in India by way of gift. A person resident outside India cannot acquire agricultural land/plantation/farm house in India by way of gift.

    Acquisition by way of inheritance. A person resident outside India can hold immovable property in India acquired by way of inheritance from a person resident in India. Further, with the approval of the RBI, he may hold immovable property in India acquired through inheritance from a person resident outside India, provided the bequeathor had acquired the property in accordance with Fema or the foreign exchange law in force at the time of acquisition.

    Sale of immovable property

    An NRI can sell residential/commercial property in India to a person resident in India, an NRI or a PIO. However, a PIO can sell residential/commercial property in India only to a resident of India. He would need prior approval of the RBI for sale of residential/commercial property in India to an NRI or a PIO.

    A foreign national of non-Indian origin whether resident in India or outside India would require prior approval of the RBI for sale of residential property in India acquired with the specific permission of the RBI to a person resident in India or outside India.

    An NRI or a PIO may sell his agricultural land/plantation/ farm house in India to an Indian citizen resident in India. However, a foreign national of non-Indian origin, resident outside India, would require prior approval of the RBI to sell agricultural land/plantation/farm house acquired in India.

    Gift of immovable property in India. An NRI or a PIO may gift residential/commercial property in India to a person resident in India, an NRI or a PIO. Further, an NRI or a PIO may gift agricultural land/plantation/farm house in India to an Indian citizen resident in India.

    However, a foreign national of non-Indian origin resident outside India would need prior approval of the RBI to gift agricultural land/plantation/ farm house acquired by him in India.

    Acquisition of immovable property for carrying on a permitted activity in India

    A person resident outside India who has established a liaison office in India in accordance with Fera/Fema regulations cannot purchase immovable property in India. Practically, all liaison offices in India acquire premises on lease for not more than five years for which no permission is required from the RBI.

    However, a person resident outside India who has established a branch office or other place of business in India in accordance with Fera/Fema regulations can purchase immovable property in India provided it is necessary for, or incidental to, carrying on the activity he is engaged in and all applicable laws have been complied with.

    For details on other related issues, you may approach the chief general manager, RBI, Foreign Investment Division, Central Office, Mumbai.
     
  5. JMBroad

    JMBroad New Member

    Basic summary seeing as I don't think "vincy8039" a) speaks english and b) loves to copy paste while ignoring questions.

    NRI and PIO's can buy property in India. Everyone else can't.
     
  6. nancyarora2020

    nancyarora2020 New Member

    How about investing in Goa property?

    There are lots of option. You can buy plot, flat, villa. If we buy a 2 BHK flat in panaji it will cost you 10 lacs. If you opt for a beach side flat then the SFT price increases to Rs2500/- to 3000/- per SFT because of tourist. Most of the appt, villas are given for rent when they are near to beaches. Not all the beaches are famous. We found Baga and calagute beaches are the most famouse among all other beaches.Calangute comes under gram panchyat and the roads are very narrow. In the evening you can experience the traffic jam.
    2 years back prices were less but it's totally different now. When you buy a appt / villa near beach there would be huge maintenance cost due to humid weather.At this moment we are really confused whether we should invest in Goa or not?One taxi driver was telling recently Govt has decided that people only from Goa can buy land in Goa. In that we can't buy land in Goa. The same is in Himachal Pradesh. This is really stupid. When we pay tax, some part of it goes to these state also. Then as an India we should be able to buy land in all the places in India.What do you think? please share your though with us.
     
  7. sha-sl

    sha-sl New Member

    Goa is an part of INIDIA. The only state which has lot's of beaches , most of the foregin tourists will be visiting this place as an holiday. This place has got rich portugese touch with architecture. This area property market is not much as onc ecan expect due to that most of the forerginers buy property over here with cheap of cost.
     
  8. Ricardo123

    Ricardo123 New Member

    Foreigners are forming a company with locals or NRI's or PIO's. With this company they can buy and even can get a permanant stay permission.

    good luck
     
  9. khan12

    khan12 New Member

    May be, i am not sure
     
  10. highrise

    highrise New Member

    property prices in goa doesnt really move up very fast.
     
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