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Buying Property

Warrington, United...
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11 posts
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Buying Property

Hi all,

I am new to this forum, and would like a little information from anyone who has had experience in buying property in Goa.

I have been visiting Goa for some years now, and I am looking to buy a place of my own, I'm not sure of any pitfalls, if there are any, or if I was to sell the property in a few years time if I could get my money back to th UK.

If anyone has had experience of buying, I would appreciate any advice.

Thanks

Leigh-on Sea...
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1. Re: Buying Property

My understanding is that as long as you or your partner with whom you are buying, are of Indian origin then no problem.It is therfore not permissible for any foreigner of India to purchase unless you buy a timeshare or a lease for an agreed amount of years. Several people have fallen foul of the law and often unknowingly walked into a minefield needing to jump through many hoops such as needing to register a business to keep the property. I twice "bought" a property but pulled out both times as it really is a legal minefield. People will tell you otherwise especially if going to sell you a property. Furthermore you would need to take thousands of pounds over to Goa in cash and if you sell at a later date, smuggle the money out. Be very careful if you do have Indian origins is my advice.

Edited: 25 January 2014, 18:46
Goa, India
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1,793 posts
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2. Re: Buying Property

Don't do it,you will in all likelyhood lose your money,it's illegal to buy property on a tourist visa.

John

Manchester, UK
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3,646 posts
6 reviews
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3. Re: Buying Property

In order to legally buy property in India you need to comply with the Foreign Exchange Management Act (FEMA). It is very difficult for foreigners, even those who have bought legally, to get their property deeds registered. If you have Indian ancestry or are the spouse of somebody who is, then you should find it easier.

UK
Destination Expert
for Varkala
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9,156 posts
112 reviews
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4. Re: Buying Property

Just do not do it. Those that have bought will convince themselves that all is ligit. Wait till the day comes when they want to sell. Go on holiday and enjoy but do not part with your hard earned cash on a purchase.

Wales
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378 posts
41 reviews
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5. Re: Buying Property

DON'T DO IT ! take it from someone who knows. Bought 12 years ago, have property registered in own names, |(cannot get your properties registered now). The Indian Government did retrospective purchasing on us and we are all in a mess. You cannot get the money out of the country if you sell either.

Please read britishexpats.com/forum/showthread.php… it will take you a month, but don't purchase unless you are married to an Indian or of Indian decent.

Fylde Coast...
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303 posts
13 reviews
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6. Re: Buying Property

DO NOT DO IT - simple as, end of. Unless you are NRI, PIO etc etc.

A.

Leigh-on Sea...
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1,233 posts
182 reviews
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7. Re: Buying Property

Very sad reading Paula. Such a very costly, time consuming and frustrating roller coaster to be on. Do hope things improve for you and all the other innocent, genuine and hard working souls who have been caught up in this nightmare.

Vagator, India
Destination Expert
for Goa
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4,522 posts
7 reviews
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8. Re: Buying Property

DON'T DO IT..... you will never get your money back legally

Somerset England
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398 posts
5 reviews
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9. Re: Buying Property

Why bother when you can rent room for £5 a night

Buying will be your worst nightmare

Warrington, United...
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11 posts
4 reviews
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10. Re: Buying Property

Thanks for all your advice, it's a Deffo no go.

Such a pity, would have been a great place to spend my retirement .

Hope it all works out for the people who have been caught up in this nightmare

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