photo credit: The Wandering Angel
Indian real estate market associations are ramping up pressure on the government to produce a “stimulus package” to help the sector.
Groups like the National Real Estate Development Council (Naredco) are petitioning for new measures to make it easier for foreign property investment firms to buy in India.
Hindu Business Line also reports politicians are being asked to intervene to ease a shortage of credit for developers looking to complete building projects.
Attention has swung to the Indian government after China announced a $586 billion package for infrastructure and other domestic projects in a bid to help its own economy.
Quoted by Hindu Business Line, Nardeco director general R.R. Singh said:
“The monetary policies of the Reserve Bank of India for real estate projects and home loans by Indian banks, closure of ECBs and rises in interest rates together with the stock market crash have lead to a situation where credit has dried up and buyers are hesitant to invest despite a strong demand.”
Last month the Reserve Bank of India (RBI) cut rates by 100 basis points to eight per cent following a meltdown in financial markets.
RBI said it would continue to monitor the situation and would take more action “as appropriate”.
Foreign investment in Indian property remains a contentious issue in some areas, with the government recently warning against illegal sales to outside buyers, particularly in the Goa region.
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Anyone that buys proerty in India must be crazy.We have friends who bought in Goa and have lost all their savings and pension fund.It’s fraud what has happened they paid for freehold and have ended up on a 5 year lease and have been told by the builder that when the 5 years are up that’s it.It is criminal and if you read British Expats there are 100s in the same position.
Yes it is indeed scandlous what is happening in Goa to the people who have invested in good faith
Disgusting the way we have been treated, even after having our apartment registered,now under investigation after doing everything through an Advocate. Please read http://www.britishexpats.com
Buyer Beware thread.
Goa is doomed ! Tourist numbers DOWN dramatically, Rape,murder, muggings and drug crime UP, WORLD WIDE press coverage on Goa and the government threat of confiscations of up to 1000 British properties ! Yes Goa is doomed
Don’t think Goa will be affected at all. I for one am proud the the Indian Government is stepping in to protect its citizens, especially in Goa, who are being priced out of the market by people who just want to turn up for the holiday season, take what they want for themselves and then leave. We do not need a community of insular transients, no matter how much money they have.
I agree with Dipsy. british people who bought in goa must be naive or stupid to first think they can circumvent laws that prohibit them from buying property in India and then to suggest that because of this goa is doomed ! not being happy in their own little island, brits have a constant urge to sneak into other countries – historically in the guise of trading, gradually manipulating their way into colonizing and stealing the resources of that country. if they think that 60 years since India became independent will change how people (really) feel about them – they are mistaken. The message is on the wall ‘ Brits are not welcome in India !’
Goamad – you are wrong. With the drop in property prices for people who want to invest this is the best time to buy in India.
Your comment should be ‘any foreigner that buys proerty in India must be crazy. ‘
your friends who bought in india must be foreigners (spelt non-indian or not being of indian origin). this article is not about the plight of a handful of foreigners who were gullible enough to buy because their advocates told them to buy (what happened to common sense when they were parting with their savings and pension fund ?)
Did they not read that their agreement was for leasehold and not freehold before they paid ?
Don’t think Goa will be affected at all: dream on!, tourism is Goa’s only viable mainstay, bite the hand that feeds you and see what happens. I would like to see the British government do the same to Goans who have purchased property in Britain, especially the ones who came in the back door via Portugal. Goa’s a nice place, but lets face it it’s not that nice, there are far better places in this world to invest ones money.
“british people who bought in goa must be naive or stupid to first think they can circumvent laws that prohibit them from buying property in India and then to suggest that because of this goa is doomed ! not being happy in their own little island, brits have a constant urge to sneak into other countries – historically in the guise of trading, gradually manipulating their way into colonizing and stealing the resources of that country.” er… sorry, Goa was a Portuguese colony and besides didn’t India invade Goa?!!!!.
As for Britain, well’ why are there so many Indians living there if they feel so bad about the it’s people?, me thinks baraka is harbouring a chip on the shoulder about his/her own short cummings.
perry, get off your high horse – you are typical of the smug POMpous brit that people despise. goans who have chosen to live and work in britain , us canada, australia are there because they have educational credentials and skills most of you losers lack. try seeing if you qualify to live and work in any of these countries and you will know what im talking about. It is because of this reason that goans and other indians live and own homes in britain and the other countries mentioned here. India has its own rules for property ownership based on what the situation and needs are in india and expecting them to reciprocate what other countries have done just shows your lack of intelligence.
if you think that the British government will do the same to Goans who have purchased property in Britain’ – you are mistaken – keep wishing.
All I can say that now that Brits are being turned away, Goa is suddenly destination non gratis.
Compare that to when they thought they could buy and all you got was preening and smugness about their little haven in paradise. Read the expats site if you want a real taste of their bile.
Oh and by the way- Indians were only allowed into the UK when their labour was required. As soon as it is not – as has been demonstrated recently – they are not.
Do you all think a 1000 different foreigners all with different advocates really got it wrong? as well as the builders and reputable estate agents. Also most did their research and have all the correct paperwork and permissions ect., also have not been spared as the Goa Government plays dirty and bans them from re-entering India. Why did they accept their taxes, give them long term visa’s and allow them to registrate, and no questions asked until 2006. Lets see what stories come out about Goa when if they do confiscate properties because it will become apparant which officals took money from foreigners over the past few years and more dirty stories to tarnish the Goa image.
Do you really think 1000 foreigners with differant advocates really got it wrong, as well as builders and some reputable Estate Agents including the longest running one in Goa?
The truth is even those who did their own research and consulted big legal firms and completed their sales, paid the taxes and registrated their properties find when they return to Goa with a valid visa find themselves denied entry into India, the Goan Government plays dirty and will tell the ministry lies to keep you out!
However when they do if they do confiscate properties, the real news about corrupt officials in goa will come out as everyone has a story to tell and many have taped conversations and have proofs of much corruption the stories will only get worse. Dev Borum Korum
Since you mentioned the british expats site, I have to say it has become
really pathetic there and the ‘bile’ one reads there is perpetuated by a bunch
of senile dead-beats (some of them grand mothers!) who are in denial and go by names such as oldman, johny5, noni, poppetjay, 1s.cowell – they sound like a family of inbreds – and their moderator mitzyboy being (from the same group of inbreds) encourages these morons to rant on the condition they brown nose him!
the moment someone with a different opinion comes along, this lot feels threatened and they gang up against the unwelcome new person like a bunch of dogs until the new person leaves in disgust or mitzyboy bans him/her from the site – defeating the whole purpose of a forum where diversity of opinion actually enriches discussions in most other sites.
this happened again today to a new member called karloss who put mitzyboy
in his place – and was promptly banned by him ! i suppose this the gene pool of inbreds being so limited they have a very small IQ and are therefore unable to grasp intelligent conversation and debate – please know that not all british people are like this.
add enfield951 to that list
Mrs D.D’Souza and the rest of her camp. The law has always been clear on the matter. Because 1000 FN’s decided to ignore it and listened to what they wanted to hear is not really our problem.
Or Perhaps, because it was India, they thought the Law didn’t really matter.
And before you plead ignorance, as seems to be a favourite brit tactic, Your own consulate is quoted as saying ‘In India as in the UK, ignorance of the law is not a defence.’
Educational credentials eh? what are you twittering on about bhardwaj, have you not been reading the online press recently, an article in the Goanvoice uk about Goan disphora mentioned Swindon and the Goans who worked in the chicken factories. it also mentioned that they came to Britain via Portugal mainly to educate their children (or words to that effect).
Most Indians (and Goans) who have chosen to live and work in Britain do so because in Britain we have equal opportunities, equality laws, race relations etc., that means everyone is equal. Now take India with it’s 5,000 year civilisation and ask yourself why in all these thousands of years it hasn’t managed to accept many of it’s own people (the darker skinned crowd) , you should be careful with the term ‘pompous’ for people in glass houses shouldn’t throw stones.
The only reason Goans and Indians don’t want foreign owned property is because of xenophobia, even if everyone was above board, all present and correct, it wouldn’t matter in the least, India and it’s people simply cannot cope with foreigners of any other nationality period!
Very unpleasant Douglas M. having read your comments of the BE site if you are the Douglas M late of expats I wonder why you have the nerve to attack others. Or perhaps it is one of those arrogant people like Milward, Karloss etc. who are possibly Trolls taking your name in vein. If so apologies.
Goa, you say can does not depend on tourists, then why are all the local goans in a tizzy at the moment as Brits are not arriving like other years to spend money in the locality.
Anyway this is off topic and typical of the trolls on the britishexpat site
Mrs. D’Souza I agree with you. Thank you.
As for the rest of us being senile dead beats that is your opinion, I won’t lower the Forum to comment on your racist comments.
Strange Douglas M that so many people find the BE site such a great source of help and information, and that you though feel the only way forward is bile and abuse. Incidentally thats the only reason people get banned from BE in Goa. Trolling & abuse as thats the only way these low life can argue a point!
equal opportunities, equality laws, race relations etc., that means everyone is equal ?? england is civilised and sympathetic ??
ask anyone including the french, spanish, turkish, greeks even scots and irish and they would disagree – they have a history of manipulating their way into other peoples countries and plundering every possible resource including humans and the environment – their queen still wears jewels stolen from india on her crown !! the fact that the were kicked out 6 decades ago from most parts was because ultimately people saw your true colors – it is very doubtful that they evolved to a civilized state in little more than half a century.
No other nation manages to spoil other people’s holidays so thoroughly as the english. they do that all through the summer everywhere the sun shines with a unique mixture of wantonness and arrogance, pathetic addiction to drink, bad taste, and actually just their ugliness and thickheaded presence.
luckily it is easy to recognize english people on holiday. a clean shaven head with a much too big and cheap pair of sunglasses; a sun burnt bull’s neck; a set of disgusting tattoos across his torso if it is not covered with a football shirt of Manchester United; a half liter of beer always on hand. The lady in the company divides her attention between the whining children and the curtain that she got mixed up with the tops in her wardrobe while packing. Anyone who has seen an english couple on holiday understands why the english papers are filled with dramatic stories about binge drinking, obesity and teen-age pregnancies.
“The trend of hooligan tourism is not new. The english have single handedly ruined the Spanish island Ibiza, in Greece they wrecked Faliraki and with all the drinking and fighting Corfu is well on its way to disappearing into the sea like the mythical city of Atlantis. What is new is that the english who stay behind in and around London seem to be aware that something is wrong. The papers run almost weekly stories on how their countrymen carry on in southern Europe. An Ibiza club owner is allowed to relate how the english destroyed the tourist industry with their drink and drugs abuse. There are reprints of front pages from Greek newspapers that show Brits licking whipped cream of the bosoms of their summer girlfriends on the beach.
“We need a solution. How about that the British tell the rest of the world which beach or island they intend to wreck this year so that we know where to keep away from? Are the Brits going to Majorca or Crete this year? Then we are off to Goa or Kerala. Then everybody will be happy.”
civilized ? i dont think so !
Dipsy said: “The law has always been clear on the matter.”
OK Dipsy, I think I know FEMA in some detail – please give us *your* explanation of this ‘clear law’.
Thank you all for your comments. I would now like to close this news item and request that no further comments are made unless they relate to property, property investment or some related service.
Why a contentious issue in some parts of india, isn’t the law the same throughout India incuding Goa?
OPPE News
I agree but how can you possibly petitioning for new measures to make it easier for foreign property investment firms to buy in India when the Indian Government openly flouted the FEMA law in which they have written.Our intention was to also buy two apartments in Goa as well as the villa we have already purchased until the Goan Government decided to interpret the FEMA law to suit themselves and stopped the registration of our villa.Be assured the FEMA law has been flouted as anyone caught up in this mess knows the FEMA act inside out and back to front.Do something to sort the mess out and you might just get some interest back in property investment.Until this happens you don’t stand a prayer
Many FN’s are wishing to purchase property
Some to live full time and others for half the year, but until things are sorted by the Government the property market is going to slump.
What is the difference of an Indian or FN buying a property for a holiday home, the place will only be used for those specific months what ever your nationality