photo credit: flickrohit
Organised “Land rackets” may be the cause of a recent warning from the Indian government over the illegal purchasing of real estate by foreign investors.
Officials said local authorities in the country should remain vigilant after reports were received of unsanctioned deals for property, particularly in the tourism hot spot of Goa.
Reuters reports officials as saying visitors have been purchasing property from “organised land rackets” in an effort to secure a future profit.
Foreign buyers are entitled to buy immovable land in India but must live in a property for a set period in the first year, and must also meet tax requirements.
A government statement read:
“It has come to the notice of the central government that foreign nationals are buying immovable property illegally in some parts of the country, particularly in Goa, which has raised concerns.”
Goa attracts tourists from a host of Western European nations thanks to its warm climate and picturesque beaches.
Some visitors are apparently inclined to stay, and end up buying land and homes from illegal dealers.
Quoted by the Times of India, Anupam Kishore, a Reserve bank of India officer, said 380 cases of illegal property deals had been referred on for further investigation.
According to the paper, sources say officials are looking into the possibility of the Russian Mafia being involved in the deals.
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