Terms of Service

Buyers:

• Prices, specifications and terms are subject to change at the sole discretion of the sellers.
• Prices quoted are indicative, and may not include any duties, taxes etc.
• Please ensure suitability of the property for your planned purpose from the seller
• Any prices mentioned in USD/EUR/GBP will depend on the prevailing exchange rate at the time of actual purchase.
• Buyers pay ZERO brokerage on new-built apartments and villas purchased directly from developers. Buyers pay 2% brokerage on all other deals.
• Buyers pay 2% brokerage on all land deals, all retail / commercial space / office space deals, purchase of apartments or villas on second sale, purchase of old flats or homes, etc.
• Brokerage is payable at the time of making the first payment to the seller.

Sellers:

• Please ensure that the information provided by you is accurate.
  
• Land Area / Super Built up area / built up area / carpet area should be clearly specified wherever applicable.
• Zoning of Land should be specified wherever applicable.
• Setbacks / FAR / special permissions needed etc. should be specified wherever applicable.
• If there are any known issues with the property that may affect the buyer of the property in any manner as regards use of the specified area for the discussed purpose, they should be specified. These can include government notices, loans, legal disputes, etc.
• You will be legally liable directly to the buyer in the event there is any inaccuracy in the information etc provided.
  
• 2% brokerage is payable by sellers on receipt of the first payment from the buyer.

Leasee:

• In addition to the above guidelines mentioned for the Buyer, the brokerage payable is equivalent to 2 month lease rent plus 2% of the security deposit.

Leasor:

• In addition to the above guidelines mentioned for the Seller, the brokerage payable is equivalent to 2 month lease rent plus 2% of the security deposit.

General Terms:

Brokerage is payable to Aagar Realty Private Limited by demand draft payable at Vasco da gama, Goa, India.

These particulars of any property have been prepared in good faith to give a fair overall view of the property and do not form any part of an offer or contract to the purchaser or any third party, and must not be relied upon as statements or representations of fact.

We make every effort to ensure that all the information displayed on this website and our emails / communications is accurate and complete but we do not guarantee its accuracy. We do not accept responsibility for any errors, inaccuracies, omissions or for any loss which may result directly or indirectly from reliance on the information. We reserve the right to correct or update content at any time without prior notification.

In the event of any disagreement with the above terms of brokerage, please get a confirmation from us in writing before being shown the property or being introduced to the buyer/seller, failing which the above terms of brokerage will be legally binding.

We do not hold ourselves out as having any professional qualifications whether as surveyor, valuer, financial adviser or otherwise. The Company cannot accept any liability for any report, description, expression of opinion or otherwise given to the Client by the Company as to the condition or value of any Property. The Client is advised to obtain specialist reports before the purchase of a Property. If requested the Company shall introduce the Client to third parties such as builders, surveyors, valuers, financial advisors or other professionals. The Company shall have no responsibility for such third parties or for any work or services provided by them.

St Francis Xavier

The Feast of St Francis Xavier is celebrated in Goa on 3rd December.

The Bom Jesus Basilica at Old Goa houses the body of Saint Francis Xavier, popularly also known as Goencho Saib, placed in a glass container encased in a silver casket.

Pictures@IFFI

Pictures from the 38th International Film Festival of India, IFFI Goa 2007 where GoaProperty.co.in has a stall in the INOX courtyard.















The colourful INOX















The old GMC facade




















Goan Handicrafts - a live display















The courtyard between the INOX theatres, Old GMC and Maquinez Palace.















The Media having a field day interviewing numerous personalities















800 mm lens (Astro Berlin). A must see. Part of the Films Division 'Behind the Frames' exhibition.




















Westrex 35 mm recorder, used to record and produce mixed tracks.

IFFI Goa

The 38th International Film Festival of India, IFFI Goa 2007 is being held in Goa from 23 November to 3 December 2007. Shahrukh Khan will inaugurate the 10-day event.

The event venues include the Old GMC, Maquinez Palace, INOX Multiplex, Kala Academy, Corniche and NIWS Grounds, all in the Panaji - Miramar vicinity. In addition, concerts / screening of movies will happen at Mangueshi, Margao, Bicholim and Vasco. Mini concerts are also planned at Canacona, Pernem/Dhargalim, Calangute, Sanguem/Quepem and Colva.

Around 200 films are expected to be screened during IFFI.

Goa Beach Shacks

Out of 562 applicants, the Government has allotted 168 shacks in North Goa and 90 in South Goa. 90% of these shacks have been allocated to experienced persons, while 10% have been allocated to new comers. The tourism department has begun the process of demarcating the areas along the beaches.

No more SEZs in Goa: CM

Goa's Chief Minister Mr. Digambar Kamat ruled out any more SEZs in Goa after stiff opposition.

Development work has already started on two SEZs, one at Verna and the other at Keri. Seven SEZ applications have been approved. Eight more applications are at different stages of approval.

"We have kept these eight on hold while we will examine the seven SEZs considering the objections raised by certain section," the Chief Minister Mr. Digambar Kamat said.

IFFI

The 38th International Film Festival of India, IFFI Goa 2007 is being held from 23 November to 3 December 2007. Shah Rukh Khan will inaugurate the event.

CRZ survey in Goa - 6 month extension

The Goa Coastal Zone Management Authority (GCZMA) has been granted a six month extension by the High Court

The GCZMA will file the results of their survey pertaining to the structures that existed in the CRZ-III zone in Goa as on February 19, 1991, and structures built thereafter. The survey results will now be filed on 28 January 2008.

Goa - Wildlife Sanctuaries

Every year, October 2 to 8 ic celebrated as Wildlife Week by governments, environmentalists and activists to accelerate the awareness of wildlife conservation among people.

In the February 1999 issue of National Geographic Magazine, Goa was compared with the Amazon and Congo basins for its rich tropical biodiversity. Goa has 1424 sq. km of its area (of a total of 3702 sq km) under forests - over 33% of the total area. Around 62% of this forest area has been brought under Protected Areas (PA) of Wildlife Sanctuaries and National Parks.

Foxes, wild boars and migratory birds are found in the jungles of Goa. The avifauna includes kingfishers, mynas and parrots. Numerous types of fish are also caught off the coast of Goa and in its rivers. Crabs, lobsters, shrimps, jellyfish, oysters and catfish form some of the piscine catch.

Wildlife sanctuaries in Goa include:

Mollem National Park: Spread over 107 square kilometres in Sanguem Taluka. The national highway NH-4A passes through the sanctuary. Attractions nearby include: The Dudhsagar waterfalls, easily accessible from Mollem by a forest road. The Tambdi Surla temple, black granite stone temple dedicated to Lord Shiva was built by the Kadamba kings during the 13th Century.

Bhagwan Mahavir Wildlife Sanctuary:
Spread over 133 square kilometres in Sanguem Taluka.

Bondla Wildlife Sanctuary:
Spread over 8 square kilometres in Ponda Taluka. It boasts of a Mini Zoo, Deer Safari Park where visitors can move among Sambar and Spotted Deers in a vehivle, Formal Gardens, Botanic Gardens and Eco-Tourism Cottages. Gaur, the state animal of Goa is frequently seen.

Dr. Salim Ali Bird Sanctuary:
Spread over 1.8 square kilometres in Tiswadi Taluka. The area is rich in mangrove vegitation and has a wide variety of birds. The sacntuary is just off Panaji, across the River Mandovi, in Chorao.

Cotigao Wildlife Sanctuary:
Spread over 86 square kilometres in Canacona Taluka. It is about 10 kms away from Canacona and Palolem.

Other sanctuaries include Madei Wildlife Sanctuary (208 sq kms / Sattari Taluka) and Netravali Wildlife Sanctuary (211 sq kms / Sanguem Taluka).

India's Home Loan GDP Ratio 5%: Reality Check, ASSOCHAM

India's Home Loan GDP Ratio 5%, Of 50% In US & UK: ASSOCHAM

Despite real estate witnessing boom in last couple of years with 90% of home loans borrowers being the first timers, home loans GDP ratio in India continues to be at meager 5% as against 50% in US and UK and therefore suggested that it be more than doubled in budget proposals for 2008-09.

Above observations are made in a Paper on Reality Check brought out by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), pointing out that since buying a home requires huge investment, especially for first time buyers, higher home loan GDP ratio is necessary as 90% of borrowers are the first time borrowers.

As such, high interest rates coupled with soaring property prices have only impacted the affordability of buyers, demand, however continues to persist and will become stronger and more intense in near future.

The ASSOCHAM President, Mr. Venugopal N. Dhoot said that at present, India has a housing shortage of about 19.4 million units of which 6.7 million is estimated for urban India and those of 12.7 million units in rural India. However, with rising income, swelling middle class and rapid urbanisation, the demand is set to shoot up and is estimated that additional 45 million units would be required for both rural and urban areas by 2012.

As a result of rising income and swelling middle class, India’s per capita income has doubled over the past 20 years. With population growth of about 1.6% per annum and Gross Domestic Product (GDP), growth of 9% per annum, the per capita income is expected to quadruple by the year 2020.

The average real income of urban India and rural India is likely to grow by 5.7% and 3.6% respectively by 2025. Moreover, India’s middle class is expected to expand by more than 10 times from its current size of 50 million to 583 million people in next 18 years.

Therefore, all these estimates work out to make a strong case for higher home loan GDP ratio so that India and its population is able to keep a pace for meeting the demand for housing units, pointed out Mr. Dhoot.

Commenting on impact of rising home loan rates, the ASSOCHAM Paper says that home loan rates have shot up from 7% in 2003 to 12% in 2007 with its impact massively following across the board including genuine buyers, speculators, real estate developers and bankers.

A case in example is that as the home loan rates have gone up sharply, the interest pay out on housing loans has amplified as a borrower of Rs.10 lakh with loan tenure of 20 years has to shell out an extra of Rs.3250 every month on his EMI. The annual additional burden comes out to be as high as 39,000. Loans up to Rs.20 lakh form 80% of total housing loan portfolio, says Mr. Dhoot.

The Paper also points out that share of housing loans in total personal loans have been on its way up since 2000-01. It has increased from 37.2% in 2001-02 to 48.6% in 2004-05. Home loans constituted 52.7% in the total household credit in the year ended March 2006, marginally up from 52.5% in the previous year. Housing together with agriculture accounted for more than two-third of incremental priority sector lending in 2005-06.

Home loans formed 11% of the total outstanding credit of scheduled commercial banks in March 2005 up from just 2.4% in May 1990. The sales value of housing construction has witnessed an exceptional leap from Rs.17.61 crore in 1991 to Rs.4,182.67 crore in the year 2006. Lower interest rate regime has played a pivotal role in the progress.

However, with the repricing of interest rates in the last four years from 7% to 12% and the sky rocketing prices of the property, there has been a slowdown in the residential property market. The phenomenon signifies suppression of demand rather than absence. Though it is necessary to check the flow of speculative money it needs to be appreciated that augmenting the land supply for development would go a long way in easing the demand pressure on prices.

Coastal Regulation Zone (CRZ)

Goa has a coastline of 105 kms, with the Arabian Sea to its West. The coastline is dotted with beaches that draw tourists from the world over.

As per the Environment Protection Act 1986, The Ministry of Environment and Forests (MoEF) issued a notification in February 1991 for regulation of activities in the coastal area. As per the notification, coastal land up to 500m from the High Tide Line (HTL) and 100m along banks of creeks, estuaries, backwater and rivers subject to tidal fluctuations has been declared as the Coastal Regulation Zone (CRZ).

All ‘constructions/developments’ (including houses, hotels and resorts) located within 500 mts. of the High Tide Line (HTL) along the sea coast and within 100 mts. (or the width of the water body, whichever is less) of the HTL on the banks of rivers/ creeks/ backwaters’’ influenced by tidal action require prior clearance under the CRZ Notification of 1991.

Casinos in Five Star Hotels in Goa

The Goa government has permitted managements of 5 star hotels to operate casinos.

There are ten casinos currently operating in Goa: Goa Marriott - Miramar, Panaji, Ramada Caravela Beach Resort - Varca, Cidade de Goa - Dona Paula, Hotel Leela - Cavellosim, Majorda Beach Resort - Majorda, Caravela - The floating Casino on River Mandovi, Panaji, Chances - Vainguinim Valley, Holiday Inn - Mobor, Bogmalo Beach Resort - Bogmalo and Kennilworth - Utorda.

Real Estate sector needs liberation, not regulation: CII

Would you believe that the simplest way of reducing real estate prices may be to just do away with regulations altogether? Seriously, regulation constitutes a significant percentage - about 23% of the total project cost - in the real estate sector according to a study cited by K Srinivas, Managing Director, Gujarat Urban Development Co. Ltd., recently at CII 'Realty 2007', the Real Estate Conference organized by Confederation of Indian Industry.

In a similar vein, Anuj Puri, Conference Chairman - CII 'Realty 2007' & Chairman and Country Head, Jones Lang LaSalle Meghraj, explained that land constitutes more than 50% of the project cost. "Reduce it to 25% and you will see a drop in sale prices," he declared. Now since the primary reason for high land prices in cities like Mumbai is again, regulation (that too at multiple levels), it seems quite obvious that the cost increases as a result of 'over-regulating' the sector are proving to be just too high.

What also became clear is that regulation is impacting real estate prices directly and indirectly in more ways than one. Restricting supply and fund flows are two areas that were also highlighted at the Conference.

For instance, among the recommendations by Mr. Srinivas was extending infrastructure to peripheral areas where land is affordable. These areas, he pointed out, could then be urbanised and used to provide affordable urban housing.

Echoing his sentiments, Dharmesh Jain, Chairman & Managing Director, Nirmal Group of Companies emphasized that there is a need to first liberate and then regulate real estate. "Give us the freedom to go out of city centres, put up infrastructure and do volumes. Mumbai is not just Nariman Point, 99% of the demand is for the suburbs but regulations are holding us back," he said.

Niranjan Hiranandani, Managing Director, Hiranandani Group of Companies, pointed out that liberalization has reduced prices, opened up supply and increased penetration in sectors like telecom. There is a need for doing the same where real estate is concerned. Deregulate this sector, don't go on adding new regulations, they are simply delaying the process and pushing up prices, he stressed.

So the bottom line where real estate prices are concerned is urgent steps to deregulate the sector. While single window clearance remains a mirage that will probably never become a reality, at least repealing the Urban Land Ceiling Act would be a step in the right direction.

In the meanwhile, get set for yet another increase in real estate prices soon. After all, the announcement of Maharashtra's much-awaited housing policy (with many new regulations) is just around the corner!
Source: http://www.ciionline.org/news_new/newsMain23-07-2007_3.asp

Broadband ready buildings

In order to achieve higher growth of broadband, the Telecom Regulatory Authority of India (TRAI) has suggested "DoT should encourage through state governments that all Municipal committees include a clause for making Multiple Dwelling Units/ buildings broadband ready by internal wiring while giving clearance for the construction of all such buildings in future. This will help to create infrastructure to provide broadband in future and will be very convenient to users."

As of March 2007, the Internet subscribers are 40.57 million and broadband subscribers are just 2.34 million. The broadband subscribers are lower than the target of 9 million for 2007.

Source: http://www.trai.gov.in/

Prepayment of Loans penalty unfair ?

Most banks levy a prepayment charge on loans - if you want to pre-pay your loan before the agreed term, you may have to cough up an additional fee, say 2% of the loan amount. This is a major switching cost, and prevents customers from terminating their loan agreement with a bank.

The Supreme Court has been moved by State Bank of India (SBI) against an order of National Consumer Disputes Redressal Commission (NCDRC). SBI was asked to refund Rs 40,000 it had collected as prepayment charges from a consumer who had shifted to another bank. NCDRC upheld the consumers' right to migrate to a bank offering her a better deal. Rejecting SBI's argument that the prepayment charge was a normal banking practice, NCDRC said such fees constituted an infringement of the consumer's right to look for a loan at lower interest rate from an alternative bank.

Checklist when buying under construction property

Whenever you are buying under-construction property in Goa / off-plan property in Goa (or for that matter anywhere in the world), there are a number of things you should check to safeguard your investment. This is necessary, as sometimes, a place may have archaic laws, corruption, greedy builders, and many people out to make a fast buck - at your expense.

In Goa, it is necessary to have approval from all living family members for purchase/sale of ancestral property. This has obviously been done to safeguard everybody who has a legal right on a property. However, it makes the process of purchasing that much more complicated. In some places, a builder may start the construction without having all necessary approvals. The No Objection Certificate may be missing from, say, the Water department or Electricity department. The construction approval may be for, say, 3 floors, and the builder may build 4. Plan X may have been approved, and the construction may be for a Plan Y. The agreement between the owner of the land and the builder may be cause for concern. Construction in a particular area is limited by the regulations, for example, that clearly specify the setback (open space) needed in front of and around a construction, and the height of the building. Any construction that is close to the coast is also governed by the CRZ (Coastal Regulation Zone) rules.

To safeguard your investment, you should
- Buy properties in projects that are approved by a reliable bank like HDFC, ICICI, SBI etc.
- Hire a good independent lawyer, and
- Checking an older construction of the same builder

At GoaProperty.co.in, we are in a position to help you rule out certain projects that you may shortlist and narrow down to the best property for your particular requirements. We use our experience and local knowledge to work with you.

SEZs in Goa

The Goa government has given a green signal for 15 SEZs (Special Economic Zones), 7 of which have been approved by the Central government, 2 of which have already been notified. Of the proposed SEZs, 7 are IT / ITES, 3 related to bio-tech, one each for pharma, research and food park, and 2 for gems and jewellery. 98 lakh square metres of land has already been allotted by the state government for SEZs, while the procedure for allotting an additional 1.27 crore square metres is in process.

The first pharma SEZ is at Bhootkhamb near Keri in Goa. The Goa Industrial Development Corporation (GIDC) allotted 1.2 million sq mt of land last year to Cipla / Meditab Specialities to develop the formulation specific SEZ. The company plans to invest 650 crores in the project. The unveiling of the plaque to mark the inauguration of Mindspace, the first services oriented SEZ to be set up in the state by K Raheja Corp, at Verna was done by the CM on 23 March.

"Goa SEZ Policy, 2006" document from the Government of Goa website.

"List of SEZs issued formal approvals" from the SEEPZ website. Meditab Specialities Pvt. Ltd. - Keri - Pharmaceuticals. Paradigm Logistic & Distribution Pvt. Ltd. - Verna Industrial Estate - IT/ITES, Peninsula Pharma Research Centre Pvt. Ltd. - Sancoale - Bio-tech, K. Raheja Corp. Pvt. Ltd. - Verna Industrial Estate - IT/ITES.

PURCHASE OF LANDED PROPERTIES IN GOA BY FOREIGNERS

PURCHASE OF LANDED PROPERTIES IN GOA BY FOREIGNERS - A FACTUAL POSITION OF LAW- SUGGESTIONS- by P.V.S. Sardessai

Sirs,
The current discussion in the media on the topic of purchase of properties in Goa by foreigners appears not to be emphasizing on the main issue i.e. the enforcing measures that are to be taken:-

(a) for ensuring that the already existing laws like the Foreign Exchange Management Act, 1999 read with the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 are enforced in the right spirit by the authorities under those statutes or by the Home Department and

(b) Empowering other Public Officers like (i) the Sub-Registrars appointed under the Registration Act, 1908 to withhold the registration of such documents till the proper authorities under the FEMA or the Home Department etc. issue a Clearance or No Objection Certificate for the registration of such documents of foreigners or on (ii) the authorities subsequently mutating the properties in the name of the foreigners.

It is hoped that in today’s discussions, these points would be touched.

Based on my personal experiences before retirement as the Goa State level Officer in the Registration Department, I am attaching hereto some annexures to help in getting a clear and actual picture on the aspect of the registration of documents of foreigners. The same are on the following specific topics:-

Annexure A - The Nature of the Registration Process.
Annexure B - The FEMA vis a vis The Registration Act.
Annexure C - Some Gaps in the Implementation Machinery.
Annexure D - Suggested Line of Approach.

Sd/-
(Adv P.V.S. Sardessai)
Retired State Registrar of Goa.

ANNEXURE – A

A] THE NATURE OF THE REGISTRATION PROCESS:-

1) It is a well settled position in law, buttressed by uniform judicial decisions, that the Sub-Registrars appointed under the Registration Act 1908 have little discretion under that Statute of Parliament to refuse registration to documents presented for registration, when such documents happen to meet all the prescriptions under the said Act and the requirements under any other law which “has been definitely made supplemental to the Registration Act”. Section 35 of the said Act using the word ‘shall’ is also very specific ad categorical about this aspect. Moreover, Rule 40 of the G.D.D. Registration Rules 1965 further emphasizes this position when it opens up with the following words: “ (1) Before accepting any document for registration, a registering officer may not concern himself with its validity, but shall ascertain …. “ etc.

2) The supplemental laws mentioned above usually are in the format of a non obstante (notwithstanding) clause in the later Act, expressly providing that ‘notwithstanding anything in the Registration Act 1908, no Registering Officer appointed under that Act shall register a document unless’ some condition is satisfied.

Such prescriptions are normally enacted in the concerned subsequent Acts directing the Registering Officers appointed under the said Registration Act in the following manner:-

(i) ‘not to register’ till some N.O.C. or Clearance certificate from a prescribed authority is furnished. In such cases, there is no prohibition against accepting a document validly presented for registration. In such cases the Registering Officer has to accept the document presented for registration and proceed with all the registration formalities under the Act short of ordering the same for registration. The document will be kept pending till the parties remove the express impediment mentioned in the supplemental law. Some examples are : A tax clearance certificate under Sec 230-A of the Income –tax Act 1961 (now omitted) or N.O.C. under sec 49(6) of the G.D.D. Town & Country Planning Act 1974. As and when such impediment is removed, the document is necessarily to be registered without any unreasonable delay as laid down in the statutory rules.

(ii) Another type of such restraining condition is to direct that till the prior requirement is met, the document shall ‘not be accepted for registration’. In such cases the Registering Officer cannot take up any part of the registration procedure at all, including the acceptance of a presented document. Such provisions being of a more fundamental and drastic nature, they are usually embodied in the Rules or in the Act itself, some examples being: the direction to refuse to accept where a document is not accompanied by its True Copy under the 1986 Amendment to the Registration Rules, or as in the Maharashtra State, the supporting documents like clearances etc, are to necessarily accompany the documents at the time of the presentation itself and not later, so that documents are not kept pending in office indefinitely till the parties comply. (This has also relevance to the computerization of registration procedure which incidentally is going to be shortly introduced in Goa too).

3) The registering officers are quasi judicial authorities, all the proceedings before them being declared under sec 84 (3) of the said Act as “judicial proceedings” for purpose of sec 228 of he Indian Penal Code i.e. in cases of interruption (obviously without authority of some statutory provision) and insult. The officers are also statutorily required to give promptly and free of cost, copies of their orders of refusal to the affected parties, clearly and expressly mentioning therein the legal grounds and he reasons for their refusals which could in turn be challenged by the interested parties in an appeal and thereafter, if the refusal is upheld, by filing a suit in a Civil Court.

It follows that the Sub-Registrars cannot refuse registration at the request or whimsical directions of others when such directions are not founded on any express statutory powers authorizing the interruption of the registration procedure.

4) It is also a well settled position in law that “ it is no part of the duty of a Registering Officer to embark on any inquiry into the legality of a document or to consider extraneous issues like: whether the document is hit by some other law, or about the truth or falsity of any recital in the deed, the fact of payment of consideration or similar issues, while accepting a document for registration” He is not even expected to read out the document to the parties before recording their admission of execution. The statutory procedure for registration is formal and rigid and the inquiry by the registering officers is restricted to the matters prescribed within the four corners of the Act as well as in the provisions of any other law ‘made expressly supplemental to the Registration Act’. The prime object of registration is to authenticate and record documents and make available certified copies therefrom for evidentiary purposes. A Registering Officer acting outside the scope of his statutory duties by refusing documents without statutory authority would be opening himself for challenges in Court and also for possible allegations of malafides or ulterior motives.

ANNEXURE – B

B] THE FOREIGN EXCHANGE MANAGEMENT ACT & REGISTRATION

At the outset itself, it is to be made clear that the FEMA contains no restricting provisions restraining registration of documents of foreigners. So also, none of its provisions is seen to have been made ‘expressly supplemental to the Registration Act 1908, to refuse or delay the registration of the documents of foreigners. Such an act would be ultra vires his statutory mandate. Also, the present article writer, after the news reports, carried on inquiries with the Registration Department and learns that as on the date of this article, no written instructions have been issued by the Govt, or by other statutory authorities to the registering officers not to register property documents of the foreigners as mentioned in some articles or that any disciplinary action was contemplated in this matter for alleged breach of any rules by these officers while registering documents of foreigners. In fact, it is doubtful whether any action could be legally taken in the matter, when no statutory prescriptions under the law, as it stand at present, were breached.

ANNEXURE – C

C] SOME GAPS IN THE IMPLEMENTATION MACHINERY

I had been privy to some developments in the matter while in service and mention hereunder some events/facts as they actually occurred:-

1) In November 1998, the Goa Govt., under information from the Govt. of India, Ministry of Finance (Department of Economics Affairs) New Delhi, issued instructions to the Sub-Registrars to insist on the permission of the Reserve Bank of India while registering acquisition of property documents by foreigners on short tourist visas. These instructions were issued in view of Section 31 (1) of Foreign Exchange Regulation Act 1973. This was also given wide publicity in the offices of the Sub-Registrars. These instruction were logically in force till the said FERA was repealed by Sec 49 of the Foreign Exchange Management Act, 1999 which liberalized and made clear the rules in respect of the purchase and transfer of properties by foreigners.

2) However, a practical difficulty arose in that the R.B.I. would not issue any permission in writing in individual cases of sale deeds on the grounds that ‘eligibility or residential status of individuals is not decided by RBI but by the operation of law i.e. the provisions contained under FEMA, 1999’ The RBI issued replying letters against the applications by foreigners mentioning only the legal position viz. that a foreigner could buy property if he met the conditions laid down in section 2(v)(i)B of the FEMA i.e. if he were a ‘resident’ within the meaning of that section. The issue about the actual control and verification of the averments by foreigners, in keeping with the spirit of the Govt. of India instructions continued to remain in suspended animation.

3) A strange fall out of this state of affairs was that the sale deeds and other property documents of foreigners started remaining pending in the offices indefinitely, the Sub-Registrars hesitating to register the same in view of the spirit of the November 1998 instructions of the Govt. issued under the repealed FERA and also being unable to refuse or indefinitely hold back the registration in view of the clear mandatory statutory provisions of the Registration laws. Under the existing laws, the Registering Officers do not happen to be the inquiring/adjudicating authorities under section 13 of the FEMA in respect of the Foreign Exchange issues. After studying the matter from the legal angle, a practical solution was chalked out which was in harmony with the requirements of the existing Registration laws as well as with those of the FEMA r.w. the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. This was done by way of instructing the Sub-Registrars to register the documents of foreigners after obtaining their affidavits declaring tht they fulfilled the conditions as to the requirement of residence as laid down in Section 2(v)(i)B of the FEMA. These instructions were also later approved by the RBI authorities.

ANNEXURE – D

D] SUGGESTED LINE OF APPROACH:

(1) The appropriate way to keep a watch and legal control on the illegal transactions by some unscrupulous foreigners, would be to enact a proper amendment (on the lines of the omitted section 230-A of the Income-tax Act 1961 or Sec. 49(6) of the G.D.D. Town & Country Planning Act 1974, by adding a non obstante clause to FEMA or to other relevant laws, requiring the Sub-Registrar appointed under the Registration Act, 1908, not to register the documents of foreigners till the concerned parties furnish a Clearance or a No Objection Certificate from some prescribed authority connected with the subject. Some authorities to be suggested would be : the ‘Adjudicating Authority under Sec. 13 of the FEMA’ or the Home Department. Merely issuing administrative instructions to the Sub-Registrars would not be desirable since the proceedings before these officers are quasi judicial in nature.

(2) Other public authorities like Mutation Officers also should be required to insist on a copy of such Clearance/N.O.C. while processing the mutation matter.

(3) Responsibility should be fixed on some Implementing Authority under the Foreign Exchange Regulations, like either “The Directorate of Enforcement” under Sec 36 of FEMA 1999 (or if deemed fit, on the Reserve Bank of India or on the Home Department of the Centre/State to issue such Clearances/N.O.C.s for the purpose of clearance of the foreigners’ transactions.

Sd/-
(P.V.S. Sardessai) Retired State Registrar & Head of Notary Services.

(Article from Goa Su-Raj Party website)

Regulations applicable for various zones in Goa

The Regulations applicable for various zones in Goa specifying the maximum ground coverage , F.A.R. and maximum height permitted for a structure.

Zone Max. Coverage Max. F.A.R. % Max. Height
S1 40% 100 15.40 m.
S2 40% 80 11.50 m.
S3 40% 60 07.60 m.
S4 33% 50 07.60 m.
C1 40% 200 24.10 m.
C2 40% 150 16.00 m.
C3 40% 100 11.50 m.
C4 40% 80 10.90 m.


FAR: Floor Area Ratio: The Floor Area Ratio (FAR) or Floor Space Index (FSI) is the ratio of the total floor area of building to the size of the land, or the limit imposed on such a ratio. FAR of 100 means that if the area of the plot is 1000 square meters, then 1000 square meters of gross floor area can be built on the plot. FAR of 200 means that if the area of the plot is 1000 square meters, then 2000 square meters of gross floor area can be built on the plot.

Ground Coverage: This is the total size of land that can be covered. Ground Coverage of 40% means that if the area of the plot is 1000 square meters, then not more than 400 square metres can be built on the ground floor, and 600 square metres has to be open land.

Purchase of immovable property by Foreign Nationals

1. A foreign national of non-indian origin, resident outside India cannot purchase any immovable property in India. But, he/she may take residential accommodation on lease provided the period of lease does not exceed five years.

2. A foreign national who is "a person resident in India' can purchase immovable property in India, but the person concerned would have to obtain the approvals, and fulfil the requirements if any, prescribed by other authorities, such as the concerned State Government, etc. However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of Reserve Bank.

3. Under FEMA, "a person resident in India' is defined as a person residing in India for more than one hundred and eighty two days during the course of the preceding financial year (April - March) and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for any other purpose, that would indicate his intention to stay in India for an uncertain period. In other words, to be treated as ' a person resident in India' under FEMA, a person has not only to satisfy the condition of the period of stay (being more than 182 days during the course of the preceding financial year ) but has also to comply with the condition of the purpose/ intention of stay.

4. A set of Frequently Asked Questions (FAQs) and answers on various issues relating to acquisition and transfer of immovable property in India by a person resident outside India and a person resident in India who is not a citizen of India, is on the website http://www.rbi.orq.in/. The FAQs may please be referred to for further clarification.

Property Prices in Goa

Apartments
Location INR (Rs.) USD ($) GBP (£) EUR (€)

Dona Paula 55,000 1,318 662 973

Calangute 45,000 1,078 541 796

Porvorim 27,000 647 325 478

Panaji/Miramar 35,000 839 421 619

Colva 26,000 623 313 460

Margao 18,000 431 217 319

Vasco 15,000 359 180 265

Rate per square metre (sqr. mtr.)


Villas
Location INR (Rs.) USD ($) GBP (£) EUR (€)

Colva 36,500 875 439 646

Majorda 25,000 599 301 442

Vasco 23,000 551 277 407

Rate per square metre (sq. mtr.)



Apartments
Location INR (Rs.) USD ($) GBP (£) EUR (€)

Dona Paula 5,112 122 62 90

Calangute 4,182 100 50 74

Porvorim 2,509 60 30 44

Panaji/Miramar 3,253 78 39 58

Colva 2,416 58 29 43

Margao 1,673 40 20 30

Vasco 1,208 29 15 21

Rate per square foot (sqr ft)



Villas
Location INR (Rs.) USD ($) GBP (£) EUR (€)

Colva 3,392 81 41 60

Majorda 2,323 56 28 41

Vasco 2,138 51 26 38

Rate per square foot (sq. ft.)



Conversion Table
1 square metre 10.764 square feet
1 square metre 1.196 square yards

These property prices in Goa are indicative only, and can serve as a ballpark figure to help you understand the price of your dream property. The actual prices of each property will be different subject to amenities, upkeep, & vary within the same building depending on the view, layout, demand and supply, and many other market factors of each property.

Property prices in Anjuna, Arpora, Baga, Bambolim, Calangute, Cavelossim, Colva, Dona Paula, Mapusa, Margao, Miramar, Old Goa, Palolem, Panaji / Panjim, Pernem, Ponda, Porvorim, Sinquerim, Siolim, Vasco da gama.

Real Estate Prices, Foreign Exchange Rates etc. as on 20 June 2007.

Page last updated on 21 June 2007.

Checklist - What do I look out for when buying property?

When you buy a property, you are investing a substantial amount of money and long term financial commitment.
This property is also taking care of your long term housing needs, and for most people, it is not an excercise that you will repeat very frequently in your life.

Its thus important to plan your purchase. We aim to give you a basic checklist that will make your life easier:

Budget and Affordability:
Ensure your total monthly housing loan instalment does not exceed 33% of your monthly income. This will help ensure that you have sufficient cash for fulfilling other objectives such as investment, retirement. Location is a very important consideration in the selection of your property. A well-maintained property in a good location will lead to would be better able to sustain its valuation.

Site Visit:
You should personally inspect the property before buying it. Look out for any defects.

Surroundings:
The surrounding of your property (neighbours, industries, view) are also an important consideration.

Home Loans:
When shopping for the right home loan, keep these in mind:


Loan duration: Check the maximum loan term that you can get - normally, it is 20 years or till you retire.


Plan for the rainy day: You should set aside cash to pay for at least six monthly instalments.


Payment projections: Compare the EMIs (based on different interest rate scenarios) from various banks to see if you are comfortable with the amount. Remember that interest rates change over the duration of a loan. Stay comfortable instead of stretching yourself too thin.


Extras: Check if the bank gives free Life Insurance, Burglary/ fire insurance etc.


Penalties and fore closure: Check what the fore closure charges are that will be charged to you if you do a partial or full redemption of your loan. Also check how long the penalty period is.


Other costs: These include legal fees, valuation charges, etc.

Rules to purchase property in Goa / India for Foreigners

In simple terms:
1. Foreign Nationals can form a Private Limited Company in India, and the Company can purchase property in India.
or
2. A Foreign Company with an Office in India can purchase property in India.

The details:
A foreign company which has established a Branch Office or other place of business in India, in accordance with FERA / FEMA regulations, can acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. The payment for acquiring such a property should be made by way of foreign inward remittance through proper banking channel. A declaration in form IPI should be filed with Reserve Bank within ninety days from the date of acquiring the property. Such a property can also be mortgaged with an Authorised Dealer as a security for other borrowings. On winding up of the business, the sale proceeds of such property can be repatriated only with the prior approval of Reserve Bank. Further, acquisition of immovable property by entities who had set up Branch Offices in India and incorporated in Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of Reserve Bank to acquire such immovable property. However, if the foreign company has established a Liaison Office, it can not acquire immovable property. In such cases, Liaison Offices, can take property by way of lease not exceeding 5 years.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=33

Please also read the complete rules, regulations and amendments applicable from:

The Reserve Bank of India (India's Central Bank) / Foreign Exchange Management Act (FEMA)
http://www.fema.rbi.org.in/

Ministry of Company Affairs
http://www.mca.gov.in/

Benchmark Residential Property Rates in Goa

Apartments
Location INR (Rs.) USD ($) GBP (£) EUR (€)
--------------------------------------------------------
Calangute 40,000 959 481 708

Porvorim 27,000 647 325 478

Panaji/Miramar 35,000 839 421 619

Colva 26,000 623 313 460

Margao 18,000 431 217 319

Vasco 15,000 359 180 265

Rate per square metre (sqr mtr)


Villas
Location INR (Rs.) USD ($) GBP (£) EUR (€)
--------------------------------------------------------
Colva 36,500 875 439 646

Majorda 25,000 599 301 442

Vasco 23,000 551 277 407

Rate per square metre (sq. mtr.)


Apartments
Location INR (Rs.) USD ($) GBP (£) EUR (€)
--------------------------------------------------------
Calangute 3,717 89 45 66

Porvorim 2,509 60 30 44

Panaji/Miramar 3,253 78 39 58

Colva 2,416 58 29 43

Margao 1,673 40 20 30

Vasco 1,208 29 15 21

Rate per square foot (sqr ft)


Villas
Location INR (Rs.) USD ($) GBP (£) EUR (€)
--------------------------------------------------------
Colva 3,392 81 41 60

Majorda 2,323 56 28 41

Vasco 2,138 51 26 38

Rate per square foot (sq. ft.)


Conversion Table
1 square metre 10.764 square feet
1 square metre 1.196 square yards



Rates are subject to amenities, upkeep, & vary within the same building depending on the view, layout, demand and supply, and many other market factors.

These rates are indicative only, and can serve as a ballpark figure to help you understand the price of your dream property. The actual prices of each property will be different.

Real Estate Prices, Foreign Exchange Rates etc. as in April 2007.

Property prices in Anjuna, Arpora, Baga, Bambolim, Calangute, Cavelossim, Colva, Dona Paula, Mapusa, Margao, Miramar, Old Goa, Palolem, Panaji / Panjim, Pernem, Ponda, Porvorim, Sinquerim, Siolim, Vasco da gama.

Page last updated on 17 April 2007.

Investment in GOA

Goa is an Ideal Location for Properties Investment. With over 9 months of sunshine each year, uncrowded beaches and warm unpolluted seas, Goa is a dream holiday destination for many Western Europeans and Indians. It is also an ideal location for property investment, whether you're looking for a second home, holiday home, or a place to retire in the sun.

Properties in Goa are good value for your money, and also a sound investment. Goa is a high growth property market and is experiencing a property boom, with growth potential over the next decade set to offer a good returns.

These are not the only reasons to invest in Goa. In Goa, the cost of living is very low comparing to the Western World including UK, Germany, Russia, etc. English is widely spoken and people are very friendly. In fact, Goa has a very welcoming, safer, more healthy and pleasing environment.

Goa generally referred to as GODS OWN ABODE is located on the west coast of India on the shores of the Arabian sea, Goa is 3,700 sq. kms. of lush greenery, vast stretches of golden beaches, fields, forests, rivers and mangroves that allure those seeking a place in paradise.

Real estate investment in Goa is attracting the investors. Goa property investments are giving them good returns as prices have appreciated.