Buyers Guide: GoaProperty.co.in

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Houses by the Sea

2008-06-09T10:12:00.003+05:30

Houses by the Sea
- Kavitha Iyer
06 November 2007
Indian Express

They serve up the same luxury of sea views and salt spray, but one year ago you could hardly speak of Juhu and Calangute in the same breath. One is home to the cream of Mumbai and Bollywood, with residential real estate rates here making it to global charts. The other is on every globetrekker’s annual December agenda, a pristine Goa beach skipped by the winter and the moral police. Now, unbelievably, the two unlikely rivals are neck to neck in the realty market.

Goa’s big story is no longer the foreign tourist returning unerringly. It is the cold mathematics of real estate, more fashionable here than in any Tier Two town and pricier than ever before. In Panjim, where prices have doubled in a year and developers are fielding enquiries from Europe, New Delhi and Bangalore every day, apartments in well-planned townships are demanding—and fetching Rs 10,000 a sq ft.

“Goa’s real estate is quickly moving away from its original tag as holiday home property,” says Anuj Puri, managing director of property consultants Jones Lang la Salle Meghraj. Puri confirms there is keen interest among foreign buyers too, perhaps a lot of the tourists now want to just stay back.

But Goans, earning the highest per capita incomes in the country, are for the first time beginning to live the big city life. “Over 40 per cent of our bookings until now have been made by Goans. We were surprised ourselves,” says Poonam Bhandari, heading sales for Gera Developers, a Pune major just beginning the construction of Astoria, a premium apartment complex and Gera’s first residential project outside Maharashtra. Ditto at Aldeia de Goa, a hugely controversial project of Mumbai-based Dynamix Group.

“In Phase 1,42 per cent of our buyers were Goans seeking to shift residence into this gated community for the lifestyle, the amenities and the security,” says Brigadier SCK Puri, director at the lavish project of plots and readymade tiled-roof homes on “thoughtfully landscaped slopes” on a 140-acre estate adjoining the sea.

The others were from Delhi, Mumbai and Bangalore while another 30 per cent belonged to the UK and the Middle East. Depending on the view, plots in Aldeia de Goa could set you back by about Rs 40,000 to Rs 55,000 a sq m up from Rs 15,000 a sq m two years ago. Little wonder then that with such huge returns expected, the big daddies from New Delhi and Mumbai are making their first forays into uncharted Goan realty.

Parsvnath is undertaking a mega residential project, DLF is expected to soon announce plans for a mall, the Rahejas of suburban Mumbai are developing an IT Park.

That the IT economy is dramatically changing the realty market in this once-tranquil region is obvious, everybody agrees. “IT firms readying to occupy properties like the Rahejas’s IT Park in Goa are going to campuses for fresh recruits. Do they want to work in Hyderabad, Nagpur or Bangalore? More and more fresh recruits are opting for Goa,” says Anuj Puri. “A stint of a few years in an exotic workplace like Goa appeals to all youngsters.”

The other reason is, of course, that the tourism economy continues to boom. “After the Bali bombings especially, Goa remains a favoured destination.”

The state Government may have backed off on the Regional Plan. it involved contentious development permissions for now, but its IT policy remains focused, say officials. Foreign investments, more BPOs, IT parks, world class bandwidth and hundreds of kilometres of fibre optics top the agenda for RP Pal, secretary for Information Technology.

“Technology infrastructure to match the first world,” is what he is concentrating his energies on, so that Goa is able to slug it out with Mumbai and Pune not only in the real estate market, but also for a bigger chunk of the outsourcing pie.

But whether as a young techie’s dream job-with-dream-home attached or as an ideal location for second homes, the stress for builders is now on the luxe trappings of city living, coupled with lush views and sunsets. Sea views alone are passe. Professionally managed complexes of apartments or villas come complete with Jacuzzis, piped music in the lobby, jogging tracks, tennis courts, swimming pools one construction site is perched precariously along the Dona Paula cliffs, with swimming pools overlooking the azure sea—and gymnasiums.

Just-launched, Astoria will be a “resort-style residence” with landscaped gardens, a swimming pool with a “swim-up bar”, a landscaped walking track on the roof, a barbecue area, a “hotel style” lobby, rooms for a “concierge”, service elevators and solar lighting wherever possible.

Aldeia de Goa offers “international class” infrastructure, promises Brig Puri—concrete roads that could put Indian metros to shame, a centralised sewerage system with sewage treatment plants, an amphitheatre, sprawling gardens and open spaces, a banquet hall, convenience shopping and restaurants—all inside the gated community of villas.

There are apartments designed by Hafeez Contractor too, a two-minute walk to the beach if you’re downhill or commanding out of this world views for those buying homes higher up the hill. From Bollywood to cricket, the who’s who of Indian high society have made enquiries, Puri admits.

The villas and ancestral beach houses are no longer the most premium property. “Apartment sales, not so popular earlier are quickly rising in numbers,” says Anuj Puri. He explains that there is greater security in gated communities, better amenities on offer in serviced apartments supplies just a phone call away, broadband-ready homes in modem apartment complexes, retail giants next-door alongside cinemas and five-star hotels with casinos thrown in.

“Why you connect with Goa. is a subjective thing,” says Rajeev N, a Delhi-based professional in his fifties who bought a plush 1,000-sq ft holiday home in Porvorim, just across the Mandovi River in Panjim. “For me, it was not a decision of the mind. Because while property prices here might make this a sound investment, maintaining a second home is really not an easy job. Investing that money in equity markets could fetch me better returns with none of the headache involved.

His own “heart decision”, he says, was fuelled by the chance to be close to nature Villa Paradiso, by Tata Housing Development Corporation is built along a hillside overlooking Mandovi River and just beyond, a breathtaking view of the heart of old Panjim.

But, having been purchased entirely by families wanting a getaway home even at upwards of Rs 50 lakh a home, Villa Paradiso is a ghost town for most part of the year, and cause for much dismay among many Goans. Architect Dean D’Cruz, an active member of a group of planners and non-governmental organisations campaigning for a more people-centric planning for the state, says too many buyers in the hugely speculative realty market of Goa are not really interested in living here. “People are making money,” he says, “and the next best thing to the stocks is to put money in real estate.”

D’Cruz, on the governmentt-appointed taskforce to chart the road ahead for a planning vision for Goa, calls this an emerging market, but adds that a significant percentage of buyers are those investing in their “fourth or fifth” home. It’s sad, he says, that the rapid construction is just depleting resources and adding pressure on infrastructure. “The impact is tremendous, the new townships and the way they are going about acquiring land…”

While many developers blame the scrapping of the Regional Plan for the high prices on account of a the promised supply suddenly drying up, that’s only part of the story, says Lalit Saraswat of goaproperty.co.in, a real estate venture between two old-timers among Goa’s business houses.

Saraswat admits that supply of certain types of property has seen a crunch due to the clampdown on zoning conversions, but says many true-blue Goans like him have mixed feelings about the rate at which development is proceeding. For Saraswat, born and brought up in Goa and sharing many of the environmentalists’ fears despite his profession on excessive greed, what the state really needs is planned development.

“Mangroves and green zones should certainly not be destroyed,” he says, “but at the same time the environmentalists’ concerns don’t mean that planned development is not possible. After all, it’s only logical that the city expands and what we need is to get all the stakeholders together and arrive at a mix that is sustainable.”

Still, later this year, many more big builders will be doing a Goa recce, for there’s a large number of proposed SEZs that formed the chief election issue even for last week’s by-poll. The buzz is that many will get the nod despite popular anger against them. Also, the Russians are buying land in North Goa, gossiped one taxi-driver, knowledgeably pointing out that Russian airlines are increasing flights into Vasco. And, not unlike Mumbai’s cabbies, he’s worried he will never be able to buy his dream home. “Just not affordable for people like us.”

So, is middle class housing in Goa going the Mumbai way? Saraswat has a marketing man’s fable for a response: “Two representatives of two big shoe manufacturers arrived at an island,” he says. “One went back disappointed—the remote island’s people wore no shoes. The other stayed back to set up shop after sending his boss a message: No competition here, there can’t be a better market.”

The market for affordable middle class housing in Goa is wide open. “Anybody who enters this market will do exceedingly well,” he predicts.

Source: Indian Express
http://propertybytes.indiaproperty.com/?p=1640
http://www.indianexpress.com/story/235634.html

Goa Monsoons

2008-06-09T09:52:00.003+05:30

When it rains in Goa, it pours...

The rains in Goa are a magical time, the entire state wears a clean look with lush greenery. It is not safe to swim in the sea, and there can be days when it rains very heavily so you may find it difficult to move around in Goa. However, there is no disputing that Goa is very beautiful from June to September.

Tourists find the low airfares, low hotel room rates attractive. Tourists coming in for the sun and beaches are turned off as it is dangerous to swim in the sea, and the Sun God goes on a holiday for most of the days.

Useful Sites:
Goa Weather (from Yahoo! Weather)

Department of Enforcement issues serves show-cause notices

2008-06-09T09:34:00.003+05:30

The Directorate of Enforcement has served show-cause notices to foreigners who have purchased properties in Goa allegedly in violation of the Foreign Exchange Management Act (FEMA).

The notices, issued directly to the parties and also through the Goa government, has asked why their properties involved in the contravention of the FEMA should not be confiscated to the Central government account in terms of section 13 (2) of FEMA 1999.

The state government in their report presented on the floor of the house cited 392 such cases. The committee, prima facie, had found violations in 298 cases, which were referred to Directorate of Enforcement and Reserve Bank of India.

The only major case in this batch is that of a Russian company called True Axis, which purchased about 20,000 square metres of agriculture/forest land in Morjim. Foreigners cannot purchase agricultural/forest land in India. True Axis also purchased the property with money received into their personal account, which is again illegal according to RBI rules. The company has Indian directors but these are dummies, the official said.

The NRI commissioner Mr Eduardo Faleiro, reacting to the controversy leading to the state government enacting a new Act making it difficult for foreigners to buy land in the state said that Goa had become known globally as a holiday resort and faced the same problems that arise in holiday resorts elsewhere in developing countries. He said, One such problem is the large scale purchase of property by foreigners and the ban of purchase of property by foreigners in Goa is justified. He however felt that this ban should not be extended to persons of Goan origin whatever their nationality and added that during his recent visit to Mozambique he found several persons of Goan origin who held different nationalities but wanted to return to Goa.

Differing on the issue, the PWD Minister, Mr Churchill Alemao, said recently that he would in no way support the ban on sale of land to foreigners saying that during his recent visit to the United Kingdom he was confronted by the media on the issue, who attacked him by saying that in that case they should also take back all the Goans living in the UK.

The Goa Assembly has unanimously passed a Bill amending the Registration Act, 1908 (16 of 1908) to prohibit foreigners from buying land in the State. An amendment to Section 22 would empower registering officers to not only examine documents but also seek any evidence and papers they deem relevant for registration. They are empowered to refuse registration of a document.

GBA rejects interim report

2008-06-09T09:30:00.000+05:30

PANAJI â€” The Goa Bachao Andolan, on Tuesday, rejected the interim report submitted by the task force, questioning the methods used to formulate it, say highly placed sources in the task force.

The GBA has alleged that the 73rd and the 74th amendments have not been given proper weightage and the report is based on the old and outdated Town and Country Planning Act as article 243Zd of the Constitution makes it mandatory on the states to constitute district planning committees for preparing the draft development plan.

The Union Planning Commission vide circular number M-13011/1/2006-SP-Coord dated August 25, 2006 had issued guidelines to every state government on constituting the DPCs and preparing the district plans and subsequently the state government constituted the DPCs u/s 239 of the Goa Panchayat Raj Act, 1994 vide government notification number 26/25/DP/DPC/S/2003 and re-constituted, vide notification dated September 28, 2006.

Also, the Centre For Panchayati Raj â€“ Peaceful Society had made a presentation to the task force on regional plan 2021: the Goa, Daman and Diu Town and Country Planning Act, 1974 [act 21 of 1975] showing that under section 9 of which the regional plan 2021 is sought to be prepared is ultra vires of the article 243 ZD of the Constitution. The GBA is also critical of the amendment to Section 16 and 16A of the TCP.

Reportedly, technical members of the task force have also expressed reservations about the amendment and argue that the timeframe is unrealistic and the processes have not been finalised.

The government had also commissioned a group to conduct a pilot project of six villages and three municipalities to integrate peopleâ€™s views into a village development plan. Sources say that though this group was appointed two months back with a timeframe of five months, the work has still not started.

â€œThe government has not published the notification regarding the Council for Social Justice and Peace being part of the state level facilitating team for the pilot project as it was agreed upon,â€ said the director of the Centre For Pachayati Raj-Peaceful Society, Mr Sotter Dâ€™ Souza and added that the Chief Minister, Mr Digambar Kamat was supposed to do this, two months back.

The GBA has also reportedly sought to know why the social audit of the previous regional plans was not undertaken and no scientific analysis, especially economic review, was done.

Mr Amol Navelkar of â€˜Utt Goenkara,â€™ a key member of the GBA, earlier, speaking to â€˜The Navhind Timesâ€™ had said that he was not in favour of the GBA being part of the task force and put his objections down. It is reliably learnt that this protest will also be taken up at the government level, soon. Incidentally, the head of the task force and the government is the same, that is the Chief Minister, Mr Digambar Kamat.

It may be recalled that in a press note released recently, the GBA had demanded that the government repeal the above-mentioned ordinance. The GBA had also demanded that all other proposals, notifications, executive orders and instructions contrary to the task allotted to the Task Force be withdrawn immediately and wanted the government to make public the proceedings of the task force to ensure transparency and accountability and had warned that in the absence of â€œpositive remedial action by the government of Goa,â€ the GBA would have to reconsider its role in the task force.Â The convener of the GBA, who is not in town, is expected back soon, say sources.

The very first press note issued on December 7, 2006 by the GBA Save Goa Campaign and signed by the convener, Dr Oscar Rebello makes interesting reading. It says, â€œBesides the calamitous destruction of Goaâ€™s natural beauty, her culture and her heritage, we are set to witness an unprecedented social disaster if mega 5-star projects, townships, condominiums, golf courses, resorts, etc take root in our precious land. Besides being greedily resource intensive, all these megalomaniac projects envisaged in the Regional Plan 2011 will trigger a wealthy and powerful new wave of migrant influx who have the potential to relegate indigenous and already settled Goans into a politically irrelevant minority in their own land.â€

Source: The Navhind Times
http://www.navhindtimes.com/articles.php?Story_ID=052862

Goans against MEGA projects

2008-06-09T09:21:00.000+05:30

Goans have been protesting against mega-housing projects.

Numerous forums oppose construction in paddy fields, mega housing projects where the infrastructure cannot support the vehicles, water and electricity demand, sewage, and influx of a large number of people that will change the demographics, and mega projects causing the prices of property to go up beyond the reach of locals. They have demanded that all proposals of gated communities and mega projects must be scrutinised and studied by the Gram Sabha.

Are the SEZs not being closed by the Goa Government ?

2008-06-09T09:10:00.001+05:30

The Goa government, which mounted pressure on the Centre to cancel all Special Economic Zones (SEZs) in the state, has not taken any initiative to close down those estates and compensate the developers in the last six months, commerce ministry officials said.

The Centre has refused to denotify three SEZs in Goa that had already been approved and notified. In December 2007, Goa decided to scrap special economic zones after widespread protests. In a letter to the state government, the Commerce Ministry says there's no provision to denotify these SEZs and advises that the state hold discussions with the developers to reach an amicable settlement.

The Goa government has obtained two weeks’ time from a Division Bench of the Bombay High Court in Goa to take a decision on its stop-work orders issued to three private developers of Special Economic Zones.

Reiterating that it was firm on its decision to scrap the SEZS, the government of Goa asked the Central government to review its refusal to de-notify the zones.

Goa SEZs scrapped

2008-06-09T08:58:00.002+05:30

On 31 Dec 2007, the Government of Goa scrapped the SEZs. The Chief Minister Mr Digambar Kamat stated that they were not feasible in the present form.

The CM also said that they would to the Centre urging it not to process 8 recommended SEZs that had been kept on the hold, not to notify the 4 approved SEZs, and to denotify the 3 notified SEZs.

The five-member committee headed by Mr Subhash Shirodkar stated in its report stated that SEZs in present form were detrimental to the development of the state and would choke the economic structure and put undue strain infrastructure. The committee has also stated that SEZs would require large chunks of land, and permitting them in the light of scarcity of land in the state was not advisable. It has also said that promotion of SEZs would give back-door entry to the real estate sharks, which in turn would hamper the activities of the genuine real estate developers in Goa and adversely affect state’s socio-economic indicators. The committee has expressed fears that in absence of labour force in the state there would be influx of around 5 lakh non-Goans if SEZs were permitted in the present form. This would create stress on accommodation. It has also stated that the state government would have no control over the recruitment by the promoters of SEZs. The Goans would not get benefit of SEZs, it has said.

The issue of developing SEZs in Goa has been under the scanner for many months now with local villagers alleging misappropriations in land sale to real estate majors for setting up malls in state. The anti-SEZ views are supported by members within the ruling Congress, opposition BJP and the Church.

Foreign Direct Investment (FDI) in Construction Development Sector

2008-05-14T10:41:00.002+05:30

Investment in the real estate sector in India is governed by the applicable FDI rules as on that date. A brief summary is given below. Please keep checking the RBI website for updates.

RBI/2005/127
A.P. (DIR Series) Circular No. 07

August 17, 2005

To,
All Banks Authorised to Deal in Foreign Exchange

Madam/Sir,

Foreign Direct Investment (FDI) in Construction Development Sector

Attention of Authorised Dealer (AD) banks is invited to Schedule I of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time.

2. With a view to catalyzing FDI in townships, housing, built-up infrastructure and construction development projects, Government of India, (Ministry of Commerce & Industry), vide Press Note 2 (2005) dated March 3, 2005, has decided to permit FDI upto 100 per cent under the automatic route, in townships, housing, built-up infrastructure and construction development projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure), subject to the guidelines mentioned therein.

3. Accordingly, Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations 2000 notified vide Reserve Bank Notification No. FEMA 20/2000-RB dated May 3, 2000, has been amended vide Notification No. FEMA 136/2005-RB dated July 19, 2005 [Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Third Amendment) Regulations 2005]. A copy of the Government Notification G.S.R. No. 513(E) dated July 29, 2005 incorporating the amendment is annexed.

4. Authorised Dealer banks may bring the contents of this circular to the notice of their constituents/customers concerned.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully,
(Vinay Baijal)
Chief General Manager

Annex

[A.P. (DIR) Series Circular No. 07 dated August 17, 2005]

Notification No.FEMA. 136 /2005-RB dated July 19, 2005

Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2005

In exercise of the powers conferred by clause (b) of sub-section(3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No.FEMA.20/2000-RB dated 3rd May 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time, namely :

1. Short Title and Commencement :-

i. These Regulations may be called the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2005.

ii. They shall come into force from the date of their publication in the official gazette.

2. Amendment of the Regulations :-

In the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 in Annexure B the following shall be added :

Sector

Investment Cap

Description of Activity / Items / Conditions

23. Townships, housing, built-up infrastructure and construction – development projects.

The sector would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure.

100%

The investment shall be subject to the following guidelines :

(a) Minimum area to be developed under each project shall be as under :

1. In case of development of serviced housing plots – 10 hectares.

2. In case of construction – development project - 50,000 sq.mtrs.

3. In case of combination project, any one of the above two conditions.

2. The investment shall be subject to the following conditions :

(i) Minimum capitalization of US $ 10 Million for wholly owned subsidiaries and US $ 5 Million for joint ventures with Indian partners. The funds would have to be brought in within six months of commencement of business of the Company.

(ii) Original investment cannot be repatriated before a period of three years from completion of minimum capitalization.
However, the investor may be permitted to exit earlier with prior approval of the Government through the FIPB.

3. At least 50% of the project must be developed within a period of five years from the date of obtaining all statutory clearances. The investor shall not be permitted to sell undeveloped plots.

4. The project shall conform to the norms and standards, as laid down in the applicable building control regulations, bye-laws, rules, and other regulations of the State Government / Municipal / Local Body concerned.

5. The investor shall be responsible for obtaining all necessary approvals, including those of the building / layout plans, developing internal and peripheral areas and other infrastructure facilities, payment of development, external development and other charges and complying with all other requirements as prescribed under applicable rules / bye-laws / regulations of the State Government / Municipal / Local Body concerned.

6. The State Government / Municipal / Local Body concerned, which approves the building / development plans, shall monitor compliance of the above conditions by the developer.

Note: For the purpose of these guidelines, "undeveloped plots" will mean where roads, water supply, street lighting, drainage, sewerage, and other conveniences, as applicable under prescribed regulations, have not been made available. It will be necessary that the investor provides this infrastructure and obtains the completion certificate from the concerned local body / service agency before he would be allowed to dispose of serviced housing plots.

-sd/-

( Vinay Baijal )
Chief General Manager

Footnote : The Principal Regulations were published in the Official Gazette vide G.S.R. No.406 (E) dated May 8, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended as under::

G.S.R.No. 158(E) dated 02.03.2001
G.S.R.No. 175(E) dated 13.03.2001
G.S.R.No. 182(E) dated 14.03.2001
G.S.R.No. 4(E) dated 02.01.2002
G.S.R.No. 574(E) dated 19.08.2002
G.S.R.No. 223(E) dated 18.03.2003
G.S.R.No. 225(E) dated 18.03.2003
G.S.R.No. 558(E) dated 22.07.2003
G.S.R.No. 835(E) dated 23.10.2003
G.S.R.No. 899(E) dated 22.11.2003
G.S.R.No. 12(E) dated 07.01.2004
G.S.R.No. 278(E) dated 23.04.2004
G.S.R.No. 454(E) dated 16.07.2004
G.S.R.No. 625(E) dated 21.09.2004
G.S.R.No. 799(E) dated 08.12.2004
G.S.R.No. 201(E) dated 01.04.2005
G.S.R.No. 202(E) dated 01.04.2005
G.S.R.No. 513(E) dated 29.07.2005

Source: Reserve Bank of India - http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2449&Mode=0#1

Terms of Service

2007-12-11T12:04:00.002+05:30

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

2007-12-04T11:42:00.000+05:30

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

2007-11-30T12:33:00.000+05:30

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

2007-11-17T16:45:00.000+05:30

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

2007-11-17T16:43:00.001+05:30

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

2007-11-17T16:22:00.000+05:30

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

2007-11-15T18:34:00.000+05:30

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

2007-10-12T19:00:00.000+05:30

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

2007-10-02T10:47:00.000+05:30

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

2007-10-01T09:38:00.002+05:30

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)

2007-09-28T10:12:00.001+05:30

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

2007-09-28T09:58:00.000+05:30

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

2007-09-25T19:22:00.000+05:30

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

2007-09-25T19:11:00.000+05:30

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 ?

2007-09-25T19:03:00.000+05:30

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

2007-09-05T11:44:00.000+05:30

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.