No Illegal Real Estate Sales to Foreign Buyers- Warns Govt

The government of India issued a warning on illegal land sales to foreigners in the country, especially in the state of Goa. Located in the western part of India, Goa is known for its seaside views and inexpensive housing, which attract many foreigners. The statement by the Ministry of Finance said that it has come to the notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country, particularly in Goa, which has raised concerns.

All, including the authorities concerned in the State Governments, are hereby advised to be extra vigilant in such matters and satisfy themselves about the eligibility under the Foreign Exchange Management Act before registering a sale or purchase of immovable property in India. The enquiries may include both the intending buyers and sellers. The relevant travel documents and the nature of visa may also be verified before registering such sale / purchase.

                                                                Courtesy November 10, 2008 Indian realty News