With the state government ‘banning foreigners from buying properties in the state’, local builders have fine tuned their strategies and are promoting five-year leases among tourists.
There are no official figures to prove the trend, but lawyers and builders agree that this is definitely increasing, with several builders from the state organizing road shows and exhibitions in UK to attract customers to Goa.
“A large number of builders are leasing houses to foreigners and it is within the law. But something needs to be done as houses are being leased to foreigners at a huge price, making it difficult for Goans to invest in homes” said builder Rajendra Talak of Talak constructions, Margao.
Despite India’s stringent property laws, the affordability of real estate draws foreigners — British, Russians and Israelis — to Goa. “While a two-bedroom flats would cost about Rs five crore or more in Europe, in Goa the flats come at much cheaper rates. Europeans prefer Goa and find investing in homes in the state a cheaper option,” said a builder, who leases out homes to Europeans.
So take my advices please!
Cheers!!!
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